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，这道题NAV before已经大于commited capital100，应该计算Carried interest吧，但看nav before和after是没有计算的，这个地方请详细解释一下，为啥不计算carried interest？谢谢老师！
