问一道题：NO.PZ2018062021000020

问题如下：

In a private equity fund, general partner can receive incentive fees after each profit made or only when fully exits from portfolio company. If the investor would like to protect from general partner receiving excess fees, which clause should be added in the investment prospectus?

选项：

A high hurdle rate

A clawback provision

A lower capital commitment

解释：

B is correct.

回拨机制clawback可以防止GP拿到过多的绩效奖。如果GP绩效奖在投资期间分期获得，当业绩波动的时候，可能会在好的时候取得绩效奖，但在业绩差的时候没有影响，那么LP最终可能亏损的，对LP是不利，而回拨机制clawback就是为了防止这种业绩反复波动，避免GP能拿到过多的绩效奖而设置的，当某年的业绩不能满足设定的目标的时候，GP需要将之前拿走的绩效奖再返还给LP，故B正确。