NO.PZ2019122802000007
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.
这是原版书的一个结论：
这是实证研究的一个结论
主要是因为在熊市时大概率暂时是亏损，这个时候如果进行分配的话，岂不是啪啪打基金的脸，而且熊市的时候是危机，既是“危”又是“机”，所以能在熊市中活下来的资产大概率是好资产，而且去掉了泡沫，投资是正当时机，此时恰是最需要资金的时候，重新投资。而资产回归价值可能需要一段时间（即从熊市走到牛市的顶点），所以要延长投资期。
In a bear market, GPs may call capital at a higher pace and/or make distributions at a slower pace than had been expected.
怎么理解call capital？
-就是GP 向LP要钱的速度个频率吗？ 熊市里，GP多向LP要点钱
make distributions就是项目分红吗？
-GP将之前投的项目 少拿回来分红，熊市里就让这些已投的项目放在那里等行情好了，再分红？
请问 这样理解有问题嘛？
