Courses

• Beginner · 8 lessons · about 41 minutes · 24 questions

  How a private fund works, start to finish

  Eight short lessons in the order of a fund’s life, from the day it is raised to the day it winds up. Each one has a worked example, a short video where we have one, and three questions to check yourself.

  1. 1Two sides of a fund: the GP and the LPs
  2. 2Raising the fund: documents and closes
  3. 3Commitments and capital calls
  4. 4The life of a fund: invest, own, sell, wind up
  5. 5What investors pay: the management fee
  6. 6Carried interest and the waterfall
  7. 7Getting money back, and the J-curve
  8. 8Keeping score: DPI, TVPI and IRR
  Start the course

• Intermediate · 7 lessons · about 35 minutes · 21 questions

  Reading fund performance

  Seven short lessons on the numbers investors use to judge a private fund: what each one measures, what it leaves out, and how to read them together. Each has a worked example and three questions to check yourself.

  1. 1Paid in, paid out, still held
  2. 2The multiples: DPI, RVPI and TVPI
  3. 3IRR: the return that counts time
  4. 4Gross and net: what fees and carry take
  5. 5Subscription lines and the IRR they flatter
  6. 6Vintage years, quartiles and benchmarks
  7. 7PME: did the fund beat the stock market?
  Start the course

• Intermediate · 8 lessons · about 41 minutes · 24 questions

  Private credit in eight lessons

  Eight short lessons on lending outside the banks: who borrows, who lends, how the loans are priced and protected, what happens when they go wrong, and the fund structures investors use to get in. Each has a worked example and three questions to check yourself.

  1. 1What private credit is, and why it grew
  2. 2Direct lending and unitranche
  3. 3Senior, second lien, mezzanine: who gets paid first
  4. 4How the loans are priced: floating rates and OID
  5. 5Covenants, and cov-lite
  6. 6PIK and the signs of stress
  7. 7Default and recovery
  8. 8BDCs, interval funds and other ways in
  Start the course

Definitions and simple examples, not advice. Each lesson lists the public sources its facts were checked against. Corrections: hello@fundopshq.com.