CAIA level II [electronic resource] : advanced core topics in alternative investments / edited by Keith H. Black ... [et al.].
- Other Title:
- Advanced core topics in alternative investments
Chartered Alternative Investment Analyst level two
CAIA level two
- 2nd ed.
- Hoboken, New Jersey : John Wiley & Sons, 2012.
- Wiley finance series.
1 online resource (718 p.)
- Electronic books.
- System Details:
- text file
- CAIA Association has developed two examinations that are used to certify Chartered Alternative Investment Analysts. The Level I curriculum builds a foundation in both traditional and alternative investment markets--for example, the range of statistics that are used to define investment performance as well as the many types of hedge fund strategies. The readings for the Level II exam focus on the same strategies, but change the context to one of risk management and portfolio optimization. Level II CAIA exam takers have to work through the following agenda: asset allocation & portf
- CAIA Level II; Contents; Preface; TEN YEARS OF CAIA AND ALTERNATIVE INVESTMENTS; THE HISTORY OF CAIA; BENEFITS OF THE CAIA PROGRAM; STUDYING FOR THE CAIA EXAMS; Acknowledgments; About the Authors; CHAPTER 1 Introduction; 1.1 OUTLINE OF THIS BOOK; 1.2 STUDYING FOR THE CAIA LEVEL II EXAMINATION; PART One Asset Allocation and Portfolio Management; CHAPTER 2 The Endowment Model; 2.1 DEFINING ENDOWMENTS AND FOUNDATIONS; 2.2 INTERGENERATIONAL EQUITY, INFLATION, AND SPENDING CHALLENGES; 2.3 THE ENDOWMENT MODEL; 2.4 WHY MIGHT LARGE ENDOWMENTS OUTPERFORM?; 2.4.1 An Aggressive Asset Allocation
2.4.2 Effective Investment Manager Research2.4.3 First-Mover Advantage; 2.4.4 Access to a Network of Talented Alumni; 2.4.5 Acceptance of Liquidity Risk; 2.5 CONCLUSION; CHAPTER 3 Risk Management for Endowment and Foundation Portfolios; 3.1 SPENDING RATES AND INFLATION; 3.2 LIQUIDITY ISSUES; 3.3 REBALANCING AND TACTICAL ASSET ALLOCATION; 3.4 TAIL RISK; 3.5 CONCLUSION; CHAPTER 4 Pension Fund Portfolio Management; 4.1 DEFINED BENEFIT PLANS; 4.1.1 Defining Liabilities: Accumulated Benefit Obligation and Projected Benefit Obligation; 4.1.2 Funded Status and Surplus Risk
4.1.3 Why Defined Benefit Plans Are Withering4.1.4 Asset Allocation and Liability-Driven Investing; 4.2 GOVERNMENTAL SOCIAL SECURITY PLANS; 4.3 DEFINED CONTRIBUTION PLANS; PART TwoPrivate Equity; CHAPTER 5 Private Equity Market Landscape; 5.1 MAIN STRATEGIES; 5.2 MAIN DIFFERENCES BETWEEN VENTURE CAPITAL AND BUYOUT; 5.2.1 Business Model; 5.2.2 Deal Structuring; 5.2.3 Role of the PE Manager; 5.2.4 Valuation; 5.3 PRIVATE EQUITY FUNDS AS INTERMEDIARIES; 5.4 PRIVATE EQUITY FUNDS OF FUNDS AS INTERMEDIARIES; 5.4.1 Private Equity Funds-of-Funds Costs; 5.5 PRIVATE EQUITY FUNDS OF FUNDS VALUE-ADDED
5.5.1 Diversification and Intermediation5.5.2 Resources and Information; 5.5.3 Selection Skills and Expertise; 5.5.4 Incentives, Oversight, and Agreements; 5.6 THE RELATIONSHIP LIFE CYCLE BETWEEN LIMITED AND GENERAL PARTNERS; 5.7 THE J-CURVE; 5.8 CONCLUSION; CHAPTER 6 Private Equity Fund Structure*; 6.1 KEY FEATURES; 6.1.1 Corporate Governance in Private Equity Funds; 6.1.2 Investment Objectives, Fund Size, and Fund Term; 6.1.3 Management Fees and Expenses; 6.1.4 Carried Interest; 6.1.5 Preferred Return or Hurdle Rate; 6.1.6 General Partner's Contribution; 6.1.7 Key-Person Provision
6.1.8 Termination and Divorce6.1.9 Distribution Waterfall; 6.2 CONFLICTS OF INTEREST; 6.3 FINDING THE BALANCE; CHAPTER 7 The Investment Process; 7.1 PROCESS DESCRIPTION; 7.1.1 Portfolio Objectives; 7.1.2 Portfolio Design; 7.1.3 Liquidity Management; 7.1.4 Fund Selection; 7.1.5 Monitoring; 7.1.6 Actions and Implementation; 7.2 RISK MANAGEMENT; 7.2.1 Risk-Measurement Framework; 7.2.2 Risk Control; 7.2.3 Risk Mitigation; CHAPTER 8 Private Equity Portfolio Design; 8.1 THREE APPROACHES TO PRIVATE EQUITY PORTFOLIO DESIGN; 8.1.1 Bottom-Up Approach; 8.1.2 Top-Down Approach; 8.1.3 Mixed Approach
8.2 RISK-RETURN MANAGEMENT APPROACHES
- Description based upon print version of record.
Includes bibliographical references and index.
- Black, Keith H.
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