NO.PZ2019100901000010
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：
Scale: The fund's current AUM is $12 billion, this can meet the high minimum investment size of alternative investment.
Investment Horizon: The fund has a long-term investment horizon and relatively low liquidity needs.
Governance framework: 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.
