Alternative Investment Performance and Returns (Katas)

In which phase are returns usually negative because fees and expenses occur before assets produce income?

Which phase most likely includes gains from exits or asset sales after a successful alternative investment?

The J-curve effect most accurately starts with what type of return pattern?

Which return measure is often used first because it captures timing of cash flows?

MOIC is calculated using which basic relationship?

What does MOIC ignore?

When the asset return is above the borrowing rate, leverage most likely:

A margin call asks a hedge fund to provide what?

Quoted active-market prices for identical assets are what level of fair value input?

Private equity and real estate interim valuations most likely use which level of fair value inputs?

Mark-to-model valuation of illiquid assets may understate what?

For in-house valuation estimates, hedge funds should develop and follow what?

Alternative investments often add what type of fee to a base management fee?

If a performance fee is calculated net of management fees, what is deducted before applying the performance fee?

A hard hurdle charges performance fees on what return portion?

A high-water mark mainly prevents performance fees until the fund exceeds what?

A clawback provision most likely makes the GP return what after later losses reduce aggregate profit?

A redemption fee helps discourage redemptions and offset what?

A lockup period is best described as:

Excluding failed hedge funds from an index most likely creates:

Selectively adding prior successful hedge fund performance to an index most likely creates: