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西红柿面 · 2025年03月01日

请问我这样回答可以吗

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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：

i. Scale

The Janson University Endowment Fund has current assets under management of $12 billion which is considered a large institutional investor. Large scale can help the endowment to have professional investment personnel so that invest in private real estate can be realized. Also investment in private real estate would have a minimum investment amount, having 12 billion of asset under management can fulfill this requirement. Finally, a large scale of asset can let the endowment have more access to the broad universe of alternatives investment like private real estate.

ii. Investment horizon

Investment in private real estate would require long time horizon to gernerate income and withdraw principal. The endowment has a long-term investment horizon and relatively low liquidity needs. 

iii. Governance framework

Investment in alternatives like private real estate would require a sufficient governace framewordk. 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. 

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