What question did this study set out to answer?

The paper aims to analyze how private-market funds exhibit varying liquidity profiles despite having similar IRR and TVPI.

April 3, 2026

Snapshots of Cash-Flow Timing in Private Markets: Evidence from the PFD Framework

Key Points

The paper aims to analyze how private-market funds exhibit varying liquidity profiles despite having similar IRR and TVPI.
Utilized PFD timing metrics
Analyzed Preqin cash-flow data
Compared liquidity profiles across asset classes and fund characteristics
Demonstrated significant variation in deployment schedules among different asset classes
Identified differences in breakeven and distribution schedules across fund sizes and strategies
Found that similar IRR and TVPI can mask differing liquidity profiles

Abstract

Quickly apply original, key PMR-published papers with Snapshots—a short article companion that distills PMR research into compressed, digestible takeaways, so you can put the paper’s core ideas to work in your investment process—fast. This Snapshot is based on an article about how private-market funds can share similar IRR and TVPI yet have very different liquidity profiles. Using PFD timing metrics and Preqin cash-flow data, it shows how deployment, breakeven, and distribution schedules vary across asset classes, vintages, strategies, and fund sizes materially meaningfully.

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