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学习王 · 2023年07月16日

计算TVPI的时候Carried interest 不是应该去掉吗

  1. CFA II
  2. Alternative

NO.PZ2018111302000056

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。



老师讲的例题计算TVPI是DPI加上去掉Carried interest 之后计算的的RVPI呀，这道题里明显是有carried interest的

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2 个答案

Lucky_品职助教 · 2023年07月19日

嗨，努力学习的PZer你好：


是的

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

Lucky_品职助教 · 2023年07月17日

嗨，努力学习的PZer你好：


这道题目中的carried interest项实际是个迷惑项，并不需要进入计算，主要是在考核TVPI的概念，TVPI是一个累积值，单有一年的carried interest也是计算不出来的。所以主要是看TVPI的两个分解。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

学习王 · 2023年07月18日

Carried interest 为什么是迷惑项呢。单有一年的carried interest不也是也能算年底的RVPI吗，然后再RVPI+DPI=TVPI

学习王 · 2023年07月18日

是不是可以这么理解 第一年没发carried interest， 只发了给LP 的distribution。所以计算的时候不用考虑Carried interest

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