Examen 1. Etapa 1 Alternative Investments

Which of the following is a feature exclusive to private equity funds relative to hedge funds?

Which of the following is best classified as a hard commodity?

Direct ownership of commercial real estate, compared with a REIT, is most likely to:

A disadvantage of a fund of hedge funds relative to a large multi-strategy fund is:

Which of the following statements is most accurate about limited partnerships in alternative investments?

Which category of alternative investment most likely provides exposure to capital-intensive, long-lived assets that provide essential public services?

Which of the following types of private debt is expected to be the riskiest?

A key motivation for adding alternative investments to a portfolio is most likely:

A limited partner is most likely to invoke a clawback provision if the general partner:

Alternative investments are most likely characterized by:

In the private debt market, a hybrid structure that combines secured and unsecured debt into a single loan with a blended interest rate is best described as:

Which of the following is most likely a high-risk infrastructure investment?

Which of the following statements about direct ownership of real estate is most accurate?

A commodities market is in contango when futures prices are:

Which of the following is an example of an event-driven hedge fund strategy?

Cryptocurrencies can be issued by:

Which feature of a consolidated hedge fund is most likely designed to allow an orderly liquidation of positions and to meet redemptions?

Which is the most conservative price to value a hedge fund’s short position?

A hedge fund has $100 million of AUM at the beginning of the year. Annual management fee is 2% (on year-end valuation), incentive fee is 20%, and there is a hard hurdle rate of 3%. The incentive is calculated net of the management fee. If the gross return (before fees) is 10% at year-end, the total fees to the manager are closest to:

A hedge fund raises $100 million of initial AUM. Management fee is 2% (on year-end AUM), incentive fee is 20%, and the gross annual return is 30%. If the incentive is calculated net of the management fee, the total fees to the manager are: