NO.PZ202411040100000603
问题如下：
Q. Which of the following is closest to the LPs’ annual expected rate of return over the 10-year fund cycle?
选项：
A.A.8.4%
B.B.9.2%
C.C.10%
解释：
B is correct. An LP loses approximately 40 (= 400/10) bps per year during time lag between capital commitment and deployment if funds are invested in liquid REITs. The time lag is two years, so the loss compared to the private real estate return expectation is 80 bps. Thus, the approximate rate of return is 9.2% (= 10% – 0.8%). A is not correct; it would be true if the time lag were four years. C is not correct, because the LP does not earn the 10% private market return for 10 years.
请问这里的10%是从哪里看到的？