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Why did my IRR go down significantly in Q1 despite portfolio markups?

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Jan 20, 2024

My IRR had been climbing for all of 2023 and in Q1 of 2024 it went down significantly.  Despite one company having a 2x markup in the quarter.  There were no significant cash flows out, no new investments nor any large expenses. 

IRR
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IRR takes into account contributions and distributions at the time of their recording; regardless of cash flow. Also, it takes into account any accrued income or expenses at the time of recording. When larger expenses are accrued, it can...