1. The Bigco pension plan has invested in dozens of VC funds. The director of the pension plan is preparing his annual report to the Bigco board of directors. Summary information for Bigco's VC portfolio is given in Exhibit 3-9 in our textbook on page 62. Prepare a 5-year report on net returns and gross returns by year, plus the compound returns and annualized returns for all 5 years. You can assume that all new investments and management fees were paid for at the beginning of the year, and all distributions were paid at the end of the year.
2. The $600M XYZ Fund has completed its ten-year life. Its annual investments, fees, distributions, and portfolio value are given in Exhibit 3-10 in our textbook on page 63.
   • Compute the value multiple, realized value multiple, unrealized value multiple, and IRR for XYZ after every year of its life.
   • Are these returns an example of the J-curve, or are they an exception?
3. What is the Gross Value Multiple (GVM)? Why is it important to know?
4. Describe the Net Return Index (NRI). How is the Index used by consultants?