NO.PZ2018111302000057
问题如下：
An analyst evaluates two venture capital funds for potential investment: the S Fund and the T Fund. Both funds are in Year 7 of an estimated 10-year term.
After reviewing the performance data in Exhibit 1, the analyst draws the following conclusions:
Conclusion 1:
The realized return on investment for the S Fund is greater than the realized return on investment for the T Fund.
Conclusion 2:
The TVPI for the S Fund is higher than the TVPI for the T Fund because the S Fund has a higher net IRR.
Which of the conclusions is correct?
选项：
A.Only Conclusion 1
B.Only Conclusion 2
C.Both Conclusion 1 and Conclusion 2
解释：
A is correct.
考点：私募股权投资绩效衡量
解析：累计投资分红比例（DPI）：已经支付给LP的累计投资分红占累计实收资本的比例，衡量LP已经实现的收益。
累计投资留存价值比例（RVPI）：留存在PE下的LP未实现的收益与累计实收资本的比例, 衡量LP未实现的收益部分。
累计投资总收益比例（TVPI）：等于累计投资分红加上累计投资留存价值的收益之和与累计实收资本的比例, 用来衡量LP已实现和未实现的收益部分。
结论1中,S Fund DPI 0.28 > T Fund DPI 0.13, 说明S Fund已实现的收益部分更多，该说法是正确的。
结论2中,S Fund TVPI 1.1 (DPI 0.28 + RVPI 0.82) = T Fund TVPI 1.1 (DPI 0.13 + RVPI 0.97), 两者是相等的，该说法不正确。
1. 请问这里的IRR是用total value对应committed capital来求的吗，还是用distributed value？2. 为什么TVPI大于1，T fund还能是-5%的IRR？3. 另外两个S和T fund都在第七年，TVPI一样，但为什么IRR 差距这么大？
