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TVPI, DPI, RVPI and IRR computed from real cash flow schedules, gross versus net, the effect of subscription lines, and how to benchmark a fund against its peers and the public market.
The four multiples on every fund report: exact formulas, what counts as paid-in, and how the mix moves from paper value to cash over ten years.
→Commitments, capital calls, paid-in ratios, unfunded obligations, recallable distributions and overcommitment, with worked schedules.
→How the internal rate of return is defined, solved and dated for private funds, and where it misleads: multiple roots, reinvestment and quick flips.
→A fully worked bridge from gross deal returns to net LP returns through fees, expenses and carry, and why the drag bites harder on weaker funds.
→How subscription credit facilities delay capital calls, lift reported IRR while trimming the multiple, and what LPs should ask GPs to disclose.
→How TWR and IRR are calculated, why the same portfolio can show both a gain and a loss, and why they cannot share a page uncorrected.
→Long-Nickels PME, Kaplan-Schoar PME, PME+ and Direct Alpha, each worked on one fund, and why an IRR cannot be set against an index return.
→How vintage years are defined, how quartile breakpoints are computed, and why early rankings, survivorship and method choice move the verdict.
→The Takahashi-Alexander model worked year by year, then pacing a program to a target allocation, overcommitment and the denominator effect.
→Whole-fund and deal-by-deal waterfalls computed tier by tier, with 100% and 80% catch-ups, clawback, hard and soft hurdles and the GP commitment.
→Fee bases, step-downs, a ten-year fee schedule, transaction and monitoring fee offsets at 100% and 80%, expense caps and why small funds feel fees more.
→A value creation bridge for one deal (revenue, margin, multiple, deleveraging), fund attribution by sector and vintage, loss ratios and persistence.
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