一般性如果想投资alternatives assets，多大的AUM算是比较小

NO.PZ2022122801000053 问题如下 Mark Bor a financiaiser, works with the TitStateFountion (Titan). He meets with the university fountion investmentcommittee annually to review funobjectives anconstraints.Titan’sportfolio ha market value of $10 million. After his annumeeting with itsinvestment committee, Bornotes the following points:· Titmust spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.· The investment committee seeksexposure to private equity investments anrequests Bors review of theSun-Fin Private Equity Funa potentinew investment.· A recent clining treninenrollment is expecteto continue. This is a concern because it hleto aloss of operating revenue from tuition.· Regulatory sanctions anpenaltiesare likely to result in lower nations over the next five years.Borupervises two junior analysts aninstructs one to formulate new allocationsfor Titan. This analyst proposes the allocation presentein Exhibit 1.scuss two reasons whythe proposeasset allocation is inappropriate for Titan. The proposeasset allocation for Titis not appropriate because:1. Given the shift in enrollment tren anclining nations resulting from the sanctions, Titwill likely neegreater liquity in the future because of the increaseprobability of higher outflows to support university operations. The proposeasset allocation shifts Titan’s allocation into risky assets (increases the relative equity holngs ancreases the relative bonholngs), whiwoulintrogreater uncertainty to their future value.2. Titis relatively small for the proposeaition of private equity. Access to suasset class private equity mconstrainefor smaller asset owners, suTitan, who mlathe relateinterninvestment expertise. Aitionally, the Sun-Fin Private Equity Funminimum investment level is $1 million. This level of investment in private equity woul10% of Titan’s totportfolio value. Given Titan’s clining financiposition e to clining enrollments anits resulting potentineefor liquity, private equity this minimum level of investment is not appropriate for Titan. Titmust spen3% of its beginning-of-the-yeasset value anthe fountion also nee to make sufficient nations, anviolation of this mcause regulatory sanctions anpenalties, thus the fountion shoulhave more wight on fixeincome asset to generate sufficient cash flows, while the proposeasset allocation ......请问老师，这样的理由成立吗？

NO.PZ2022122801000053 问题如下 Mark Bor a financiaiser, works with the TitStateFountion (Titan). He meets with the university fountion investmentcommittee annually to review funobjectives anconstraints.Titan’sportfolio ha market value of $10 million. After his annumeeting with itsinvestment committee, Bornotes the following points:· Titmust spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.· The investment committee seeksexposure to private equity investments anrequests Bors review of theSun-Fin Private Equity Funa potentinew investment.· A recent clining treninenrollment is expecteto continue. This is a concern because it hleto aloss of operating revenue from tuition.· Regulatory sanctions anpenaltiesare likely to result in lower nations over the next five years.Borupervises two junior analysts aninstructs one to formulate new allocationsfor Titan. This analyst proposes the allocation presentein Exhibit 1.scuss two reasons whythe proposeasset allocation is inappropriate for Titan. The proposeasset allocation for Titis not appropriate because:1. Given the shift in enrollment tren anclining nations resulting from the sanctions, Titwill likely neegreater liquity in the future because of the increaseprobability of higher outflows to support university operations. The proposeasset allocation shifts Titan’s allocation into risky assets (increases the relative equity holngs ancreases the relative bonholngs), whiwoulintrogreater uncertainty to their future value.2. Titis relatively small for the proposeaition of private equity. Access to suasset class private equity mconstrainefor smaller asset owners, suTitan, who mlathe relateinterninvestment expertise. Aitionally, the Sun-Fin Private Equity Funminimum investment level is $1 million. This level of investment in private equity woul10% of Titan’s totportfolio value. Given Titan’s clining financiposition e to clining enrollments anits resulting potentineefor liquity, private equity this minimum level of investment is not appropriate for Titan. 题目正文说Titan’s portfolio ha market value of $10 million.为什么下图的表格aum单位都是billion？差这么多？