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翁旸勤 · 2020年03月18日

问一道题:NO.PZ2019122802000007 [ CFA III ]

问题如下:

Current macroeconomic environment could lead to a bear market within a few years. Which of the following could be the potential impact on liquidity planning associated with the actions of the fund’s general partners in the forecasted environment?

选项:

A.

call capital at a slower pace.

B.

make distributions at a faster pace.

C.

exercise an option to extend the life of the fund.

解释:

C is correct.

The current macroeconomic environment could lead to a bear market within a few years. Liquidity planning should take into account that under a scenario in which public equities and fixed-income investments are expected to perform poorly, general partners may exercise an option to extend the life of the fund.

我不太明白,call capital at lower space和 extend the fund不是相似的意思么?
1 个答案

星星_品职助教 · 2020年03月18日

同学你好,

Fund是有call down structure的,本来也是分批逐年call down,减缓call down的速度并不一定要延长fund的投资期限。

延长投资期的意思是如果这个时候fund快要到期了,但是经济萎靡,投资的效果不好,例如private equity本来计划要上市退出,这个时候市场不好没法上市。如果正常按照投资期清盘的话,投资者的收益会大幅下降,这个时候就延长期限,如果经济转好,公司可以上市了,收益就会高很多。

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