NO.PZ201601050300001103
问题如下：
3. For the projects described in Exhibit 1, under a deal-by-deal method with a clawback provision and true-up every three years, the cumulative dollar amount the GP receives by the end of the three years is equal to:
选项：
A.
one million.
B.
two million.
C.
three million.
解释：
B is correct.
On a cumulative basis for three years, the fund earns $10 million, of which $2 million goes to the GP. The $2 million earned by the GP corresponds to 20 percent of the difference between total three-year proceeds and three-year invested capital, or 0.2[(25 + 35 + 65) - (20 + 45 + 50)].
考点：私募股权基金绩效分配
解析：这三个项目在投资三年之后实现退出，三个项目初始投资是(20 + 45 + 50)=115，投资三年之后退出的价值为(25 + 35 + 65)=125，总共增值$10，因为没有hurdle rate，那么LP需要给GP支付 = $10*20%=$0.2 million
如果算第一个项目盈利✖️0.2
第二个亏了所以要clawback 亏总✖️0.2
为何不可以这样计算？
