Measuring performance is trickier here. Longer life-cycles,irregular cash flows, leverage and complex fees mean IRR and MOIC trump simpletime-weighted returns.<ul> <li>See capital commitment → deployment → distribution phases and the infamous J-curve.</li> <li>Work through fee waterfalls: management, incentive, hurdles, high-water marks, clawbacks.</li> <li>Calculate before- and after-fee returns and spot survivorship bias when benchmarking.</li></ul>You’ll learn why “headline” numbers can mislead—and how to adjust them.

ALT - Investments in Private Capital: Equity and Debt

Master the complete CFA® Level I curriculum—one learning module at a time. Each episode is a concise, high‑impact dialogue that explains core concepts in plain English, with zero fluff and no long intro/outro. Perfect for commuters, last‑minute crammers, and anyone who learns best by listening. Independently produced; not affiliated with, sponsored by, or endorsed by CFA Institute.