{"id":11420,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11420"},"modified":"2026-09-24T18:38:54","modified_gmt":"2026-09-24T09:38:54","slug":"cfa-l1-alt-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-alt-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L1 Alternatives \u7528\u8a9e\u96c6\u3011Alternative Investments \u306e\u91cd\u8981\u7528\u8a9e64\u8a9e\uff5c\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u3092\u5358\u5143\u5225\u306b\u6574\u7406"},"content":{"rendered":"<style> .cfagl-nav{background:#f6f7fb;border-radius:6px;padding:1em 1.2em;margin:1em 0;line-height:1.9;word-break:normal;overflow-wrap:anywhere} .cfagl-nav a{display:block;margin:.15em 0} .cfagl-lm{font-size:.9em;margin:.2em 0 1em} .cfagl-t{border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.75em 1em;margin:0 0 .8em;background:#fff} .cfagl-t .en{display:block;font-weight:bold;color:#172152;line-height:1.5;word-break:normal;overflow-wrap:anywhere} .cfagl-t .ja{display:block;font-size:.9em;color:#555;margin:.15em 0 .4em;line-height:1.5} .cfagl-t .df{display:block;line-height:1.75} .cfafm-c{border:1px solid #d5d9e3;border-top:4px solid #172152;border-radius:4px;padding:.9em 1em;margin:0 0 1.2em;background:#fff} .cfafm-c .nm{display:block;font-weight:bold;color:#172152;line-height:1.5} .cfafm-c .ne{display:block;font-size:.85em;color:#667;margin-bottom:.5em;word-break:normal;overflow-wrap:anywhere} .cfafm-x{background:#f6f7fb;border-radius:4px;padding:.6em .8em;margin:.4em 0 .7em;overflow-x:auto;overflow-y:hidden;-webkit-overflow-scrolling:touch} .cfafm-x .katex-display{margin:.3em 0!important} .cfafm-lg{margin:.3em 0 .6em;padding:0;font-size:.92em} .cfafm-lg div{display:flex;gap:.8em;padding:.25em 0;border-bottom:1px dotted #d5d9e3;line-height:1.6} .cfafm-lg .s{flex:0 0 auto;min-width:4.5em;max-width:45%;overflow-x:auto} .cfafm-lg .d{flex:1 1 auto} .cfafm-u{display:block;line-height:1.75;font-size:.95em} .cfafm-u b{color:#172152} .cfahub-g{display:grid;grid-template-columns:repeat(auto-fill,minmax(250px,1fr));gap:.8em;margin:1em 0} .cfahub-g a{display:block;border:1px solid #d5d9e3;border-left:4px solid #172152;border-radius:4px;padding:.8em 1em;background:#fff;text-decoration:none;color:#172152;line-height:1.5} .cfahub-g a .n{display:block;font-weight:bold} .cfahub-g a .j{display:block;font-size:.88em;color:#555} .cfagl-t p:empty,.cfafm-c p:empty,.cfahub-g p:empty,.cfagl-nav p:empty{display:none} .cfagl-lsc{border:2px solid #c9a227;background:#fffbea;border-radius:6px;padding:.9em 1.1em;margin:1em 0 1.4em;line-height:1.75} .cfagl-lsc b{display:block;color:#8a6d1d;margin-bottom:.3em} .cfagl-lsc a{display:inline-block;margin-top:.4em;font-weight:bold} .cfahub-g a .c{display:block;font-size:.82em;color:#8a6d1d;margin-top:.3em} <\/style>\n<div class=\"box05\">CFA\u00ae\ufe0e Level 1\u300cAlternative Investments\uff08\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\uff09\u300d\u3067\u4f7f\u308f\u308c\u308b\u91cd\u8981\u7528\u8a9e\u3092\u3001\u5b66\u7fd2\u5358\u5143\uff08Learning Module\uff09\u3054\u3068\u306b<strong>\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473<\/strong>\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u307e\u3057\u305f\u3002\u51687\u5358\u5143\u30fb64\u8a9e\u3092\u53ce\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u82f1\u8a9e\u306e\u5354\u4f1a\u30c6\u30ad\u30b9\u30c8\u3092\u8aad\u3080\u3068\u304d\u306e\u8f9e\u66f8\u4ee3\u308f\u308a\u306b\u304a\u4f7f\u3044\u304f\u3060\u3055\u3044\u3002<\/div>\n<div class=\"cfagl-lsc\"><b>Leveraged Support Course \u3092\u3054\u5229\u7528\u306e\u65b9\u3078<\/b>FA-Academy \u306e Leveraged Support Course\uff08LSC\uff09\u3092\u3054\u5229\u7528\u306e\u65b9\u306b\u306f\u3001\u3053\u306e\u7528\u8a9e\u96c6\u3068\u516c\u5f0f\u96c6\u3092\u30ec\u30d9\u30eb\u5225\u306b\u6574\u7406\u3057\u305f\u8cc7\u6599\uff08PDF\uff09\u3092\u304a\u6e21\u3057\u3057\u3066\u3044\u307e\u3059\u3002\u30aa\u30d5\u30e9\u30a4\u30f3\u3067\u306e\u78ba\u8a8d\u3084\u8a66\u9a13\u76f4\u524d\u306e\u898b\u76f4\u3057\u306b\u3054\u6d3b\u7528\u304f\u3060\u3055\u3044\u3002<a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\">Level 1 Leveraged Support Course \u306e\u8a73\u7d30\u3092\u898b\u308b<\/a><\/div>\n<h2>\u5358\u5143\uff08LM\uff09\u4e00\u89a7<\/h2>\n<div class=\"cfagl-nav\"><a href=\"#l1-alt-g-lm1\">LM1 \u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u7279\u5fb4\u30fb\u624b\u6cd5\u30fb\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/a><a href=\"#l1-alt-g-lm2\">LM2 \u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u30ea\u30bf\u30fc\u30f3<\/a><a href=\"#l1-alt-g-lm3\">LM3 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff1a\u30a8\u30af\u30a4\u30c6\u30a3\u3068\u30c7\u30c3\u30c8<\/a><a href=\"#l1-alt-g-lm4\">LM4 \u4e0d\u52d5\u7523\u3068\u30a4\u30f3\u30d5\u30e9<\/a><a href=\"#l1-alt-g-lm5\">LM5 \u5929\u7136\u8cc7\u6e90<\/a><a href=\"#l1-alt-g-lm6\">LM6 \u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9<\/a><a href=\"#l1-alt-g-lm7\">LM7 \u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u5165\u9580<\/a><\/div>\n<h2>Alternatives \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l1-alt-g-lm1\">LM1 Alternative Investment Features, Methods, and Structures\uff08\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u7279\u5fb4\u30fb\u624b\u6cd5\u30fb\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-alt-lm1\/\">LM1 \u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u7279\u5fb4\u30fb\u624b\u6cd5\u30fb\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Alternative Investments<\/div>\n<div class=\"ja\">\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7<\/div>\n<div