NISM 19E Alternative Investment Fund Managers Certification Exam Notes

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  • Gross vs. Net Returns: Gross returns exclude expenses; net returns reflect all costs.
  • Fund Expenses: Include setup, operational, and transaction costs borne by the fund.
  • Carried Interest: Share of profits paid to managers, typically 20% above hurdle rate.
  • NAV Calculation: Net Asset Value reflects total assets minus liabilities, used for performance.
  • IRR (Internal Rate of Return): Measures fund performance, accounting for cash flows.

NISM 19E Alternative Investment Fund Managers

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