{"id":10907,"date":"2026-09-22T06:00:00","date_gmt":"2026-09-21T21:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmk-lm3\/"},"modified":"2026-09-22T07:09:19","modified_gmt":"2026-09-21T22:09:19","slug":"cfa-l3-pmk-lm3","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmk-lm3\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Private Markets Pathway LM3\u3011Private Equity \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\u30fbPE\u8a55\u4fa1"},"content":{"rendered":"<style>\n.cfalm-los{counter-reset:los;list-style:none;padding:0!important;margin:1em 0!important}\n.cfalm-los li{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em!important;margin:0 0 .8em!important;background:#fff}\n.cfalm-los li::before{display:none!important;content:none!important}\n.cfalm-los .ja{display:block;font-weight:bold;color:#172152;line-height:1.6}\n.cfalm-los .en{display:block;font-size:.85em;color:#667;margin-top:.3em;line-height:1.5;word-break:normal!important;overflow-wrap:anywhere}\n.cfalm-sum{background:#f6f7fb;border-radius:6px;padding:1em 1.2em!important;margin:1em 0!important;list-style:none!important}\n.cfalm-sum li{position:relative;margin:.4em 0!important;padding:0 0 0 1.1em!important;line-height:1.7;list-style:none!important}.cfalm-sum li::before{content:\"\"!important;display:block!important;position:absolute!important;left:0!important;top:.7em!important;width:6px!important;height:6px!important;border-radius:50%!important;background:#172152!important;border:none!important;transform:none!important}\n.cfalm-f{background:#f6f7fb;border-left:4px solid #172152;padding:.7em 1em;margin:.8em 0;font-family:\"Menlo\",\"Consolas\",monospace;font-size:.95em;overflow-x:auto}\n.cfalm-nav{background:#f6f7fb;padding:1em 1.2em;border-radius:6px;margin:1em 0;word-break:normal;overflow-wrap:anywhere}\n<\/style>\n<div class=\"box05\">\n<p>Learning Module 3\u300cPrivate Equity\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u300d\u306f\u3001\u4f01\u696d\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306b\u6cbf\u3063\u305f\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6226\u7565\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u3068\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3001\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u7279\u5fb4\u3001VC\u6cd5\u30fb\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u30fbLBO\u30e2\u30c7\u30eb\u306b\u3088\u308b\u8a55\u4fa1\u3001\u305d\u3057\u3066\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u306b\u304a\u3051\u308b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3092\u6271\u3046\u5358\u5143\u3067\u3059\u3002<\/p>\n<p>\u672c\u8a18\u4e8b\u3067\u306f\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306eLOS\uff08Learning Outcome Statement\uff09\u3068\u3001\u3053\u306e\u5358\u5143\u306e\u91cd\u8981\u8ad6\u70b9\u3092\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n<\/div>\n<h2>LM3\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09<\/h2>\n<p>LOS\u306f\u3001\u3053\u306e\u5358\u5143\u3067\u300c\u3067\u304d\u308b\u3088\u3046\u306b\u306a\u308b\u3079\u304d\u3053\u3068\u300d\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u308b\u5b66\u7fd2\u76ee\u6a19\u3067\u3059\u3002LM3\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u4f01\u696d\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306b\u6cbf\u3063\u305f\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6226\u7565\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss private equity strategies over the company life cycle<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u6295\u8cc7\u3068\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u306e\u7279\u5fb4\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss characteristics of venture capital and growth equity investments<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u30d0\u30a4\u30a2\u30a6\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u306e\u7279\u5fb4\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss characteristics of buyout equity investments<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u3001\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3001\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u5404\u5834\u9762\u306b\u3064\u3044\u3066\u3001\u4e3b\u8981\u306a\u30a4\u30f3\u30d7\u30c3\u30c8\u3092\u63a8\u5b9a\u30fb\u89e3\u91c8\u3057\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u306e\u4fa1\u5024\u3092\u8a08\u7b97\u3059\u308b<\/span><span class=\"en\">estimate and interpret key inputs and calculate the value of a private equity investment for venture capital, growth equity, and buyout situations<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u9593\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3001\u304a\u3088\u3073\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u306e\u4e00\u90e8\u3068\u3057\u3066\u306e\u4ed6\u306e\u6295\u8cc7\u3068\u306e\u6bd4\u8f03\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the risk and return among private equity investments as well as versus other investments as part of a strategic asset allocation<\/span><\/li>\n<\/ol>\n<h2>LM3\u306e\u307e\u3068\u3081<\/h2>\n<p>\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u3092\u307e\u3068\u3081\u308b\u3068\u3001\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n<ul class=\"cfalm-sum\">\n<li>\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6226\u7565\u306f\u4f01\u696d\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306b\u6cbf\u3063\u3066\u3001\u5275\u696d\u671f\u306e\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u3001\u4e8b\u696d\u62e1\u5927\u671f\u306e\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3001\u6210\u719f\u4f01\u696d\u3092\u53d6\u5f97\u30fb\u652f\u914d\u30fb\u5909\u9769\u3057\u3066\u58f2\u5374\u3059\u308b\u30d0\u30a4\u30a2\u30a6\u30c8\u306b\u5206\u304b\u308c\u308b<\/li>\n<li>\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u306f\u3001\u58f2\u4e0a\u304c\u306a\u304f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\u306e\u521d\u671f\u6bb5\u968e\u3067\u3001\u4e8b\u696d\u306e\u7acb\u3061\u4e0a\u3052\u30fb\u88fd\u54c1\u958b\u767a\u30fb\u5e02\u5834\u78ba\u7acb\u306e\u305f\u3081\u306b\u6295\u5165