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皓月 · 2023年03月01日

这里不是 deal by deal吗

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NO.PZ202301100200000404

问题如下:

Jenkins’s discussion and example concerning hurdle rates is most likely:

选项:

A.incorrect with respect to the purpose of using hurdle rates. B.incorrect with respect to the earning of carried interest. C.correct.

解释:

Solution

B is correct. The internal rate of return (IRR) of the deal in the example is calculated as follows:

NPV=0=50+ 65 1+IRR 3

Solve for IRR with a financial calculator as follows: CF0 = –50; CF3 =65; IRR = 9.14% (where CF is cash flow). Because 9.14% is higher than the hurdle rate of 9.0% and because the GP is paid on a deal-by-deal basis, the GP would thus earn carried interest on the transaction.

A is incorrect. Her description of the purpose of hurdle rates is correct; it is her subsequent calculation and interpretation of how the hurdle rate is used which is erroneous.

C is incorrect. Jenkins is not correct in her assertion that the GP would not receive carried interest on the deal, as the GP is paid on a deal-by-deal basis and it has earned more than the hurdle rate of 9%.

那为何是看总的IRR,我的意思是不是应该看每笔交易是否赚钱,而不是应该看整体是否赚钱,不知道我是否理解错了?

1 个答案

Lucky_品职助教 · 2023年03月03日

嗨,从没放弃的小努力你好:


这3年是一个deal,所以是合并计算的,deal by deal而不是year by year哦

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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