讲义

第一，The performance of a public market index expressed in terms of an internal rate of return (IRR), using the same cash flows and timing as those of the composite over the same time period. A PME can be used as a benchmark by comparing the IRR of a
private equity composite with the PME of a public market index.

这里是把PE和public equity的return都以IRR的形式进行比较，只要掌握在披露中一定要说明是用的哪个public equity index就可以。具体的计算方法不用细扣的，书中介绍的是用composite使用的cash flow & timing，计算出来一个public market index的IRR。