Oaktree Real Estate Opportunities Fund VII, L.P.
OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, L.P.
Appendix V: Performance Disclosures (continued)
Confidential
Internal Rate of Return
The internal rates of return ("IRR") are the annualized implied discount rate calculated from a series of investment cash flows. It is the return that equates the present value of all capital invested in an investment to the present
value of all returns of capital, or the discount rate that will provide a net present value of all cash flows equal to zero. Gross IRRs represent returns before the allocation of management fees, any expenses and any incentive fees
or "carried interest" paid, accrued or allocated to the general partner or investment manager of the funds and accounts. Net IRRs represent returns after the allocation of management fees, all expenses of the funds and accounts
and any incentive fees or "carried interest" paid, accrued or allocated to the general partner or investment manager of the funds and accounts. Because the "carried interest" allocated to the general partners of the relevant funds
is not calculated on an investment-by-investment basis, but on an aggregate fund-by-fund basis only, comparable after-fee IRRs on an investment-by-investment basis are not available. As such, all net IRRs presented herein
are on a fund-level basis only. The use of other calculation methodologies including different assumptions or methods may result in different and possibly lower IRRs. Furthermore, IRRs for funds or accounts in existence and
investments held for less than one year may not be meaningful.
No Benchmark
No benchmarks are presented in this presentation, as Oaktree is not aware of any benchmarks that, in Oaktree's opinion, provide a basis for measuring the performance of the relevant funds, particularly in light of the managers'
investment philosophy, strategy and implementation.
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