NO.PZ2022062601000014
问题如下：
Fund A's holdings are approximately 50% publicly traded assets and 50% investment-grade fixed-income securities, with investors hoping to increase returns by approximately 5% within two years. Investment advisor John suggests replacing a portion of investment-grade fixed-income securities with a 25% private equity allocation.
When it comes to liquidity, John said, If the fund increases the private equity allocation, it is not feasible to rebalance to our model allocation on an annual basis. However, since the return on private equity will be much higher than that of the fixed income securities being replaced, we should be able to increase the current expenditure rate as required. If we experience an economic downturns , private equity positions will increase our overall liquidity, as privately held firms are subject to fewer market pressures than publicly traded ones.”
In the discussion of liquidity issues, John is likely correct:
选项：
A.
annual portfolio rebalancing.
B.
increase current spending levels.
C.
the impact of an economic downturns.
解释：
A is correct. Private equity requires long-term capital commitments, and the withdrawal of these commitments and the return on investment capital are highly uncertain. In the early stages of the investment cycle, the general partner only calls a portion of the committed capital, and the timing of future calls is uncertain. In the later stages of the investment cycle, the timing for the fund to sell investments and return capital to investors is uncertain. The investment itself has poor liquidity (it is difficult to sell in the secondary market); Therefore, rebalancing to an annual model allocation is not feasible.
B is not correct. In the early stages of the private equity investment cycle, committed capital will be held in relatively liquid assets with lower expected returns to fund capital drawdowns that have uncertain timing. In addition, early investment returns are minimal, especially in venture capital investments in private equity. In addition, bad investments often fail earlier than good investments. Overall, private equity is subject by the J-curve, with lower or even negative early returns and higher later returns. Therefore, the overall return rate of the investment portfolio will be lower in the early stages, and according to current expenditure rules, it will reduce the available expenses of the endowment fund and make it difficult to increase the expenditure rate within two years.
C is incorrect. During economic downturns, the demand for new private equity funds by capital may accelerate, as depressed market prices create good investment opportunities precisely when the value of public assets in portfolios is low. This may require selling portfolio assets with negative returns to raise funds, or abandoning investments in private equity in the event of a complete loss. In addition, in an economic downtown, the general partners of more mature private equity funds will extend the life of the fund, avoid selling their shares at low prices, and thus reduce the expected cash flow of the investment portfolio.
知识点考察：Preparing for the Unexpected
A是正确的。私募股权需要长期的资本承诺，该承诺的提取和投资资本的回报非常不确定。在投资周期的早期，普通合伙人只会调用一部分承诺资本，未来调用的时间不确定。在投资周期的后期，基金出售投资和向投资者返还资本的时间是不确定的。投资本身流动性很差（很难在二级市场上出售）；作为private equity，是非上市公司股权，流动性极差，所以定期做rebalancing是不现实的。所以A选项正确。
B不正确。在私募股权投资周期的早期，承诺资本将以流动性相对较低的资产持有，以资助时间不确定的资本提取。此外，早期投资回报甚微，尤其是在私募股权的风险投资方面。此外，糟糕的投资往往比好的投资更早失败。总体而言，私募股权受制于J曲线，早期回报率较低甚至为负，后期回报率较高。因此，投资组合的总体回报率在早期会较低，根据目前的支出规则，会减少基金的可用支出，并使两年内难以提高支出率。
C不正确。在经济低迷时期，资本对新私募股权基金的需求可能会加速，因为低迷的市场价格恰恰在组合的公共资产价值低迷时产生了良好的投资机会。这可能需要以负回报出售投资组合资产来筹集资金，或者在完全亏损的情况下放弃对私募股权的投资。此外，在经济中心，更成熟的私募股权基金的普通合伙人将延长基金的寿命，避免以低迷的价格出售所持股份，从而减少捐赠投资组合预期的现金流。
整个题没看懂，给讲讲啊啊啊
