NO.PZ2023010409000007
问题如下：
Bern Zang is the recently hired chief investment officer of the
Janson University Endowment Investment Office. The Janson University Endowment
Fund (the Fund) is based in the United States and has current assets under
management of $12 billion. It has a long-term investment horizon and relatively
low liquidity needs. The Fund is overseen by an Investment Committee consisting
of board members for the Fund. The Investment Office is responsible for
implementing the investment policy set by the Fund’s Investment Committee.
The Fund’s current
investment approach includes an internally managed fund that holds mostly
equities and fixed-income securities. It is largely passively managed with
tight tracking error limits. The target asset allocation is 55% equities, 40%
fixed income, and 5% alternatives. The Fund currently holds private real estate
investments to meet its alternative investment allocation.
Describe how each
of the following common characteristics of institutional investors supports the
Fund’s allocation to private real estate:
i. Scale
ii. Investment horizon
iii. Governance framework
选项：
解释：
scale:
1.the fund's current asset under management is 12billion,which is very big.
2.so they can have a wider investment universe
3. can hire investment professionals.
so its scale can support allocation to private real estate.
investment horizon:
the fund has a long term investment horizon and low liqudity needs and high risk torlerance, so its investment horizon can support allocation to private real estate.
governance framework
The Fund is overseen by an Investment Committee consisting of board members for the Fund. The Investment Office is responsible for implementing the investment policy set by the Fund’s Investment Committee. so the fundos governance framework is well structured., which can support allocation to private real estate.
