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Read unequal capital bases
The original compatible funds have paid-in 50 and 150, with total values 75 and 180. Individual TVPIs are 1.5× and 1.2×. An equal mean is 1.35×, but pooled value divided by pooled capital is 255/200 = 1.275×.
Distinguish two summaries
An equal-fund average treats each fund as one observation. The pooled ratio weights capital. Neither operation should be relabeled as the other. If the question asks about combined capital, sum its numerator and denominator first.
| Summary | Weights | Result |
|---|---|---|
| Equal-fund mean | 50%, 50% | 1.35× |
| Pooled-capital ratio | 25%, 75% | 1.275× |
Verify the pooled amount
The incorrect 1.35× multiplied by pooled paid-in 200 implies total value 270, inconsistent with the supplied 255. This amount reconstruction identifies the weighting mismatch.
Keep compatibility and time separate
Proper capital weights do not fix mixed dates or currencies. They also do not turn this amount ratio into a pooled IRR. Review those questions independently before extending the result.