问题如下：
Bern Zang is the recently hired chief investment officer of the Janson University Endowment Investment Office. The Janson University Endowment Fund (the Fund) is based in the United States and has current assets under management of $12 billion. It has a long-term investment horizon and relatively low liquidity needs. The Fund is overseen by an Investment Committee consisting of board members for the Fund. The Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee.
The Fund’s current investment approach includes an internally managed fund that holds mostly equities and fixed-income securities. It is largely passively managed with tight tracking error limits. The target asset allocation is 55% equities, 40% fixed income, and 5% alternatives. The Fund currently holds private real estate investments to meet its alternative investment allocation.
Describe how each of the following common characteristics of institutional investors supports the Fund’s allocation to private real estate:
i. Scale
ii. Investment horizon
iii. Governance framework
选项：
解释：
老师好，麻烦批改下答案：
i. Scale: the fund's assets under management is $12 billion,large enough to make investments in private real estate since alternatives have a high threshold in scale.（这里我就想说另类投资门槛高而它符合）
【大机构优点里有Have a wider investment universe这点，没写给分吗】
ii. Investment horizon: The fund is an endowment, which has a long-term investment horizon and relatively low liquidity needs to invest in private real estate.
iii. Governance framework: The endowment is overseen by an Investment Committee consisting of board members for the Fund. Besides, the Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee. The investment team is internally managed and have professionals in alternatives.
【这里是一定要说well-structured and formal governance framework has positive impact on investments in alternatives吗？】
