{"id":10909,"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-lm5\/"},"modified":"2026-09-22T07:09:24","modified_gmt":"2026-09-21T22:09:24","slug":"cfa-l3-pmk-lm5","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmk-lm5\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Private Markets Pathway LM5\u3011Private Special Situations \u3092\u8981\u70b9\u89e3\u8aac\uff5c\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8\u30fbDIP\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u30fb\u8cc7\u672c\u69cb\u6210\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u30fb\u30b7\u30ca\u30ea\u30aa\u5206\u6790"},"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 5\u300cPrivate Special Situations\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\uff09\u300d\u306f\u3001\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8\u3068\u8ca1\u52d9\u5371\u6a5f\u6642\u306e\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u30fb\u6295\u8cc7\u6226\u7565\u3001\u91d1\u878d\u6df7\u4e71\u6642\u306e\u8907\u96d1\u306a\u6295\u8cc7\u72b6\u6cc1\u3001\u30c7\u30e5\u30fc\u30fb\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u8a55\u4fa1\u3001\u305d\u3057\u3066\u4ed6\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u3068\u6bd4\u3079\u305f\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>LM5\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\u3002LM5\u306b\u306f5\u3064\u306eLOS\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<ol class=\"cfalm-los\">\n<li><span class=\"ja\">LOS 1\uff1a\u7279\u6b8a\u306a\u6295\u8cc7\u72b6\u6cc1\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the characteristics and risks of special investment situations<\/span><\/li>\n<li><span class=\"ja\">LOS 2\uff1a\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8\u306e\u7279\u5fb4\u3001\u8ca1\u52d9\u5371\u6a5f\u306b\u3042\u308b\u767a\u884c\u4f53\u306e\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u72b6\u6cc1\u306b\u304a\u3051\u308b\u6295\u8cc7\u6226\u7565\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the features of distressed debt, financing alternatives for issuers in financial distress, and investment strategies in distressed situations<\/span><\/li>\n<li><span class=\"ja\">LOS 3\uff1a\u91d1\u878d\u306e\u6df7\u4e71\u3084\u30b9\u30c8\u30ec\u30b9\u3092\u4f34\u3046\u8907\u96d1\u306a\u6295\u8cc7\u72b6\u6cc1\u306e\u7279\u5fb4\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the features of complex investment situations involving financial dislocation or stress<\/span><\/li>\n<li><span class=\"ja\">LOS 4\uff1a\u7279\u6b8a\u306a\u6295\u8cc7\u72b6\u6cc1\u3092\u8a55\u4fa1\u3059\u308b\u305f\u3081\u306e\u30c7\u30e5\u30fc\u30fb\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u8a55\u4fa1\u30d7\u30ed\u30bb\u30b9\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the due diligence and valuation processes used to evaluate special investment situations<\/span><\/li>\n<li><span class=\"ja\">LOS 5\uff1a\u6226\u7565\u7684\u8cc7\u7523\u914d\u5206\u306e\u4e00\u90e8\u3068\u3057\u3066\u3001\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\u9593\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3001\u304a\u3088\u3073\u4ed6\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u3068\u306e\u6bd4\u8f03\u3092\u8ad6\u3058\u308b<\/span><span class=\"en\">discuss the risk and return among special situations and compared to other forms of private debt as part of a strategic asset