这里不是 deal by deal吗

问题如下：

Jenkins’s discussion and example concerning hurdle rates is most likely:

选项：

A.incorrect with respect to the purpose of using hurdle rates. B.incorrect with respect to the earning of carried interest. C.correct.

解释：

Solution

B is correct. The internal rate of return (IRR) of the deal in the example is calculated as follows:

$\text{NPV}=0=-50+\frac{65}{{\left(1+IRR\right)}^3}$

Solve for IRR with a financial calculator as follows: CF₀ = –50; CF₃ =65; IRR = 9.14% (where CF is cash flow). Because 9.14% is higher than the hurdle rate of 9.0% and because the GP is paid on a deal-by-deal basis, the GP would thus earn carried interest on the transaction.

A is incorrect. Her description of the purpose of hurdle rates is correct; it is her subsequent calculation and interpretation of how the hurdle rate is used which is erroneous.

C is incorrect. Jenkins is not correct in her assertion that the GP would not receive carried interest on the deal, as the GP is paid on a deal-by-deal basis and it has earned more than the hurdle rate of 9%.