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tT
发表于 2013-4-5 22:47 | 只看该作者

CFAI Reading 47 pg 77

understand, something, possible
I’m trying as hard as possible to understand what is going on with the numbers on page 77. At the bottom of 76, it explains the calculations, but it doesn’t seem to correspond with the numbers in the chart on 77.
I know I’m missing something simple.
Can someone show me how they worked out these numbers?
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TheMBAGlover

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发表于 2013-4-5 22:47 | 只看该作者
is this the PE and IRR calculation stuff?
76-77 sounds familiar

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segalm

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发表于 2013-4-5 22:47 | 只看该作者
if so…
For the Net IRR - cash flows are net of fees and Carried Interest
2001 -50 (Called Down)
2002 -15 (Called Down) - 1 Mgmt Fees of 2001 -5 (Op Results of 2001) = -21
2003 -10 -1.3-15 = -26.3
2004 -25-1.5+25=-1.5
2005 -10 -2 +45 -3.84 (Carried Interest) = +29.16
2006 -5 -2.2 + 55 - 6.79 = 41.01
2007 105 (Op Results) -2.3 (Mgmt fees) -11.18 (Carrie Int) = 91.52
Use above - calculate IRR = 11.3%
Gross IRR - No fees, No Carried Interest
2001 -50 (Called Down)
2002 -15 (Called Down) -5 (Op Results of 2001) = -20
2003 -10 -15 = -25
2004 -25+25=0
2005 -10 +45 = +35
2006 -5 + 55 = 50
2007 105 (Op Results)
Gross IRR=16.1%
IRR calculated by entering all these using the Cash flows function.

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