ishfaque

Its confusing. Gross IRR & Net IRR are based off Y/E cash flows. Notice in year 2000 Cash flow is -50 (assuming as of Dec, 31st) and Cash flows on pg. 76 are 50 called down in 2001 (assuming Jan 1st).
C/F (year end)
2000: (50) called down capital
2001: (15) called down capital and (5) loss from pervious year
2002: (10) called down capital and (15) loss from previous year
2003: (25) called down capital and +25 profit from previous year
…
Net IRR you also would subtract mgmt fee’s:
C/F (year end)
2000: (50) called down capital
2001: (15) called down capital and (5) loss from pervious year and (1) management fee
2002: (10) called down capital and (15) loss from previous year and (1.3) management fee
2003: (25) called down capital and +25 profit from previous year and (1.5) management fee
…