It is inclusive of initial capital, but exclusive of the fees. I.e., 5x means 5x net of fees, but inclusive of the capital invested.
So the fund will likely need to do 5.6x-6x the initial capital (“gross”) to do “5x net”
It is inclusive of initial capital, but exclusive of the fees. I.e., 5x means 5x net of fees, but inclusive of the capital invested.
So the fund will likely need to do 5.6x-6x the initial capital (“gross”) to do “5x net”