The projected gross MOIC is based on assumptions about the fund's investment strategy, expected exit valuations, and market conditions. It assumes a certain level of success in portfolio companies and their ability to achieve exits at favorable multiples. The fund's performance is sensitive to variations in this multiple, as changes in exit valuations, market conditions, or the success rate of investments can significantly impact the realized MOIC. Modeling different scenarios (low, medium, high) can help assess this sensitivity.