Disconnect between IRR and TVPI

I am evaluating a PE fund and seeing a disconnect between their IRR and TVPI (both gross and net). The fund's vintage is 2005 and the performance is as of Q1 2014:

Gross IRR = 10.8%
Gross Mult= 1.4
Net IRR = 8.4%
Net Mult (TVPI) = 1.3

If the fund is roughly 9 years old with a 10.8 gross IRR, shouldn't the gross multiple = 1.108^9 = 2.52

I'm new at this so maybe I'm missing something obvious...

 

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