class=\"df\">\u4e0a\u5834\u682a\u5f0f\u30fb\u50b5\u5238\u30fb\u73fe\u91d1\u3068\u3044\u3063\u305f\u4f1d\u7d71\u7684\u8cc7\u7523\u4ee5\u5916\u3078\u306e\u6295\u8cc7\u306e\u7dcf\u79f0\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u3001\u5b9f\u7269\u8cc7\u7523\u3001\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u542b\u307f\u3001\u6295\u8cc7\u671f\u9593\u306e\u9577\u3055\u3084\u6d41\u52d5\u6027\u306e\u4f4e\u3055\u3092\u4f34\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Private Capital<\/div>\n<div class=\"ja\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb<\/div>\n<div class=\"df\">\u516c\u958b\u5e02\u5834\u306e\u5916\u3067\u975e\u516c\u958b\u4f01\u696d\u306a\u3069\u306b\u4f9b\u7d66\u3055\u308c\u308b\u8cc7\u91d1\u306e\u7dcf\u79f0\u3002\u682a\u5f0f\u306b\u3088\u308b\u8cc7\u91d1\u63d0\u4f9b\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3068\u3001\u8cb8\u4ed8\u306b\u3088\u308b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u304b\u3089\u6210\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">General Partner (GP)<\/div>\n<div class=\"ja\">\u30b8\u30a7\u30cd\u30e9\u30eb\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\uff08GP\uff09<\/div>\n<div class=\"df\">\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u3067\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u7528\u3068\u6295\u8cc7\u5224\u65ad\u3092\u62c5\u3046\u5f53\u4e8b\u8005\u3002\u901a\u5e38\u306f\u30d5\u30a1\u30f3\u30c9\u904b\u7528\u4f1a\u793e\u304c\u52d9\u3081\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u50b5\u52d9\u306b\u7121\u9650\u8cac\u4efb\u3092\u8ca0\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Limited Partner (LP)<\/div>\n<div class=\"ja\">\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\uff08LP\uff09<\/div>\n<div class=\"df\">\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7\u306b\u8cc7\u91d1\u3092\u62e0\u51fa\u3059\u308b\u6295\u8cc7\u5bb6\u3002\u904b\u7528\u306b\u306f\u95a2\u4e0e\u305b\u305a\u3001\u8cac\u4efb\u306f\u51fa\u8cc7\u984d\u307e\u3067\u306b\u9650\u5b9a\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Co-Investment<\/div>\n<div class=\"ja\">\u5171\u540c\u6295\u8cc7\uff08\u30b3\u30fb\u30a4\u30f3\u30d9\u30b9\u30c8\u30e1\u30f3\u30c8\uff09<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306eLP\u304c\u3001\u30d5\u30a1\u30f3\u30c9\u3092\u901a\u3058\u305f\u6295\u8cc7\u306b\u52a0\u3048\u3066\u7279\u5b9a\u306e\u6848\u4ef6\u306b\u30d5\u30a1\u30f3\u30c9\u3068\u4e26\u3093\u3067\u76f4\u63a5\u51fa\u8cc7\u3059\u308b\u65b9\u6cd5\u3002\u5831\u916c\u8ca0\u62c5\u304c\u8efd\u304f\u6848\u4ef6\u3092\u9078\u3079\u308b\u4e00\u65b9\u3001\u6295\u8cc7\u5bb6\u5074\u306e\u5c02\u9580\u6027\u304c\u6c42\u3081\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Management Fee<\/div>\n<div class=\"ja\">\u7ba1\u7406\u5831\u916c<\/div>\n<div class=\"df\">\u904b\u7528\u8cc7\u7523\u984d\u3084\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u984d\u306b\u5bfe\u3057\u3066\u4e00\u5b9a\u7387\u3067\u8ab2\u3055\u308c\u308b\u5831\u916c\u3002\u904b\u7528\u6210\u679c\u306b\u304b\u304b\u308f\u3089\u305a\u767a\u751f\u3057\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u904b\u55b6\u8cbb\u7528\u3092\u8cc4\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Performance Fee (Carried Interest)<\/div>\n<div class=\"ja\">\u6210\u529f\u5831\u916c\uff08\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\uff09<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306e\u5229\u76ca\u306b\u5bfe\u3057\u3066\u4e00\u5b9a\u5272\u5408\u3067GP\u304c\u53d7\u3051\u53d6\u308b\u5831\u916c\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u3067\u306f\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u3068\u547c\u3070\u308c\u3001\u904b\u7528\u8005\u3068\u6295\u8cc7\u5bb6\u306e\u5229\u5bb3\u306e\u4e00\u81f4\u3092\u56f3\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hurdle Rate<\/div>\n<div class=\"ja\">\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">GP\u304c\u6210\u529f\u5831\u916c\u3092\u53d7\u3051\u53d6\u308b\u305f\u3081\u306b\u30d5\u30a1\u30f3\u30c9\u304c\u4e0a\u56de\u308b\u5fc5\u8981\u306e\u3042\u308b\u6700\u4f4e\u30ea\u30bf\u30fc\u30f3\u3002LP\u306b\u512a\u5148\u7684\u306b\u914d\u5206\u3055\u308c\u308b\u512a\u5148\u30ea\u30bf\u30fc\u30f3\u3068\u3057\u3066\u8a2d\u5b9a\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Catch-Up Clause<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7\u6761\u9805<\/div>\n<div class=\"df\">\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3092\u8d85\u3048\u305f\u5f8c\u306e\u5229\u76ca\u3092GP\u306b\u512a\u5148\u7684\u306b\u914d\u5206\u3057\u3001GP\u306e\u53d6\u308a\u5206\u3092\u6240\u5b9a\u306e\u5206\u914d\u6bd4\u7387\u306b\u8ffd\u3044\u3064\u304b\u305b\u308b\u6761\u9805\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Distribution Waterfall<\/div>\n<div class=\"ja\">\u5206\u914d\u30a6\u30a9\u30fc\u30bf\u30fc\u30d5\u30a9\u30fc\u30eb<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306e\u5206\u914d\u91d1\u3092LP\u3068GP\u306b\u3069\u306e\u9806\u5e8f\u30fb\u6bd4\u7387\u3067\u914d\u308b\u304b\u3092\u5b9a\u3081\u305f\u30eb\u30fc\u30eb\u3002\u30d5\u30a1\u30f3\u30c9\u5168\u4f53\u3067\u8a08\u7b97\u3059\u308b\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u578b\uff08\u30db\u30fc\u30eb\u30fb\u30aa\u30d6\u30fb\u30d5\u30a1\u30f3\u30c9\uff09\u3068\u3001\u6848\u4ef6\u3054\u3068\u306b\u8a08\u7b97\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u30f3\u578b\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-alt-g-lm2\">LM2 Alternative Investment Performance and Returns\uff08\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u30ea\u30bf\u30fc\u30f3\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-alt-lm2\/\">LM2 \u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u30ea\u30bf\u30fc\u30f3<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capital Call (Drawdown)<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306eGP\u304c\u3001LP\u304c\u30b3\u30df\u30c3\u30c8\u3057\u305f\u8cc7\u91d1\u306e\u3046\u3061\u5fc5\u8981\u306a\u984d\u3092\u6295\u8cc7\u306e\u5b9f\u884c\u306b\u5408\u308f\u305b\u3066\u6255\u3044\u8fbc\u307e\u305b\u308b\u3053\u3068\u3002\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u3001\u6295\u4e0b\u3001\u5206\u914d\u3068\u3044\u3046\u6295\u8cc7\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306e\u4e00\u6bb5\u968e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">J-Curve Effect<\/div>\n<div class=\"ja\">J\u30ab\u30fc\u30d6\u52b9\u679c<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306e\u521d\u671f\u306f\u5831\u916c\u30fb\u8cbb\u7528\u306e\u8ca0\u62c5\u3084\u6295\u8cc7\u306e\u672a\u6210\u719f\u306b\u3088\u308a\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u304c\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u3001\u305d\u306e\u5f8c\u306e\u4fa1\u5024\u5411\u4e0a\u3068\u5206\u914d\u306b\u3088\u3063\u3066\u30d7\u30e9\u30b9\u306b\u8ee2\u3058\u308b\u30d1\u30bf\u30fc\u30f3\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Internal Rate of Return (IRR)<\/div>\n<div class=\"ja\">\u5185\u90e8\u53ce\u76ca\u7387\uff08IRR\uff09<\/div>\n<div class=\"df\">\u6295\u8cc7\u304b\u3089\u751f\u3058\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u73fe\u5728\u4fa1\u5024\u5408\u8a08\u3092\u30bc\u30ed\u306b\u3059\u308b\u5272\u5f15\u7387\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6642\u671f\u3068\u91d1\u984d\u3092\u53cd\u6620\u3059\u308b\u91d1\u984d\u52a0\u91cd\u578b\u306e\u30ea\u30bf\u30fc\u30f3\u6307\u6a19\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Multiple of Invested Capital (MOIC)<\/div>\n<div class=\"ja\">\u6295\u4e0b\u8cc7\u672c\u500d\u7387\uff08MOIC\uff09<\/div>\n<div class=\"df\">\u5b9f\u73fe\u4fa1\u5024\u3068\u672a\u5b9f\u73fe\u4fa1\u5024\u306e\u5408\u8a08\u3092\u6295\u4e0b\u8cc7\u672c\u306e\u7dcf\u984d\u3067\u5272\u3063\u305f\u500d\u7387\u3002\u8a08\u7b97\u304c\u7c21\u4fbf\u306a\u4e00\u65b9\u3001\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u6642\u671f\u3092\u8003\u616e\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hard Hurdle Rate<\/div>\n<div class=\"ja\">\u30cf\u30fc\u30c9\u30fb\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3092\u4e0a\u56de\u3063\u305f\u90e8\u5206\u306e\u5229\u76ca\u3060\u3051\u306b\u6210\u529f\u5831\u916c\u3092\u8ab2\u3059\u65b9\u5f0f\u3002\u30cf\u30fc\u30c9\u30eb\u8d85\u904e\u6642\u306b\u5229\u76ca\u5168\u4f53\u3078\u8ab2\u3059\u30bd\u30d5\u30c8\u30fb\u30cf\u30fc\u30c9\u30eb\u3088\u308a\u3001GP\u306e\u5831\u916c\u306f\u5c0f\u3055\u304f\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Soft Hurdle Rate<\/div>\n<div class=\"ja\">\u30bd\u30d5\u30c8\u30fb\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8<\/div>\n<div class=\"df\">\u30ea\u30bf\u30fc\u30f3\u304c\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u3092\u4e0a\u56de\u3063\u305f\u5834\u5408\u306b\u3001\u30cf\u30fc\u30c9\u30eb\u5206\u3092\u542b\u3080\u5229\u76ca\u5168\u4f53\u306b\u6210\u529f\u5831\u916c\u3092\u8ab2\u3059\u65b9\u5f0f\u3002\u30cf\u30fc\u30c9\u30eb\u3092\u4e0b\u56de\u308c\u3070\u6210\u529f\u5831\u916c\u306f\u767a\u751f\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">High-Water Mark<\/div>\n<div class=\"ja\">\u30cf\u30a4\u30fb\u30a6\u30a9\u30fc\u30bf\u30fc\u30fb\u30de\u30fc\u30af<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u4fa1\u5024\u306e\u904e\u53bb\u6700\u9ad8\u5024\uff08\u5831\u916c\u63a7\u9664\u5f8c\uff09\u3002\u3053\u308c\u3092\u4e0a\u56de\u3063\u305f\u90e8\u5206\u306b\u3060\u3051\u6210\u529f\u5831\u916c\u3092\u8ab2\u3059\u3053\u3068\u3067\u3001\u640d\u5931\u3092\u56de\u5fa9\u3059\u308b\u524d\u306b\u540c\u3058\u5229\u76ca\u3078\u4e8c\u91cd\u306b\u5831\u916c\u304c\u8ab2\u3055\u308c\u308b\u306e\u3092\u9632\u3050\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Clawback Provision<\/div>\n<div class=\"ja\">\u30af\u30ed\u30fc\u30d0\u30c3\u30af\u6761\u9805<\/div>\n<div class=\"df\">GP\u304c\u904e\u53bb\u306b\u53d7\u3051\u53d6\u3063\u305f\u6210\u529f\u5831\u916c\u306e\u3046\u3061\u3001\u6700\u7d42\u7684\u306a\u6210\u679c\u306b\u7167\u3089\u3057\u3066\u904e\u5927\u3068\u306a\u3063\u305f\u5206\u3092\u3001LP\u306b\u8fd4\u9084\u3055\u305b\u308b\u6761\u9805\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Founders&#8217; Share Class<\/div>\n<div class=\"ja\">\u30d5\u30a1\u30a6\u30f3\u30c0\u30fc\u30fb\u30b7\u30a7\u30a2\u30fb\u30af\u30e9\u30b9<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u8a2d\u7acb\u521d\u671f\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u306b\u3001\u7ba1\u7406\u5831\u916c\u3084\u6210\u529f\u5831\u916c\u306e\u6599\u7387\u3092\u5f15\u304d\u4e0b\u3052\u305f\u6301\u5206\u30af\u30e9\u30b9\u3002\u7acb\u3061\u4e0a\u3052\u6642\u306e\u8cc7\u91d1\u96c6\u3081\u3092\u4fc3\u3059\u76ee\u7684\u3067\u8a2d\u3051\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-alt-g-lm3\">LM3 Investments in Private Capital: Equity and Debt\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff1a\u30a8\u30af\u30a4\u30c6\u30a3\u3068\u30c7\u30c3\u30c8\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-alt-lm3\/\">LM3 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff1a\u30a8\u30af\u30a4\u30c6\u30a3\u3068\u30c7\u30c3\u30c8<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Private Equity<\/div>\n<div class=\"ja\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/div>\n<div