Cash and Non-Cash Capital calls MOIC
I just have a question regarding calculating Multiples for funds. For example, lets say a fund makes 10 capital calls of 100K each call, and does 15 capital distributions and distributes 200k on each one. Two of those distributions, were cashless, because they were reinvested and used as two capital calls. So there were 8 cash capital calls, 2 non-cash capital calls, 13 cash distributions, and 2 non-cash distributions. The 2 non-cash distributions were used as capital calls. Can the MOIC or Times Multiple be caulculated as 3.25x only taking into account the cash calls and distributions or should it be calculated taking into account all capital calls, including non-cash and resulting in a 3.0x ?
Please respond only if you know the true answer. I appreciate your help guys.