Which of the following metrics is NOT commonly analyzed during investment performance evaluation?

Market capitalization is not typically analyzed during investment performance evaluation in the context of private capital. This metric primarily pertains to publicly traded companies and reflects the total market value of a company's outstanding shares. In private capital, where investments are often made in private equity, venture capital, or other non-public entities, metrics like Internal Rate of Return (IRR), cash-on-cash return, and distribution to paid-in capital (DPI) provide critical insights into the investment's performance over time. These metrics are focused on the returns generated by the investments relative to cash flows, making them more relevant for assessing the success and efficiency of investment strategies in private markets.

In contrast, IRR measures the annualized rate of return on an investment, taking into account the timing and magnitude of cash flows. Cash-on-cash return assesses the cash income earned on an investment relative to the amount of cash invested, and DPI calculates the distributions received relative to the total capital invested. These performance metrics offer a meaningful assessment of investment returns, which is why they are prioritized in evaluations of private capital investments.