class=\"df\">\u975e\u516c\u958b\u4f01\u696d\u306e\u682a\u5f0f\u3078\u306e\u6295\u8cc7\u3001\u307e\u305f\u306f\u305d\u308c\u3092\u884c\u3046\u30d5\u30a1\u30f3\u30c9\u3002\u69cb\u60f3\u6bb5\u968e\u304b\u3089\u6210\u719f\u671f\u307e\u3067\u4e8b\u696d\u306e\u3055\u307e\u3056\u307e\u306a\u6bb5\u968e\u3067\u8cc7\u91d1\u3092\u63d0\u4f9b\u3057\u3001\u7d4c\u55b6\u3078\u306e\u95a2\u4e0e\u3092\u901a\u3058\u3066\u4fa1\u5024\u5411\u4e0a\u3092\u56f3\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Leveraged Buyout (LBO)<\/div>\n<div class=\"ja\">\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8\uff08LBO\uff09<\/div>\n<div class=\"df\">\u591a\u984d\u306e\u501f\u5165\u3092\u7528\u3044\u3066\u4f01\u696d\u306e\u652f\u914d\u6a29\u3092\u53d6\u5f97\u3059\u308b\u8cb7\u53ce\u3002\u7d4c\u55b6\u9663\u304c\u4e3b\u5c0e\u3059\u308bMBO\u3084\u3001\u5916\u90e8\u306e\u7d4c\u55b6\u9663\u306b\u3088\u308bMBI\u3092\u542b\u3080\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Venture Capital<\/div>\n<div class=\"ja\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb<\/div>\n<div class=\"df\">\u5275\u696d\u524d\u5f8c\u304b\u3089\u4e8b\u696d\u62e1\u5927\u671f\u307e\u3067\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u4f01\u696d\u306b\u682a\u5f0f\u3067\u8cc7\u91d1\u3092\u63d0\u4f9b\u3059\u308b\u6295\u8cc7\u3002\u6210\u9577\u6bb5\u968e\u306b\u5fdc\u3058\u3066\u30d7\u30ec\u30b7\u30fc\u30c9\u30fb\u30b7\u30fc\u30c9\u3001\u30a2\u30fc\u30ea\u30fc\u3001\u30ec\u30a4\u30bf\u30fc\u306b\u5206\u304b\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Growth Equity<\/div>\n<div class=\"ja\">\u30b0\u30ed\u30fc\u30b9\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/div>\n<div class=\"df\">\u4e8b\u696d\u57fa\u76e4\u304c\u78ba\u7acb\u3057\u3001\u4e8b\u696d\u62e1\u5927\u3084\u8cb7\u53ce\u306e\u305f\u3081\u306e\u6210\u9577\u8cc7\u91d1\u3092\u5fc5\u8981\u3068\u3059\u308b\u6bd4\u8f03\u7684\u6210\u719f\u3057\u305f\u4f01\u696d\u306b\u5bfe\u3057\u3066\u3001\u5c11\u6570\u6301\u5206\u3092\u53d6\u5f97\u3057\u3066\u884c\u3046\u6295\u8cc7\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Private Debt<\/div>\n<div class=\"ja\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bb6\u304c\u975e\u516c\u958b\u4f01\u696d\u306a\u3069\u306b\u76f4\u63a5\u63d0\u4f9b\u3059\u308b\u8ca0\u50b5\u6027\u306e\u8cc7\u91d1\u3002\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0\u3001\u30e1\u30b6\u30cb\u30f3\u30fb\u30ed\u30fc\u30f3\u3001\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30c7\u30c3\u30c8\u3001\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8\u306a\u3069\u306e\u985e\u578b\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Direct Lending<\/div>\n<div class=\"ja\">\u30c0\u30a4\u30ec\u30af\u30c8\u30fb\u30ec\u30f3\u30c7\u30a3\u30f3\u30b0<\/div>\n<div class=\"df\">\u9280\u884c\u3092\u4ecb\u3055\u305a\u306b\u3001\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u306e\u6295\u8cc7\u5bb6\u304c\u4f01\u696d\u306b\u76f4\u63a5\u884c\u3046\u8cb8\u4ed8\u3002\u901a\u5e38\u306f\u30b7\u30cb\u30a2\u3067\u62c5\u4fdd\u4ed8\u304d\u3068\u306a\u308a\u3001\u5229\u606f\u3068\u5143\u672c\u8fd4\u6e08\u304c\u30ea\u30bf\u30fc\u30f3\u306e\u4e2d\u5fc3\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Mezzanine Debt<\/div>\n<div class=\"ja\">\u30e1\u30b6\u30cb\u30f3\u30fb\u30c7\u30c3\u30c8<\/div>\n<div class=\"df\">\u30b7\u30cb\u30a2\u50b5\u3088\u308a\u5f01\u6e08\u9806\u4f4d\u304c\u52a3\u5f8c\u3059\u308b\u8ca0\u50b5\u3002\u3088\u308a\u9ad8\u3044\u5229\u56de\u308a\u306b\u52a0\u3048\u3001\u30ef\u30e9\u30f3\u30c8\u306a\u3069\u682a\u5f0f\u306b\u8ee2\u63db\u3057\u5f97\u308b\u6a29\u5229\u304c\u4ed8\u304f\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Distressed Debt<\/div>\n<div class=\"ja\">\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u30fb\u30c7\u30c3\u30c8<\/div>\n<div class=\"df\">\u7d4c\u55b6\u96e3\u3084\u7834\u7dbb\u306b\u8fd1\u3044\u72b6\u614b\u306b\u3042\u308b\u4f01\u696d\u306e\u8ca0\u50b5\u3092\u5272\u5b89\u306a\u4fa1\u683c\u3067\u53d6\u5f97\u3059\u308b\u6295\u8cc7\u3002\u518d\u5efa\u3084\u518d\u7de8\u3092\u901a\u3058\u305f\u4fa1\u5024\u56de\u5fa9\u304b\u3089\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Unitranche Debt<\/div>\n<div class=\"ja\">\u30e6\u30cb\u30c8\u30e9\u30f3\u30b7\u30a7\u30fb\u30c7\u30c3\u30c8<\/div>\n<div class=\"df\">\u30b7\u30cb\u30a2\u30fb\u30ed\u30fc\u30f3\u3068\u52a3\u5f8c\u30ed\u30fc\u30f3\u30921\u3064\u306e\u878d\u8cc7\u306b\u307e\u3068\u3081\u3001\u5358\u4e00\u306e\u91d1\u5229\u3067\u63d0\u4f9b\u3059\u308b\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u3002\u501f\u308a\u624b\u306f\u8cc7\u91d1\u8abf\u9054\u3092\u7c21\u7d20\u5316\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Vintage Year<\/div>\n<div class=\"ja\">\u30d3\u30f3\u30c6\u30fc\u30b8\u30fb\u30a4\u30e4\u30fc<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u304c\u8a2d\u5b9a\u3055\u308c\u6295\u8cc7\u3092\u958b\u59cb\u3057\u305f\u5e74\u3002\u305d\u306e\u6642\u70b9\u306e\u8a55\u4fa1\u6c34\u6e96\u3068\u7d4c\u6e08\u74b0\u5883\u304c\u5b9f\u73fe\u30ea\u30bf\u30fc\u30f3\u306b\u5927\u304d\u304f\u5f71\u97ff\u3059\u308b\u305f\u3081\u3001\u8a2d\u5b9a\u5e74\u3092\u5206\u6563\u3055\u305b\u308b\u3053\u3068\u3067\u305d\u306e\u5f71\u97ff\u3092\u548c\u3089\u3052\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-alt-g-lm4\">LM4 Real Estate and Infrastructure\uff08\u4e0d\u52d5\u7523\u3068\u30a4\u30f3\u30d5\u30e9\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-alt-lm4\/\">LM4 \u4e0d\u52d5\u7523\u3068\u30a4\u30f3\u30d5\u30e9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Commercial Real Estate<\/div>\n<div class=\"ja\">\u5546\u696d\u4e0d\u52d5\u7523<\/div>\n<div