为什么没有考虑50 million的donation问题？

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 请问funsize in billion这一列代表什么？另外funminimum investment没有写单位，PE应该是5m而不是500m吧，那么The CFQ Private Equity Funhassets unr management (AUM) of $500 million又是怎么来的呢？

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 考虑每年需要对外投资基金价值的3%，cash equivalent fun资比例只要2%，是不是因为投资级别债券能够提供同样的流动性？

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 我不太懂为什么要看这个40%的比例呀，难道不应该看PE fun占The Forart portfolio的比例么。就比如说，现在还是配置0.2billion到CFQ PE，还是F组合占CFQ PE整体规模的40%。但如果F组合的整体规模就只有0.2billion，100%投资了PE，那一旦PE有较大损失，F组合损失惨重。若F组合的整体规模有200billion，那F组合中只是其中一小部份，CFQ PE 有多大损失都不怎么影响F组合。所以都是占40%，有可能对F组合影响大，也可能影响不大。那这个40%的比例算出来有什么意义呢。

NO.PZ201805280100000402老师，我不理解答案的第二部分，对PE投资的比重的回答，请帮我解惑，谢谢