{"id":11455,"date":"2026-09-24T09:00:00","date_gmt":"2026-09-24T00:00:00","guid":{"rendered":"https:\/\/triumphmind.com\/cfa\/?p=11455"},"modified":"2026-09-24T18:40:32","modified_gmt":"2026-09-24T09:40:32","slug":"cfa-l3-pmk-glossary","status":"publish","type":"post","link":"https:\/\/triumphmind.com\/cfa\/2026\/09\/24\/cfa-l3-pmk-glossary\/","title":{"rendered":"\u3010CFA\u00ae\ufe0e L3 Private Markets Pathway \u7528\u8a9e\u96c6\u3011Private Markets Pathway \u306e\u91cd\u8981\u7528\u8a9e68\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 3\u300cPrivate Markets Pathway\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30de\u30fc\u30b1\u30c3\u30c4 Pathway\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\u30fb68\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\/gokuhi\/\">Level 3 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=\"#l3-pmk-g-lm1\">LM1 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u3068\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/a><a href=\"#l3-pmk-g-lm2\">LM2 GP\u3068\u6295\u8cc7\u5bb6\u306e\u8996\u70b9\u3001\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9<\/a><a href=\"#l3-pmk-g-lm3\">LM3 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/a><a href=\"#l3-pmk-g-lm4\">LM4 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8<\/a><a href=\"#l3-pmk-g-lm5\">LM5 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7<\/a><a href=\"#l3-pmk-g-lm6\">LM6 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u6295\u8cc7<\/a><a href=\"#l3-pmk-g-lm7\">LM7 \u30a4\u30f3\u30d5\u30e9\u6295\u8cc7<\/a><\/div>\n<h2>Private Markets Pathway \u306e\u91cd\u8981\u7528\u8a9e\uff08LM\u5225\uff09<\/h2>\n<h3 id=\"l3-pmk-g-lm1\">LM1 Private Investments and Structures\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u3068\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-l3-pmk-lm1\/\">LM1 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u6295\u8cc7\u3068\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Limited Partnership<\/div>\n<div class=\"ja\">\u30ea\u30df\u30c6\u30c3\u30c9\u30fb\u30d1\u30fc\u30c8\u30ca\u30fc\u30b7\u30c3\u30d7<\/div>\n<div class=\"df\">\u904b\u55b6\u3092\u62c5\u3046GP\uff08\u7121\u9650\u8cac\u4efb\u7d44\u5408\u54e1\uff09\u3068\u3001\u51fa\u8cc7\u8005\u3067\u3042\u308bLP\uff08\u6709\u9650\u8cac\u4efb\u7d44\u5408\u54e1\uff09\u304b\u3089\u6210\u308b\u6295\u8cc7\u30d3\u30fc\u30af\u30eb\u3002\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u4ee3\u8868\u7684\u306a\u5f62\u614b\u3067\u3001\u901a\u5e38\u306f\u30af\u30ed\u30fc\u30ba\u30c9\u30a8\u30f3\u30c9\u578b\u3092\u3068\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\u304c\u6295\u8cc7\u3059\u308b\u500b\u5225\u6848\u4ef6\u306b\u3001LP\u304c\u30d5\u30a1\u30f3\u30c9\u3068\u4e26\u3093\u3067\u76f4\u63a5\u8ffd\u52a0\u51fa\u8cc7\u3059\u308b\u3053\u3068\u3002\u624b\u6570\u6599\u3092\u6291\u3048\u3064\u3064\u3001\u7279\u5b9a\u306e\u6848\u4ef6\u3078\u306e\u6295\u8cc7\u984d\u3092\u5897\u3084\u305b\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\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\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\u5f97\u3089\u308c\u308b\u53cd\u9762\u3001\u624b\u6570\u6599\u304c\u4e8c\u91cd\u306b\u304b\u304b\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Commitment<\/div>\n<div class=\"ja\">\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\uff08\u51fa\u8cc7\u7d04\u675f\uff09<\/div>\n<div