國立虎尾科技大學 |

Marginal Diversification Benefits of Private Equity Fund of Funds in South African Pension Fund.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Marginal Diversification Benefits of Private Equity Fund of Funds in South African Pension Fund./
作者:	Mancuveni, Conlias.
面頁冊數:	1 online resource (126 pages)
附註:	Source: Masters Abstracts International, Volume: 85-06.
Contained By:	Masters Abstracts International85-06.
標題:	Empowerment. -
電子資源:	click for full text (PQDT)
ISBN:	9798380924207

Marginal Diversification Benefits of Private Equity Fund of Funds in South African Pension Fund.
Mancuveni, Conlias.

Marginal Diversification Benefits of Private Equity Fund of Funds in South African Pension Fund. - 1 online resource (126 pages)

Source: Masters Abstracts International, Volume: 85-06.

Thesis (M.B.A.)--University of Pretoria (South Africa), 2015.

Includes bibliographical references

The Revised Regulation 28 Of Section 36 Of The South African Pension Fund Act (No 24 Of 1956) Explicitly Allowed And Increased The Maximum Allowed Private Equity For A South African Pension Funds From 2.5% To 10%, Effective 1 July 2011 (National Treasury, 2011). Four Years Later, There Has Not Been A Meaningful Increase Of Private Equity Exposure In The South African (Sa) Pension Funds (Kpmg & Savca, 2015). In Contrast, When Regulation 28 Was Revised In 2011 To Increase The Maximum Allowed Allocation To Global Assets In Sa Pension Funds From 15% To 25%, Most Pension Fund Key Decision Makers Were Quick To Increase And Maximise Their Strategic And Tactical Allocations To Global Assets, Respectively. Bradfield And Munro (2011) Also Quantitatively Confirmed That Global Equities And Bonds Introduced Significant Diversification Benefits To Sa Pension Funds.The Main Objective Of This Study Was To Quantitatively Determine Whether Sa Private Equity Fund Of Funds Introduces Significant Diversification Benefits To Sa Pension Funds. Diversification Was Broken Into Upside Potential, Downside Risk, Downside-risk Adjusted And Pairwise Returns Association. The Secondary Objective Was To Qualitatively Assess Whether Sa Pension Fund Managers Were Objectively Assessing Private Equity. These Included Illiquidity Risk, Minimum Investments And Depth Of Private Equity Research.The Quantitative Research Methodology Used Quarterly Asset Allocation And Returns Data From Nine Asset Classes. A Control Strategic Portfolio And Ten Other Strategic Portfolios With Increasing Levels Of Private Equity Exposure Were Constructed. These Portfolios Were Then Tested For Statistical Evidence Of Improved Diversification. A Qualitative Approach In Form Of Exploratory, 15 Semi-structured Interviews Was Used To Contextualise The Quantitative Results.The Quantitative Results Showed Statistical Evidence That Sa Private Equity Has Better Pair-wise Diversification Properties Than Sa Listed Equities And Sa Property Relative To The Asset Classes In A Typical Sa Pension Fund. However, There Was No Statistical Evidence Suggesting That 10% Allocation To Sa Private Equity Fund Of Funds Results In Increased Diversification For A Sa Pension Fund. The Qualitative Findings Showed That Lack Of Investment Into Private Equity By Sa Pension Fund Managers Has Not Been Based On Objective Assessments Of Private Equity.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798380924207Subjects--Topical Terms:

1437620
Empowerment.
Index Terms--Genre/Form:

554714
Electronic books.

Marginal Diversification Benefits of Private Equity Fund of Funds in South African Pension Fund.
LDR:03681ntm a22003617 4500 001 1149075
005 20240930130041.5
006 m o d
007 cr bn ---uuuuu
008 250605s2015 xx obm 000 0 eng d
020 $a 9798380924207
035 $a (MiAaPQ)AAI30708330
035 $a (MiAaPQ)Pretoria_226352438
035 $a AAI30708330
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Mancuveni, Conlias. $3 1475214
245 1 0 $a Marginal Diversification Benefits of Private Equity Fund of Funds in South African Pension Fund.
264 0 $c 2015
300 $a 1 online resource (126 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Masters Abstracts International, Volume: 85-06.
500 $a Advisor: Collyer, Shaun.
502 $a Thesis (M.B.A.)--University of Pretoria (South Africa), 2015.
504 $a Includes bibliographical references
520 $a The Revised Regulation 28 Of Section 36 Of The South African Pension Fund Act (No 24 Of 1956) Explicitly Allowed And Increased The Maximum Allowed Private Equity For A South African Pension Funds From 2.5% To 10%, Effective 1 July 2011 (National Treasury, 2011). Four Years Later, There Has Not Been A Meaningful Increase Of Private Equity Exposure In The South African (Sa) Pension Funds (Kpmg & Savca, 2015). In Contrast, When Regulation 28 Was Revised In 2011 To Increase The Maximum Allowed Allocation To Global Assets In Sa Pension Funds From 15% To 25%, Most Pension Fund Key Decision Makers Were Quick To Increase And Maximise Their Strategic And Tactical Allocations To Global Assets, Respectively. Bradfield And Munro (2011) Also Quantitatively Confirmed That Global Equities And Bonds Introduced Significant Diversification Benefits To Sa Pension Funds.The Main Objective Of This Study Was To Quantitatively Determine Whether Sa Private Equity Fund Of Funds Introduces Significant Diversification Benefits To Sa Pension Funds. Diversification Was Broken Into Upside Potential, Downside Risk, Downside-risk Adjusted And Pairwise Returns Association. The Secondary Objective Was To Qualitatively Assess Whether Sa Pension Fund Managers Were Objectively Assessing Private Equity. These Included Illiquidity Risk, Minimum Investments And Depth Of Private Equity Research.The Quantitative Research Methodology Used Quarterly Asset Allocation And Returns Data From Nine Asset Classes. A Control Strategic Portfolio And Ten Other Strategic Portfolios With Increasing Levels Of Private Equity Exposure Were Constructed. These Portfolios Were Then Tested For Statistical Evidence Of Improved Diversification. A Qualitative Approach In Form Of Exploratory, 15 Semi-structured Interviews Was Used To Contextualise The Quantitative Results.The Quantitative Results Showed Statistical Evidence That Sa Private Equity Has Better Pair-wise Diversification Properties Than Sa Listed Equities And Sa Property Relative To The Asset Classes In A Typical Sa Pension Fund. However, There Was No Statistical Evidence Suggesting That 10% Allocation To Sa Private Equity Fund Of Funds Results In Increased Diversification For A Sa Pension Fund. The Qualitative Findings Showed That Lack Of Investment Into Private Equity By Sa Pension Fund Managers Has Not Been Based On Objective Assessments Of Private Equity.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Empowerment. $3 1437620
650 4 $a Finance. $3 559073
650 4 $a South African studies. $3 1183895
650 4 $a Sub Saharan Africa studies. $3 1179116
655 7 $a Electronic books. $2 local $3 554714
690 $a 0310
690 $a 0508
690 $a 0654
690 $a 0639
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a University of Pretoria (South Africa). $b Gordon Institute of Business Science (GIBS). $3 1437799
773 0 $t Masters Abstracts International $g 85-06.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30708330 $z click for full text (PQDT)