gross irr和net irr

问题如下：

Which of Collin’s conclusions regarding the Squire Fund and the Treble Fund is correct?

选项：

Only Conclusion 1

Only Conclusion 2

Both Conclusion 1 and Conclusion 2

解释：

A is correct.

DPI provides an indication of a fund’s realized return, whereas RVPI provides an indication of a fund’s unrealized return. The Squire Fund has a higher RVPI (0.95) than the Treble Fund (0.51). TVPI, which is the sum of DPI and RVPI, is the same for both funds: 0.11 + 0.95 = 1.06 for the Squire Fund, and 0.55 + 0.51 = 1.06 for the Treble Fund.

考点：私募股权投资绩效衡量

解析：累计投资分红比例（DPI）：已经支付给LP的累计投资分红占累计实收资本的比例，衡量LP已经实现的收益。

累计投资留存价值比例（RVPI）：留存在PE下的LP未实现的收益与累计实收资本的比例, 衡量LP未实现的收益部分。

累计投资总收益比例（TVPI）：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。

结论1中,Squire Fund RVPI 0.95 > Treble Fund RVPI 0.51, 说明Squire Fund未实现的收益部分更多，该说法是正确的。

结论2中,Squire Fund TVPI 1.1 (DPI 0.11 + RVPI 0.95)  = Treble Fund TVPI 1.1 (DPI 0.55 + RVPI 0.51), 两者是相等的，该说法不正确。