class=\"df\">LP\u304c\u30d5\u30a1\u30f3\u30c9\u306b\u5bfe\u3057\u3066\u5c06\u6765\u51fa\u8cc7\u3059\u308b\u3053\u3068\u3092\u7d04\u675f\u3057\u305f\u91d1\u984d\u3002\u5b9f\u969b\u306e\u8cc7\u91d1\u306f\u3001\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb\u306b\u5fdc\u3058\u3066\u6bb5\u968e\u7684\u306b\u6255\u3044\u8fbc\u307e\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capital Call<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30b3\u30fc\u30eb<\/div>\n<div class=\"df\">GP\u304c\u6295\u8cc7\u306e\u5b9f\u884c\u306a\u3069\u306b\u5408\u308f\u305b\u3066\u3001LP\u306b\u672a\u6255\u8fbc\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u306e\u6255\u8fbc\u307f\u3092\u6c42\u3081\u308b\u3053\u3068\u3002\u30bf\u30a4\u30df\u30f3\u30b0\u3068\u91d1\u984d\u304c\u4e8b\u524d\u306b\u306f\u78ba\u5b9a\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Distributed to Paid-In (DPI)<\/div>\n<div class=\"ja\">\u6255\u8fbc\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u5206\u914d\u500d\u7387\uff08DPI\uff09<\/div>\n<div class=\"df\">\u7d2f\u7a4d\u5206\u914d\u984d\u3092\u6255\u8fbc\u8cc7\u672c\u3067\u5272\u3063\u305f\u500d\u7387\u3002\u6295\u8cc7\u5bb6\u306b\u73fe\u91d1\u3068\u3057\u3066\u623b\u3063\u305f\u3001\u5b9f\u73fe\u6e08\u307f\u306e\u30ea\u30bf\u30fc\u30f3\u306e\u5927\u304d\u3055\u3092\u793a\u3059\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Residual Value to Paid-In (RVPI)<\/div>\n<div class=\"ja\">\u6255\u8fbc\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u6b8b\u5b58\u4fa1\u5024\u500d\u7387\uff08RVPI\uff09<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306e\u6b8b\u5b58\u4fa1\u5024\uff08NAV\uff09\u3092\u6255\u8fbc\u8cc7\u672c\u3067\u5272\u3063\u305f\u500d\u7387\u3002\u307e\u3060\u5b9f\u73fe\u3057\u3066\u3044\u306a\u3044\u672a\u5b9f\u73fe\u90e8\u5206\u306e\u30ea\u30bf\u30fc\u30f3\u3092\u793a\u3057\u3001NAV\u304c\u63a8\u8a08\u5024\u3067\u3042\u308b\u305f\u3081\u8a55\u4fa1\u306e\u4e0d\u78ba\u5b9f\u6027\u3092\u4f34\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Total Value to Paid-In (TVPI)<\/div>\n<div class=\"ja\">\u6255\u8fbc\u8cc7\u672c\u306b\u5bfe\u3059\u308b\u7dcf\u4fa1\u5024\u500d\u7387\uff08TVPI\uff09<\/div>\n<div class=\"df\">\u7d2f\u7a4d\u5206\u914d\u984d\u3068\u6b8b\u5b58\u4fa1\u5024\u306e\u5408\u8a08\u3092\u6255\u8fbc\u8cc7\u672c\u3067\u5272\u3063\u305f\u500d\u7387\u3067\u3001DPI\u3068RVPI\u306e\u548c\u306b\u7b49\u3057\u3044\u3002\u5b9f\u73fe\u30fb\u672a\u5b9f\u73fe\u3092\u5408\u308f\u305b\u305f\u7dcf\u4fa1\u5024\u3092\u793a\u3059\u304c\u3001\u6642\u9593\u4fa1\u5024\u306f\u53cd\u6620\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">J-Curve<\/div>\n<div class=\"ja\">J\u30ab\u30fc\u30d6<\/div>\n<div class=\"df\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u306e\u7d2f\u7a4d\u30ea\u30bf\u30fc\u30f3\u304c\u3001\u521d\u671f\u306f\u624b\u6570\u6599\u8ca0\u62c5\u3084\u6295\u8cc7\u306e\u672a\u6210\u719f\u3067\u30de\u30a4\u30ca\u30b9\u3068\u306a\u308a\u3001\u305d\u306e\u5f8c\u306e\u4fa1\u5024\u5275\u9020\u3068\u30a8\u30b0\u30b8\u30c3\u30c8\u306b\u3064\u308c\u3066\u4e0a\u6607\u3057\u3066\u3044\u304f\u63a8\u79fb\u3092J\u5b57\u306b\u4f8b\u3048\u305f\u3082\u306e\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Valuation Smoothing<\/div>\n<div class=\"ja\">\u8a55\u4fa1\u306e\u5e73\u6ed1\u5316<\/div>\n<div