IFoA SA7 Practice Questions - IFoA SA7 Investment And Finance Specialist Advanced Exam

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An investment manager compares public and private market assets for a long-term institutional client. Which feature is most characteristic of private market assets such as private equity and direct infrastructure?

Continuous public price discovery and tight bid-offer spreads Illiquidity, appraisal-based valuations, and a return premium expected for accepting reduced liquidity Daily mark-to-market against a transparent exchange order book Zero correlation with listed equity over all time horizons

Correct Answer:

Illiquidity, appraisal-based valuations, and a return premium expected for accepting reduced liquidity

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