还是不太懂 辛苦老师讲解下

问题如下：

An analyst gathers the following information (in $ millions) about a private equity fund:

The manager's incentive fee is 20% of the profits. If no clawback provision applies, the total incentive fee (in $ millions) under an American-style waterfall is:

选项：

A.

–4

B.

0

C.

6

解释：

C is correct. It calculated the incentive fee based on the Investment B's profit of $30 million under an American-style deal-by-deal waterfall, and correctly excluded Investment A which incurred a loss. Total incentive fee payable = Incentive fee of Investment B = $30 million × 20% = $6 million.

A is incorrect because it calculated the incentive fee based on the total loss of –$20 million. Note that under a European-style whole-of-fund waterfall, while the incentive fee is calculated on the total profit/loss of the fund, the minimum incentive fee would be $0 instead of –$20 million × 20% = –$4 million.

B is incorrect because it calculated the incentive fee based on the total loss of –$20 million under a European-style whole-of-fund waterfall instead of an American-style deal-by-deal waterfall. Consequently, total incentive fee payable = MAX [$0, –$4 million] = $0. Note that while the incentive fee is calculated on the total profit/loss of the fund, the minimum incentive fee is $0 instead of –$20 million × 20% = –$4 million.