Does anyone know whether GSB's Search Fund Avg IRR is Gross or Net of Carried?

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September 28, 2018

by a searcher from Harvard University - Harvard Business School in São Paulo, Brazil

In GSB's 2018 Search Fund Primer, is IRR "net after payment" of carried interest to the search entrepreneur OR "gross before payment" to the searcher? Below is the report link and IRR summary I refer to. THANKS!

https://www.gsb.stanford.edu/faculty-research/case-studies/2018-search-fund-study-selected-observations



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Reply by a searcher
from Georgetown University in 655 Knight Way, Stanford, CA 94305, USA
Please refer to footnote 13 on page 8. Investor returns are calculated net of searcher returns.
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Reply by an investor
from Harvard University in Harbor Dr, Sausalito, CA 94965, USA
^redacted‌ knows!
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