Weak Spots Tracker
Update this table as you work through the Question Bank and Weekly Study Plan. Set confidence to Low when you cannot answer a question without the source file; Medium when you can broadly answer it; High when you can answer it precisely and explain the mechanics.
Tracker
| Topic | Related File | Confidence | Issue / What Trips You Up | Next Review | Notes |
|---|---|---|---|---|---|
| Equalisation | equalisation.md | Low | Catch-up contribution mechanics; difference between closed-ended and open-ended contexts | — | Two distinct uses of the same term |
| Waterfalls | waterfalls.md | Low | European vs American distinction; compound preferred return arithmetic | — | Work through the verified arithmetic in the file |
| Carried interest catch-up | carried-interest.md | Low | Hard vs soft hurdle; when catch-up kicks in and how fast | — | Draws on waterfall mechanics |
| PME methods | public-market-equivalent.md | Low | Difference between Long-Nickels, KS-PME, and direct alpha; when each is used | — | Multiple variants; easy to conflate |
| TVPI vs DPI vs RVPI | tvpi.md | Low | What each measures; why DPI is “harder”; what a TVPI without DPI implies | — | TVPI = DPI + RVPI is the key identity |
| NAV per fund vs NAV per investor | nav.md | Low | Difference between fund-level NAV and LP capital account; why they diverge | — | Fee timing and equalisation create divergence |
| Valuation risk | valuation-risk.md | Low | Level 1/2/3 inputs; why Level 3 is dominant; specific GP incentive conflicts | — | Link to IFRS 13 / ASC 820 |
| Subscription lines | capital-calls.md | Low | IRR boost mechanism; J-curve distortion; disclosure expectations | — | Affects timing not MOIC |
| Recallable distributions | distributions.md | Low | When distributions are recallable vs non-recallable; LP planning implications | — | Often overlooked in LP liquidity models |
| Side letters | limited-partnerships.md | Low | What can be negotiated; MFN clauses; GP disclosure obligations | — | Practically important; rarely detailed in textbooks |
| Liquidity gates | open-ended-vs-closed-ended-funds.md | Low | How gates work; interaction with side pockets; what triggers them | — | Stress-test scenario is the key mental model |
| Secondaries | secondaries.md | Low | LP-led vs GP-led secondaries; pricing mechanics; NAV discount/premium | — | GP-led secondaries are increasingly common |
| PIK interest | private-credit.md | Low | How it accrues to NAV; why it overstates apparent performance; cash realisation lag | — | Key question: when does PIK actually convert to cash? |
| Leverage types | leverage-risk.md | Low | Asset-level (LBO), fund-level (NAV facilities), subscription-line; which hits LP NAV | — | Three distinct layers; confusion is common |
How to Update This Table
- Confidence: Low → Medium → High as understanding improves
- Issue: Update to describe the specific remaining gap, not the general topic
- Next Review: Set a date when you mark something Medium or Low after a re-test
- Notes: Add any mnemonics, worked examples, or cross-references that helped
Suggested Review Cadence
- Low confidence topics: re-test every 7 days
- Medium confidence topics: re-test every 14 days
- High confidence topics: re-test once before any assessment or practical use