class=\"df\">\u30aa\u30d5\u30a3\u30b9\u3001\u5c0f\u58f2\u30fb\u5546\u696d\u65bd\u8a2d\u3001\u5009\u5eab\u30fb\u7269\u6d41\u65bd\u8a2d\u306a\u3069\u3001\u8cc3\u8cb8\u53ce\u5165\u3092\u76ee\u7684\u3068\u3059\u308b\u4e8b\u696d\u7528\u306e\u4e0d\u52d5\u7523\u3002\u4f4f\u5b85\u4e0d\u52d5\u7523\u3068\u4e26\u3076\u4e0d\u52d5\u7523\u306e2\u5927\u30bb\u30af\u30bf\u30fc\u306e\u4e00\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Real Estate Investment Trust (REIT)<\/div>\n<div class=\"ja\">\u4e0d\u52d5\u7523\u6295\u8cc7\u4fe1\u8a17\uff08REIT\uff09<\/div>\n<div class=\"df\">\u4e3b\u306b\u8cc3\u8cb8\u53ce\u5165\u3092\u751f\u3080\u4e0d\u52d5\u7523\u3092\u4fdd\u6709\u30fb\u904b\u7528\u3057\u3001\u5229\u76ca\u306e\u5927\u90e8\u5206\u3092\u6295\u8cc7\u5bb6\u306b\u5206\u914d\u3059\u308b\u4e0a\u5834\u30d3\u30fc\u30af\u30eb\u3002\u4e0d\u52d5\u7523\u3078\u306e\u516c\u958b\u30fb\u9593\u63a5\u306e\u30a8\u30af\u30a4\u30c6\u30a3\u6295\u8cc7\u306b\u3042\u305f\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Appraisal-Based Index<\/div>\n<div class=\"ja\">\u9451\u5b9a\u8a55\u4fa1\u30d9\u30fc\u30b9\u306e\u6307\u6570<\/div>\n<div class=\"df\">\u53d6\u5f15\u4fa1\u683c\u3067\u306f\u306a\u304f\u4e0d\u52d5\u7523\u9451\u5b9a\u58eb\u306e\u8a55\u4fa1\u984d\u3092\u3082\u3068\u306b\u7b97\u51fa\u3055\u308c\u308b\u4e0d\u52d5\u7523\u6307\u6570\u3002\u8a55\u4fa1\u304c\u904e\u53bb\u306e\u5024\u306b\u5f15\u304d\u305a\u3089\u308c\u308b\u305f\u3081\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u76f8\u95a2\u304c\u5e73\u6ed1\u5316\u3055\u308c\u3084\u3059\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Economic Infrastructure<\/div>\n<div class=\"ja\">\u7d4c\u6e08\u30a4\u30f3\u30d5\u30e9<\/div>\n<div class=\"df\">\u4ea4\u901a\uff08\u9053\u8def\u30fb\u7a7a\u6e2f\u30fb\u6e2f\u6e7e\uff09\u3001\u516c\u76ca\uff08\u4e0a\u4e0b\u6c34\u9053\u30fb\u9001\u96fb\uff09\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u3001\u901a\u4fe1\u306a\u3069\u3001\u7d4c\u6e08\u6d3b\u52d5\u3092\u652f\u3048\u308b\u57fa\u76e4\u3068\u306a\u308b\u30a4\u30f3\u30d5\u30e9\u8cc7\u7523\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Social Infrastructure<\/div>\n<div class=\"ja\">\u793e\u4f1a\u30a4\u30f3\u30d5\u30e9<\/div>\n<div class=\"df\">\u5b66\u6821\u3001\u75c5\u9662\u3001\u5211\u52d9\u6240\u306a\u3069\u3001\u5730\u57df\u793e\u4f1a\u306b\u4e0d\u53ef\u6b20\u306a\u516c\u5171\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3059\u308b\u305f\u3081\u306e\u65bd\u8a2d\u3002\u7d4c\u6e08\u30a4\u30f3\u30d5\u30e9\u3068\u4e26\u3076\u30a4\u30f3\u30d5\u30e9\u306e\u5206\u985e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Greenfield Investment<\/div>\n<div class=\"ja\">\u30b0\u30ea\u30fc\u30f3\u30d5\u30a3\u30fc\u30eb\u30c9\u6295\u8cc7<\/div>\n<div class=\"df\">\u3053\u308c\u304b\u3089\u5efa\u8a2d\u3055\u308c\u308b\u30a4\u30f3\u30d5\u30e9\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u3002\u5efa\u8a2d\u30ea\u30b9\u30af\u3084\u9700\u8981\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u8ca0\u3046\u305f\u3081\u3001\u958b\u767a\u6bb5\u968e\u306e\u4e2d\u3067\u671f\u5f85\u30ea\u30bf\u30fc\u30f3\u3068\u30ea\u30b9\u30af\u304c\u6700\u3082\u9ad8\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Brownfield Investment<\/div>\n<div class=\"ja\">\u30d6\u30e9\u30a6\u30f3\u30d5\u30a3\u30fc\u30eb\u30c9\u6295\u8cc7<\/div>\n<div class=\"df\">\u65e2\u5b58\u306e\u30a4\u30f3\u30d5\u30e9\u8cc7\u7523\u3092\u53d6\u5f97\u3057\u3001\u5fc5\u8981\u306b\u5fdc\u3058\u3066\u6539\u4fee\u30fb\u62e1\u5f35\u3057\u3066\u904b\u55b6\u3059\u308b\u6295\u8cc7\u3002\u7a3c\u50cd\u5b9f\u7e3e\u304c\u3042\u308b\u5206\u3001\u30b0\u30ea\u30fc\u30f3\u30d5\u30a3\u30fc\u30eb\u30c9\u3088\u308a\u30ea\u30b9\u30af\u304c\u4f4e\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Public-Private Partnership (PPP)<\/div>\n<div class=\"ja\">\u5b98\u6c11\u9023\u643a\uff08PPP\uff09<\/div>\n<div class=\"df\">\u653f\u5e9c\u3068\u6c11\u9593\u4e8b\u696d\u8005\u304c\u5951\u7d04\u306b\u57fa\u3065\u3044\u3066\u3001\u516c\u5171\u30a4\u30f3\u30d5\u30e9\u306e\u8cc7\u91d1\u8abf\u9054\u30fb\u5efa\u8a2d\u30fb\u904b\u55b6\u3092\u5206\u62c5\u3059\u308b\u4ed5\u7d44\u307f\u3002\u6c11\u9593\u8cc7\u91d1\u3092\u30a4\u30f3\u30d5\u30e9\u6574\u5099\u306b\u6d3b\u7528\u3059\u308b\u624b\u6bb5\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l1-alt-g-lm5\">LM5 Natural Resources\uff08\u5929\u7136\u8cc7\u6e90\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-alt-lm5\/\">LM5 \u5929\u7136\u8cc7\u6e90<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Raw Land<\/div>\n<div class=\"ja\">\u66f4\u5730<\/div>\n<div class=\"df\">\u5efa\u7269\u306a\u3069\u304c\u5efa\u3063\u3066\u3044\u306a\u3044\u672a\u958b\u767a\u306e\u571f\u5730\u3002\u8cc3\u6599\u3084\u4f5c\u7269\u306e\u3088\u3046\u306a\u30a4\u30f3\u30ab\u30e0\u3092\u751f\u307e\u306a\u3044\u305f\u3081\u3001\u30ea\u30bf\u30fc\u30f3\u306f\u4fa1\u683c\u5909\u5316\u3060\u3051\u304b\u3089\u751f\u3058\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Timberland<\/div>\n<div class=\"ja\">\u68ee\u6797\uff08\u30c6\u30a3\u30f3\u30d0\u30fc\u30e9\u30f3\u30c9\uff09<\/div>\n<div class=\"df\">\u6728\u6750\u3092\u751f\u7523\u3059\u308b\u68ee\u6797\u3078\u306e\u6295\u8cc7\u3002\u6728\u6750\u306e\u6210\u9577\u3068\u4f10\u63a1\u30fb\u8ca9\u58f2\u306b\u3088\u308b\u30a4\u30f3\u30ab\u30e0\u306b\u52a0\u3048\u3001\u4f10\u63a1\u6642\u671f\u3092\u9078\u3079\u308b\u305f\u3081\u6728\u6750\u4fa1\u683c\u306e\u52d5\u304d\u306b\u5fdc\u3058\u3066\u751f\u7523\u3092\u5148\u9001\u308a\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Farmland<\/div>\n<div class=\"ja\">\u8fb2\u5730<\/div>\n<div