Does GIPs state that TWRR has to be used for all asset categories?作者: ll11 时间: 2011-7-11 19:55
I believe that is the preferred method.作者: Colum 时间: 2011-7-11 19:55
BTON04 Wrote:
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> I believe that is the preferred method.
preferred? its' either require or recommended.
i believe it's required TWRR for all asset categories except for Private eq.作者: canadiananalyst 时间: 2011-7-11 19:55
1morelevel Wrote:
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> If manager has significant discretion over the
> timing of cash flows, MWR MUST be used....ie
> private equity.
If I invest in a privae equity fund i.e. as a Limited Partner, I am not sure how I have discretion over timing of the cash flow, the General Partner does.作者: nannan66 时间: 2011-7-11 19:55
1morelevel, maybe it is late in the day, but my point is that only if I am the general partner, I have discretion as to the timing of the cash flows, the same is not the case when I am a limited partner. So if i do not have discretion in the timing of cash flows, MWR is not the preferred method. Unless your point is only from the perspective of the General Partner.作者: lcai 时间: 2011-7-11 19:55
Yes only from GP perspective.作者: NakedPuts2011 时间: 2011-7-11 19:55
Thank you 1morelevel...作者: zwjy 时间: 2011-7-11 19:55
Just remember that PE is SI-IRR, that's all we really need to know. The whole discussion about whether the manager has discretion over portfolio cash flows was really meant for traditional portfolios.
