How do we interpret a wide difference between project and equity IRR?

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It means the underlying investment isn’t that great. Project IRR assumes no debt which means you actually need to grow revenue or EBITDA (depending on how a business is valued), vs equity IRR depends a good bit on the terms of the debt used

Ah I see, thanks! Out of curiousity, do PE folks (LBOs) evaluate PIRR too?

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