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.

7 lessons · about 35 minutes in all · 21 check questions · free, no sign-up

Start the courseLesson 1: Paid in, paid out, still held

By the end you can

Work out DPI, RVPI and TVPI from a fund’s cash flows and NAV
Explain why the same multiple can come with very different IRRs
Tell a gross return from a net one, and see what fees and carry take
Read a “top quartile” claim and a PME comparison with the right questions

Lessons

Take them in order

0 of 7 lessons done

Paid in, paid out, still held5 min
Not done
The multiples: DPI, RVPI and TVPI5 min
Not done
IRR: the return that counts time5 min
Not done
Gross and net: what fees and carry take5 min
Not done
Subscription lines and the IRR they flatter5 min
Not done
Vintage years, quartiles and benchmarks5 min
Not done
PME: did the fund beat the stock market?5 min
Not done

How it works

Read a lesson, then answer its questions: each answer shows why it is right. A lesson is done when its questions are answered. Finish them all for a certificate you can print. Progress is kept in this browser only; nothing is sent anywhere. Every lesson lists the public pages its facts were checked against.