For the older vintage deals, the median annual distributions were largely in the 13-15% range. However, the median 2014 and 2015 vintage deals stood out with impressive 14.5-14.9% annual distributions. If the 2014 median equity tranche can be sold at a price of EUR 34, then the primary equity investor would achieve the target 12.0% IRR over an 8.7-year period, assuming an issue price of EUR 95.
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