Calculations

Summed from all underlying commitments in the portfolio

Summed from all underlying commitments in the portfolio

Summed from all underlying commitments in the portfolio

Summed from all underlying commitments in the portfolio

Summed from the Closing Balance of all underlying commitments in the portfolio

Market value / capital contributions

Capital distributions / capital contributions

(market value + capital distributions) / capital contributions

Calculated using the same algorithm as Excel’s XIRR formula. The ending market value (as of reporting date) is used as the terminal cashflow, and contribution and distribution transactions used in the calculation can be configured based on your preferences:

• Cashflows only - cashflow notice data only

• CAS only - uses quarterly changes in contributions and distributions as approximate cashflows as of the quarter end date

• Mixture – on a quarterly basis, reconciles the changes in contributions and distributions from CAS against the cashflows in the given period. Where possible, cashflows are used, with CAS data used as a supplement to account for any data gaps

The starting market value of the period is used as the initial cash outflow in addition to the logic above

(closing market value – opening market value – contributions + distributions) / (opening market value + weighted contributions – weighted distributions)

Where weighted contributions and distributions are the sum of cashflows weighted by the proportion of days remaining in the quarter. For example, if a cashflow occurs on the 27/09, it is weighted by 3/92

This calculation requires cashflows

We aggregate QTR values up to other periods such as YTD, LTM etc. based on:
(TWR_Q1 + 1)*(TWR_Q2 + 1)… - 1

Total commitment – capital contributions + recallable distributions

Sum of capital contributions to date

∆Closing balance – ∆capital contributions + ∆capital distributions

Closing balance / capital contributions

Capital distributions / capital contributions

(Closing balance + capital distributions) / capital contributions

Calculated using the same algorithm as Excel’s XIRR formula. The ending balance (as of reporting date) is used as the terminal cashflow, and contribution and distribution transactions used in the calculation can be configured based on your preferences:

• Cashflows only - cashflow notice data only

• CAS only - uses quarterly changes in contributions and distributions as approximate cashflows as of the quarter end date

• Mixture – on a quarterly basis, reconciles the changes in contributions and distributions from CAS against the cashflows in the given period. Where possible, cashflows are used, with CAS data used as a supplement to account for any data gaps

The opening balance of the period is used as the initial cash outflow in addition to the logic above.

(closing balance – opening balance – contributions + distributions) / (opening balance + weighted contributions – weighted distributions)

Where weighted contributions and distributions are the sum of cashflows weighted by the proportion of days remaining in the quarter. For example, if a cashflow occurs on the 27/09, it is weighted by 3/92.

This calculation requires cashflows.

We aggregate QTR values up to other periods such as YTD, LTM etc. based on:

(TWR_Q1 + 1)*(TWR_Q2 + 1)… - 1

Closing balance / Fund NAV

• Can be customised to client, e.g. use Fund residual value instead of NAV

• Applied against total capital invested, total distributions, residual value, investment total scoped emissions

∆Portfolio-weighted Residual Value – ∆Portfolio-weighted Total Capital Invested + ∆Portfolio-weighted Total Distributions

portfolio-weighted total distributions + portfolio-weighted residual value

Sum of capital distributions to date – sum of capital contributions to date

Sum of residual values from underlying investments

Residual value / TEV (can calculate any of these metrics using the other two)

Residual value + total distributions
(can calculate any of these metrics using the other two)

Total value / total capital invested
(can calculate any of these metrics using the other two)

Default periods for EBITDA, EBIT and revenue

Unless otherwise specified, these metrics are displayed as LTM.

If the GP reports these metrics in different time periods, e.g. QTR or YTD, then LTM is calculated:

• QTR values can be calculated by finding the difference between YTD metrics extracted in consecutive quarters

• If a series of QTR metrics is available, these can be summed back up to achieve YTD, LTM, and other periods

TEV – Net debt (can calculate any of these metrics using the other two)

EV / EBITDA

Can be calculated if not already reported in GP documents

Net debt / EBITDA

Can be calculated if not already reported in GP documents

EV / Revenue

Can be calculated if not already reported in GP documents

Can be calculated if not already reported in GP documents

Taken as the value of that metric as of the entry date of investment. If a value is not found for the entry date, the value for the closest date within the same quarter is taken.

(current value/entry value)1/n – 1

Where n is time in years between the entry date and the current date

CAGR is only calculated where n is at least 1

Calculated for all company-level metrics, for each investment into the company

Net debt / TEV

(Investment residual value/sum of investment residual values) * Leverage

If an asset has a zero leverage, then the residual value will not be included in the calculation

Sum of weighted leverages

Scope One emissions + Scope Two emissions

Note that scope three emissions can be imported, but are not included in this calculation as they tend to be far less direct and more ambiguous.

Fund ownership * (total scoped emissions)

Portfolio ownership * (investment total scoped emissions)