NO.PZ2019122802000005
问题如下：
The pension fund is currently fully funded and has followed an asset mix of 60% public equities and 40% bonds. An analyst presents a report in below Exhibit that proposes a new strategic asset allocation for the pension plan. The investment committee of the pension fund states that one of the concerns under the new allocation is that the pension fund needs to be able to fund an upcoming early retirement incentive program (ERIP) that the company will be offering to its employees within the next two years. Employees who have reached the age of 55 and whose age added to the number of years of company service sum to 75 or more can retire 10 years early and receive the defined benefit pension normally payable at age 65.
The investment committee and the analyst discuss suitability considerations related to the allocation in Exhibit 1. The investment committe understands that one of the drawbacks of including the proposed alternative asset classes is that daily reporting will no longer be available. Investment reports for alternatives will likely be received after monthly or quarter-end deadlines used for the plan’s traditional investments. The analyst emphasizes that in a typical private equity structure, the pension fund makes a commitment of capital to a blind pool as part of the private investment partnership.
The suitability concern mentioned above most likely deals with:
选项：
A.
governance.
B.
transparency.
C.
investment horizon.
解释：
B is correct.
The pension plan’s investment in private equities via a blind pool presents the prospect that less than perfect transparency will be associated with the underlying holdings of the alternative asset manager. Capital is committed for an investment in a portfolio of assets that are not specified in advance. In addition, reporting for alternative funds is often less transparent than investors are accustomed to seeing on their stock and bond portfolios.
养老金计划通过盲池对私募股权的投资呈现出这样一种前景，即另类资产管理公司的基础持股将不完全透明。 资本承诺投资于未事先指定的资产组合。 此外，另类基金的报告通常不如投资者习惯看到的股票和债券投资组合透明。
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”。
这个题目的背景是员工提前退休计划，从条件上看会短于 Alts 的至少 15 年投资期。如果只是考题干中对于透明度的不及时，其实有没有题干背景都不影响了呀
