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
解释:
| Scale |
The Fund's large size ($12 billion AUM) allows access to private real estate investments with high minimums.
| Investment Horizon |
Long-term horizon and low liquidity needs make private real estate suitable for maintaining purchasing power.
| Governance Framework |
Formal governance (Investment Committee/Office) ensures structured approval for private real estate investments.