Preferences are priority returns granted to specific parties or a class of partners. They usually apply in the early years of the partnership, extinguishing when a total amount or return threshold is crossed. They are more common in older partnerships and less popular currently. If you encounter such provisions in the partnership agreement, always ask whether the provisions are still in force, or if they have been satisfied (leaving only pro rata distributions to all partners). It is unlikely that such non-pro rata and time-limited distribution preferences can be accommodated by PVX; read more here.