{"id":24947,"date":"2025-02-18T08:27:23","date_gmt":"2025-02-18T08:27:23","guid":{"rendered":"https:\/\/digify.com\/?p=24947"},"modified":"2026-02-26T13:35:53","modified_gmt":"2026-02-26T13:35:53","slug":"calculating-communicating-fund-metrics","status":"publish","type":"post","link":"https:\/\/staging-x.digifyteam.com\/tr\/calculating-communicating-fund-metrics\/","title":{"rendered":"Yat\u0131r\u0131mc\u0131 \u0130li\u015fkilerinin Temelleri: LP G\u00fcveni Olu\u015fturmak i\u00e7in Fon Metriklerinin Hesaplanmas\u0131 ve \u0130letilmesi"},"content":{"rendered":"
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Fon Performans \u00d6l\u00e7\u00fctlerine Giri\u015f<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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Raporlama\u00a0fon performans \u00f6l\u00e7\u00fctleri\u0307<\/span>\u00a0\u0130yi bilgilendirilmi\u015f yat\u0131r\u0131m kararlar\u0131 almak i\u00e7in do\u011fru veriler \u015fartt\u0131r. Bu durum \u00f6zellikle kurumsal yat\u0131r\u0131mc\u0131lar\u0131n, aile ofislerinin ve y\u00fcksek net de\u011fere sahip bireylerin yat\u0131r\u0131mlar\u0131n\u0131n potansiyelini ve ilerlemesini de\u011ferlendirmek i\u00e7in a\u00e7\u0131k ve tutarl\u0131 verilere g\u00fcvendi\u011fi giri\u015fim sermayeleri (VC) d\u00fcnyas\u0131nda ge\u00e7erlidir.<\/p>

\u0130ster yat\u0131r\u0131mc\u0131 ili\u015fkileri ekibinin bir par\u00e7as\u0131 olun, ister bir fon y\u00f6neticisi ya da finansal dan\u0131\u015fman, bu temel \u00f6l\u00e7\u00fctler konusunda sa\u011flam bir temele ve bunlar\u0131 iletmenin etkili bir yoluna ihtiyac\u0131n\u0131z var. Mevzuat gerekliliklerini yerine getirmekten s\u0131n\u0131rl\u0131 ortaklarla (LP'ler) g\u00fcven olu\u015fturmaya kadar, fon performans raporlaman\u0131z\u0131n \u00f6ne \u00e7\u0131kmas\u0131n\u0131 nas\u0131l sa\u011flayabilece\u011finizi burada bulabilirsiniz.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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D\u00fczenleyici Gereklilikler ve Sekt\u00f6r Standartlar\u0131<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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1. SEC Raporlama Gereklilikleri<\/b><\/p>

Kay\u0131tl\u0131 bir fon i\u015fletiyorsan\u0131z, ayl\u0131k veya \u00fc\u00e7 ayl\u0131k raporlar sunman\u0131z gerekebilir. ABD Menkul K\u0131ymetler ve Borsa Komisyonu (SEC), belirli fonlar\u0131n her ay sonundan itibaren 30 g\u00fcn i\u00e7inde Form N-PORT'ta portf\u00f6y raporlar\u0131 sunmas\u0131n\u0131 gerektirir.<\/p>

2. ILPA (Institutional Limited Partners Association) K\u0131lavuz \u0130lkeleri<\/b><\/p>

ILPA, \u00f6zel sermayede standardizasyon ve \u015feffafl\u0131\u011f\u0131 te\u015fvik etmek i\u00e7in en iyi uygulamalar\u0131 yay\u0131nlamaktad\u0131r. Bu k\u0131lavuzlar sermaye \u00e7a\u011fr\u0131lar\u0131, da\u011f\u0131t\u0131m bildirimleri ve performans raporlamas\u0131 i\u00e7in \u00f6nerilen formatlara de\u011finmektedir.<\/p>

