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Tham khảo tài liệu 'academic press private equity and venture capital in europe_6', khoa học xã hội, kinh tế chính trị phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 10.1 Performance determination 149 Gross return on all investments Includes the value of the operations still to be realized for example a quota yet to be invested or a write-down yet to be made excluding the liquidity reserve. Net return to the investor The most interesting measure for the subscriber because it clearly shows the final result and net of costs and commissions applied by the fund manager. The liquidity reserve is also taken into account during the calculation of the return. Each closed-end fund manager decides whether or not to widen the data used in the IRR calculation for example when participating in foreign companies the return calculation could use the exchange rates. The information of the net return even if it includes all of the previous aspects considers a series of information that does not allow the comparison among several managers if the weight of the liquidity is different or the commissions and estimates are unequal the comparison loses its significance. For these reasons the indicator most frequently used is gross return on the realized investments because it offers a balanced vision of the operation analyzed. The liquidity management process is a source of value for the investor so it is relevant and critical especially for the acquisition of a non-quoted company when realized in several stages. The financial deal promoter limits the importance of the liquidity by allowing fund subscribers to give their funds in different stages. This reduces the mass of liquidity initially held. If this option is not considered the problem becomes urgent only for the short period necessary to make the investments. The liquidity strategy is different between the open- and closed-end funds. Closed-end funds not investing in non-quoted companies usually place the liquidity in non-risk tools that are easily convertible to legal tender. Once the investments are realized liquidity management problems decrease and become almost negligible because the quota
