Calculating Carry
CP VI. Fund size of 13 x 2.3 MOIC - 13 = 16.9 profit. 20% of 16.9 is 3.38 and 2% is 0.26. 3.38 + 0.26 = 3.64 billion in carry. Why is this way off from the "net accrued carry" figure of 498?
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What does note 8 say?
"(8) Represents the net accrued performance fee balance/(giveback obligation) as of the current quarter end."
It’s accrued so excludes any paid out
I’m probably missing something but why do you subtract 1x MOIC? You should subtract the MOIC accrued at the threshold % (12% for PE normally) eg in Y3 (1.12)^3=1.40x. This should bring your number down. There’s then full catch-up to the GP normally as well.
This is totally wrong so ignore it
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