XTAL Strategies
Risk transfer infrastructure enabling certainty of future returns and liquidity.
The gap
IRR is not time-weighted. There is no benchmark that aggregates consistently across funds and vintages. Investors can only manage liquidity reactively, at lagged prices.
Approach
Calls, distributions and NAV are modelled as fixed income cash flows. Return is measured over the time capital is at work, with no reinvestment assumption.
Forward curve
Returns transfer in time and aggregate in present value. Vintage indices are built on the same basis and recorded daily.