3. GIPS (K\u00fcresel Yat\u0131r\u0131m Performans\u0131 Standartlar\u0131)<\/b><\/p>

K\u00fcresel Yat\u0131r\u0131m Performans Standartlar\u0131 (GIPS), CFA Enstit\u00fcs\u00fc taraf\u0131ndan olu\u015fturulan bir dizi etik ilkedir. Uyumluluk iddias\u0131nda bulunuyorsan\u0131z, raporlama y\u00f6ntemlerinin tutarl\u0131 ve kar\u015f\u0131la\u015ft\u0131r\u0131labilir kalmas\u0131n\u0131 sa\u011flamak i\u00e7in genellikle en az be\u015f y\u0131ll\u0131k denetlenmi\u015f performans g\u00f6stermeniz gerekir.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u015eeffafl\u0131k ve Do\u011fruluk i\u00e7in LP Beklentileri<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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G\u00fcn\u00fcm\u00fcz\u00fcn LP'leri giderek daha sofistike hale geliyor ve a\u015fa\u011f\u0131dakileri talep ediyor:<\/p>

  • Portf\u00f6yleri genelinde tutarl\u0131 raporlama<\/b> h\u0131zl\u0131 kar\u015f\u0131la\u015ft\u0131rmalar\u0131 kolayla\u015ft\u0131rmak i\u00e7in.<\/li>
  • At\u0131f analizi<\/b> Her bir yat\u0131r\u0131m\u0131n toplam getiriyi nas\u0131l art\u0131rd\u0131\u011f\u0131n\u0131 g\u00f6rmek i\u00e7in.<\/li>
  • \u0130z kayd\u0131 do\u011frulamas\u0131<\/b> Ge\u00e7mi\u015f performans verilerinin do\u011frulu\u011funu teyit etmek i\u00e7in.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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    Bu beklentileri kar\u015f\u0131lamak, fonunuzu gelecekteki fon toplama i\u00e7in konumland\u0131rman\u0131za yard\u0131mc\u0131 olur. G\u00fc\u00e7l\u00fc bir ge\u00e7mi\u015f performans, kan\u0131tlanm\u0131\u015f performans s\u00fcreklili\u011fi ve emsal gruplara g\u00f6re sa\u011flam getiriler sergileme becerisi, sonraki ara\u00e7lar\u0131n boyutunu ve ko\u015fullar\u0131n\u0131 etkileyebilir.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    Payda\u015flarla G\u00fcven Olu\u015fturma<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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    Fon performans \u00f6l\u00e7\u00fcmleri sadece rakamlardan ibaret de\u011fildir; hikaye anlatma ve g\u00fcven olu\u015fturma ara\u00e7lar\u0131d\u0131r.<\/p>

    • Tutarl\u0131 ileti\u015fim<\/b> zorlu d\u00f6nemlerde bile LP'lere g\u00fcven verir.<\/li>
    • Performans de\u011fi\u015fimlerinin ba\u011flamsalla\u015ft\u0131r\u0131lmas\u0131<\/b> LP'lerin zaman i\u00e7inde tek bir noktan\u0131n \u00f6tesini g\u00f6rmelerine yard\u0131mc\u0131 olur.<\/li>
    • Beklenti y\u00f6netimi<\/b> yat\u0131r\u0131mc\u0131lar\u0131n\u0131zla daha sa\u011fl\u0131kl\u0131, daha \u015feffaf ili\u015fkiler kurman\u0131z\u0131 sa\u011flar.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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      Bu makalede, IRR, DPI, TVPI, RVPI ve MOIC dahil olmak \u00fczere giri\u015fim sermayesi fon performans\u0131n\u0131 de\u011ferlendirmek i\u00e7in kullan\u0131lan birincil nicel \u00f6l\u00e7\u00fctleri inceleyece\u011fiz. Ayr\u0131ca bu metriklerin bir fonun ya\u015fam d\u00f6ng\u00fcs\u00fc boyunca nas\u0131l de\u011fi\u015fti\u011fini g\u00f6sterecek, LP'lerle ileti\u015fim kurmak i\u00e7in en iyi uygulamalar\u0131 \u00f6zetleyecek ve Digify'\u0131n t\u00fcm raporlama s\u00fcrecini kolayla\u015ft\u0131rmaya nas\u0131l yard\u0131mc\u0131 olabilece\u011fini vurgulayaca\u011f\u0131z.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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      Temel Fon Performans \u00d6l\u00e7\u00fctleri ve Hesaplamalar\u0131<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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      1. \u0130\u00e7 Getiri Oran\u0131 (IRR)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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      Tan\u0131m ve Form\u00fcl
      <\/b>\u0130\u00e7 Getiri Oran\u0131 (IRR), hem i\u00e7erideki hem de d\u0131\u015far\u0131daki t\u00fcm nakit ak\u0131\u015flar\u0131n\u0131n net bug\u00fcnk\u00fc de\u011ferini (NPV) s\u0131f\u0131ra ayarlayan iskonto oran\u0131d\u0131r. Matematiksel olarak ifade edilir:<\/p>