\u3055\u308c\u308b<\/li>\n<li>\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u306f\u3001\u5e02\u5834\u304c\u5b9f\u8a3c\u6e08\u307f\u3067\u88fd\u54c1\u3082\u78ba\u7acb\u3057\u305f\u5f8c\u671f\u6bb5\u968e\u306e\u4f01\u696d\u304c\u3001\u4e8b\u696d\u62e1\u5927\u306e\u8cc7\u91d1\u3068\u3057\u3066\u7528\u3044\u308b<\/li>\n<li>\u30d0\u30a4\u30a2\u30a6\u30c8\uff08LBO\uff09\u306f\u3001\u4f01\u696d\u4fa1\u5024\u3068\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6539\u5584\u4f59\u5730\u3092\u898b\u8fbc\u3093\u3067\u6210\u719f\u4f01\u696d\u306e\u652f\u914d\u6301\u5206\u3092\u53d6\u5f97\u3059\u308b\u3082\u306e\u3002\u682a\u5f0f\u3068\u8ca0\u50b5\u3067\u8cb7\u53ce\u3057\u3001\u518d\u69cb\u7bc9\u5f8c\u306e\u5897\u5206\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8ca0\u50b5\u3092\u8fd4\u6e08\u3057\u3001\u58f2\u5374\u3067\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b<\/li>\n<li>\u8a55\u4fa1\u3067\u306f\u53d6\u5f97\u6642\u3068\u58f2\u5374\u6642\u306e\u4fa1\u5024\u304b\u3089ROI\u3068IRR\u3092\u6c42\u3081\u308b\u3002VC\u6cd5\u306f\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u3068\u76ee\u6a19ROI\u304b\u3089\u6295\u8cc7\u524d\u306e\u4f01\u696d\u4fa1\u5024\u3092\u9006\u7b97\u3057\u3001\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u6cd5\u306f\u6295\u8cc7\u671f\u9593\u306e\u6210\u9577\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u3092\u7e54\u308a\u8fbc\u3080<\/li>\n<li>LBO\u30e2\u30c7\u30eb\u306f\u8ca1\u52d9\u8af8\u8868\u5206\u6790\u304b\u3089\u53d6\u5f97\u6642\u30fb\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u3092\u5c0e\u304d\u3001\u591a\u984d\u306e\u8ca0\u50b5\u3092\u6295\u8cc7\u671f\u9593\u4e2d\u306b\u8fd4\u6e08\u3057\u3066\u3044\u304f\u524d\u63d0\u3092\u7f6e\u304f<\/li>\n<li>\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u306b\u304a\u3051\u308b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u5f79\u5272\u306f\u3001\u8ffd\u52a0\u306e\u30ea\u30b9\u30af\u3068\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u9ad8\u3044\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u30ea\u30bf\u30fc\u30f3\u3068\u3001\u4e0a\u5834\u682a\u5f0f\u306b\u5bfe\u3059\u308b\u5206\u6563\u52b9\u679c\u306e\u7372\u5f97<\/li>\n<\/ul>\n<p>\u4ee5\u4e0b\u3001LOS\u3054\u3068\u306b\u91cd\u8981\u8ad6\u70b9\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n<h3>LOS 1\uff1a\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306b\u6cbf\u3063\u305fPE\u6226\u7565<\/h3>\n<p>\u4f01\u696d\u306f<strong>\u5275\u696d\u671f\u2192\u6210\u9577\u671f\u2192\u6210\u719f\u671f\u2192\u8870\u9000\u671f<\/strong>\u3068\u9032\u307f\u3001\u5404\u6bb5\u968e\u3067\u5fc5\u8981\u306a\u8cc7\u672c\u306e\u6027\u683c\u304c\u7570\u306a\u308a\u307e\u3059\u3002\u5275\u696d\u671f\u306b\u306f<strong>\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb<\/strong>\u3001\u6210\u9577\u671f\u306b\u306f<strong>\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/strong>\u3001\u6210\u719f\u671f\u306b\u306f<strong>\u30d0\u30a4\u30a2\u30a6\u30c8<\/strong>\u304c\u5bfe\u5fdc\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5275\u696d\u671f\uff1a