allocation<\/span><\/li>\n<\/ol>\n<h2>LM5\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>\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\u306f\u3001\u8ca1\u52d9\u5371\u6a5f\u306b\u3042\u308b\u767a\u884c\u4f53\u3084\u3001\u6bd4\u8f03\u7684\u77ed\u671f\u9593\u3067\u8d77\u3053\u308b\u30a4\u30d9\u30f3\u30c8\u306b\u95a2\u9023\u3059\u308b\u6295\u8cc7\u6a5f\u4f1a\u3092\u5bfe\u8c61\u3068\u3059\u308b<\/li>\n<li>\u6226\u7565\u306b\u306f\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u767a\u884c\u4f53\u306e\u8a3c\u5238\u306e\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u306e\u6d3b\u7528\u3001M&#038;A\u306a\u3069\u306e\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30a2\u30af\u30b7\u30e7\u30f3\u3001\u8ee2\u63db\u793e\u50b5\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306e\u3088\u3046\u306a\u8907\u96d1\u306a\u72b6\u6cc1\u304c\u3042\u308b<\/li>\n<li>\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8\u306f\u3001\u6d41\u52d5\u6027\u4e0d\u8db3\u30fb\u50b5\u52d9\u8d85\u904e\u3001\u307e\u305f\u306f\u50b5\u52d9\u4e0d\u5c65\u884c\u306e\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u767a\u884c\u4f53\u306e\u50b5\u52d9<\/li>\n<li>\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u6642\u306e\u8cc7\u91d1\u8abf\u9054\u624b\u6bb5\u306b\u306f\u3001\u7834\u7523\u624b\u7d9a\u306e\u5916\u307e\u305f\u306f\u5185\u3067\u306e\u50b5\u52d9\u4ea4\u63db\u3001\u518d\u5efa\u671f\u9593\u4e2d\u306e\u62c5\u4fdd\u4ed8\u304dDIP\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\u304c\u3042\u308b<\/li>\n<li>\u682a\u5f0f\u3068\u4fe1\u7528\u306e\u4fa1\u683c\u3092\u7d50\u3076\u69cb\u9020\u30e2\u30c7\u30eb\u3067\u3001\u682a\u5f0f\u30fb\u793e\u50b5\u30fbCDS\u306e\u76f8\u5bfe\u4fa1\u5024\u3092\u5224\u65ad\u3067\u304d\u308b\u3002\u8cc7\u672c\u69cb\u6210\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u3084\u8ee2\u63db\u793e\u50b5\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\u306f\u3001\u3053\u3046\u3057\u305f\u4fa1\u683c\u306e\u6b6a\u307f\u3092\u6349\u3048\u3088\u3046\u3068\u3059\u308b<\/li>\n<li>\u7279\u6b8a\u72b6\u6cc1\u3067\u306f\u3001\u30c7\u30e5\u30fc\u30fb\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u6642\u9593\u304c\u77ed\u304f\u3001\u60c5\u5831\u3082\u5c11\u306a\u304f\u30a4\u30d9\u30f3\u30c8\u3067\u5909\u5316\u3057\u3084\u3059\u3044\u3002\u8a55\u4fa1\u306b\u306f\u3001\u6e05\u7b97\u3068\u7d99\u7d9a\u4f01\u696d\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u78ba\u7387\u3067\u52a0\u91cd\u3059\u308b\u30b7\u30ca\u30ea\u30aa\u5206\u6790\u304c\u3088\u304f\u4f7f\u308f\u308c\u308b<\/li>\n<li>\u30a4\u30d9\u30f3\u30c8\u306b\u3088\u308b\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u3092\u72d9\u3046\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\u306f\u3001\u5229\u606f\u3068\u5143\u672c\u56de\u53ce\u304c\u4e3b\u306a\u30ea\u30bf\u30fc\u30f3\u6e90\u306e\u50b5\u5238\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u306b\u5206\u6563\u52b9\u679c\u3092\u3082\u305f\u3089\u3057\u3046\u308b<\/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\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\u306e\u7279\u5fb4\u3068\u30ea\u30b9\u30af<\/h3>\n<p><strong>\u7279\u6b8a\u72b6\u6cc1\uff08\u30b9\u30da\u30b7\u30e3\u30eb\u30fb\u30b7\u30c1\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09\u6295\u8cc7<\/strong>\u306f\u3001\u8ca1\u52d9\u5371\u6a5f\u3084\u3001M&#038;A\u30fb\u30b9\u30d4\u30f3\u30aa\u30d5\u306a\u3069\u306e<strong>\u30a4\u30d9\u30f3\u30c8<\/strong>\u306b\u3088\u3063\u3066\u751f\u3058\u308b\u4fa1\u683c\u306e\u6b6a\u307f\u3092\u3001\u6bd4\u8f03\u7684\u77ed\u3044\u671f\u9593\u3067\u6349\u3048\u3088\u3046\u3068\u3059\u308b\u6295\u8cc7\u3067\u3059\u3002\u30ea\u30bf\u