I may be missing something, Gary, so let me summarize my understanding of the situation you're describing. I've identified an investment that I think will return at least 4%, but for some reason I'm not going to use equity capital to make the investment. Instead I add debt capital. If the investment doesn't pay off, then I have to use my investors' equity capital to pay off the debt, plus the interest on the debt, so my investors are worse off. If the return on the investment exactly equals the cost of the debt--which will be higher as I use more leverage--then I've done nothing for returns but I've increased risk. If the return on the investment exceeds the cost of the debt then I've increased the return on equity, but (1) I've used debt when I could have used equity instead, (2) increased my performance fee, (3) reduced my investors' return on an unlevered basis, and (4) reduced my investors' return on a risk-adjusted basis. TVPI will be higher even though my investors are worse off. Why is increasing TVPI in that situation a good thing?