class=\"df\">\u4f5c\u7269\u306e\u751f\u7523\u306b\u7528\u3044\u308b\u571f\u5730\u3078\u306e\u6295\u8cc7\u3002\u571f\u5730\u4fa1\u683c\u306e\u5909\u5316\u306b\u52a0\u3048\u3001\u5b9a\u671f\u7684\u306b\u53ce\u7a6b\u3059\u308b\u4f5c\u7269\u306e\u8ca9\u58f2\u304b\u3089\u30a4\u30f3\u30ab\u30e0\u3092\u5f97\u3066\u3001\u305d\u306e\u984d\u306f\u4f5c\u7269\u4fa1\u683c\u3068\u53ce\u91cf\u306b\u5de6\u53f3\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Contango<\/div>\n<div class=\"ja\">\u30b3\u30f3\u30bf\u30f3\u30b4<\/div>\n<div class=\"df\">\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u5148\u7269\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\uff09\u4fa1\u683c\u304c\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\u3092\u4e0a\u56de\u3063\u3066\u3044\u308b\u72b6\u614b\u3002\u4fdd\u7ba1\u6599\u306a\u3069\u306e\u4fdd\u6709\u30b3\u30b9\u30c8\u304c\u73fe\u7269\u4fdd\u6709\u306e\u4fbf\u76ca\u3092\u4e0a\u56de\u308b\u3068\u304d\u306b\u751f\u3058\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Backwardation<\/div>\n<div class=\"ja\">\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306e\u5148\u7269\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\uff09\u4fa1\u683c\u304c\u30b9\u30dd\u30c3\u30c8\u4fa1\u683c\u3092\u4e0b\u56de\u3063\u3066\u3044\u308b\u72b6\u614b\u3002\u30b3\u30f3\u30d3\u30cb\u30a8\u30f3\u30b9\u30fb\u30a4\u30fc\u30eb\u30c9\u306a\u3069\u73fe\u7269\u4fdd\u6709\u306e\u4fbf\u76ca\u304c\u4fdd\u6709\u30b3\u30b9\u30c8\u3092\u4e0a\u56de\u308b\u3068\u304d\u306b\u751f\u3058\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Roll Return (Roll Yield)<\/div>\n<div class=\"ja\">\u30ed\u30fc\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3<\/div>\n<div class=\"df\">\u6e80\u671f\u304c\u8fd1\u3044\u5148\u7269\u3092\u58f2\u5374\u3057\u3001\u3088\u308a\u671f\u5148\u306e\u5148\u7269\u306b\u4e57\u308a\u63db\u3048\u308b\u969b\u306b\u3001\u4e21\u8005\u306e\u4fa1\u683c\u5dee\u304b\u3089\u751f\u3058\u308b\u30ea\u30bf\u30fc\u30f3\u3002\u30d0\u30c3\u30af\u30ef\u30fc\u30c7\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u6b63\u3001\u30b3\u30f3\u30bf\u30f3\u30b4\u3067\u306f\u8ca0\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Collateral Yield<\/div>\n<div class=\"ja\">\u62c5\u4fdd\u5229\u56de\u308a\uff08\u30b3\u30e9\u30c6\u30e9\u30eb\u30fb\u30a4\u30fc\u30eb\u30c9\uff09<\/div>\n<div class=\"df\">\u5148\u7269\u30dd\u30b8\u30b7\u30e7\u30f3\u306e\u62c5\u4fdd\uff08\u8a3c\u62e0\u91d1\uff09\u3068\u3057\u3066\u5dee\u3057\u5165\u308c\u305f\u8cc7\u91d1\u3092\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3067\u904b\u7528\u3057\u3066\u5f97\u3089\u308c\u308b\u5229\u606f\u3002\u5148\u7269\u306e\u30c8\u30fc\u30bf\u30eb\u30fb\u30ea\u30bf\u30fc\u30f3\u306e\u69cb\u6210\u8981\u7d20\u306e\u4e00\u3064\u3002<\/div>\n<\/div>\n<h3 id=\"l1-alt-g-lm6\">LM6 Hedge Funds\uff08\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-alt-lm6\/\">LM6 \u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Hedge Fund<\/div>\n<div class=\"ja\">\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9<\/div>\n<div class=\"df\">\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3084\u5bcc\u88d5\u5c64\u304b\u3089\u8cc7\u91d1\u3092\u96c6\u3081\u308b\u79c1\u52df\u306e\u6295\u8cc7\u30d3\u30fc\u30af\u30eb\u3002\u30ec\u30d0\u30ec\u30c3\u30b8\u3001\u7a7a\u58f2\u308a\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306a\u3069\u3092\u67d4\u8edf\u306b\u7528\u3044\u308b\u904b\u7528\u624b\u6cd5\u306b\u7279\u5fb4\u304c\u3042\u308a\u3001\u8cc7\u7523\u30af\u30e9\u30b9\u3067\u306f\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Lockup Period<\/div>\n<div class=\"ja\">\u30ed\u30c3\u30af\u30a2\u30c3\u30d7\u671f\u9593<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u3078\u306e\u6295\u8cc7\u5f8c\u3001\u6295\u8cc7\u5bb6\u304c\u89e3\u7d04\u3067\u304d\u306a\u3044\u4e00\u5b9a\u306e\u671f\u9593\u3002\u89e3\u7d04\u901a\u77e5\u671f\u9593\u3084\u89e3\u7d04\u983b\u5ea6\u306e\u5236\u9650\u3068\u3042\u308f\u305b\u3066\u3001\u30d5\u30a1\u30f3\u30c9\u306e\u6d41\u52d5\u6027\u7ba1\u7406\u306b\u7528\u3044\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Side Letter<\/div>\n<div class=\"ja\">\u30b5\u30a4\u30c9\u30fb\u30ec\u30bf\u30fc<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306e\u52df\u96c6\u6587\u66f8\u3068\u306f\u5225\u306b\u3001\u7279\u5b9a\u306e\u6295\u8cc7\u5bb6\u3068\u3060\u3051\u7d50\u3076\u5408\u610f\u66f8\u3002\u5831\u916c\u3001\u60c5\u5831\u958b\u793a\u3001\u89e3\u7d04\u306a\u3069\u306e\u6761\u4ef6\u3092\u305d\u306e\u6295\u8cc7\u5bb6\u5411\u3051\u306b\u5909\u66f4\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Fund of Funds<\/div>\n<div class=\"ja\">\u30d5\u30a1\u30f3\u30c9\u30fb\u30aa\u30d6\u30fb\u30d5\u30a1\u30f3\u30ba<\/div>\n<div class=\"df\">\u8907\u6570\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306b\u5206\u6563\u6295\u8cc7\u3059\u308b\u30d5\u30a1\u30f3\u30c9\u3002\u5206\u6563\u3068\u904b\u7528\u8005\u9078\u5b9a\u306e\u5c02\u9580\u6027\u3092\u63d0\u4f9b\u3059\u308b\u4e00\u65b9\u3001\u6295\u8cc7\u5148\u30d5\u30a1\u30f3\u30c9\u3068\u81ea\u8eab\u306e\u5831\u916c\u304c\u4e8c\u91cd\u306b\u304b\u304b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Master-Feeder Structure<\/div>\n<div class=\"ja\">\u30de\u30b9\u30bf\u30fc\u30fb\u30d5\u30a3\u30fc\u30c0\u30fc\u69cb\u9020<\/div>\n<div class=\"df\">\u7a0e\u52d9\u4e0a\u306e\u7acb\u5834\u304c\u7570\u306a\u308b\u6295\u8cc7\u5bb6\u306e\u8cc7\u91d1\u3092\u8907\u6570\u306e\u30d5\u30a3\u30fc\u30c0\u30fc\u30fb\u30d5\u30a1\u30f3\u30c9\u3067\u96c6\u3081\u30011\u3064\u306e\u30de\u30b9\u30bf\u30fc\u30fb\u30d5\u30a1\u30f3\u30c9\u306b\u307e\u3068\u3081\u3066\u904b\u7528\u3059\u308b\u69cb\u9020\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Equity