问题如下：
n 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
n At the end of the most recent year, the year-end NAV, before and after distributions, was $160 million and $130 million, respectively.
n The estimated NAV before distributions will be $250 million at the end of next year.
n Carried interest rate is 20%.
According to the financial data of the PE fund, at the end of the most recent year, the total value to paid-in capital (TVPI) ratio for the fund was closest to:
选项：
A. 1.60x.
B. 1.78x.
C. 2.11x.
解释：
B is correct.
考点：私募股权投资绩效衡量
解析：Total value to paid-in capital (TVPI) 累计投资总收益比例：等于累计投资分红加上累计投资留存价值的收益之和与累计实收资本的比例, 用来衡量LP已实现和未实现的收益部分。
根据题目信息，累计投资分红=$30 million, 累计投资留存价值(NAV after distribution)=$130 million, 两者之和=$30+$130=$160 million, 累计实收资本为$90 million.
TVPI=$160 million / $90 million=1.78x, B选项正确。
关于这道题是题干的，目前看到了两个小题。有几个地方不明白：1）这题目里面有committed capital 100为什么不管是计算carried interest 还是这里都不用100，而选择都得是NAV超过160才要计算 carried interest？在另一道以这个题干问carried interest的题目里显示。2）为什么以前默认没有carried interest啊？要是按照100来计算（160-100）*0.2=12是carried interest，每年distribution应该是30-12=18才对。