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WAYou’re the IR analyst at a large cap private equity firm.
Fund I is fully invested. LP diligence is next week.
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Part A — Fund I (Performance Attribution)
Calculate:
• Total capital called
• DPI
• MOIC
• Net IRR
Then answer:
• How much of performance is driven by realized vs unrealized gains?
• Are distributions coming from true exits or financial engineering (recaps/dividends)?
• Does this look like a top-quartile fund — or just well-timed exits?
What story are you actually telling LPs?
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Part B — Fund Comparison (Surface vs Reality)
Fund A:
$100M called | $100M distributed | $0 NAV
Fund B:
$100M called | $50M distributed | $75M NAV
Now go deeper:
• Which fund would an LP prefer — and why?
• What assumptions are embedded in Fund B’s NAV?
• How would a market downturn impact each fund’s perceived performance?
• Which fund is more defensible in an LP meeting?
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Part C — Fund C (Risk & Signaling)
Capital Called: $120M
Distributions: $60M
NAV: $60M
Beyond DPI and MOIC:
• Is this fund actually creating value — or just returning capital?
• What would concern you as an LP reviewing this?
• What questions would you expect in diligence?
• How would you position this fund in a fundraising narrative?
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Part D — The Real Test
You’re on an LP diligence call and get asked:
“Your DPI is strong, but how much of this performance is repeatable?”
How do you answer — without overselling?
⸻
Most candidates will calculate the numbers.
Very few can:
• separate signal from noise
• identify risks LPs actually care about
• and communicate it clearly under pressure
Being able to calculate and explain this is why will set you apart.
Save this if you’re recruiting for private equity or investor relations.
#privateequity #investmentbanking #corporategirl #casestudy #financegirl
@wallstwardrobe