Market Neutral<\/div>\n<div class=\"ja\">\u30a8\u30af\u30a4\u30c6\u30a3\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb<\/div>\n<div class=\"df\">\u5272\u5b89\u306a\u682a\u5f0f\u306e\u8cb7\u3044\u3068\u5272\u9ad8\u306a\u682a\u5f0f\u306e\u58f2\u308a\u3092\u7d44\u307f\u5408\u308f\u305b\u3001\u5e02\u5834\u5168\u4f53\u306e\u52d5\u304d\u3078\u306e\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u3092\u307b\u307c\u30bc\u30ed\u306b\u3059\u308b\u6226\u7565\u3002\u9298\u67c4\u9078\u629e\u304b\u3089\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u72d9\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Merger Arbitrage<\/div>\n<div class=\"ja\">\u5408\u4f75\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/div>\n<div class=\"df\">\u516c\u8868\u3055\u308c\u305f\u5408\u4f75\u30fb\u8cb7\u53ce\u6848\u4ef6\u3067\u3001\u88ab\u8cb7\u53ce\u4f01\u696d\u306e\u682a\u5f0f\u3092\u8cb7\u3044\u3001\u682a\u5f0f\u4ea4\u63db\u306e\u5834\u5408\u306f\u8cb7\u53ce\u4f01\u696d\u306e\u682a\u5f0f\u3092\u58f2\u308b\u3053\u3068\u3067\u3001\u6848\u4ef6\u6210\u7acb\u307e\u3067\u306e\u4fa1\u683c\u5dee\u3092\u72d9\u3046\u30a4\u30d9\u30f3\u30c8\u30fb\u30c9\u30ea\u30d6\u30f3\u6226\u7565\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Global Macro<\/div>\n<div class=\"ja\">\u30b0\u30ed\u30fc\u30d0\u30eb\u30fb\u30de\u30af\u30ed<\/div>\n<div class=\"df\">\u91d1\u5229\u3001\u70ba\u66ff\u3001\u7d4c\u6e08\u6210\u9577\u306a\u3069\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u898b\u901a\u3057\u306b\u57fa\u3065\u304d\u3001\u682a\u5f0f\u30fb\u50b5\u5238\u30fb\u901a\u8ca8\u30fb\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306a\u3069\u5e45\u5e83\u3044\u5e02\u5834\u3067\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u53d6\u308b\u6226\u7565\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Survivorship Bias<\/div>\n<div class=\"ja\">\u751f\u5b58\u8005\u30d0\u30a4\u30a2\u30b9<\/div>\n<div class=\"df\">\u904b\u7528\u6210\u7e3e\u304c\u60aa\u304f\u89e3\u6563\u30fb\u5831\u544a\u505c\u6b62\u3057\u305f\u30d5\u30a1\u30f3\u30c9\u304c\u30c7\u30fc\u30bf\u30d9\u30fc\u30b9\u304b\u3089\u9664\u304b\u308c\u308b\u3053\u3068\u3067\u3001\u30d5\u30a1\u30f3\u30c9\u5168\u4f53\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u5b9f\u614b\u3088\u308a\u9ad8\u304f\u898b\u3048\u308b\u504f\u308a\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Backfill Bias<\/div>\n<div class=\"ja\">\u30d0\u30c3\u30af\u30d5\u30a3\u30eb\u30fb\u30d0\u30a4\u30a2\u30b9<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u304c\u30c7\u30fc\u30bf\u30d9\u30fc\u30b9\u306b\u65b0\u898f\u767b\u9332\u3055\u308c\u308b\u969b\u306b\u3001\u597d\u8abf\u3060\u3063\u305f\u904e\u53bb\u306e\u6210\u7e3e\u304c\u3055\u304b\u306e\u307c\u3063\u3066\u8ffd\u52a0\u3055\u308c\u308b\u3053\u3068\u3067\u3001\u30ea\u30bf\u30fc\u30f3\u304c\u5b9f\u614b\u3088\u308a\u9ad8\u304f\u898b\u3048\u308b\u504f\u308a\u3002<\/div>\n<\/div>\n<h3 id=\"l1-alt-g-lm7\">LM7 Introduction to Digital Assets\uff08\u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u5165\u9580\uff09<\/h3>\n<div class=\"cfagl-lm\">\u3053\u306e\u5358\u5143\u306e\u8981\u70b9\u89e3\u8aac\uff1a<a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/22\/cfa-l1-alt-lm7\/\">LM7 \u30c7\u30b8\u30bf\u30eb\u8cc7\u7523\u5165\u9580<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Distributed Ledger Technology (DLT)<\/div>\n<div class=\"ja\">\u5206\u6563\u578b\u53f0\u5e33\u6280\u8853\uff08DLT\uff09<\/div>\n<div class=\"df\">\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u306e\u53c2\u52a0\u8005\u304c\u540c\u3058\u53f0\u5e33\u306e\u30b3\u30d4\u30fc\u3092\u5171\u6709\u3057\u3001\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u30fb\u30d7\u30ed\u30c8\u30b3\u30eb\u306b\u5f93\u3063\u3066\u53d6\u5f15\u8a18\u9332\u3092\u691c\u8a3c\u30fb\u66f4\u65b0\u3059\u308b\u6280\u8853\u3002\u4e2d\u592e\u306e\u7ba1\u7406\u8005\u3092\u5fc5\u8981\u3068\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Blockchain<\/div>\n<div class=\"ja\">\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3<\/div>\n<div class=\"df\">\u53d6\u5f15\u8a18\u9332\u3092\u307e\u3068\u3081\u305f\u30d6\u30ed\u30c3\u30af\u3092\u6697\u53f7\u6280\u8853\u3067\u6642\u7cfb\u5217\u306b\u9023\u7d50\u3057\u3066\u3044\u304f\u5206\u6563\u578b\u53f0\u5e33\u306e\u4e00\u5f62\u614b\u3002\u904e\u53bb\u306e\u8a18\u9332\u3092\u6539\u3056\u3093\u3059\u308b\u3053\u3068\u304c\u6975\u3081\u3066\u96e3\u3057\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Permissionless Network<\/div>\n<div class=\"ja\">\u30d1\u30fc\u30df\u30c3\u30b7\u30e7\u30f3\u30ec\u30b9\u578b\u30cd\u30c3\u30c8\u30ef\u30fc\u30af<\/div>\n<div class=\"df\">\u8ab0\u3067\u3082\u53c2\u52a0\u3057\u3066\u53d6\u5f15\u306e\u691c\u8a3c\u3084\u53f0\u5e33\u306e\u95b2\u89a7\u304c\u3067\u304d\u308b\u3001\u53c2\u52a0\u8005\u306e\u5236\u9650\u304c\u306a\u3044\u5206\u6563\u578b\u53f0\u5e33\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3002\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u304c\u4ee3\u8868\u4f8b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Permissioned Network<\/div>\n<div class=\"ja\">\u30d1\u30fc\u30df\u30c3\u30b7\u30e7\u30f3\u30c9\u578b\u30cd\u30c3\u30c8\u30ef\u30fc\u30af<\/div>\n<div class=\"df\">\u53c2\u52a0\u8005\u3084\u6a29\u9650\u304c\u7ba1\u7406\u8005\u306b\u3088\u3063\u3066\u9650\u5b9a\u3055\u308c\u3066\u3044\u308b\u5206\u6563\u578b\u53f0\u5e33\u306e\u30cd\u30c3\u30c8\u30ef\u30fc\u30af\u3002\u91d1\u878d\u6a5f\u95a2\u9593\u306e\u6c7a\u6e08\u306a\u3069\u7279\u5b9a\u306e\u7528\u9014\u306b\u4f7f\u308f\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Proof of Work (PoW)<\/div>\n<div