distribution

问题如下：

At the end of the most recent year, the total value to paid-in capital (TVPI) ratio for the Venture Holdings fund was closest to:

选项：

A.

0.29x.

B.

1.34x.

C.

1.63x.

解释：

C is correct.

Total value to paid-in capital (TVPI) represents the fund’s distributed value and undistributed value as a proportion of the cumulative invested capital. TVPI is the sum of distributed to paid-in capital (DPI) and residual value to paid-in capital (RVPI):

DPI = Cumulative distributions/ Cumulative invested capital = $28 million/$98 million= 0.29×

RVPI = NAV (after distributions)/ Cumulative invested capital = $131.42 million/$98 million= 1.34×

TVPI = [Cumulative distribution + NAV (after distributions)]/ Cumulative invested capital = ($28 million+131.42 million)/ $98 million=1.63×

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=$28 million, 累计投资留存价值(NAV after distribution)=$131.42 million, 两者之和=$28+$131.42=$159.42 million, 累计实收资本为$98 million.

TVPI=$159.42 million / $98 million=1.63x, C选项正确。