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发表于 2008-9-16 12:14 | 只看该作者

Reading 34: Alternative Investm....olio Management－LOS k

including, structure, partner, general, private
CFA Institute Area 8-11, 13: Asset Valuation
Session 11: Alternative Investments for Portfolio Management
Reading 34: Alternative Investments Portfolio Management
LOS k: Explain the typical structure of a private equity fund, including the compensation to the fund's sponsor (general partner), and typical timelines.
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tycoon

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发表于 2008-9-16 12:15 | 只看该作者

Which of the following most likely represents the timeline of a private equity fund?

A)The commitment period of 1 year, the life of the fund reaching 5 years, an option to extend the fund 1 more year.
B)The commitment period of 7-10 years, the life of the fund reaching 12-15 years, an option to extend the fund 5 more years.
C)The commitment period of 2 years, the life of the fund reaching 5 years, an option to extend the fund 3 more years.
D)
The commitment period of 5 years, the life of the fund reaching 7-10 years, an option to extend the fund 5 more years.

Answer and Explanation

The commitment period usually occurs during the first five years when the sponsor gives the capital calls. The expected life of these funds is 7-10 years, and there is often an option to extend the life up to 5 more years.

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tycoon

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发表于 2008-9-16 12:15 | 只看该作者

In the life of a private equity fund, capital calls represent the:

A)request for more capital by the fund sponsor from the investors at the beginning of the fund prior to the commitment period.
B)
request for more capital by the fund sponsor from the investors during the commitment period.
C)payment of returns to the investors during the commitment period.
D)request for more capital by the fund sponsor from the investors after the commitment period.

Answer and Explanation

The timeline includes the sponsor getting commitments from the investors at the start of the fund and then giving capital calls over the first five years (typically) called the commitment period to bring in the promised cash.

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tycoon

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4#
发表于 2008-9-16 12:15 | 只看该作者

Which of the following most likely represents the compensation to a sponsor of a private equity fund?

A)A management fee of 10% and an incentive fee of 10%.
B)A management fee of 20% and an incentive fee of 2%.
C)
A management fee of 2% and an incentive fee of 20%.
D)A management fee of 2% and an incentive fee of 2%.

Answer and Explanation

As a manager, the sponsor gets a management fee and incentive fee. The management fee is usually around 1.5%-2.5%, and is based upon the committed cash and not just the cash already invested. The percent may decline over time based upon the assumption that the sponsors work declines over time. The incentive fee is the share of the profits, usually around 20 percent, that is paid to the manager after the fund has returned the outside investors capital.

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