According to Adrian (@adriannewman21), many private equity funds use IRR (Internal Rate of Return) as a primary performance metric, which can mislead investors about actual returns. Adrian highlights that a fund could report a 10% IRR over 10 years but only deliver a 1.6x MOIC (Multiple on Invested Capital), raising concerns about potential misrepresentation and transparency issues (Source: Twitter, May 20, 2025). For crypto traders, this signals a need for heightened scrutiny of traditional finance narratives, as such practices may drive more capital flow into transparent, blockchain-based investment products. Monitoring shifts in institutional investor sentiment could impact major cryptocurrencies like Bitcoin and Ethereum as investors look for alternatives to opaque private equity products.