GIPS - Vintage Year

CFA Level III Portfolio Management
#1

Vintage Year can be determined by either

  1. year of first drawdown or capital call

or

  1. when investor-contributed capital is closed and legally enforceable

Are these two the same things?

#2

Drawdown and capital call are the same but, 1 and 2 are different. I glanced over GIPS, know the major points. If it’s an item set I’ll get 3 right and move on. Pick your battles, GIPS isn’t one of them.

#3

Vintage year = the year with significant cash flow inflows/outflows to or out of PE Fund. That’s how I interpret this term.

#4

technically #1 is correct, #2 implies once they close the fund they will call capital immediately. But if the fund closes 12/2016 and calls capital on 1/2017. The vintage year is 2017.

#5

This is good to know! Thanks all for the help! I know GIPS is not an important piece but I also feel like they are kind of free points if we just spend a little time to remember them.