这句话不是说明有transparency吗？

问题如下：

Which of the following investor characteristics would most likely be a primary concern for the plan’s IC with respect to investing in alternatives?

选项：

A.Governance B.Transparency C.Investment horizon

解释：

B is correct. As a public pension fund that is required to provide detailed reports to the public, a primary concern for the IC is transparency. Investors in alternative investments must be comfortable with less than 100% transparency in their holdings. Private equity funds often necessitate buying into a “blind pool.” Although an investor can look at the assets acquired in a manager’s previous funds, there is no assurance that future investments will exactly replicate the previous funds.

A is incorrect because the IC has a formal investment policy, as well as an in-house team with experience in alternatives and the knowledge and capacity to critically evaluate alternative investments.

C is incorrect because the IC has a long-term investment horizon. While investors with less than a 15-year horizon should generally avoid investing in alternatives, the IC has a 20-year investment horizon that should easily accommodate an investment in private equity.

B 是正确的。 作为需要向公众提供详细报告的公共养老基金，IC 的首要关注点是透明度。 另类投资的投资者必须对其持股低于 100% 的透明度感到满意。 私募股权基金通常需要买入“盲池”。 尽管投资者可以查看从经理之前的基金中获得的资产，但不能保证未来的投资会完全复制之前的基金。

A 是不正确的，因为 IC 有正式的投资政策，以及拥有另类投资经验以及关键性评估另类投资的知识和能力的内部团队（in-house）。

C 不正确，因为 IC 具有长期投资期限。 虽然投资期限少于 15 年的投资者通常应避免投资另类投资，但 IC 的投资期限为 20 年，应该很容易适应私募股权投资。

下来解释一下blind pool：blind pool是直接参与计划或有限合伙制，缺乏针对投资者筹集资金的既定投资目标。 在盲目的资金池中，通常是基于特定个人或公司的名称来从投资者筹集资金。 他们通常由具有广泛酌处权的普通合伙人进行管理。 blind pool可能有一些明确规定的目标，例如增长或收入，或者着眼于特定行业或资产。 通常很少有限制或保障投资者安全的措施。 blind pool也称为“空白支票承销”或“空白支票发行”。