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kiki吖 · 2023年07月28日

A

NO.PZ2018053101000033

问题如下:

Private capital is:

选项:

A.accurately described by the generic term “private equity”. B.a source of diversification benefits from both debt and equity. C.predisposed to invest in both the debt and equity of a client’s firm.

解释:

B is correct. Investments in private capital funds can add diversity to a portfolio composed of publicly traded stocks and bonds because they have less-thanperfect correlation with those investments. There is also the potential to offer further diversification within the private capital asset class. For example, private equity investments may also offer vintage diversification since capital is not deployed at a single point in time but is invested over several years. Private debt provides investors with the opportunity to diversify the fixed-income portion of their portfolios since private debt investments offer more options than bonds and other public forms of traditional fixed income.

A is incorrect because although private equity is considered by many to be the largest component of private capital, using “private equity” as a generic term could be less accurate and possibly misleading since other private forms of alternative finance have grown considerably in size and popularity.

C is incorrect because although many private investment firms often have private equity and private debt arms, these teams typically won’t invest in the same assets or businesses to avoid overexposure to a single investment.

选项a为什么不对,没理解答案的解析

1 个答案

Lucky_品职助教 · 2023年07月30日

嗨,爱思考的PZer你好:


选项A不完全正确是因为"private capital"并不完全等同于"private equity",尽管私募股权(private equity)通常被认为是私人资本(private capital)中最大的组成部分之一。但是,私人资本还包括其他形式的替代融资,比如私募债券(private debt)等。因此,将"private equity"作为泛指的术语可能不够准确,并且可能会误导,因为其他私人资本的形式在规模和受欢迎程度上也在不断增长。

选项B是正确的,因为投资私人资本基金可以为由公开交易的股票和债券构成的投资组合增加多样性,因为它们与这些投资之间的相关性较低。此外,在私人资本资产类别内部也存在进一步的多样化可能性。比如,私募股权投资也可以提供时间差异性的多样化,因为资本不是在单一时间点投入的,而是在几年的时间内进行投资。私募债券提供了一种使投资者的固定收益投资多样化的机会,因为与债券和其他公共形式的传统固定收益投资相比,私募债券投资提供了更多的选择。

选项C是不正确的,因为尽管许多私人投资公司通常设有私募股权和私募债务部门,但这些团队通常不会投资于相同的资产或企业,以避免对单一投资过度暴露。

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