\u58f2\u4e0a\u307b\u307c\u306a\u3057\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306f\u30de\u30a4\u30ca\u30b9\u3001\u8cc7\u7523\u3082\u5c11\u306a\u3044<\/li>\n<li>\u6210\u9577\u671f\uff1a\u58f2\u4e0a\u304c\u6025\u62e1\u5927\u3001\u4e8b\u696d\u62e1\u5927\u306e\u8cc7\u91d1\u9700\u8981<\/li>\n<li>\u6210\u719f\u671f\uff1a\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u8ca0\u50b5\u3092\u6d3b\u7528\u3057\u305f\u8cb7\u53ce\u306b\u9069\u3059\u308b<\/li>\n<li>\u8870\u9000\u671f\uff1a\u4e8b\u696d\u518d\u7de8\u30fb\u518d\u751f\u306e\u5bfe\u8c61<\/li>\n<li>\u4e0a\u5834\u8981\u4ef6\u3084\u958b\u793a\u8ca0\u62c5\u3092\u907f\u3051\u3066\u3001\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u8cc7\u672c\u3092\u9078\u3076\u4f01\u696d\u3082\u591a\u3044<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u3068\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/h3>\n<p><strong>\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb<\/strong>\u306f\u3001\u4e8b\u696d\u30b3\u30f3\u30bb\u30d7\u30c8\u306e\u691c\u8a3c\u3084\u88fd\u54c1\u30fb\u5e02\u5834\u306e\u78ba\u7acb\u6bb5\u968e\u306b\u3042\u308b\u4f01\u696d\u3078\u3001\u8907\u6570\u306e\u6295\u8cc7\u5bb6\u304c\u6bb5\u968e\u7684\u306b\u5c11\u6570\u6301\u5206\u3067\u51fa\u8cc7\u3059\u308b\u3082\u306e\u3067\u3001\u5931\u6557\u7387\u304c\u9ad8\u3044\u4e00\u65b9\u3001\u6210\u529f\u6642\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u5927\u304d\u3044\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002<strong>\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/strong>\u306f\u3001\u5b9f\u7e3e\u306e\u3042\u308b\u88fd\u54c1\u30fb\u5e02\u5834\u3092\u6301\u3064\u4f01\u696d\u306e\u62e1\u5927\u8cc7\u91d1\u3067\u3001\u901a\u5e38\u306f\u5c11\u6570\u6301\u5206\u3067\u8ca0\u50b5\u306e\u5229\u7528\u306f\u9650\u5b9a\u7684\u3067\u3059\u3002<\/p>\n<ul>\n<li>VC\uff1a\u975e\u5e38\u306b\u9ad8\u3044\u30ea\u30b9\u30af\u3001\u6bb5\u968e\u7684\u51fa\u8cc7\uff08\u30e9\u30a6\u30f3\u30c9\uff09\u3001\u8907\u6570\u6295\u8cc7\u5bb6\u306b\u3088\u308b\u5c11\u6570\u6301\u5206<\/li>\n<li>VC\uff1a\u53d6\u7de0\u5f79\u4f1a\u30fb\u30a2\u30c9\u30d0\u30a4\u30b6\u30fc\u3068\u3057\u3066\u306e\u95a2\u4e0e\u306a\u3069\u4e00\u5b9a\u306e\u652f\u914d\u6a29\u3092\u6c42\u3081\u308b<\/li>\n<li>VC\uff1a\u591a\u304f\u306e\u6295\u8cc7\u5148\u304c\u5931\u6557\u3057\u3001\u5c11\u6570\u306e\u6210\u529f\u6848\u4ef6\u304c\u30ea\u30bf\u30fc\u30f3\u306e\u5927\u534a\u3092\u751f\u3080<\/li>\n<li>\u30b0\u30ed\u30fc\u30b9\uff1a\u58f2\u4e0a\u30fb\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u7acb\u3061\u4e0a\u304c\u3063\u305f\u4f01\u696d\u306e\u4e8b\u696d\u62e1\u5927\u3001M&#038;A\u3001\u65b0\u5e02\u5834\u9032\u51fa\u306e\u8cc7\u91d1<\/li>\n<li>\u30b0\u30ed\u30fc\u30b9\uff1aVC\u3088\u308a\u4f4e\u30ea\u30b9\u30af\u3001\u30d0\u30a4\u30a2\u30a6\u30c8\u3088\u308a\u8ca0\u50b5\u4f9d\u5b58\u304c\u5c0f\u3055\u3044<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u30d0\u30a4\u30a2\u30a6\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u306e\u7279\u5fb4<\/h3>\n<p><strong>\u30d0\u30a4\u30a2\u30a6\u30c8\uff08LBO\uff09<\/strong>\u306f\