Measuring performance is trickier here. Longer life-cycles,irregular cash flows, leverage and complex fees mean IRR and MOIC trump simpletime-weighted returns.

• See capital commitment → deployment → distribution phases and the infamous J-curve.
• Work through fee waterfalls: management, incentive, hurdles, high-water marks, clawbacks.
• Calculate before- and after-fee returns and spot survivorship bias when benchmarking.

You’ll learn why “headline” numbers can mislead—and how to adjust them.