题目
An alternative investment fund’s hurdle rate is a:
选项
A.rate unrelated to a catch-up clause.
B.tool to protect clients from paying twice for the same performance.
C.minimum rate of return the GP must exceed in order to earn a performance fee.
答案
C
解析
C is correct. An alternative investment fund’s hurdle rate is a minimum rate of return the GP must exceed in order to earn a performance fee.A is incorrect because if a catch-up clause is included in the partnership agreement, the catch-up clause permits distributions in relation to the hurdle rate.B is incorrect because it is a high-water mark (not a hurdle rate) that protects clients from paying twice for the same performance. ：C是正确的。另类投资基金的最低回报率是GP为赚取绩效费必须超过的最低回报率。A是不正确的，因为如果合伙协议中包含追赶条款，追赶条款允许与最低利率相关的分配。B是不正确的，因为它是一个高水位线（不是一个最低要求回报率），可以保护客户不为相同的性能支付两倍的费用。