PE/VC一般用两个指标来衡量：IRR，TVPI（total value to paid-in capital，也有的叫MOIC – multiple of invested capital）。相对来说IRR是更主要的指标，原因在下面展开：
引用了SVB capital 2008年出的《Assessing Fund Performance: Using Benchmarks in Venture Capital》，附上链接:
PERFORMANCE METRICS: APPLES AND ORANGES
When assessing the return-on-investment performance of a venture fund, three different metrics are typically used:
• internal rate of return (IRR)
• distributions to paid-in capital (DPI)
• total value to paid-in capital (TVPI)
IRR provides an effective rate of return based on cash flows and current valuations of the fund portfolio, while DPI shows the realized portion of the portfolio that was distributed to the LP as a multiple of the contributed capital. By comparison, TVPI provides a multiple value on the entire portfolio—both distributed capital and the net asset value of the portfolio.1
Which of these metrics is the best assessment of fund performance? The short answer is, “it depends.” Many LPs rely on IRR measurements of performance because they manage a portfolio that includes a mix of public and private investments. Consequently, IRR reported as a percentage provides an easy comparison to return percentages on public investments, even though IRR percentages are not completely comparable.2 LPs will often look for 400 to 600 basis points over a public benchmark to justify the illiquid and long-term nature and risk profile of VC investing. DPI provides a clear metric of the actual multiple of cash invested which has been received by an investor, and TVPI provides a metric that accounts for potential returns that are the result of increased valuations of portfolio companies as they approach exit. Given this difference, many LPs rely on TVPI earlier in the life of a fund and DPI towards the end. In contrast to IRR, TVPI and DPI do not account for the time it takes to produce these gains.
Despite the shortfalls, the three metrics have become the standard for comparison. In our experience, we
have found that LPs rely on a combination of all three metrics to assess the performance of their investments, with some favoring one over the other, in part, due to the preference of their board and their specific type of investment.
回复 ( 4 )
谢邀，试答。
PE/VC一般用两个指标来衡量：IRR，TVPI（total value to paid-in capital，也有的叫MOIC – multiple of invested capital）。相对来说IRR是更主要的指标，原因在下面展开：
引用了SVB capital 2008年出的《Assessing Fund Performance: Using Benchmarks in Venture Capital》，附上链接:
引用里的粗体字部分多少回答了题主的问题：IRR，DPI和TVPI哪家强？答案是：“看情况”（尼玛）。但是，很多LP都用IRR来衡量其所投资基金的回报表现，原因是LP通常会投资多种资产组合，从fixed income的产品，PE/VC基金，hedge fund，还有二级市场股票等等，当他们手里有一堆投资产品时，要找一个可以互相横向比较的指标来评估所有的投资组合的表现，这时候IRR是最好的标准（benchmark）。– 以下不是引用内容：因此，LP喜欢用IRR来衡量投资表现，PE/VC的GP作为拿了LP的钱为LP管理资产的机构，“股东关心啥我们就关心啥！”。 而且LP和GP结算carry时，也大都是在IRR基础上进行回报分享的，所以IRR还决定了GP的变动回报（直白点就是绩效奖金），自然IRR就成了PE/VC衡量自己的最主要的指标和KPI了。
再多增加一点我自己的理解：题主说的ROE, ROA, TFP (太高级了，我还专门百度了一下。。。），这些都不错，都是可以衡量投资表现的指标之一。但是，计算他们太复杂了，而且这些指标在投资组合横向比较时参考意义不大（经常差异很大，需要花大量时间去找原因，解释原因），非常不直观，而且对于本来就人手不多的基金来说，这种计算劳时劳力劳心。每个季度review时，PE看10几到几十个投资组合，VC可能都要看上百个甚至几百个，算就把人算死了，算出来还没什么参考意义，自然就不会采用了。IRR既好算，又具有很高的横向比较意义，还直接和金主的满意度相关，所以肯定是首选啦。
最后，IRR单独看当然是会有偏差的，所以通常会结合TVPI/MOIC一起来看，有的投资回报倍数很高，但拖了太多年，IRR很差；有的投资IRR很高，但由于快进快出，绝对金额的回报很一般。所以单独看IRR也是有局限的，但在看整个基金表现时（投资的时点和收回投资的时点相对均匀和分散），IRR会更具参考意义。
补充：DPI值的是GP已经有多少钱返还给LP了，多数都是用在衡量基金期内给LP的回报上。在基金内部衡量投资成绩时，这个指标用的少，而且这个指标在横向比较上也差异很大。
关于IRR的局限性，引用的文件里也提到了，有兴趣大家自己看啦~
最后的最后，投资经理的KPI可不光光是看IRR的，更多时候是由老板决定的啦。
谢邀。额，这种具体的kpi考核方式牵扯到奖金分配制度，基本都是保密的
1. PE,VC的资金都是有资金成本的，在募资的时候都会给LP承诺一个最低收益率
2. 使用IRR的原因：1）时间成本和资金成本都有涉及；2）最简单、最容易和同行其他基金比较，也方便LP评估究竟哪家基金牛
3. 对合伙人和投资经理的绩效考核：1）在投资期内是否完成投资额度；完成，给与投成奖；2）投后管理没啥好评估的，主要就是看最后的退出，然后拿carry, 然后合伙人拿carry大头，投资经理拿点意思意思。
4. BTW， 真心不知道楼上拿了55个点赞的回答是怎么来的。囧rz。
很多…最熟悉的应该Sharp Ratio
ROE ROA这些是财务指标 一般用来基本面分析
去看看CFA吧
IRR也是有硬伤的