A选项

问题如下：

Which choice is least accurate about the hurdle rate of an alternative investment fund?

选项：

A.related to a catch-up clause B.a minimum rate of return that the GP must exceed in order to earn a performance fee C.a tool to protect clients from paying twice for the same performance

解释：

A选项描述正确。如果合伙协议中包含追补条款(catch-up clause)，则追补条款需要考虑门槛收益率。B选项描述正确。门槛收益率(hurdle rate) 是一般合伙人为能取得投资业绩奖金，需要超过的回报率门槛。 C选项描述不正确。高水位(high-water mark)保护投资者对同一项业绩，重复支付业绩奖金。