“Giveback”归还、返还，在有限合伙协议中指其回拨条款。“Partner giveback”具体指的是合伙人回拨。回拨条款指的是为了保证实际分配符合LLP中约定的特定标准，应在PE的全部投资获得实现或退出的时点，对已经分配的收益（如按照单个项目退出时计算并分配的收益）进行重新计算，对LP或GP收取的款项进行调整（退还多收取的部分），保证实际收取的分配金额符合约定的特定标准。

鉴于PE的投资是在投资期间的一系列的投资组合项目，不同的投资项目的退出方式和退出时间不尽相同，PE按照各个投资项目或一个小于PE存续周期的期间计算的收益都是有待最终汇算的暂时数据。在先实现退出的项目亏损，后退出的项目实现盈利的情况下，分配收益应溯及之前的业绩进行汇总计算，无需适用回拨。但在先实现退出的出现亏损，后退出的项目实现盈利的情况下，就可能导致之前已经分配给GP的业绩提成触发了LPA所设定的回拨标准，应由GP向LP退回超领部分的业绩提成。

总而言之，即为业绩回报之前发放多了，后期需要调整。“Partner giveback”其中的合伙人包括普通合伙人和有限合伙人，在有限合伙协议，一般会分别对这两者的回拨条款作出规定，如：

（针对普通合伙人大的回拨条款）

Subject to paragraph (d) below to the maximum extent permitted by law, Partners (including former Partners) may be required by the General Partner or a Dissolving Party:(i) at any time prior to the second anniversary of the dissolution of the Partnership (or such later period as determined in accordance with paragraph (b)), to return distributions made to such Partners or former Partners at any time within the period of three (3) years prior to such time for the purpose of meeting the Partnership's indemnification obligations under clause 15.2; or(ii) at any time prior to the dissolution of the Partnership, to return distributions made to such Partners or former Partners at any time within the previous three (3) years (or such later period as determined in accordance with paragraph (b)) for the purpose of meeting any other liabilities of the Partnership which if incurred by an Indemnified Party would give rise to an obligation to indemnify under clause 15.2.

受限于下文（d）款，在法律允许的最大范围内，普通合伙人或解散方可：(i)在合伙企业解散两周年（或依照（b）款决定的任何较晚的期限）届满前的任何时候，要求合伙人（包括前合伙人）返还在该等时间之前三（3）年内的任何时候向该合伙人或前合伙人作出的分派，以履行合伙企业在第15.2条项下的赔偿责任；或(ii)在合伙企业解散前的任何时候，要求合伙人（包括前合伙人）返还在该等时间之前三（3）年内（或依照（b）款决定的任何较晚的期限）的任何时候向该合伙人或前合伙人作出的分派，以偿还合伙企业的任何其他负债（若该负债由受偿方承担，则将会导致第15.2条项下的赔偿义务）。

Subject to paragraph (d) below, the share of each Partner of the amount of distributions to be returned to the Partnership (the "Return Amount") shall be pro rata to its share of distributions made by the Partnership, provided that if any such distributions were made pursuant to clause 8.2(b)(ii) or (iii) after any such distributions of Carried Interest, such distribution shall be treated as having been made prior to any such distributions of Carried Interest. If, a Limited Partner is required to return distribution made to it pursuant to clause 8.2(b)(ii), the amount thereof shall be treated not as a Capital Contribution but as a return of distributions and a reduction in Partnership Receipts, for all purpose of this Agreement other than for purposes of computing a Limited Partner's Preferred Return, which shall be computed based on actual Capital Contributions made, payments made pursuant to this clause 15.3(c) and distributions received. For the avoidance of doubt, if any tax is deducted from a distribution that is subject to be returned under this clause 15.3, the amount of such tax shall similarly be deducted from the Return Amount.

在遵守下文（d）款规定的前提下，各合伙人向合伙企业返还的已分派款项（“返还金额”）的份额应与其在合伙企业所作的分派中所占的份额成比例，但若任何根据第8.2(b)(ii)或(iii)条的规定作出的分派是于分派附带权益之后作出的，则该等分派应被视为是于分派附带权益之前作出的。若有限合伙人被要求返还根据第8.2(b)(ii)条的规定向其分派的金额，则就本协议所有目的而言（计算有限合伙人的优先回报之目的除外），该等款项应被视为已分派款项的返还及合伙企业收入的减少，而非出资额，并应基于实际出资额、根据本第15.3(c)条支付的款项以及收到的分派为基础进行计算。为免疑义，若根据本第15.3条已从应返还的已分派款项中扣除税款，则该等税款应同样从返还金额中扣除。