RVPI怎么算的

问题如下：

Madan reviews the most recent annual report for Fund VI (shown in Exhibit 1) to evaluate Yushan’s prior track record. The £300 million fund has a vintage of 2011, management fees of 2%, carried interest of 20%, a hurdle rate of 7%, and a term of 2018.

Exhibit 1 YCP UK VI—Operating Results (£ millions) as of 31 Dec. 2016

The DPI value Madan calculates for Fund VI is closest to:

选项：

A.2.35×. B.1.12×. C.1.23×.

解释：

DPI (distributed to paid in) is the cumulative distributions paid out to LPs as a proportion of the cumulative invested capital. In this case, DPI = £345 (Total distributions)/£280 (Total call downs) = 1.23×.

A is incorrect; 2.35 represents the value for TVPI (DPI + RVPI) = 1.23 + 1.12.

B is incorrect; 1.12 reflects the value for RVPI = £312.6/£280.