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1、CFALevel11Questions#1-6of36Questions1-6relatetoIGS.TheNewYork-basedIrWinGoldreichSchmidt(IGS)isamid-sizedprivateequityfirmwith$300millioncapitalraisedfromitsinvestorsmidaturbulentyeathefirmhasrecentlydroppeditsunsuccessful$100millionbidforaNorwegianmediacompanyandisnowaggressivelysearchingfornewvent
2、ureorbuyoutinvestmentsintheEurozone.Afterseveralmonthsofintensesearch,IGSbelievesitidentifiedtwopotentialinvestments:1.SverigarapidlyexpandingSwedishStartrupconstructioncompany.2LOffrGasnugglingFrenchdepartmentstoreinexistencesincethelateIdthCenturyFoIIowingseveralroundsofsuccessfulnegotiations,ESma
3、kesa$20millioninvestmentinSveriganda$100millionleveragedbuyoutinvestmentinCOffircommittingtoanadditional$100millionforpossiblefuturecapitaldrawdowns.ItretainsallcfSverigsmanagersbutreplacesCOffresmanagementteamwithexperiencedIGSmanagers,manyofwhomareformercompanyseniorexecutives.IGSalsosetsupSverig-
4、EOffrePrivateEquityFund(SLPEF),afundtomanagebothfirms.Thefundmanagerscompensationissetat20%ofprofitsnet戌feesIGSalsospecifesthatthemanagersprofitsarecalculatedontheentireportfoEowhenportfoliovalueexceedsinvestedcapitalby30%.Despitethemarket*Srecentturbulence,Sverigsoriginalfoundersareextremelyoptimis
5、ticandbelievethefirmcouldbesoldfcr$400millioninsixyears.Toachievethis,theyspeculatethefirmneedsanothercapitalinfusionOf$40millioninfouryearsinadditiontothe$20millioncapitalinvestmenttoday.Giventhehighriskfthefirm,SLPEF9sprivateequityinvestorsdecidethatadiscountrateof40%forthefirstfouryearsand30%fort
6、helasttwoyearsisappropriateThefoundersofSverigwanttohold5millionshares.Question#1of36QuestionID:1214399IftotalproceedsnetoffeestoSLPEFareworth$180millionuponexitinayear;thefund*sgeneralpartner(GP)underthetotalreturnusinginvestedCaPitalmethodwouldreceiveacompensationof:A)WB)$12milliC)$36million.An ap
7、propriate equity valuation technique for Sverig and C Offre respectively, would be the:SverigQ Relative value approachB) Venture capital methodC) DCF methodI： OfIVenture capital methodDCF methodR el ative value approachQuestion #3 of 36Question ID: 1214401Co m mon risk factor(s) faced by both IGS in
8、vestors and the managers of the private equity firm is (are):A) market risk but not agency risk.B) agency risk but not market risk.C) both market and agency risk.Question #4 of 36Question II): 1214402SLPEF* s general partner s (GP s) share of fund profits, md management, s right to sell their equity
9、 interest ri the event f an acquisition, respectively; are called:PrOfitS to the G PQ Carried interestB) RatchetC) Carried interestUanaReinenfs right tc sellRatchetDistribution waterfallTagalong, drag-along clauseQuestion ID: 1214403Question#5of36Sverigspost-moneyvaluationatthefirstroundoffinancing,
10、usingIheNPVventurecapitalmethod,isclosestto:A)$61.61millionB)$50.08millionC)$51.20million.Question ID: 1214404Question#6of36TheappropriatestockpriceafterthefirstoundoffinancingforSverigsfirstoundinvestorsisclosestto:A)$624B)$8.32.C)$6.02.Questions#7-12of36Questions7-12relatetoJeffMarkgrafCFA.JeffMar
11、kgrat；CFA,isthemanagingdirectoratAlphaAlternativesLLP.MarkgrafhasasuccessfultrackrecordofinvestinginrealestateforhisinstitutionalclientsMarkgrafisseekingtodiversifyhisscopeandislookingintoinvestingincommoditiesandinprivateequityMarkgrafreachesouttohiscollegefriend.BillSmallwhomanagesaprivateequityfu
12、ndspecializinginleveragedbuyoutsMarkgrafasksSmallaboutwaysinwhichprivateequityfundsaddvaluetotheirportfolioinvestment&MarkgrafconcludesthatfuturescontractsOfiferIhebestmechanismforhimtogainexposuretothecommoditiesmarketHeseekstodevelopfurtherunderstandingofthecomponentsoftotalreturnofaportfolioinves
13、tedincommodityfutures.MarkgrafisintriguedbytheuseofswapstogainexposuretocommoditiesUponinvestigationMarkgrafdiscoversthataswap(theTZswap*)isavailablefiomAlpha*Sbrokersthathasavariablepaymentbasedonthedifierenceinpricebetweentwocommodities.Markgrafobservesthatcattlefuturespricesaregreaterthanthespotp
14、riceswhilethecornfuturespricesarelessthanthespotpricesMarkgrafalsoreadthatfuturespricesmaybeinfluencedbyweather.MarkgcifwantssomeexposuretopreciousmetalsandexpectstousesilverfuturescontractstoaccomplishthisMarkgrafwillrollovermaturingcontractstothenextshortestavailablecontractMarkgrafbelievesthatsil
15、verwillhelpdiversifyhisoverallportfolio,especiallysincesilverfuturespricesarelessthansilverspotprices.Question#7of36QuestionID:1214406WhichofthefollowingwouldbeleastappropriateasapartofSmaIrSresponsetoMarkgrafIsquestion?A)Optimizingfinancialleverage.B)CreatingoperationalinprovementC)Tncentirizingthe
16、generalpartnerQuestion ID: 1214407Question#8of36Relativetoseasonalityinthedemandfornaturalgas,seasonalityindemandforoilismostlikelytobe:A)aboutthesame.B)greaterC)lowerQuestion#9of36QuestionID:1214408Earlyfrostinsomepartsofthecountryhasresultedindamagetocorncropsandatemporaryshortageinthesupplyofcorn.Underthetheoryfstorage,rela
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