class=\"ja\">\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30ef\u30fc\u30af\uff08PoW\uff09<\/div>\n<div class=\"df\">\u5927\u91cf\u306e\u8a08\u7b97\u51e6\u7406\uff08\u30de\u30a4\u30cb\u30f3\u30b0\uff09\u3092\u6700\u521d\u306b\u89e3\u3044\u305f\u53c2\u52a0\u8005\u304c\u65b0\u305f\u306a\u30d6\u30ed\u30c3\u30af\u3092\u8ffd\u52a0\u3059\u308b\u6a29\u5229\u3092\u5f97\u308b\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u30fb\u30d7\u30ed\u30c8\u30b3\u30eb\u3002\u96fb\u529b\u6d88\u8cbb\u304c\u5927\u304d\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Proof of Stake (PoS)<\/div>\n<div class=\"ja\">\u30d7\u30eb\u30fc\u30d5\u30fb\u30aa\u30d6\u30fb\u30b9\u30c6\u30fc\u30af\uff08PoS\uff09<\/div>\n<div class=\"df\">\u6697\u53f7\u8cc7\u7523\u306e\u4fdd\u6709\u30fb\u9810\u3051\u5165\u308c\uff08\u30b9\u30c6\u30fc\u30af\uff09\u306e\u91cf\u306b\u5fdc\u3058\u3066\u3001\u53d6\u5f15\u3092\u691c\u8a3c\u3057\u30d6\u30ed\u30c3\u30af\u3092\u8ffd\u52a0\u3059\u308b\u53c2\u52a0\u8005\u3092\u9078\u3076\u30b3\u30f3\u30bb\u30f3\u30b5\u30b9\u30fb\u30d7\u30ed\u30c8\u30b3\u30eb\u3002PoW\u3088\u308a\u6d88\u8cbb\u96fb\u529b\u304c\u5c0f\u3055\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Smart Contract<\/div>\n<div class=\"ja\">\u30b9\u30de\u30fc\u30c8\u30fb\u30b3\u30f3\u30c8\u30e9\u30af\u30c8<\/div>\n<div class=\"df\">\u3042\u3089\u304b\u3058\u3081\u5b9a\u3081\u305f\u6761\u4ef6\u304c\u6e80\u305f\u3055\u308c\u308b\u3068\u3001\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u4e0a\u3067\u81ea\u52d5\u7684\u306b\u5b9f\u884c\u3055\u308c\u308b\u30d7\u30ed\u30b0\u30e9\u30e0\u5316\u3055\u308c\u305f\u5951\u7d04\u3002\u4ef2\u4ecb\u8005\u306a\u3057\u3067\u53d6\u5f15\u3092\u57f7\u884c\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Stablecoin<\/div>\n<div class=\"ja\">\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3<\/div>\n<div class=\"df\">\u6cd5\u5b9a\u901a\u8ca8\u3084\u4ed6\u306e\u8cc7\u7523\u306b\u4fa1\u5024\u3092\u9023\u52d5\u3055\u305b\u308b\u3088\u3046\u8a2d\u8a08\u3055\u308c\u305f\u6697\u53f7\u8cc7\u7523\u3002\u4fa1\u683c\u5909\u52d5\u3092\u6291\u3048\u308b\u3053\u3068\u3067\u3001\u6c7a\u6e08\u3084\u4fa1\u5024\u306e\u4fdd\u5b58\u3078\u306e\u5229\u7528\u3092\u76ee\u6307\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Non-Fungible Token (NFT)<\/div>\n<div class=\"ja\">\u975e\u4ee3\u66ff\u6027\u30c8\u30fc\u30af\u30f3\uff08NFT\uff09<\/div>\n<div class=\"df\">\u30c7\u30b8\u30bf\u30eb\u30fb\u30a2\u30fc\u30c8\u306a\u3069\u7279\u5b9a\u306e\u8cc7\u7523\u306e\u6240\u6709\u6a29\u3092\u8868\u3059\u3001\u4ed6\u3068\u4ea4\u63db\u3067\u304d\u306a\u3044\u552f\u4e00\u306e\u30c8\u30fc\u30af\u30f3\u30021\u5358\u4f4d\u305a\u3064\u304c\u540c\u8cea\u306a\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306a\u3069\u3068\u306f\u7570\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Decentralized Finance (DeFi)<\/div>\n<div class=\"ja\">\u5206\u6563\u578b\u91d1\u878d\uff08DeFi\uff09<\/div>\n<div class=\"df\">\u30aa\u30fc\u30d7\u30f3\u30bd\u30fc\u30b9\u306e\u30b3\u30fc\u30c9\u3068\u30b9\u30de\u30fc\u30c8\u30fb\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u3092\u7528\u3044\u3066\u3001\u8cb8\u501f\u3084\u53d6\u5f15\u306a\u3069\u306e\u91d1\u878d\u30b5\u30fc\u30d3\u30b9\u3092\u4e2d\u592e\u306e\u4ef2\u4ecb\u8005\u306a\u3057\u3067\u63d0\u4f9b\u3059\u308b\u4ed5\u7d44\u307f\u3002<\/div>\n<\/div>\n<h2>\u3042\u308f\u305b\u3066\u4f7f\u3044\u305f\u3044\u30da\u30fc\u30b8<\/h2>\n<ul>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l1-alt-formulas\/\">CFA\u00ae\ufe0e Level 1 Alternatives \u516c\u5f0f\u96c6\uff08\u8a18\u53f7\u306e\u610f\u5473\u3068\u4f7f\u3044\u3069\u3053\u308d\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-level1-glossary\/\">CFA\u00ae\ufe0e Level 1 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><a href=\"https:\/\/triumphmind.com\/cfa\/cfa-curriculum\/#l1-alt\">CFA\u00ae\ufe0e \u5b66\u7fd2\u5185\u5bb9\u306e\u76ee\u6b21\uff08Level 1 Alternative Investments\uff09<\/a><\/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\u3001\u7528\u8a9e\u3084\u516c\u5f0f\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\/present1\/\" target=\"_blank\" rel=\"noopener\">Level 1 \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<li><a href=\"https:\/\/triumphmind.com\/cfa\/secret_source\/\" target=\"_blank\" rel=\"noopener\">Level 1 Leveraged Support Course\uff08\u7528\u8a9e\u96c6\u30fb\u516c\u5f0f\u96c6\u306e\u6574\u7406\u8cc7\u6599\u3064\u304d\uff09\u3092\u898b\u308b<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>CFA\u00ae\ufe0e Level 1 Alternative Investments\uff08\u30aa\u30eb\u30bf\u30ca\u30c6\u30a3\u30d6\u6295\u8cc7\uff09\u306e\u91cd\u8981\u7528\u8a9e64\u8a9e\u3092\u3001\u6700\u65b0\u7248\u30ab\u30ea\u30ad\u30e5\u30e9\u30e0\u306e\u5358\u5143\uff08LM\uff09\u5225\u306b\u3001\u82f1\u8a9e\u30fb\u65e5\u672c\u8a9e\u8a33\u30fb\u610f\u5473\u306e3\u70b9\u30bb\u30c3\u30c8\u3067\u6574\u7406\u3057\u305f\u7528\u8a9e\u96c6\u3067\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":11581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jin_ogp_image_url":"","_jin_last_featured_id":0,"footnotes":""},"categories":[101],"tags":[],"class_list":["post-11420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-glossary"],"_links":{"self":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11420","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=11420"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11420\/revisions"}],"predecessor-version":[{"id":11541,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11420\/revisions\/11541"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11581"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}