Читать книгу Alternative Investments - Hossein Kazemi - Страница 18

It would be difficult to find a major investment that is not influenced or shaped in at least some small way by each of the five primary structures. However, many investments tend to be most heavily influenced by only a subset of those structures. This section provides a general indication of the five structures that most influence the four alternative asset types of this book.

1. REAL ASSETS such as natural resources and commodities tend to have relatively fewer influences from structures, although the value and management of natural resources are often quite subject to regulations. Commodities are primarily driven by their securities structure, since they are usually traded using futures contracts, but tend not to be heavily influenced by other structures. Operationally focused real assets are dominated in size by land and real estate. The majority of land and real estate has the institutional structure of being privately held and traded. The use of securities in the structuring of cash flows and securitization has also been important in driving the nature of real estate investments. Infrastructure often includes heavy regulatory structures, while intellectual property often includes issues related to compensation structures.

2. HEDGE FUNDS are primarily driven by the trading structure: the use of active, complex, and proprietary trading strategies. Hedge funds are also distinguished by regulatory structures (e.g., the use of offshore structures due to tax regulations) and compensation structures, including the use of performance-based investment management fees.

3. PRIVATE EQUITY is clearly distinguished by the institutional structure that it is not publicly traded. Compensation, securities, and trading structures also play nontrivial roles in shaping the nature of private equity.

4. STRUCTURED PRODUCTS are clearly distinguished by the securities structure. However, structured products are also typically moderately influenced by institutional, regulatory, and compensation structures.