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Private equity is doing badly — however you measure it
Lex專欄:無論如何衡量,私募股權基金的表現都很糟糕

Investors desperate to get cash back are putting pressure on funds to capitulate on sales
投資者急於回籠資金,迫使私募股權基金不得不降低標價以售出資產。

Evaluating performance is an imperfect science: every metric has its pros and cons. Moving the goalposts, however, is rarely a sign that the game is going well. Look no further than the private equity industry, where DPI is the new IRR

績效評估是一門不完美的科學:每個指標都有其利弊。然而,移動球門很難表明比賽進展順利。在私募股權行業,「投入資本分紅率」(Distribution to Paid-in Capital)已成爲新的內部收益率(IRR)。

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