      0 = CF\u2080 + CF\u2081\/(1+IRR) + CF\u2082\/(1+IRR)\u00b2 + ... + CF\u2099\/(1+IRR)\u207f<\/em><\/p>

      CF = belirli bir zaman aral\u0131\u011f\u0131ndaki nakit ak\u0131\u015f\u0131 (i)
      n = y\u0131l cinsinden toplam s\u00fcre<\/p>

      Neden \u00d6nemli
      <\/b>IRR, nakit ak\u0131\u015flar\u0131n\u0131n hem zamanlamas\u0131n\u0131 hem de b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc dikkate alarak y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f bir getiri oran\u0131 sa\u011flar. LP'lerin fon yat\u0131r\u0131mlar\u0131n\u0131n ne kadar h\u0131zl\u0131 b\u00fcy\u00fcd\u00fc\u011f\u00fcn\u00fc anlamalar\u0131na yard\u0131mc\u0131 olur.<\/p>

      Bilinmesi Gerekenler<\/b><\/p>

      • Ge\u00e7ici ve Nihai IRR:<\/b> Fon aktif oldu\u011fu s\u00fcrece, Ara D\u00f6nem IRR hem ger\u00e7ekle\u015fen hem de ger\u00e7ekle\u015fmeyen getirileri i\u00e7erir. Nihai IRR, fon kapand\u0131\u011f\u0131nda yaln\u0131zca ger\u00e7ekle\u015fmi\u015f getirileri yans\u0131t\u0131r.<\/li>
      • Kredi \u0130mkanlar\u0131:<\/b> Fon, sermaye \u00e7a\u011fr\u0131lar\u0131n\u0131 geciktirmek i\u00e7in kredi limitlerini kullan\u0131rsa, IRR yapay olarak \u015fi\u015firilebilir. Nakit ak\u0131\u015flar\u0131n\u0131n zamanlamas\u0131 de\u011fi\u015fir ve bu da k\u0131sa vadede IRR'yi art\u0131rabilir.<\/li>
      • Erken D\u00f6nem Fon Hayat\u0131:<\/b> Sermaye \u00e7\u0131k\u0131\u015flar\u0131 da\u011f\u0131t\u0131mlar\u0131 a\u015ft\u0131\u011f\u0131 i\u00e7in IRR genellikle 1-4. Y\u0131llarda (\u201c\u00f6l\u00fcm vadisi\u201d) negatiftir.<\/li><\/ul>

        \u00d6rnek<\/b>
        Bug\u00fcn $5,000 yat\u0131r\u0131m yapt\u0131\u011f\u0131n\u0131z\u0131 ve 1. Y\u0131l\u0131n sonunda $2,000, 2. Y\u0131l\u0131n sonunda $3,000 ve 3. Y\u0131l\u0131n sonunda $2,000 ald\u0131\u011f\u0131n\u0131z\u0131 d\u00fc\u015f\u00fcn\u00fcn. Bu ak\u0131\u015flar bir IRR form\u00fcl\u00fcne yerle\u015ftirildi\u011finde y\u0131ll\u0131k IRR yakla\u015f\u0131k 15% olur.<\/p>

        Ne G\u00f6steriyor
        <\/b>IRR, bir yat\u0131r\u0131m\u0131n zamana g\u00f6re d\u00fczeltilmi\u015f bazda ne kadar k\u00e2rl\u0131 oldu\u011funu ortaya koyarak, birden fazla fon veya yat\u0131r\u0131m f\u0131rsat\u0131n\u0131 de\u011ferlendiren LP'ler i\u00e7in ba\u015fvurulacak bir rakam haline getirir.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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        2. \u00d6denmi\u015f Sermayeye Yap\u0131lan Da\u011f\u0131t\u0131mlar (DPI)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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        Tan\u0131m ve Form\u00fcl
        <\/b>DPI, yat\u0131r\u0131mc\u0131lara ne kadar katk\u0131da bulunduklar\u0131na g\u00f6re ne kadar nakit iade edildi\u011fini \u00f6l\u00e7er. Form\u00fcl:<\/p>

