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CFA KING · 2023年05月16日

diversification

NO.PZ2023041004000068

问题如下:

Snyder and Clark are meeting to discuss the family’s possible interest in private equity investing.Snyder begins the meeting by asking about the risks and costs of private equity investing.

Clark acknowledges that private equity contains risk factors and cost considerations that are less prevalent than those in public equities. One risk factor is illiquidity, since private equity investments are not traded on an active secondary market. Thus, an important consideration is the timing of exits relative to a private equity investor’s time horizon. Another risk factor is diversification. Because of the highly concentrated nature of a typical private equity fund, investors have little opportunity to benefit from diversification. A cost consideration is management fees; private equity is generally regarded as being more costly than public mutual funds and ETFs. Both types of funds charge administrative costs as a percentage of an investment’s net asset value.

Clark’s explanation of private equity risks and costs is least likely correct with respect to:

选项:

A.illiquidity. B.diversification. C.management fees.

解释:

Clark’s example regarding diversification is incorrect. Private equity investors are able to diversify their private equity investments via a mix of different vintage portfolio companies at different stages of development and by investing across various private equity strategies, such as large and mid-market buyouts, venture capital, mezzanine finance, and restructuring.

one of the risk in PE is lack of diversification, why diversification is incorrect? And management fee is based on paid-in-capital rather than NAV, right?

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Lucky_品职助教 · 2023年05月17日

嗨,努力学习的PZer你好:


1、Clark 对于私募股权投资的风险和成本解释中,关于风险因素对于多样化(diversification)的例子是不正确的。私募股权投资者可以通过投资不同阶段发展的不同年份组合的公司,并通过投资于大型和中型收购、风险投资、次级融资和重组等各种私募股权策略来实现私募股权投资组合的多样化。

2、至于管理费,是以实缴资本为基础而非资产净值计算的,因此管理费用也不同于公募基金和ETF的计费方式。

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NO.PZ2023041004000068 问题如下 Snyr anClark are meeting to scuss the family’s possible interest in private equity investing.Snyr begins the meeting asking about the risks ancosts of private equity investing. Clark acknowlees thprivate equity contains risk factors ancost consirations thare less prevalent ththose in public equities. One risk factor is illiquity, sinprivate equity investments are not traon active seconry market. Thus, important consiration is the timing of exits relative to a private equity investor’s time horizon. Another risk factor is versification. Because of the highly concentratenature of a typicprivate equity fun investors have little opportunity to benefit from versification. A cost consiration is management fees; private equity is generally regarbeing more costly thpublic mutufun anETFs. Both types of fun charge ainistrative costs a percentage of investment’s net asset value.Clark’s explanation of private equity risks ancosts is least likely correwith respeto: A.illiquity. B.versification. C.management fees. Clark’s example regarng versification is incorrect. Private equity investors are able to versify their private equity investments via a mix of fferent vintage portfolio companies fferent stages of velopment aninvesting across various private equity strategies, sularge anmimarket buyouts, venture capital, mezzanine finance, anrestructuring. 题目中如果让我判断PE有没有versification问题,是有还是没有呢?按基础班讲义是有,明确写的lack但是这道题说PE可以有用一些限制条款来解决。但是讲vintage的时候又说同一年份同一时期的赛道又比较类似,GP和GP还要竞争。这个怎么区分呢?

2023-07-10 17:32 2 · 回答