NO.PZ2018111302000048
问题如下：
An private equity fund now exits from its first three projects after a three-year period. As the provision designed, LP will pay the 20% carried interest to GP using the deal-by-deal method with a zero hurdle rate, a clawback provision and true-up every three years. Based on below investment results, the cumulative dollar amount the GP receives by the end of the three years is equal to:
选项：
A.
$1.7 million
B.
$3.4 million
C.
$0.0 million
解释：
B is correct.
考点：私募股权基金绩效分配
解析：这个题目首先要注意到的是，题目中给出了三年期true-up和clawback条件，并且要求计算累积的收益，那么就要把三个项目合并在一起计算就可以。这三个项目在投资三年之后实现退出 ， 三个项目初始投资是(15 + 35 + 50)=100 ， 投资三年之后退出的价值为(28 + 27 + 62)=117 ， 总共增值$17 ， 因为没有hurdle rate ， 那么LP需要给GP支付 = $17*20%=$3.4 million。关于deal-by-deal，因为是需要做clawback的，所以用每一个项目单独计算的结果是一样的，20%*（28-15）+20%*（27-35）+20%*（62-50）=3.4.
clawback的话，亏损的要先收回去，不需要*20%吧？
