Question

Hi, How can i calculate equity IRR if equity is not upfront

Answer 1

By no equity up front, you must mean that you don't have a negative cash flow up front. Do you have one later? If so, you can still compute an IRR but the decision rule flips. You want to take projects with IRR < Hurdle rate, not > hurdle rate.

Answer 2

Do examples in which you can visualize the following chart (NPV vs Discount Rate), this will help you understand this topic.