NO.PZ2023103101000002
问题如下：
Q. Identify the fee approach that most directly encourages private equity fund managers to invest selectively, not just quickly. Management fees:选项：
A.based on committed capital B.combined with an incentive fee C.based on a fixed percentage of assets under management解释：
The correct answer is A. Private equity funds typically calculate their management fee based on committed capital, which is the total amount that the limited partners have promised to fund future investments, rather than based on assets under management. The committed-capital basis for management fees is an important distinction from hedge funds, whose management fees are typically based on assets under management. Having committed capital as the basis for management fee calculations reduces the incentive for GPs to deploy the committed capital as quickly as possible to grow their fee base and thus allows the GPs to be selective about deploying capital into investment opportunities. B is incorrect because alternative investment funds usually combine a management fee with a performance fee paid when fund returns exceed a specified hurdle rate. Although this combined fee approach is typical for alternative investment funds, it is not what encourages managers to invest selectively, rather than quickly. C is incorrect because typically hedge funds and REITs charge a management fee on assets under management, while private equity funds instead levy management fees on committed capital.
c为什么不对