u3001\u6539\u5584\u4f59\u5730\u306e\u3042\u308b\u6210\u719f\u4f01\u696d\u306e<strong>\u652f\u914d\u6301\u5206<\/strong>\u3092\u682a\u5f0f\u3068\u591a\u984d\u306e\u8ca0\u50b5\u3067\u53d6\u5f97\u3057\u3001\u7d4c\u55b6\u6539\u5584\u3067\u751f\u307e\u308c\u305f<strong>\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8ca0\u50b5\u3092\u8fd4\u6e08<\/strong>\u3057\u305f\u3046\u3048\u3067\u58f2\u5374\u3057\u3066\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u6226\u7565\u3067\u3059\u3002\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u3088\u3063\u3066\u682a\u5f0f\u30ea\u30bf\u30fc\u30f3\u304c\u9ad8\u307e\u308b\u4e00\u65b9\u3001\u8ca1\u52d9\u30ea\u30b9\u30af\u3082\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5bfe\u8c61\uff1a\u5b89\u5b9a\u3057\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3001\u6539\u5584\u4f59\u5730\u3001\u8ca0\u50b5\u8fd4\u6e08\u80fd\u529b\u304c\u3042\u308b\u6210\u719f\u4f01\u696d<\/li>\n<li>\u5f62\u614b\uff1a\u4e0a\u5834\u4f01\u696d\u306e\u975e\u516c\u958b\u5316\uff08\u30c6\u30a4\u30af\u30fb\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\uff09\u3001\u4e8b\u696d\u90e8\u9580\u306e\u30ab\u30fc\u30d6\u30a2\u30a6\u30c8\u3001\u7d4c\u55b6\u9663\u306b\u3088\u308b\u8cb7\u53ce\uff08MBO\uff09\u306a\u3069<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\uff1aEBITDA\u306e\u6210\u9577\u3001\u8ca0\u50b5\u306e\u8fd4\u6e08\u3001\u58f2\u5374\u6642\u306e\u30de\u30eb\u30c1\u30d7\u30eb\u4e0a\u6607<\/li>\n<li>\u652f\u914d\u6a29\u3092\u6d3b\u304b\u3057\u305f\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u6539\u5584\u3068\u30ac\u30d0\u30ca\u30f3\u30b9\u5f37\u5316<\/li>\n<li>\u9ad8\u30ec\u30d0\u30ec\u30c3\u30b8\u306b\u3088\u308b\u8ca1\u52d9\u30ea\u30b9\u30af\u3068\u30b3\u30d9\u30ca\u30f3\u30c4<\/li>\n<\/ul>\n<h3>LOS 4\uff1aPE\u6295\u8cc7\u306e\u4fa1\u5024\u8a55\u4fa1\uff08VC\u6cd5\u30fb\u30b0\u30ed\u30fc\u30b9\u30fbLBO\uff09<\/h3>\n<p>\u3044\u305a\u308c\u3082<strong>\u53d6\u5f97\u6642\u3068\u58f2\u5374\u6642\u306e\u4fa1\u5024<\/strong>\u304b\u3089ROI\uff08\u500d\u7387\uff09\u3068IRR\u3092\u6c42\u3081\u308b\u306e\u304c\u57fa\u672c\u3067\u3059\u3002<strong>VC\u6cd5<\/strong>\u306f\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u3092\u76ee\u6a19ROI\u3067\u5272\u308a\u623b\u3057\u3066\u6295\u8cc7\u5f8c\u4fa1\u5024\u3092\u6c42\u3081\u3001\u6295\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u3066\u6295\u8cc7\u524d\u4fa1\u5024\u3092\u6c42\u3081\u307e\u3059\u3002<strong>\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/strong>\u306f\u6210\u9577\u671f\u9593\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u4e88\u6e2c\u3001<strong>LBO\u30e2\u30c7\u30eb<\/strong>\u306fEV\/EBITDA\u500d\u7387\u3068\u8ca0\u50b5\u8fd4\u6e08\u3092\u7e54\u308a\u8fbc\u307f\u307e\u3059\u3002<\/p>\n<ul>\n<li>VC\u6cd5\uff1a\u6295\u8cc7\u5f8c\u4fa1\u5024\uff08POST\uff09\uff1d\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u00f7\u76ee\u6a19ROI\u3001\u6295\u8cc7\u524d\u4fa1\u5024\uff08PRE\uff09\uff1dPOST\u2212\u6295\u8cc7\u984d<\/li>\n<li>VC\u306e\u6301\u5206\u6bd4\u7387\uff1d\u6295\u8cc7\u984d\u00f7POST\uff08\u5c06