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Christinafx · 2024年01月12日

关于年末distribution

NO.PZ2019092801000016

问题如下:

Calixto reviews the endowment’s future liquidity requirements and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund:

· As of the most recent year end:

· The NAV of the endowment’s investment in the fund was €25,000,000.

· All capital had been called.

· At the end of the current year, Calixto expects a distribution of 18% to be paid.

· Calixto estimates an expected growth rate of 11% for the fund.


Calculate the expected NAV of the fund at the end of the current year .

解释:

The expected NAV of the fund at the end of the current year is €22,755,000, 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 = [(€25,000,000 × 1.11) × 18%] = €4,995,000.

Therefore, the expected NAV of the fund at the end of the current year is

Expected NAV = Prior-year NAV × (1 + Growth rate) + Capital contributions – Distributions.

Expected NAV = (€25,000,000 × 1.11) + 0 – €4,995,000 = €22,755,000.

这个就是要记住公式


为什么不是25,000,000*1.1*1.1*18% 因为distribution在第二年年末 另一道选择题也是说年末的时候也是✖️增长率再✖️比例

2 个答案

伯恩_品职助教 · 2024年01月12日

嗨,爱思考的PZer你好:


客气啦,加油

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努力的时光都是限量版,加油!

伯恩_品职助教 · 2024年01月12日

嗨,从没放弃的小努力你好:


同学你好,这个题问的是当年的年末,如果是问第二年(next year)的就按照你说的

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努力的时光都是限量版,加油!

Christinafx · 2024年01月12日

明白了 谢谢