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When investors evaluate GPs’ performance and track records, they often look at the managers’ gross and net IRR. However, it is equally important to assess the deployment rate at that IRR, as this dictates the absolute cash return to the investor. Simply put, if a GP cannot identify enough transactions, an investor’s capital sits idle in a bank account where it provides low or even negative returns.

As can be seen in exhibit 13, having the ability to put capital to work sooner leads to significant differences in the cumulative US-dollars-earned amount over the relevant period. These differences mostly stem from different implementation strategies. The chart compares the US-dollars earned on capital committed under three different investment scenarios: an evergreen vehicle, a closed-end vehicle and a single fund.