What is the fund's Total Value to Paid-in Capital (TVPI) multiple at the end of Year 7?

What is the fund's Residual Value to Paid-in Capital (RVPI) multiple at the end of Year 7?

Since this is a European-style waterfall, when is the manager entitled to receive their 20% performance fee (carried interest)?

Case Study 1

Orion Capital Fund, a Category II AIF, has a total committed corpus of INR 600 crore. The fund's PPM specifies a management fee of 2% on committed capital during the investment period (Years 1-3) and 2% on invested capital thereafter. The performance fee is 20% over a 10% hurdle rate, with a European-style waterfall (whole-of-fund). At the end of Year 7, the fund has called down and invested the entire INR 600 crore. It has made total distributions to investors of INR 750 crore. The remaining portfolio has an unrealized value (NAV) of INR 450 crore.