Thank you for the interesting article. One point that should also be considered is the return that can be earned on capital during the "deferral period" when leverage is employed. The TVPI in the ILPA example is identical in all three cases if the LPs earn a return on their $100 investment equal to the 4% interest during the period(s) prior to the date of investment. In other words, using leverage allows the LPs to put their capital to use elsewhere temporarily and if they earn a return equal to or higher than the interest rate, the resultant TVPI will be equivalent or better.