题目
An investor in a private equity fund is concerned that the general partner can receive incentive fees in excess of the agreed-on incentive fees by making distributions over time based on profits earned rather than making distributions only at exit from investments of the fund. Which of the following is most likey to protect the investor from the general partner receiving excess fees?
选项
A.A high hurdle rate
B.A clawback provision
C.A lower capital commitment
答案
B
解析
B is correct. A clawback provision requires the general partner in a private equity fund to return any funds distributed (to the general partner) as incentive fees until the limited partners have received back their initial investments and the contracted portion of the total profits. A high hurdle rate will result in distributions occurring only after the fund achieves a specified return. A high hurdle rate decreases the likelihood of, but does not prevent, excess distributions. Management fees, not incentive fees, are based on committed capital. ： B是正确的。追回条款要求私募股权基金的普通合伙人将分配给普通合伙人的激励费返还，直至有限合伙人收回初始投资和合同部分的总利润。较高的最低回报率将导致只有在基金获得特定回报后才进行分配。高门槛率会降低超额分配的可能性，但不会阻止超额分配。C错误，管理费而不是激励费，是基于承诺资本的。