NO.PZ2019092801000016
问题如下:
Calixto reviews the endowment’s future liquidity requirements and analyzes one of its holdings in a private distressed debt fund. He notes the following about the fund:
· As of the most recent year end:
· The NAV of the endowment’s investment in the fund was €25,000,000.
· All capital had been called.
· At the end of the current year, Calixto expects a distribution of 18% to be paid.
· Calixto estimates an expected growth rate of 11% for the fund.
Calculate the expected NAV of the fund at
the end of the next year.
选项:
解释:
The expected NAV of
the fund at the end of the next year is €25,258,050, calculated as follows:
First, the expected
distribution at the end of the current year is calculated as
Expected distribution = [Prior-year NAV × (1 + Growth rate)] ×
(Distribution rate).
Expected distribution = [(€25,000,000 × 1.11) × 18%] = €4,995,000.
Therefore, the
expected NAV of the fund at the end of the next year is
Expected NAV = [Prior-year NAV × (1 + Growth rate) + Capital
contributions – Distributions)] × (1 + Growth rate).
Expected NAV = [(€25,000,000 ×
1.11) + 0 − €4,995,000] × 1.11 = €25,258,050.
这个就是要记住公式
Expected NAV = [(€25,000,000 × 1.11) + 0 − €4,995,000] × 1.11 = €25,258,050.
最后为什么还要再乘一次1.11? 我认为不用乘,答案应为22,755,000.