\u6765\u306e\u5897\u8cc7\u306b\u3088\u308b\u5e0c\u8584\u5316\u3082\u8003\u616e\uff09<\/li>\n<li>LBO\uff1aEV\uff1dEBITDA\u00d7EV\/EBITDA\u500d\u7387\u3001\u682a\u5f0f\u4fa1\u5024\uff1dEV\u2212\u7d14\u6709\u5229\u5b50\u8ca0\u50b5<\/li>\n<li>LBO\u306e\u682a\u5f0f\u4fa1\u5024\u306e\u5897\u52a0\uff1dEBITDA\u6210\u9577\uff0b\u30de\u30eb\u30c1\u30d7\u30eb\u5909\u5316\uff0b\u8ca0\u50b5\u8fd4\u6e08<\/li>\n<li>IRR\uff1d(\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u00f7\u6295\u8cc7\u984d)^(1\/\u5e74\u6570)\u22121\uff08\u9014\u4e2d\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u306a\u3044\u5834\u5408\uff09<\/li>\n<\/ul>\n<div class=\"cfalm-f\">POST = \u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024 \u00f7 \u76ee\u6a19ROI\u3001PRE = POST \u2212 \u6295\u8cc7\u984d\u3001\u6301\u5206\u6bd4\u7387 = \u6295\u8cc7\u984d \u00f7 POST<\/div>\n<h3>LOS 5\uff1aPE\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3001\u8cc7\u7523\u914d\u5206\u3067\u306e\u5f79\u5272<\/h3>\n<p>VC\u306f\u6700\u3082\u30ea\u30b9\u30af\u304c\u9ad8\u304f\u7d50\u679c\u306e\u3070\u3089\u3064\u304d\u3082\u5927\u304d\u304f\u3001\u30b0\u30ed\u30fc\u30b9\u3001\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u9806\u306b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u5b89\u5b9a\u3057\u307e\u3059\u3002\u8cc7\u7523\u914d\u5206\u3067\u306e\u5f79\u5272\u306f\u3001<strong>\u8ffd\u52a0\u306e\u30ea\u30b9\u30af\u30fb\u30b3\u30b9\u30c8\u30fb\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3092\u4e0a\u56de\u308b\u30ea\u30b9\u30af\u8abf\u6574\u5f8c\u30ea\u30bf\u30fc\u30f3<\/strong>\u3068\u3001\u4e0a\u5834\u682a\u5f0f\u306b\u5bfe\u3059\u308b<strong>\u5206\u6563\u52b9\u679c<\/strong>\u3092\u5f97\u308b\u3053\u3068\u3067\u3059\u3002<\/p>\n<ul>\n<li>VC\uff1a\u4e8b\u696d\u30ea\u30b9\u30af\u30fb\u5931\u6557\u7387\u304c\u6700\u3082\u9ad8\u3044\u3001\u30ea\u30bf\u30fc\u30f3\u306f\u5c11\u6570\u6848\u4ef6\u306b\u96c6\u4e2d<\/li>\n<li>\u30b0\u30ed\u30fc\u30b9\uff1a\u4e8b\u696d\u5b9f\u884c\u30ea\u30b9\u30af\u4e2d\u5fc3<\/li>\n<li>\u30d0\u30a4\u30a2\u30a6\u30c8\uff1a\u8ca1\u52d9\u30ec\u30d0\u30ec\u30c3\u30b8\u30fb\u30ea\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u306e\u30ea\u30b9\u30af\u3001\u666f\u6c17\u3084\u91d1\u5229\u306b\u654f\u611f<\/li>\n<li>\u8a55\u4fa1\u306e\u5e73\u6ed1\u5316\u306b\u3088\u308a\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u76f8\u95a2\u304c\u904e\u5c0f\u306b\u898b\u3048\u3084\u3059\u3044<\/li>\n<li>\u9ad8\u3044\u624b\u6570\u6599\u3001\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u904b\u7528\u8005\u9593\u306e\u30ea\u30bf\u30fc\u30f3\u683c\u5dee\u306e\u5927\u304d\u3055<\/li>\n<\/ul>\n<h2>\u52b9\u7387\u3088\u304f\u5b66\u3076\u306b\u306f FA-Academy<\/h2>\n<p>CFA\u00ae\ufe0e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u306f\u82f1\u8a9e\u3067\u5206\u91cf\u3082\u591a\u304f\u30011\u3064\u3072\u3068\u3064\u306e\u5358\u5143\u3092\u82f1\u8a9e\u3060\u3051\u3067\u7406\u89e3\u3057\u3066\u3044\u304f\u306e\u306f\u5927\u304d\u306a\u8ca0\u62c5\u3067\u3059\u3002<\/p>\n<p>FA-Academy\uff08Financial Analyst