Kaplan-Schoar Public Market Equivalent
Also written KS-PME · KS-PME (Kaplan-Schoar Public Market Equivalent)
A market-adjusted TVPI: capital calls and distributions are compounded forward at index returns to the valuation date, then (FV distributions + NAV) is divided by FV capital calls.
This one is not written up yet
The definition above is the short version. A full explanation — how it works, a worked example and the exam traps — is still being written. In the meantime the chapter below covers it in context.
Written up from the same chapter
- Absolute-return benchmarkA fixed percentage return, set by the manager when the scheme launches, against which an absolute-return strategy is judged instead of a market index.
- Adverse selectionThe risk of ending up with the wrong manager — picking a fund on a track record or a forward-looking statement that does not predict performance, and getting sub-optimal returns or moral hazard instead.
- AlphaThe return a fund earned above what its beta and the benchmark say it should have earned — the slice of performance left over once the market has been given credit for its share.
- BenchmarkThe independently published index a scheme's performance is measured against, chosen to match its investment objective, asset allocation and strategy, and disclosed in the Scheme Information Document.
- Concentration riskThe risk that a few positions are large enough, against the fund's capital, that one loss damages the whole portfolio — capped by SEBI at 25% of investable funds for Category I and II AIFs and 10% for Category III.
- Cyber Security RiskThe risk that an AIF's or its service providers' systems are breached, corrupted or disrupted — governed by SEBI's Cyber Security and Cyber Resilience Framework, which all AIFs had to comply with by 31 August 2025.
Where this is taught
Free preparation for NISM Series XIX-D← All terms