Performance
TWR vs. IRR
Time-weighted return (TWR) measures manager skill independent of cash flow timing; IRR is dollar-weighted and reflects the actual investor experience.
TWR is the standard for public markets because the manager does not control flows. IRR is the standard for private markets because the GP controls the timing of calls and distributions, and that timing is part of what LPs are paying for.
LPs running a blended portfolio need both. Use TWR to evaluate public managers, IRR (paired with MOIC and DPI) for private funds, and a consistent total-portfolio metric - typically a money-weighted return - at the program level.