NO.PZ2021060201000026
问题如下：
Johnson is an portfolio manager who discuss with the investment committee (IC) of the EUH University Endowment. He reviewed the future liquidity needs of the endowment fund and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund:
· As of the end of the most recent year:
· The net asset value of the endowment fund invested in the fund was €30,000,000.
· All capital had been called.
· At the end of the current year, Johnson expects a distribution of 20% to be paid.
· Johnson estimates that the fund’s expected growth rate is 10%..
Calculate the expected NAV of the fund at the end of the next year.
选项：
解释：
The expected NAV of the fund at the end of the next year is €29,040,000, calculated as follows:
First, the expected distribution at the end of the current year is calculated as
Expected distribution = [Prior-year NAV × (1 + Growth rate)] × (Distribution rate).
Expected distribution = [(€30,000,000 × 1.1) × 20%] = €6,600,000.
Therefore, the expected NAV of the fund at the end of the next year is
Expected NAV = [Prior-year NAV × (1 + Growth rate) + Capital contributions – Distributions)] × (1 + Growth rate).
Expected NAV = [(€30,000,000 × 1.1) + 0 − €6,600,000] × 1.1 = €29,040,000.
这个就是要记住公式
这题相当于说了三个时点 上一年 当年 下一年 。 计算下一年的NAV，虽然上一年的capital已经call完了，但是下一年的分红率并没有说啊？答案怎么可以直接乘以最后（1+g）？而且正常人的思考逻辑是分红率不变，那肯定还要减去D的部分。既然能假设增长率不变，为啥不能假设分红不变？答案显示分红没有。这题出的也太次了吧？
