问题如下:
An private equity fund now exits from its first three projects after a three-year period. As the provision designed, LP will pay the 20% carried interest to GP using the deal-by-deal method with a zero hurdle rate, a clawback provision and true-up every three years. Based on below investment results, the cumulative dollar amount the GP receives by the end of the three years is equal to:
选项:
A.$1.7 million
B.$3.4 million
C.$0.0 million
解释:
B is correct.
考点:私募股权基金绩效分配
解析:这个题目首先要注意到的是,题目中给出了三年期true-up和clawback条件,并且要求计算累积的收益,那么就要把三个项目合并在一起计算就可以。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(15 + 35 + 50)=100 , 投资三年之后退出的价值为(28 + 27 + 62)=117 , 总共增值$17 , 因为没有hurdle rate , 那么LP需要给GP支付 = $17*20%=$3.4 million。关于deal-by-deal,因为是需要做clawback的,所以用每一个项目单独计算的结果是一样的,20%*(28-15)+20%*(27-35)+20%*(62-50)=3.4.
老师好, 看了其他的有问必答, 不知道我的理解对吗? 是否只要题目里提出是true up, 即使题目提出用deal by deal, 我们还是要用total return Method 来算是吗? 那如果这题ture up 是for 2 years 不是3 years 该怎么办? 前两年用total return method, 最后一年的用deal by deal吗? 谢谢。