Realized vs. Unrealized with Rigor: Performance Narrative Phrasing that Addresses Outliers and TVPI Dips
Seeing TVPI dip or an outlier skew your quartiles and wondering how to explain it without overstepping? This lesson equips you to craft precise, compliant narratives that separate realized from unrealized, label gross vs. net, and tie DPI, TVPI, and IRR together under scrutiny. You’ll get crisp definitions, rigorously phrased templates, real-world examples, and guided exercises that target TVPI dips, dispersion, sub-line effects, and PME/APME context. Finish with LP-ready language that is evidence-led, defensible, and ready for the next IC or quarterly letter.
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