Please draft an email response to an investor answering the following question regarding their performance using the following data points - Fund Total Capital Commitments - $1,000,000,000 - Investor Capital Commitments - $50,000,000 - Fund Blended Management Fee - 1.0% - Investor Management Fee - 1.5% - Fund Net Asset Value as of September 30, 2020 - $500,000,000 - Investor Net Asset Value as of September 30, 2020 - $ 24,500,000 Investor Questions Dear Investor Relations, I have recalculated my liquation IRR through September 30, 2020 using my historical contributions/distributions and my September 30, 2020 net asset value using a month-end convention. The liquidation IRR that I am calculating is an 8.5%. The Q3 2020 quarterly Fund report is showing a fund liquidation IRR of 9.4%. Can you please explain the reason for the variance? Please draft an email response to an investor answering the following question regarding their performance using the following data points - Fund Total Capital Commitments - $1,000,000,000 - Investor Capital Commitments - $50,000,000 - Fund Blended Management Fee - 1.0% - Investor Management Fee - 1.5% - Fund Net Asset Value as of September 30, 2020 - $500,000,000 - Investor Net Asset Value as of September 30, 2020 - $ 24,500,000 Investor Questions Dear Investor Relations, I have recalculated my liquation IRR through September 30, 2020 using my historical contributions/distributions and my September 30, 2020 net asset value using a month-end convention. The liquidation IRR that I am calculating is an 8.5%. The Q3 2020 quarterly Fund report is showing a fund liquidation IRR of 9.4%. Can you please explain the reason for the variance