Performance measurement research paper

Further considerations for multiple computation
Some vehicles have the ability to recycle capital during the investment period (to reinvest returned equity capital). For equity multiple calculation purposes, any distributions that are included as a return of equity or return on equity for the purpose of the calculation (‘nominator’) should, if reinvested (recycled), also be added to the amount of drawn capital (‘denominator’) to give a fair reflection of the true ratio of returned equity to investors. This should be the case whether the recycled equity is actually distributed and recalled, or reinvested direct by the manager without physically distributing back to investors (to eliminate the back-and-forth flow of cash).

The Technology Roundtable Interview
David Spaulding, The Spaulding Group, Inc.; Lucas Vermeulen and Marc
Heemskerk, ORTEC International; Mike Slemmer, Thomson Financial
Portfolio Solutions; John Lehner, Eagle Investment Systems; Ian
Thompson, Strategic Asset Management Solutions Software; Scott Gruchot,
SunGard Investment Management Systems; Cecilia Wong, Base-Two Investment
Systems; John Fennelly, Financial Models Company; Steve Sheffras,
StatPro; and Todd Brunskill, First Rate Investment Systems

Performance measurement research paper

performance measurement research paper

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