        DPI = K\u00fcm\u00fclatif Da\u011f\u0131t\u0131mlar \/ \u00d6denmi\u015f Sermaye<\/em><\/p>

        Neden \u00d6nemli
        <\/b>DPI en somut \u00f6l\u00e7\u00fctlerden biridir: yat\u0131r\u0131mc\u0131lara geri d\u00f6nen ger\u00e7ek nakde odaklan\u0131r. DPI de\u011ferinin 1,0x'in \u00fczerinde olmas\u0131, yat\u0131r\u0131mc\u0131lar\u0131n en az\u0131ndan ilk yat\u0131r\u0131mlar\u0131n\u0131 geri ald\u0131klar\u0131n\u0131 g\u00f6sterir.<\/p>

        Bilinmesi Gerekenler<\/b><\/p>

        • Geri \u00d6deme H\u00fck\u00fcmleri:<\/b> Bunlar a\u015fa\u011f\u0131daki durumlarda LP'leri korur a\u015f\u0131r\u0131 ta\u015f\u0131nan faiz<\/b> erken da\u011f\u0131t\u0131lm\u0131\u015ft\u0131r. GP'lerin, nihai performanslar\u0131n\u0131n belirli e\u015fikleri kar\u015f\u0131lamamas\u0131 durumunda, ta\u015f\u0131nan faizlerinin bir k\u0131sm\u0131n\u0131 iade etmeleri gerekebilir.<\/li>
        • GP Givebacks:<\/b> Bir fon d\u00fc\u015f\u00fck performans g\u00f6sterirse, GP'ler adil da\u011f\u0131t\u0131m\u0131 sa\u011flamak i\u00e7in baz\u0131 karlar\u0131 iade edebilir.<\/li><\/ul>

          \u00d6rnek<\/b>
          Fon toplamda $100 milyon \u00e7a\u011f\u0131rm\u0131\u015fsa ve zaman i\u00e7inde LP'lere $160 milyon getiri sa\u011flam\u0131\u015fsa, DPI 1.6x<\/b>.<\/p>

          Ne G\u00f6steriyor
          <\/b>DPI, LP'nin cebindeki ger\u00e7ek paray\u0131 yans\u0131t\u0131r ve bir fonun bug\u00fcne kadarki ba\u015far\u0131s\u0131n\u0131n basit bir \u00f6l\u00e7\u00fcs\u00fcd\u00fcr.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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          3. \u00d6denmi\u015f Sermayeye Toplam De\u011fer (TVPI)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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          Tan\u0131m ve Form\u00fcl
          <\/b>TVPI hem ger\u00e7ekle\u015fmi\u015f hem de ger\u00e7ekle\u015fmemi\u015f getirileri i\u00e7erir:<\/p>

          TVPI = (Cari NAV + Toplam Da\u011f\u0131t\u0131mlar) \/ Toplam \u00d6denmi\u015f Sermaye<\/em><\/p>

          Neden \u00d6nemli
          <\/b>Yaln\u0131zca da\u011f\u0131t\u0131lan nakde odaklanan DPI'dan farkl\u0131 olarak TVPI, ger\u00e7ekle\u015fmemi\u015f yat\u0131r\u0131mlardan kaynaklanan potansiyel y\u00fckseli\u015fi de i\u00e7erir. Fonun genel olarak nas\u0131l performans g\u00f6sterdi\u011fine dair daha geni\u015f bir bak\u0131\u015f a\u00e7\u0131s\u0131 sunar.<\/p>

          Bilinmesi Gerekenler<\/b><\/p>

          • Geri D\u00f6n\u00fc\u015ft\u00fcr\u00fclm\u00fc\u015f Sermaye:<\/b> Bir fon da\u011f\u0131t\u0131mlar\u0131 yeni veya mevcut portf\u00f6y \u015firketlerine geri yat\u0131r\u0131rsa, bu geri d\u00f6n\u00fc\u015f\u00fcm hem pay\u0131 (NAV'yi art\u0131r\u0131rsa) hem de payday\u0131 (\u00f6denmi\u015f sermayeyi art\u0131r\u0131rsa) etkiler.<\/li>
          • K\u0131sa Vadeli ve Uzun Vadeli:<\/b> Ba\u015flang\u0131\u00e7ta y\u00fcksek bir TVPI \u00e7o\u011funlukla ka\u011f\u0131t \u00fczerindeki kazan\u00e7lar olabilirken, daha d\u00fc\u015f\u00fck bir TVPI hala b\u00fcy\u00fcme a\u015famas\u0131nda olan bir fonu yeterince yans\u0131tmayabilir.<\/li><\/ul>

