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NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. The propose10% allocation to private equity creates overly concentrateposition in the unrlying investment. A 10% allocation to the CFQ Private Equity Funis $200 million (10% of Forart’s $2 billion). The CFQ Private Equity Funhassets unr management (AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ Private Equity Fun This position exposes both Forart anthe CFQ funto unsirable level of operationrisk.是算在Regulatory another externconsirations这里么

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 1.题干中没有找到CFQ 500 million信息，为什么说CFQ 500 million？2.40%比例，就说会导致运营风险，为啥？

NO.PZ201805280100000402 问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 请问funsize in billion这一列代表什么？另外funminimum investment没有写单位，PE应该是5m而不是500m吧，那么The CFQ Private Equity Funhassets unr management (AUM) of $500 million又是怎么来的呢？

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 答案中没有对这个定量要求的考虑

NO.PZ201805280100000402问题如下 The Forart portfolio ha market valueof $2 billion. After his annumeetingwith its investment committee, Bornotesthe following points:■ Forart must spen3% of itsbeginning-of-the-yeasset value annually to meet legobligations.■ The investment committee seeks exposureto private equity investments anrequests thBorreview the CFQ PrivateEquity Funa potentinew investment.■ Enrollment is strong angrowing, leangto increaseoperating revenues from tuition.■ A recent legsettlement eliminateanannuobligation of $50 million from the portfolio to support a biogesterusein the university’s Center for Renewable Energy. \Borinstructs his seconjunior analystto formulate new allocations forForart. This analyst proposes theallocation presentein Exhibit 2.scuss two reasons why the proposeassetallocation is inappropriate for Forart. The proposeasset allocation for Forartis inappropriate because:1 Given the increasing enrollment trenanrecent favorable legsettlement, Forart will likely require lowerliquity in the future. The proposeallocation shifts Forart’s portfolioawfrom risky assets (creases the relative equity holngs anincreasesthe relative bonholngs).2 The propose10% allocation to privateequity creates overly concentrateposition in the unrlying investment. A10% allocation to the CFQ Private Equity Funis $200 million (10% ofForart’s $2 billion). The CFQ Private Equity Funhassets unr management(AUM) of $500 million. Hence, Forart woulown 40% of the entire CFQ PrivateEquity Fun This position exposes both Forart anthe CFQ funto anunsirable level of operationrisk. 考虑每年需要对外投资基金价值的3%，cash equivalent fun资比例只要2%，是不是因为投资级别债券能够提供同样的流动性？