Academy\uff09\u306f\u3001<strong>\u65e5\u672c\u8a9e\u3067\u5b66\u3079\u308b\u6570\u5c11\u306a\u3044CFA\u00ae\ufe0e\u8a66\u9a13\u30b5\u30dd\u30fc\u30c8<\/strong>\u3067\u3059\u3002\u3053\u308c\u307e\u3067 Level 1 \u304b\u3089 Level 3 \u307e\u3067\u591a\u304f\u306e\u5408\u683c\u8005\u3092\u8f29\u51fa\u3057\u3066\u304a\u308a\u3001\u5408\u683c\u8005\u306e\u65b9\u3005\u3068\u306e\u5bfe\u8ac7\u3082\u6570\u591a\u304f\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3069\u3093\u306a\u65b9\u304c\u3001\u3069\u306e\u3088\u3046\u306b\u5408\u683c\u3055\u308c\u305f\u306e\u304b\u306f<a href=\"https:\/\/triumphmind.com\/cfa\/category\/gokaku\/\" target=\"_blank\" rel=\"noopener\">\u5408\u683c\u8005\u5bfe\u8ac7\u30fb\u5408\u683c\u4f53\u9a13\u8ac7\u306e\u4e00\u89a7<\/a>\u304b\u3089\u3054\u89a7\u3044\u305f\u3060\u3051\u307e\u3059\u3002<\/p>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/level3-mail\/\" target=\"_blank\" rel=\"noopener\">Level 3 \u65e5\u672c\u8a9e\u8981\u70b9\u96c6\u306e\u7121\u6599\u30b5\u30f3\u30d7\u30eb\u3092\u53d7\u3051\u53d6\u308b\uff087\u65e5\u9593\u30e1\u30fc\u30eb\u8b1b\u5ea7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/timerex.net\/s\/cfa.tips.slack_2a23\/e72e883e\/\" target=\"_blank\" rel=\"noopener\">\u7121\u6599\u500b\u5225\u9762\u8ac7\u3092\u4e88\u7d04\u3059\u308b\uff08\u5b66\u7fd2\u8a08\u753b\u306e\u3054\u76f8\u8ac7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/course\/\" target=\"_blank\" rel=\"noopener\">\u53d7\u8b1b\u6848\u5185\uff08\u30b3\u30fc\u30b9\u4e00\u89a7\u30fb\u53d7\u8b1b\u6599\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n<div class=\"cfalm-nav\">\u524d\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmk-lm2\/\">LM2 General Partner and Investor Perspectives and the Investment Process\uff08GP\u3068\u6295\u8cc7\u5bb6\u306e\u8996\u70b9\u3001\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmk-lm4\/\">LM4 Private Debt\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\uff09<\/a><br \/>\n\u5168\u4f53\u306e\u76ee\u6b21\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l3-pmk\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 3 Private Markets Pathway\uff09<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 3 Private Markets Pathway LM3\u300cPrivate Equity\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\uff09\u300d\u306eLOS\uff08\u5b66\u7fd2\u76ee\u6a19\uff09\u3068\u91cd\u8981\u8ad6\u70b9\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306b\u57fa\u3065\u3044\u3066\u65e5\u672c\u8a9e\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002<\/p>\n","protected":false},"author":1,"featured_media":11253,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-10907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-level3-topics"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/comments?post=10907"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10907\/revisions"}],"predecessor-version":[{"id":11080,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10907\/revisions\/11080"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11253"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}