NO.PZ2018053101000028
问题如下：
An alternative investment fund’s hurdle rate is a:
选项：
A.rate unrelated to a catch-up clause. B.tool to protect clients from paying twice for the same performance. C.minimum rate of return the GP must exceed in order to earn a performance fee.解释：
C is correct. An alternative investment fund’s hurdle rate is a minimum rate of return the GP must exceed in order to earn a performance fee.
A is incorrect because if a catch-up clause is included in the partnership agreement, the catch-up clause permits distributions in relation to the hurdle rate.
B is incorrect because it is a high-water mark (not a hurdle rate) that protects clients from paying twice for the same performance.
