Internal rate of return

How do private equity funds juice the internal rate of return (IRR)?  IRR is calculated once clients’ money comes in.  The shorter the period their money is put to work, the higher the annual IRR.  So, funds borrow money for the initial investment, & ask for client money later, to make it look as if profits multiplied rapidly.  Rabbit, rabbit 

Guessed the Word?             Series 51 (1/7)                pic: couleur