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Current projected net equity multiple from inception to end of vehicle term (net of all taxes, fees and carried interest) per the manager's estimate, or in the case of an open end vehicle over a period as agreed between the manager and investors. This is the weighted average of the equity multiple of realized investments and the manager's projection of the equity multiple of unrealized investments.
Source: INREV | Date: 23 March 2020 | ID: D0153 | Version: 5
Current equity multiple (Net) = [Total return of capital + Total Income/Interest/Dividend distributions + Fair value of vehicle (NAV)] / Total capital drawn down. This uses as a numerator the aggregate of the cash flows used to calculate the IRR since inception net and as a denominator the Total capital drawn down since inception (for the avoidance of doubt, not Total capital commitments drawn).
Current projected gross equity multiple from inception to end of vehicle term (gross of taxes, fees and carried interest) per the manager's estimate, or in the case of an open end vehicle over a period agreed between the manager and investors. This is the weighted average of the equity multiple of realized investments and the manager's projection of the equity multiple of unrealized investments.
Equity multiple of portion of equity invested that has been divested (regardless of whether the proceeds have been distributed), before any vehicle-level fees, taxes and carried interest are deducted.