            \u00d6rnek<\/b>
            Fonunuzun Mevcut NAV'\u0131 $100 milyon ise ve LP'lere $60 milyon da\u011f\u0131tt\u0131ysan\u0131z ve onlar da toplamda $100 milyon katk\u0131da bulunduysa, TVPI'n\u0131z\u00a0<\/p>

            TVPI=(100+60)100=1.6xTVPI=100(100+60) =1.6x<\/em><\/p>

            Ne G\u00f6steriyor
            <\/b>TVPI, LP'lerin hem halihaz\u0131rda elde ettikleri getirileri hem de fonun portf\u00f6y\u00fcnde kalan gelecekteki potansiyeli \u00f6l\u00e7melerine yard\u0131mc\u0131 olur.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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            4. \u00d6denmi\u015f Sermayeye Kalan De\u011fer (RVPI)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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            Tan\u0131m ve Form\u00fcl
            <\/b>RVPI ger\u00e7ekle\u015fmemi\u015f ya da \u201cka\u011f\u0131t \u00fczerindeki\u201d getirileri \u00f6l\u00e7er:<\/p>

            RVPI = Net Varl\u0131k De\u011feri (NAV) \/ \u00d6denmi\u015f Sermaye<\/em><\/p>

            (Baz\u0131 kaynaklar form\u00fcl\u00fc ters olarak sunmaktad\u0131r, ancak kavram ayn\u0131 kalmaktad\u0131r).<\/i><\/p>

            Neden \u00d6nemli
            <\/b>RVPI, fonun yat\u0131r\u0131mlar\u0131n\u0131n ger\u00e7ekle\u015fmemi\u015f kalan k\u0131sm\u0131n\u0131 vurgular. LP'ler bunu, de\u011ferin ne kadar\u0131n\u0131n hala aktif veya k\u0131smen \u00e7\u0131k\u0131lm\u0131\u015f pozisyonlarda ba\u011fl\u0131 oldu\u011funu anlamak i\u00e7in kullan\u0131r.<\/p>

            Bilinmesi Gerekenler<\/b><\/p>

            • \u0130lk Y\u0131llar ve Sonraki Y\u0131llar:<\/b> Fonun \u00f6mr\u00fcn\u00fcn ba\u015flar\u0131nda, RVPI y\u00fcksek olma e\u011filimindedir \u00e7\u00fcnk\u00fc sermayenin \u00e7o\u011fu hala i\u015f ba\u015f\u0131ndad\u0131r ve ger\u00e7ekle\u015fmemi\u015ftir. Fon ya\u015fam d\u00f6ng\u00fcs\u00fcn\u00fc tamamlad\u0131ktan sonra RVPI y\u00fcksek kal\u0131rsa, bu daha yava\u015f \u00e7\u0131k\u0131\u015flara i\u015faret edebilir.<\/li>
            • De\u011ferleme Metodolojileri:<\/b> RVPI a\u015fa\u011f\u0131dakilere ba\u011fl\u0131 oldu\u011fundan Net Varl\u0131k De\u011feri<\/b>, GP'nin temel portf\u00f6y \u015firketlerini nas\u0131l de\u011ferledi\u011fine ba\u011fl\u0131d\u0131r. Muhafazakar ve agresif de\u011ferlemeler bu rakam\u0131 \u00f6nemli \u00f6l\u00e7\u00fcde etkileyebilir.<\/li><\/ul>

              \u00d6rnek<\/b>
              LP'ler $75 milyon katk\u0131da bulunduysa ve fonun NAV'\u0131 $150 milyon ise, RVPI'n\u0131z 2,0x'tir, bu da katk\u0131da bulunulan sermayenin iki kat\u0131n\u0131n hala ka\u011f\u0131t \u00fczerinde oldu\u011funu g\u00f6sterir.<\/p>

