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chiara9009 · 2023年08月25日

题目未明确的前提下， 默认本金的定义是first alternative？

  1. CFA II
  2. Alternative

NO.PZ2018111302000055

问题如下：

    • The total committed capital of a PE fund is $100 million, at the end of the most recent year, cumulative paid-in capital was $90 million, cumulative distributions paid out to LPs were $30 million
    • At the end of the most recent year, the year-end NAV, before and after distributions, was $160 million and $130 million, respectively.
    • The estimated NAV before distributions will be $250 million at the end of next year.
    • Carried interest rate is 20%.
    According to the financial data of a PE fund, the estimate of carried interest next year is closest to:

    选项：

    A.

    $18 million.

    B.

    $21 million.

    C.

    $24 million.

    解释：

    A is correct.

    考点：绩效奖计算

    解析：判断是否给GP发绩效奖，首先要看NAV before distribution 是否超过了committed capital。根据题目条件，NAV before distribution $250 million是超过了committed capital $100 million的，所以可以给GP发绩效奖。

    绩效奖的计算= NAV before distribution的增加值*carried interest = ($250 - $160)*20% = $18 million.

    总结来看就是：第一次NAV before distirbution > committed capital的时候，和committed capital做差；以后NAV before distirbution > committed capital就是用NAV before distribution的增加值。

    本题中判断是否给GP发绩效奖的标准，是将NAV before distribution与committed capital进行比较，相当于默认本金的定义是first alternative。

    本题没有明确给出本金的定义，是否在题目未明确的前提下，统一默认first alternative？

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    韩韩_品职助教 · 2023年08月26日

    嗨，从没放弃的小努力你好：


    同学你好，是的这里默认了是按照超过committed capital，也就是first alternative的方法来计算的。

    ----------------------------------------------
    虽然现在很辛苦，但努力过的感觉真的很好，加油！

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