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In the presentation of a private equity fund, a firm reports an annualized since-inception (SI) internal rate of return (IRR) net-of-fees but not gross-of-fees. The net-of-fees returns are not net of carried interest. With respect to GIPS, the firm has: A. made an error by not reporting returns gross-of-fees and by not netting out carried interest. B. made an error by not reporting returns gross-of-fees but netting out carried interest is not required so that is not an error. C. made an error by not netting out carried interest but not by omitting returns calculated gross-of-fees. |