true-up 是什么意思呢?
问题如下图:
选项:
A.
B.
C.
解释:
韩韩_品职助教 · 2019年06月10日
同学你好,这道题是在考察GP在什么时候按照什么方法来提取业绩奖励。通常我们有两种方法,一种在每笔交易完成后进行业绩奖励分配(deal by deal),另外一种基于全部的交易组合来计算业绩奖励(total return method)。
这里虽然是deal-by-deal method, 但是有clawback provision,并且是三年累计结算一次,所以首先计算三年累计的收益是多少,得出三年累计gain=10m, 再乘以20%,得到2m。如果题目没有加clawback provision和三年累计结算期,那么是first project 盈利5m,third project盈利15m,累计能获得20%*20m=4m, 但是2nd项目亏损了10m,GP没有拿到carried interest 但也并没有因此承担损失,对LP来说是不利的。所以一般deal-by-deal method都会再附加clawback provision.
NO.PZ201601050300001103问题如下3. For the projects scribein Exhibit 1, unr a al-by-methowith a clawbaprovision antrue-up every three years, the cumulative llamount the GP receives the enof the three years is equto:A.one million.B.two million.C.three million.B is correct.On a cumulative basis for three years, the funearns $10 million, of whi$2 million goes to the GP. The $2 million earnethe GP correspon to 20 percent of the fferenbetween totthree-yeprocee anthree-yeinvestecapital, 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hure rate,那么LP需要给GP支付 = $10*20%=$0.2 million不该是三个项目分别计算吗?为什么要打包计算
NO.PZ201601050300001103问题如下3. For the projects scribein Exhibit 1, unr a al-by-methowith a clawbaprovision antrue-up every three years, the cumulative llamount the GP receives the enof the three years is equto:A.one million.B.two million.C.three million.B is correct.On a cumulative basis for three years, the funearns $10 million, of whi$2 million goes to the GP. The $2 million earnethe GP correspon to 20 percent of the fferenbetween totthree-yeprocee anthree-yeinvestecapital, 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hure 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clawba亏总✖️0.2为何不可以这样计算?
老师这个题从哪里下手呢,没看明白