30fc\u30f3\u306f\u30a4\u30d9\u30f3\u30c8\u306e\u7d50\u679c\u3068\u30bf\u30a4\u30df\u30f3\u30b0\u306b\u5927\u304d\u304f\u4f9d\u5b58\u3057\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u5bfe\u8c61\uff1a\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u767a\u884c\u4f53\u3001\u30b3\u30fc\u30dd\u30ec\u30fc\u30c8\u30fb\u30a2\u30af\u30b7\u30e7\u30f3\uff08M&#038;A\u306a\u3069\uff09\u3001\u91d1\u878d\u6df7\u4e71\u6642\u306e\u8907\u96d1\u306a\u72b6\u6cc1<\/li>\n<li>\u30ea\u30bf\u30fc\u30f3\u306e\u6e90\u6cc9\uff1a\u30a4\u30d9\u30f3\u30c8\u306b\u4f34\u3046\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u306e\u4fee\u6b63<\/li>\n<li>\u30ea\u30b9\u30af\uff1a\u30a4\u30d9\u30f3\u30c8\u306e\u7d50\u679c\u30fb\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u4e0d\u78ba\u5b9f\u6027\u3001\u6cd5\u7684\u624b\u7d9a\u306e\u30ea\u30b9\u30af<\/li>\n<li>\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3001\u60c5\u5831\u306e\u5c11\u306a\u3055<\/li>\n<li>\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u306f\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u306e\u4e00\u5206\u985e\u3068\u3057\u3066\u6271\u3046<\/li>\n<\/ul>\n<h3>LOS 2\uff1a\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8\u3001\u8ca1\u52d9\u5371\u6a5f\u6642\u306e\u8cc7\u91d1\u8abf\u9054\u3001\u6295\u8cc7\u6226\u7565<\/h3>\n<p><strong>\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8<\/strong>\u306f\u3001\u6d41\u52d5\u6027\u4e0d\u8db3\u3084\u50b5\u52d9\u8d85\u904e\u3067\u50b5\u52d9\u4e0d\u5c65\u884c\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u767a\u884c\u4f53\u306e\u50b5\u52d9\u3067\u3059\u3002\u767a\u884c\u4f53\u306f<strong>\u7834\u7523\u624b\u7d9a\u5916\u306e\u50b5\u52d9\u4ea4\u63db<\/strong>\u3084<strong>\u7834\u7523\u624b\u7d9a\u5185\u3067\u306e\u518d\u5efa<\/strong>\u3067\u5bfe\u5fdc\u3057\u3001\u518d\u5efa\u4e2d\u306f\u512a\u5148\u5f01\u6e08\u3055\u308c\u308b<strong>DIP\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/strong>\u3067\u8cc7\u91d1\u3092\u5f97\u307e\u3059\u3002\u6295\u8cc7\u5bb6\u306f\u5b89\u304f\u8cb7\u3063\u305f\u50b5\u6a29\u306e\u56de\u53ce\u3084\u3001\u518d\u5efa\u5f8c\u306e\u682a\u5f0f\u53d6\u5f97\uff08\u30ed\u30fc\u30f3\u30fb\u30c8\u30a5\u30fb\u30aa\u30a6\u30f3\uff09\u3092\u72d9\u3044\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u624b\u7d9a\u5916\u306e\u50b5\u52d9\u4ea4\u63db\uff08\u30a8\u30af\u30b9\u30c1\u30a7\u30f3\u30b8\u30fb\u30aa\u30d5\u30a1\u30fc\uff09\uff1a\u8fc5\u901f\u30fb\u4f4e\u30b3\u30b9\u30c8\u3060\u304c\u50b5\u6a29\u8005\u306e\u5408\u610f\u304c\u5fc5\u8981<\/li>\n<li>\u624b\u7d9a\u5185\u306e\u518d\u5efa\uff08\u7c73\u56fd\u306eChapter 11\u306a\u3069\uff09\uff1a\u88c1\u5224\u6240\u306e\u76e3\u7763\u4e0b\u3067\u50b5\u52d9\u3092\u518d\u7de8\u3001\u30d7\u30ec\u30d1\u30c3\u30b1\u30fc\u30b8\u578b\u3082\u3042\u308b<\/li>\n<li>DIP\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9\uff1a\u518d\u5efa\u671f\u9593\u4e2d\u306e\u62c5\u4fdd\u4ed8\u304d\u65b0\u898f\u878d\u8cc7\u3001\u65e2\u5b58\u50b5\u6a29\u3088\u308a\u512a\u5148<\/li>\n<li>\u6226\u7565\uff1a\u5272\u5b89\u306a\u50b5\u6a29\u306e\u8cfc\u5165\u3068\u56de\u53ce\u3001\u518d\u5efa\u30d7\u30ed\u30bb\u30b9\u3078\u306e\u80fd\u52d5\u7684\u306a\u95a2\u4e0e\u3001\u30ed\u30fc\u30f3\u30fb\u30c8\u30a5\u30fb\u30aa\u30a6\u30f3<\/li>\n<li>\u8fd4\u6e08\u9806\u4f4d\uff08\u7d76\u5bfe\u512a\u5148\u306e\u539f\u5247\uff09\u304c\u56de\u53ce\u984d\u3092\u5de6\u53f3<\/li>\n<\/ul>\n<h3>LOS 