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李梦璐 · 2022年09月28日

NAV计算

  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。

    NAV不是从130涨到的250么？为什么是250-160？30不是在上一年已经分给GP了么。

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    Lucky_品职助教 · 2022年09月29日

    嗨，努力学习的PZer你好：


    这里题目有一个说是过去最近一年的NAV before distribution 是160m，说明在这一年之前已经超过committed capital, 已经发了一部分carried interest了，所以最新一年的是在250基础上减去160，而不是130.

    就可以类比这里2005年计算绩效奖，是用（180.9-145.2）*20%

    ----------------------------------------------
    就算太阳没有迎着我们而来，我们正在朝着它而去，加油！

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