Internal Rate of Return (IRR) the discount rate at which the net present value of the cash outflows (the cost of the investment) and the cash inflows (returns on the investment) equal zero.
Gross IRR and EM are calculated at the property level before the deduction of asset management fees and carried interest. Calculations are based on actual distributions at sale plus projected distributions of remaining balances. net performance metrics for individual investments cannot be calculated without making arbitrary assumptions regarding the allocation of fees, expenses and carried interest to each investment. As such, net performance metrics for individual investments are not available.
Net IRR are calculated after including fund expenses, asset management fees and carried interest.
Total Value to Paid in Capital (TVPI) the total residual value (applicable only to current value measurements) and distributions for each investment and the Fund as a whole divided by the respective capital contributions as of the date of measure.