3\uff1a\u91d1\u878d\u306e\u6df7\u4e71\u6642\u306e\u8907\u96d1\u306a\u6295\u8cc7\u72b6\u6cc1<\/h3>\n<p>\u91d1\u878d\u306e\u6df7\u4e71\u3084\u30b9\u30c8\u30ec\u30b9\u6642\u306b\u306f\u3001\u540c\u3058\u4f01\u696d\u306e\u682a\u5f0f\u30fb\u793e\u50b5\u30fbCDS\u306e\u9593\u3067\u4fa1\u683c\u306e\u6574\u5408\u6027\u304c\u5d29\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u3002\u682a\u5f0f\u3092\u4f01\u696d\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u307f\u306a\u3059<strong>\u69cb\u9020\u30e2\u30c7\u30eb<\/strong>\u3092\u4f7f\u3048\u3070\u3001\u5404\u8a3c\u5238\u306e\u76f8\u5bfe\u4fa1\u5024\u3092\u5224\u65ad\u3067\u304d\u307e\u3059\u3002<strong>\u8cc7\u672c\u69cb\u6210\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/strong>\u3084<strong>\u8ee2\u63db\u793e\u50b5\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/strong>\u306f\u3053\u306e\u6b6a\u307f\u3092\u6349\u3048\u308b\u6226\u7565\u3067\u3059\u3002<\/p>\n<ul>\n<li>\u69cb\u9020\u30e2\u30c7\u30eb\uff1a\u682a\u5f0f\uff1d\u4f01\u696d\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u8ca0\u50b5\u306f\u8cc7\u7523\u4fa1\u5024\u3068\u9023\u52d5<\/li>\n<li>\u8cc7\u672c\u69cb\u6210\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\uff1a\u5272\u5b89\u306a\u8a3c\u5238\u3092\u8cb7\u3044\u3001\u5272\u9ad8\u306a\u8a3c\u5238\u3092\u58f2\u308b\uff08\u4f8b\uff1a\u793e\u50b5\u3068CDS\u3001\u793e\u50b5\u3068\u682a\u5f0f\uff09<\/li>\n<li>\u8ee2\u63db\u793e\u50b5\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8\uff1a\u8ee2\u63db\u793e\u50b5\u3092\u8cb7\u3044\u3001\u682a\u5f0f\u3092\u7a7a\u58f2\u308a\u3057\u3066\u30d8\u30c3\u30b8<\/li>\n<li>\u6df7\u4e71\u6642\u306f\u6d41\u52d5\u6027\u306e\u4f4e\u4e0b\u3084\u5f37\u5236\u58f2\u5374\u3067\u4fa1\u683c\u306e\u6b6a\u307f\u304c\u5927\u304d\u304f\u306a\u308b<\/li>\n<li>\u30ea\u30b9\u30af\uff1a\u30e2\u30c7\u30eb\u30fb\u30ea\u30b9\u30af\u3001\u6b6a\u307f\u306e\u62e1\u5927\u3001\u8cc7\u91d1\u8abf\u9054\u306e\u5236\u7d04<\/li>\n<\/ul>\n<h3>LOS 4\uff1a\u30c7\u30e5\u30fc\u30fb\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u3068\u8a55\u4fa1<\/h3>\n<p>\u7279\u6b8a\u72b6\u6cc1\u3067\u306f<strong>\u30c7\u30e5\u30fc\u30fb\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9\u306e\u6642\u9593\u304c\u77ed\u304f\u3001\u60c5\u5831\u3082\u9650\u3089\u308c<\/strong>\u3001\u72b6\u6cc1\u304c\u30a4\u30d9\u30f3\u30c8\u3067\u5909\u308f\u308a\u3084\u3059\u3044\u306e\u304c\u7279\u5fb4\u3067\u3059\u3002\u8ca1\u52d9\u5371\u6a5f\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3084\u5927\u304d\u3055\u3092\u901a\u5e38\u306e\u8a55\u4fa1\u624b\u6cd5\u306b\u7e54\u308a\u8fbc\u3080\u306e\u306f\u96e3\u3057\u3044\u305f\u3081\u3001<strong>\u6e05\u7b97<\/strong>\u3068<strong>\u7d99\u7d9a\u4f01\u696d<\/strong>\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u78ba\u7387\u3067\u52a0\u91cd\u3059\u308b<strong>\u30b7\u30ca\u30ea\u30aa\u5206\u6790<\/strong>\u304c\u3088\u304f\u7528\u3044\u3089\u308c\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u78ba\u8a8d\u4e8b\u9805\uff1a\u8cc7\u672c\u69cb\u6210\u3068\u8fd4\u6e08\u9806\u4f4d\u3001\u62c5\u4fdd\u3001\u6cd5\u7684\u624b\u7d9a\u3001\u95a2\u4fc2\u8005\u306e\u5229\u5bb3<\/li>\n<li>\u6e05\u7b97\u4fa1\u5024\uff1a\u8cc7\u7523\u306e\u58f2\u5374\u4fa1\u5024\u304b\u3089\u512a\u5148\u50b5\u6a29\u3092\u5dee\u3057\u5f15\u3044\u3066\u56de\u53ce\u984d\u3092\u63a8\u8a08<\/li>\n<li>\u7d99\u7d9a\u4f01\u696d\u4fa1\u5024\uff1a\u518d\u5efa\u5f8c\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3084\u500d\u7387\u304b\u3089\u8a55\u4fa1<\/li>\n<li>\u5404\u30b7\u30ca\u30ea\u30aa\u306e\u56de\u53ce\u984d\u3092\u78ba\u7387\u3067\u52a0\u91cd\u3057\u3066\u671f\u5f85\u4fa1\u5024\u3092\u6c42\u3081\u308b<\/li>\n<li>\u6642\u9593\u306e\u77ed\u3055\u3068\u60c5\u5831\u306e\u4e0d\u8db3\u304c\u8a55\u4fa1\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u9ad8\u3081\u308b<\/li>\n<\/ul>\n<div