How to Calculate AIF Returns in USD, GBP or SGD

Calculating an AIF investment's true return in USD, GBP, or SGD requires the same underlying method regardless of which currency: convert every cash flow to the target currency at the actual exchange rate on the date it occurred, then run an XIRR-style calculation on that converted series.

Gather, for each capital call and distribution: the INR amount, the date, and the applicable exchange rate on that specific date (using a consistent, documented source like RBI reference rates). Convert each to the target currency, then treat the current unrealised NAV similarly for any still-open position.

The common failure is using a single, current spot exchange rate to convert the entire historical cash-flow series, rather than the actual rate applicable on each individual transaction date. This materially misstates the true currency-adjusted return, especially over a multi-year holding period with meaningful rate movement.

Build a simple table: date, INR amount, applicable exchange rate that date, converted target-currency amount, for every capital call and distribution, then run XIRR on the converted series to get the true, personally relevant return.

Use the actual exchange rate on each individual transaction date, never a single current spot rate applied retroactively across the whole cash-flow history.