              Ne G\u00f6steriyor
              <\/b>RVPI, yat\u0131r\u0131mc\u0131lara sermayelerinin ne kadar\u0131n\u0131n hala yat\u0131r\u0131mda oldu\u011funa dair fikir verir. Gelecekteki potansiyel \u00e7\u0131k\u0131\u015flar\u0131 ve da\u011f\u0131t\u0131mlar\u0131 i\u015faret eder.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t

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              5. Yat\u0131r\u0131lan Sermayenin Kat Say\u0131s\u0131 (MOIC)<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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              Tan\u0131m ve Form\u00fcl
              <\/b>MOIC, orijinal yat\u0131r\u0131m\u0131n ka\u00e7 kat\u0131n\u0131n \u00fcretildi\u011fini \u00f6l\u00e7er:<\/p>

              MOIC = Toplam De\u011fer \/ Yat\u0131r\u0131lan Sermaye<\/i><\/p>

              Neden \u00d6nemli
              <\/b>MOIC, getirilerin basit bir anl\u0131k g\u00f6r\u00fcnt\u00fcs\u00fcd\u00fcr ve \u00f6zellikle bir portf\u00f6ydeki bireysel anla\u015fmalar\u0131 kar\u015f\u0131la\u015ft\u0131rmak i\u00e7in kullan\u0131\u015fl\u0131d\u0131r. Br\u00fct (\u00fccretler hari\u00e7) ve net (\u00fccretler dahil) MOIC olarak ayr\u0131\u015ft\u0131r\u0131labilir.<\/p>

              Bilinmesi Gerekenler<\/b><\/p>

              • Paran\u0131n Zaman De\u011feri:<\/b> MOIC zaman fakt\u00f6r\u00fcn\u00fc hesaba katmaz, bu nedenle iki y\u0131lda elde edilen 3,0x katsay\u0131s\u0131 on y\u0131lda elde edilen 3,0x katsay\u0131s\u0131ndan \u00f6nemli \u00f6l\u00e7\u00fcde farkl\u0131d\u0131r.<\/li>
              • Ger\u00e7ekle\u015fmemi\u015f De\u011ferler:<\/b> MOIC aktif yat\u0131r\u0131mlar\u0131n de\u011ferlemelerini i\u00e7erebilir, bu nedenle NAV'deki herhangi bir yanl\u0131\u015fl\u0131k sonucu \u00e7arp\u0131tabilir.<\/li><\/ul>

                \u00d6rnek<\/b>
                Bir giri\u015fime $50.000 yat\u0131r\u0131m yaparsan\u0131z ve mevcut de\u011feriniz art\u0131 da\u011f\u0131t\u0131mlar toplam\u0131 $150.000'e ula\u015f\u0131rsa, MOIC'niz 3,0x olur.<\/p>

                Ne G\u00f6steriyor
                <\/b>MOIC, hangi yat\u0131r\u0131mlar\u0131n en y\u00fcksek getiriyi sa\u011flad\u0131\u011f\u0131n\u0131 h\u0131zl\u0131 bir \u015fekilde yans\u0131tabilir. Ancak, performans\u0131n eksiksiz bir g\u00f6r\u00fcn\u00fcm\u00fcn\u00fc sunmak i\u00e7in zamana duyarl\u0131 \u00f6l\u00e7\u00fcmlerle (IRR gibi) e\u015fle\u015ftirilmelidir.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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                Fon Ya\u015fam D\u00f6ng\u00fcs\u00fc Boyunca Fon Performans \u00d6l\u00e7\u00fctleri<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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                J E\u011frisi Etkisi<\/h3>\t\t\t\t<\/div>\n\t\t\t\t
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                \u0130\u00e7inde \u00f6zel sermaye<\/b> ve giri\u015fim sermayesi<\/b>, fonlar\u0131 genellikle getirilerin ba\u015flang\u0131\u00e7ta negatif oldu\u011fu (kurulum maliyetleri ve verimsiz sermaye harcamalar\u0131 nedeniyle) ve daha sonra ba\u015far\u0131l\u0131 olursa sonraki y\u0131llarda y\u00fckselme e\u011filiminde oldu\u011fu bir \u201cJ E\u011frisi\u201d sergiler.<\/p>

                Y\u0131l 1-4: Portf\u00f6y Olu\u015fturma<\/b><\/p>