Weekly Study Plan

A practical 4-week programme. Each week has a reading list, questions to attempt from the Question Bank, a practical output to produce, and a weak-spots review.

Allow approximately 3–5 hours per week for serious study. Less time is fine — adjust scope, not depth.

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Week 1 — Core Mechanics and Fund Structures

Objective: Understand why alternative funds exist, how they are structured, and how economics are divided between GP and LP.

Read

1. Illiquidity Premium
2. Capital Commitments
3. Drawdowns and Distributions
4. J-Curve
5. Limited Partnerships
6. LP Roles
7. Carried Interest
8. Waterfalls

Questions to Attempt

From the Question Bank: Q1–Q17.

Focus especially on: Q4 (J-curve sketch), Q11 (waterfall walk-through), Q12 (hard vs soft hurdle), Q16 (side letters).

Practical Output

Write a one-page summary — without referring to the files — that answers: “Who is in an alternative fund, how is it structured, and how are profits divided?” Aim for 200–300 words.

Weak Spots to Update

After attempting the questions, open Weak Spots and update confidence ratings for:

• Waterfalls
• Carried interest catch-up
• Side letters

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Week 2 — NAV, Valuation, and Reporting

Objective: Understand how private fund value is measured, why it is uncertain, and how it is communicated to investors.

Read

1. NAV
2. NAV Production
3. Valuation Risk
4. Investor Reporting
5. IPEV Valuation Guidelines
6. IFRS 13 Fair Value Measurement

Questions to Attempt

From the Question Bank: Q18–Q25, Q57, Q60.

Focus especially on: Q19 (Level 1/2/3 classification), Q20 (GP incentives around markdowns), Q22 (who calculates NAV and what checks exist).

Practical Output

Produce a table with three columns — NAV type, definition, and who uses it — covering: Estimated NAV, Accounting NAV, Investor NAV, Final NAV, GAV. Do this from memory first, then verify against nav.md.

Weak Spots to Update

Update confidence ratings for:

• NAV per fund vs NAV per investor
• Valuation risk
• Subscription lines (if covered in NAV production reading)

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Week 3 — Metrics, Liquidity, Leverage, and Concentration

Objective: Be able to read a fund performance report, interpret all key metrics, and identify the main alternative-specific risk types.

Read

1. MOIC
2. IRR
3. DPI
4. RVPI
5. TVPI
6. Public Market Equivalent (PME)
7. Liquidity Risk
8. Leverage Risk
9. Concentration Risk

Questions to Attempt

From the Question Bank: Q26–Q40, Q58.

Focus especially on: Q26 (MOIC and IRR calculation), Q27 (DPI vs TVPI scenario), Q30 (PME interpretation), Q34 (LBO equity loss arithmetic), Q38 (leverage types).

Practical Output

Given a hypothetical fund: £200m committed, £180m called, £80m distributed, £160m residual NAV — calculate TVPI, DPI, and RVPI. Then write two sentences explaining what each number tells an LP and what it does not tell them.

Weak Spots to Update

Update confidence ratings for:

• TVPI vs DPI vs RVPI
• PME methods
• Leverage types
• Recallable distributions

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Week 4 — Hedge Funds, Private Credit, Operations, Sources, and Review

Objective: Complete coverage of specialist asset classes and operational processes, and connect knowledge to public industry standards.

Read

1. Hedge Funds
2. Private Credit
3. Equalisation
4. Onboarding and KYC
5. Subscriptions
6. Capital Calls
7. Distributions
8. Sources Index — then read whichever 2–3 source notes are most relevant to your role

Questions to Attempt

From the Question Bank: Q41–Q64.

Focus especially on: Q42 (HWM after a loss year), Q45 (equalisation mechanics), Q47 (PIK risk question), Q51 (subscription stages), Q62 (SBAI comply-or-explain), Q63 (FATF 40 Recommendations).

Practical Output

Write a one-page comparison — without referring to files — of private equity and private credit across five dimensions: return type, seniority, liquidity, key metrics, and main risk. Then verify against private-equity.md and private-credit.md.

Weak Spots to Update

Update all remaining Low and Medium confidence items in Weak Spots. Schedule specific re-test dates for anything still below High.

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End-of-Programme Review

After completing all 4 weeks:

1. Attempt all 64 questions in the Question Bank without notes in a single sitting.
2. For any question you cannot answer confidently, re-read the linked file and schedule a follow-up using Weak Spots.
3. Re-read Learning Path Stage 7 and follow the source-backed review sequence.
4. Consider whether any topics need deeper reading beyond the knowledge files (see the Sources Index for pointers to public documents).