关于年末distribution

问题如下：

Calixto reviews the endowment’s future liquidity requirements and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund:

· As of the most recent year end:

· The NAV of the endowment’s investment in the fund was €25,000,000.

· All capital had been called.

· At the end of the current year, Calixto expects a distribution of 18% to be paid.

· Calixto estimates an expected growth rate of 11% for the fund.

Calculate the expected NAV of the fund at the end of the current year .

解释：

The expected NAV of the fund at the end of the current year is €22,755,000, calculated as follows:

First, the expected distribution at the end of the current year is calculated as

Expected distribution = [Prior-year NAV × (1 + Growth rate)] × (Distribution rate).

Expected distribution = [(€25,000,000 × 1.11) × 18%] = €4,995,000.

Therefore, the expected NAV of the fund at the end of the current year is

Expected NAV = Prior-year NAV × (1 + Growth rate) + Capital contributions – Distributions.

Expected NAV = (€25,000,000 × 1.11) + 0 – €4,995,000 = €22,755,000.

这个就是要记住公式