NO.PZ2023041004000068
问题如下：
Snyder and Clark are meeting to discuss the family’s possible interest in private equity investing.Snyder begins the meeting by asking about the risks and costs of private equity investing.
Clark acknowledges that private equity contains risk factors and cost considerations that are less prevalent than those in public equities. One risk factor is illiquidity, since private equity investments are not traded on an active secondary market. Thus, an important consideration is the timing of exits relative to a private equity investor’s time horizon. Another risk factor is diversification. Because of the highly concentrated nature of a typical private equity fund, investors have little opportunity to benefit from diversification. A cost consideration is management fees; private equity is generally regarded as being more costly than public mutual funds and ETFs. Both types of funds charge administrative costs as a percentage of an investment’s net asset value.
Clark’s explanation of private equity risks and costs is least likely correct with respect to:
选项：
A.illiquidity. B.diversification. C.management fees.解释：
Clark’s example regarding diversification is incorrect. Private equity investors are able to diversify their private equity investments via a mix of different vintage portfolio companies at different stages of development and by investing across various private equity strategies, such as large and mid-market buyouts, venture capital, mezzanine finance, and restructuring.
题目中如果让我判断PE有没有diversification问题，是有还是没有呢？
按基础班讲义是有，明确写的lack
但是这道题说PE可以有用一些限制条款来解决。
但是讲vintage的时候又说同一年份同一时期的赛道又比较类似，GP和GP还要竞争。
这个怎么区分呢？
