The research paper consists of a text part and a second part (appendix) with calculation examples. They are spread over a total of six files packed within a zip folder. The calculations refer to two sample funds: a closed-end real estate fund (Annexes R1a and R1b) and a closed-end private equity fund (Annexes R2a, R2b, R2c and R2d). For an initial overview, the respective summaries are sufficient (R1a and R2a).
For the private equity fund, two versions are calculated, namely with unchanged and adjusted net asset value (NAV). The adjusted version is a proposed solution for handling the initial cost problem in case of a delayed call of the originally committed equity (commitment).
Research paper (text version) German only
Appendix (calculation examples) German only