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sugarar · 2022年05月16日

同问，为什么不是24m ？上期nav应该用130吧？

  1. CFA II
  2. Alternative

NO.PZ2018111302000055

问题如下：

    • The total committed capital of a PE fund is $100 million, at the end of the most recent year, cumulative paid-in capital was $90 million, cumulative distributions paid out to LPs were $30 million
    • At the end of the most recent year, the year-end NAV, before and after distributions, was $160 million and $130 million, respectively.
    • The estimated NAV before distributions will be $250 million at the end of next year.
    • Carried interest rate is 20%.
    According to the financial data of a PE fund, the estimate of carried interest next year is closest to:

    选项：

    A.

    $18 million.

    B.

    $21 million.

    C.

    $24 million.

    解释：

    A is correct.

    考点：绩效奖计算

    解析：判断是否给GP发绩效奖，首先要看NAV before distribution 是否超过了committed capital。根据题目条件，NAV before distribution $250 million是超过了committed capital $100 million的，所以可以给GP发绩效奖。

    绩效奖的计算= NAV before distribution的增加值*carried interest = ($250 - $160)*20% = $18 million.

    总结来看就是：第一次NAV before distirbution > committed capital的时候，和committed capital做差；以后NAV before distirbution > committed capital就是用NAV before distribution的增加值。

    同问，为什么不是24m ？上期nav应该用130吧？

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    已采纳答案

    Lucky_品职助教 · 2022年05月16日

    嗨，努力学习的PZer你好：


    在PE fund evaluation当中，计算carried interest是根据NAV before distribution两年的变化来计算的。因为第二年的NAV before distribution会考虑进来新一年的operating result, mgmt fee, 所以是看两年NAV before distribution的变化。

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