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.
我记得上课的时候老师讲过，不管是PE还是PD，本质上投资的也是股票和债券，只不过是不能在二级市场上公开交易而已，所以他的分散效果只是中等啊，所以B的说法是不是不严谨呢？另外有些投资确实是股和债一起投的，只不过会加一条就是债券在未来可以转换成股，这样是给自己加了一层保护，至少有个兜底啊，那C为什么又不对呢
