NO.PZ2024121001000023
问题如下:
What is a potential downside for LPs in a private market fund with a soft hurdle rate and a catch-up clause?
选项:
A.LPs may have to pay higher management fees.
B.GPs may receive a larger share of returns in certain situations, even with a lower carried interest rate.
C.The fund's performance may be more volatile compared to a hard hurdle rate structure.
解释:
在具有软门槛收益率(soft hurdle rate)和追赶条款(catch-up clause)的私募市场基金中,对于有限合伙人(LPs)的一个潜在不利之处是,在某些情况下,即使附带权益率较低,普通合伙人(GPs)也可能获得更大份额的回报。当基金回报超过软门槛后,GPs 可能通过追赶条款获得更高比例的分配,直到达到其约定的总回报份额。选项 A 中管理费用与软门槛收益率和追赶条款并无直接关联;选项 C 中基金业绩的波动性并非主要由软门槛收益率和追赶条款直接导致,且题干重点是对 LP 的影响。
如题