Private Equity Valuation

[NurulAmira]

Before: NAV = NAV after distributions in prior yr. + capital called down - mgmt fees + operating result. What does operating result mean here? OPEX?

 

[Mosstastic]

I am not sure they defined that for us, and in Scheweser they mentioned it would most likely be given.
If I remember correctly

 

[MrSmart]

Operating results probably means here the return on equity, or net profit of the investment for the year before distribution and fund fees.

 

[zaydalnakib]

I believe it is your unrealized gains.