NO.PZ2019092801000016
问题如下：
Calixto reviews the endowment’s future liquidity requirements and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund:
· As of the most recent year end:
· The NAV of the endowment’s investment in the fund was €25,000,000.
· All capital had been called.
· At the end of the current year, Calixto expects a distribution of 18% to be paid.
· Calixto estimates an expected growth rate of 11% for the fund.
Calculate the expected NAV of the fund at
the end of the next year.
选项：
解释：
The expected NAV of
the fund at the end of the next year is €25,258,050, calculated as follows:
First, the expected
distribution at the end of the current year is calculated as
Expected distribution = [Prior-year NAV × (1 + Growth rate)] ×
(Distribution rate).
Expected distribution = [(€25,000,000 × 1.11) × 18%] = €4,995,000.
Therefore, the
expected NAV of the fund at the end of the next year is
Expected NAV = [Prior-year NAV × (1 + Growth rate) + Capital
contributions – Distributions)] × (1 + Growth rate).
Expected NAV = [(€25,000,000 ×
1.11) + 0 − €4,995,000] × 1.11 = €25,258,050.
这个就是要记住公式
Expected NAV = [(€25,000,000 × 1.11) + 0 − €4,995,000] × 1.11 = €25,258,050.
最后为什么还要再乘一次1.11? 我认为不用乘，答案应为22,755,000.