class=\"df\">\u975e\u4e0a\u5834\u8cc7\u7523\u306e\u8a55\u4fa1\u304c\u9451\u5b9a\u3084\u63a8\u8a08\u306b\u3082\u3068\u3065\u304f\u305f\u3081\u5909\u52d5\u304c\u7de9\u3084\u304b\u306b\u306a\u308a\u3001\u898b\u304b\u3051\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3084\u4ed6\u8cc7\u7523\u3068\u306e\u76f8\u95a2\u304c\u5b9f\u969b\u3088\u308a\u4f4e\u304f\u8868\u308c\u308b\u73fe\u8c61\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-g-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<\/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-l3-pmk-lm2\/\">LM2 GP\u3068\u6295\u8cc7\u5bb6\u306e\u8996\u70b9\u3001\u6295\u8cc7\u30d7\u30ed\u30bb\u30b9<\/a><\/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\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u7d44\u6210\u30fb\u904b\u55b6\u3059\u308b\u4e3b\u4f53\u3002\u8cc7\u91d1\u8abf\u9054\u3001\u6848\u4ef6\u306e\u767a\u6398\u30fb\u53d6\u5f97\u3001\u4fa1\u5024\u5275\u9020\u3001\u30a8\u30b0\u30b8\u30c3\u30c8\u307e\u3067\u3092\u62c5\u3044\u3001LP\u306b\u5bfe\u3057\u3066\u53d7\u8a17\u8005\u8cac\u4efb\u3092\u8ca0\u3046\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Management Fee<\/div>\n<div class=\"ja\">\u7ba1\u7406\u5831\u916c\uff08\u30de\u30cd\u30b8\u30e1\u30f3\u30c8\u30fb\u30d5\u30a3\u30fc\uff09<\/div>\n<div class=\"df\">GP\u304c\u30d5\u30a1\u30f3\u30c9\u904b\u55b6\u306e\u5bfe\u4fa1\u3068\u3057\u3066\u53d7\u3051\u53d6\u308b\u5831\u916c\u3002\u6295\u8cc7\u671f\u9593\u4e2d\u306f\u30b3\u30df\u30c3\u30c8\u30e1\u30f3\u30c8\u984d\u3001\u305d\u306e\u5f8c\u306f\u6295\u8cc7\u6b8b\u9ad8\u3092\u57fa\u6e96\u306b\u7b97\u51fa\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Carried Interest<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8<\/div>\n<div class=\"df\">\u30d5\u30a1\u30f3\u30c9\u306e\u5229\u76ca\u306e\u4e00\u5b9a\u5272\u5408\u3092GP\u304c\u53d7\u3051\u53d6\u308b\u6210\u679c\u5831\u916c\u3002\u901a\u5e38\u306f\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u306e\u9054\u6210\u3092\u6761\u4ef6\u3068\u3057\u3001GP\u3068LP\u306e\u5229\u5bb3\u3092\u4e00\u81f4\u3055\u305b\u308b\u4ed5\u7d44\u307f\u3068\u306a\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\uff08\u512a\u5148\u30ea\u30bf\u30fc\u30f3\uff09<\/div>\n<div class=\"df\">GP\u304c\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u3092\u53d7\u3051\u53d6\u308b\u524d\u306b\u3001LP\u304c\u78ba\u4fdd\u3059\u3079\u304d\u6700\u4f4e\u30ea\u30bf\u30fc\u30f3\u3002\u8d85\u904e\u3057\u305f\u90e8\u5206\u306e\u307f\u3092\u6210\u679c\u5831\u916c\u306e\u5bfe\u8c61\u3068\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Catch-Up<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30c1\u30a2\u30c3\u30d7<\/div>\n<div class=\"df\">\u30cf\u30fc\u30c9\u30eb\u30fb\u30ec\u30fc\u30c8\u306e\u9054\u6210\u5f8c\u3001GP\u304c\u5206\u914d\u306e\u5927\u90e8\u5206\u307e\u305f\u306f\u5168\u90e8\u3092\u53d7\u3051\u53d6\u308a\u3001\u5408\u610f\u3057\u305f\u30ad\u30e3\u30ea\u30fc\u7387\u306b\u76f8\u5f53\u3059\u308b\u53d6\u308a\u5206\u306b\u8ffd\u3044\u3064\u304f\u307e\u3067\u512a\u5148\u7684\u306b\u914d\u5206\u3092\u53d7\u3051\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\u914d\u5206\u3059\u308b\u9806\u5e8f\u3068\u65b9\u6cd5\u3002\u30d5\u30a1\u30f3\u30c9\u5168\u4f53\u3067\u8a08\u7b97\u3059\u308b\u30e8\u30fc\u30ed\u30d4\u30a2\u30f3\u578b\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<div class=\"cfagl-t\">\n<div class=\"en\">Clawback<\/div>\n<div class=\"ja\">\u30af\u30ed\u30fc\u30d0\u30c3\u30af<\/div>\n<div