Thanks for the article. So, we are delaying the LP cash outflows by using debt. As a result, the IRR will, of course, be “better” due to the math we use to calculate it, but IRR tells nothing about the increased risk (as a result of using debt) ... it does not automatically mean that there is additional value created for the investors; we would, of course, know that only after we properly calculate the (increased) discount rate (i.e. risk) for the LP cash flows ... investors might be a bit mislead by this “better IRR through debt” ...