崔同学回答（1）
Peter F2019-06-10 13:21:05
Peter F同学，你好：这里的 hurdle rate 就是 cost of capital 资本成本 的意思，在 另类投资 alternatives 中也有 hurdle rate 的概念，用来计算绩效奖金的，当超过这个 hurdle rate 的时候，超过的部分才有绩效奖金。
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比如：Q-19（取自一级百题 另类投资）AWJ Capital is a hedge fund with $100 million of initial investment capital. They charge a 2 percent management fee based on assets under management at year-end and a 20 percent incentive fee. In its first year, AWJ Capital has a 30 percent return. Assume management fees are calculated using end-of-period valuation. If the fee structure specifies a hard hurdle rate of 5 percent, what is an investor’s net return given this fee structure?
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解答：
$130 million × 2% = $2.6 million management fee
($130 – $100 – $100 × 5% – $2.6) million × 20% = $4.48 million incentive fee
Total fees to AWJ Capital = 4.48+2.6 = $7.08 million
Investor return: ($130 – $100 – $7.08)/$100 = 22.92%
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这里仅作为参考，在学习另类投资的时候，老师还会详细讲解，数量理解为 cost of capital 资本成本 即可。
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