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很不酷 · 2021年07月21日

为什么用NAV before distribution计算奖金？

  1. CFA II
  2. Alternative

NO.PZ2018111302000055

问题如下：

    • The total committed capital of a PE fund is $100 million, at the end of the most recent year, cumulative paid-in capital was $90 million, cumulative distributions paid out to LPs were $30 million
    • At the end of the most recent year, the year-end NAV, before and after distributions, was $160 million and $130 million, respectively.
    • The estimated NAV before distributions will be $250 million at the end of next year.
    • Carried interest rate is 20%.
    According to the financial data of a PE fund, the estimate of carried interest next year is closest to:

    选项：

    A.

    $18 million.

    B.

    $21 million.

    C.

    $24 million.

    解释：

    A is correct.

    考点：绩效奖计算

    解析：判断是否给GP发绩效奖，首先要看NAV before distribution 是否超过了committed capital。根据题目条件，NAV before distribution $250 million是超过了committed capital $100 million的，所以可以给GP发绩效奖。

    绩效奖的计算= NAV before distribution的增加值*carried interest = ($250 - $160)*20% = $18 million.

    总结来看就是：第一次NAV before distirbution > committed capital的时候，和committed capital做差；以后NAV before distirbution > committed capital就是用NAV before distribution的增加值。

    为什么用NAV before distribution而不是after distribution计算奖金呢？分红之后GP实际上是将130M的资金增值到了250M，难道不该分24M吗？否则GP还不如不分红，拿分红的30M买个债券第二年自己的奖金还高一点。

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    1 个答案

    韩韩_品职助教 · 2021年07月22日

    嗨，爱思考的PZer你好：


    同学你好，

    NAV after distribution = NAV before distribution - carried interest - distribution, 所以 carried interest 就是分红的一部分。

    我觉得你的问题关键在于为什么不是从上一年末的NAV after distribution作为起始来计算。因为对于我们GP的投资来说，GP经营的成果就是NAV before distribtuion，carried interest 和 distribtuion 都是在研究怎么分钱。

    所以，我们计算的标准都是基于NAV before distribution来计算的。



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