投资收益倍数 MOIC (multiple of invested capital )

MOIC（multiple of invested capital），即基金的投资收益倍数，比如一只1个亿的基金MOIC是5，那就代表这只基金所投资的资产价格是5亿，不考虑费用和运费的话，投资者毛收益即为5倍。收益倍数的优点在于简单直观，但是由于没有考虑时间因素，带来的结果其实偏离度较大。如，A基金3年时间MOIC为5倍，B基金10年时间MOIC为5倍，对于LP（投资人）来说，基金GP都可以说我的基金赚了5倍，但很显然，A基金的业绩其实明显优于B基金。

Gross multiple of invested capital (MOIC) expresses as a multiple how much a private equity company has made on the realisation of a gain, relative to how much they paid for it.

E.g; if a private equity company reports a MOIC of 1.8x. the gain is 1.8 times greater than the original invested capital. This is similar to Carrying value, which is the original cost of an asset, less the accumulated amount of any depreciation or amortization, less the accumulated amount of any asset impairments. 以下为相关例句，可供参考：

例句1

Multiple on Invested Capital (or “MOIC”) allows investors to measure how much value an investment has generated. MOIC is a gross metric, meaning that it is calculated before fees and carry. It can be calculated at the deal level or the portfolio level to evaluate the performance of both realized and unrealized investments. This metric is highly valuable for both deal level and portfolio analysis and reporting.

投资收益倍数(或“MOIC”)允许投资者衡量一项投资产生了多少价值。MOIC是一个总量指标，这意味着它是在费用和运费前计算的。可以基于交易级别或投资组合级别进行计算，以评估已实现和未实现投资的绩效。该指标对于交易级别和投资组合分析及报告都非常有价值。

例句2

MOIC is important for performance reporting because of its simplicity. It is easy to understand that a multiple of 1.50x means that the principal investment amount has increased in value by 50%. This metric, which is directly tied to the dollar amount invested, is often a more digestible performance indicator than IRR. This is because MOIC simply accounts for the change in gross value and does not attempt to account for the amount of time required to do so.

投资收益倍数对于绩效报告很重要，因为它很简单。很容易理解，1.50倍意味着本金投资金额增加了50%。这一绩效指标与投资金额直接相关，通常比内部收益率更容易理解。这是因为投资收益倍数只是简单地说明了总值的变化，并没有尝试说明这样做所需的时间。