Consider the following hypothetical: In 2011, two private equity professionals decide to raise a fund. That year they form a legal entity for the fund and launch their fundraising efforts. In late 2012 the fund has its initial closing of commitments from limited partners, and makes its first capital call, where limited partners make their first cash contribution to the fund. In 2013, the fund makes its first investment. In 2014, the fund has its final closing. As of September 30, 2018, the fund has a net IRR of 18.5%. What should the vintage year be for this fund - 2011, 2012, 2013 or 2014?
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