class=\"cfalm-f\">\u671f\u5f85\u56de\u53ce\u984d = p \u00d7\uff08\u7d99\u7d9a\u4f01\u696d\u30b7\u30ca\u30ea\u30aa\u306e\u56de\u53ce\u984d\uff09+\uff081 \u2212 p\uff09\u00d7\uff08\u6e05\u7b97\u30b7\u30ca\u30ea\u30aa\u306e\u56de\u53ce\u984d\uff09<\/div>\n<h3>LOS 5\uff1a\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\u306e\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u3001\u8cc7\u7523\u914d\u5206\u3067\u306e\u5f79\u5272<\/h3>\n<p>\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u3001\u5229\u606f\u3084\u5143\u672c\u56de\u53ce\u3088\u308a\u3082<strong>\u30a4\u30d9\u30f3\u30c8\u306b\u3088\u308b\u30df\u30b9\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u306e\u4fee\u6b63<\/strong>\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002\u305d\u306e\u305f\u3081\u3001\u5229\u606f\u53ce\u5165\u3068\u5143\u672c\u56de\u53ce\u304c\u4e2d\u5fc3\u306e\u901a\u5e38\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u306b\u5bfe\u3057\u3066<strong>\u5206\u6563\u52b9\u679c<\/strong>\u3092\u3082\u305f\u3089\u3057\u3046\u308b\u4e00\u65b9\u3001\u30ea\u30b9\u30af\u306f\u682a\u5f0f\u306b\u8fd1\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<ul>\n<li>\u30ea\u30bf\u30fc\u30f3\u6e90\u6cc9\u304c\u30a4\u30d9\u30f3\u30c8\u4e3b\u5c0e\u3067\u3001\u901a\u5e38\u306e\u50b5\u5238\u3068\u7570\u306a\u308b<\/li>\n<li>\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u5c40\u9762\u306f\u666f\u6c17\u5f8c\u9000\u671f\u306b\u6a5f\u4f1a\u304c\u5897\u3048\u308b\uff08\u9006\u5f35\u308a\u7684\u306a\u6027\u683c\uff09<\/li>\n<li>\u30ea\u30b9\u30af\uff1a\u7d50\u679c\u30fb\u30bf\u30a4\u30df\u30f3\u30b0\u306e\u4e0d\u78ba\u5b9f\u6027\u3001\u6cd5\u7684\u30ea\u30b9\u30af\u3001\u6d41\u52d5\u6027\u30ea\u30b9\u30af<\/li>\n<li>\u901a\u5e38\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\uff08\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u306a\u3069\uff09\u3088\u308a\u9ad8\u30ea\u30b9\u30af\u30fb\u9ad8\u671f\u5f85\u30ea\u30bf\u30fc\u30f3<\/li>\n<li>\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u306f\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u306e\u4e00\u5206\u985e\u3068\u3057\u3066\u914d\u5206<\/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-lm4\/\">LM4 Private Debt\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\uff09<\/a><br \/>\n\u6b21\u306e\u5358\u5143\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l3-pmk-lm6\/\">LM6 Private Real Estate Investments\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u6295\u8cc7\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 LM5\u300cPrivate Special Situations\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\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":11255,"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-10909","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\/10909","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=10909"}],"version-history":[{"count":1,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10909\/revisions"}],"predecessor-version":[{"id":11082,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/10909\/revisions\/11082"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11255"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=10909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=10909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=10909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}