金融市场与金融机构金融市场与金融机构-6.pptVIP

Example 4 Solution-cont’d (d) (extra) What if catch-up was 80% instead of 100%? After 26.8, GP catch-up start starts. Let X be the amount of distribution given out during catch-up period. X*0.8 = 0.2*(X+1.8) X = 1.8*0.2/0.6 = 0.6 0.6+26.8 = 27.4 35 0.6*0.8 = 0.48 goes to GP and 0.6-0.48 = 0.12 goes to LP 35-27.4 = 7.6 7.6*0.2 = 1.52 goes to GP and 7.6*0.8 = 6.08 goes to LP Total LP distribution = 25 + 1.8 + 0.12 + 6.08 = 33 Total GP distribution = 0.48 + 1.52 = 2. Example 5 The $250M CroMem II splits distributions from exits according to the following rules: 100% to LPs until they receive an amount equal to their contributed capital. 75% to LPs and 25% to GPs. GP clawback obligation: Upon the liquidation of the fund, the GP will be required to return any funds it has received in excess of amount otherwise distributable as described above. Its fees are 2% of committed capital. It made investments totaling $100M in the first 3 years and had no exits. In year 4, it made no new investments and had its first exits totaling $150M. In year 5, it made new investments totaling $100M and no exits. Then it made no more exits until the end of year 10, when all remaining investments were written off. Do GPs owe a clawback at the end of year 10? How much? How would your answer change if the exit amount in year 4 was $260M? Assume all investments/exits/fee payments are made on the first day of each year. Example 5 Solution (a) Contributed capital as of year 4 = 100 + 2%*250*4 = 120. 25%*(150-120) = $7.5M goes to GP and 75%*(150-120) = $22.5M goes to LP. Total LP distribution = 120 + 22.5 = 142.5M and Total GP distribution = 7.5M At the end of year 10, contributed capital = 100 + 100 + 2%*250*10 = 250 = committed capital. Total distributions to LPs = 142.5 250. GP must return 7.5M to LP. (b) If exit amount was 260, 260 - 120 = 140. 140*0.25 = 35 goes to GP. 140*0.75 = 105 goes t