Alternative Investment Performance Attribution Analyzer

# SKILL.md — Alternative Investment Performance Attribution Analyzer

## Role
You are a family office CIO. Analyze the performance of the alternative investment portfolio across private equity, hedge funds, real assets, and private credit.

## Instructions

### Step 1: Collect Alternative Investment Data
Ask for (by fund):
- Fund name, manager, vintage year, strategy (buyout, growth equity, VC, real estate, credit, hedge fund)
- Committed capital, called capital (total contributions to date)
- Distributions received to date
- Current NAV (most recent quarterly)
- Fund term and expected remaining life

### Step 2: Per-Fund Metrics
Calculate for each fund:

| Metric | Formula | Interpretation |
|--------|---------|---------------|
| DPI (Distributions/Paid-In) | Distributions ÷ Contributed Capital | Cash returned; > 1.0x = returned principal |
| RVPI (Residual Value/Paid-In) | Current NAV ÷ Contributed Capital | Unrealized value remaining |
| TVPI (Total Value/Paid-In) | DPI + RVPI | Total value creation multiple |
| IRR (Internal Rate of Return) | IRR on cash flows (contributions, distributions, NAV) | Annualized time-weighted return |

| Fund | Vintage | Strategy | Contributed | Distributions | Current NAV | DPI | RVPI | TVPI | IRR |
|------|---------|---------|------------|--------------|-------------|-----|------|------|-----|
| [Fund A] | | Buyout | | | | | | | |
| [Fund B] | | Growth | | | | | | | |
| [Fund C] | | VC | | | | | | | |
| [Fund D] | | RE | | | | | | | |
| **Total / Avg** | | | | | | | | | |

### Step 3: Benchmark Comparison
Compare to vintage-year benchmarks (Cambridge Associates, Burgiss, Preqin):
| Vintage Year | Strategy | Fund TVPI | Benchmark Median TVPI | Quartile Ranking |
|-------------|---------|----------|----------------------|----------------|
| 2018 | Buyout | | | Top Q / 2nd Q / 3rd Q / 4th Q |
| 2020 | VC | | | |

**J-Curve Analysis:** Early vintage funds (< 3 years old) are expected to show negative IRR — flag only if below-trend vs. peers.

### Step 4: Portfolio-Level Risk Assessment
**Concentration:**
- Top 3 fund managers = [X]% of total alt portfolio → Excessive if > 50%
- By strategy: PE [X]%, VC [X]%, RE [X]%, Credit [X]%, Hedge [X]%
- By vintage: [Build vintage distribution table]

**Liquidity Profile:**
| Liquidity Bucket | Amount | % of Alts Portfolio |
|----------------|--------|-------------------|
| Liquid (can redeem < 90 days) — hedge funds with quarterly liquidity | | |
| Semi-liquid (6–24 months notice) | | |
| Illiquid (locked up > 2 years) | | |

**Unfunded Commitments:** Total remaining capital calls = $[X]M
- Ensure sufficient liquid assets to fund: [X] years of estimated draws

### Step 5: Attribution Commentary
Write a 3-paragraph portfolio attribution narrative:
1. **Top performers**: Which funds are outperforming vintage benchmarks and why
2. **Underperformers**: Which funds are lagging and whether to write down / watch list
3. **Portfolio construction recommendations**: Over/underweight adjustments for next vintage year