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William Pan · 2025年04月26日

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NO.PZ202411040100000701

问题如下:

Q. Which of the following risks associated with private equity investing is most consistent with Statement 1 made by Jenkins?

选项:

A.A.Liquidity risk B.B.Valuation risk C.C.Agency risk

解释:

B is correct. Both entry and exit multiples reflect valuation assumptions. Assumptions about multiple expansion reflect one path by which fund managers assume good returns from investment in a portfolio company. Multiples for private equity portfolio companies are likely to move less than benchmark public equity multiples. Less emphasis on margin expansion implies that Northern States prefers to avoid managers who may be overly influenced by increases in public market multiples in setting exit multiple assumptions. Responses A and C are incorrect as neither of these risks are related to assumptions about multiples.

老师,请帮忙解释下答案。

both entry and exit multiples reflect valuation assumptions. Assumptions about multiple expansion reflect one path by which fund managers assume good returns from investment in a portfolio company. Multiples for private equity portfolio companies are likely to move less than benchmark public equity multiples. Less emphasis on margin expansion implies that Northern States prefers to avoid managers who may be overly influenced by increases in public market multiples in setting exit multiple assumptions. 

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