class=\"df\">GP\u304c\u30d5\u30a1\u30f3\u30c9\u5b58\u7d9a\u671f\u9593\u3092\u901a\u3058\u305f\u672c\u6765\u306e\u53d6\u308a\u5206\u3092\u8d85\u3048\u3066\u30ad\u30e3\u30ea\u30fc\u30c9\u30fb\u30a4\u30f3\u30bf\u30ec\u30b9\u30c8\u3092\u53d7\u3051\u53d6\u3063\u3066\u3044\u305f\u5834\u5408\u306b\u3001\u8d85\u904e\u5206\u3092LP\u3078\u8fd4\u9084\u3055\u305b\u308b\u6761\u9805\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Due Diligence<\/div>\n<div class=\"ja\">\u30c7\u30e5\u30fc\u30fb\u30c7\u30ea\u30b8\u30a7\u30f3\u30b9<\/div>\n<div class=\"df\">\u6295\u8cc7\u306e\u5b9f\u884c\u524d\u306b\u3001\u5bfe\u8c61\u306e\u4e8b\u696d\u30fb\u8ca1\u52d9\u30fb\u6cd5\u52d9\u30fb\u7a0e\u52d9\u30fb\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u30fbESG\u306a\u3069\u3092\u8a73\u7d30\u306b\u8abf\u67fb\u3059\u308b\u3053\u3068\u3002\u7d50\u679c\u306f\u53d6\u5f97\u4fa1\u683c\u3084\u5951\u7d04\u6761\u4ef6\u3001\u4e8b\u696d\u8a08\u753b\u306b\u53cd\u6620\u3055\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Strategic Buyer<\/div>\n<div class=\"ja\">\u6226\u7565\u7684\u8cb7\u3044\u624b<\/div>\n<div class=\"df\">\u6295\u8cc7\u5bfe\u8c61\u3068\u540c\u696d\u30fb\u95a2\u9023\u696d\u7a2e\u306e\u4e8b\u696d\u4f1a\u793e\u306a\u3069\u3001\u30b7\u30ca\u30b8\u30fc\u3092\u898b\u8fbc\u3093\u3067\u8cb7\u53ce\u3059\u308b\u8cb7\u3044\u624b\u3002\u4ed6\u306e\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u306e\u8ca1\u52d9\u7684\u8cb7\u3044\u624b\u3088\u308a\u9ad8\u3044\u4fa1\u683c\u3092\u63d0\u793a\u3067\u304d\u308b\u5834\u5408\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Secondary Buyout<\/div>\n<div class=\"ja\">\u30bb\u30ab\u30f3\u30c0\u30ea\u30fc\u30fb\u30d0\u30a4\u30a2\u30a6\u30c8<\/div>\n<div class=\"df\">\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\u30fb\u30d5\u30a1\u30f3\u30c9\u304c\u4fdd\u6709\u3059\u308b\u6295\u8cc7\u5148\u3092\u3001\u5225\u306e\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u306e\u8ca1\u52d9\u7684\u8cb7\u3044\u624b\u306b\u58f2\u5374\u3059\u308b\u30a8\u30b0\u30b8\u30c3\u30c8\u65b9\u6cd5\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-g-lm3\">LM3 Private Equity\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3\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-l3-pmk-lm3\/\">LM3 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30a8\u30af\u30a4\u30c6\u30a3<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Venture Capital (VC)<\/div>\n<div class=\"ja\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\uff08VC\uff09<\/div>\n<div class=\"df\">\u58f2\u4e0a\u304c\u307b\u3068\u3093\u3069\u306a\u304f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u304c\u30de\u30a4\u30ca\u30b9\u306e\u5275\u696d\u671f\u4f01\u696d\u306b\u3001\u88fd\u54c1\u958b\u767a\u3084\u5e02\u5834\u78ba\u7acb\u306e\u8cc7\u91d1\u3068\u3057\u3066\u5c11\u6570\u6301\u5206\u3067\u51fa\u8cc7\u3059\u308b\u6295\u8cc7\u3002\u5931\u6557\u7387\u306f\u9ad8\u3044\u304c\u3001\u6210\u529f\u6642\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u5927\u304d\u3044\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\">\u88fd\u54c1\u3068\u5e02\u5834\u304c\u78ba\u7acb\u3057\u305f\u5f8c\u671f\u6bb5\u968e\u306e\u4f01\u696d\u306b\u3001\u4e8b\u696d\u62e1\u5927\u3084M&amp;A\u306e\u8cc7\u91d1\u3068\u3057\u3066\u4e3b\u306b\u5c11\u6570\u6301\u5206\u3067\u51fa\u8cc7\u3059\u308b\u6295\u8cc7\u3002VC\u3088\u308a\u4f4e\u30ea\u30b9\u30af\u3067\u3001\u8ca0\u50b5\u306e\u5229\u7528\u306f\u30d0\u30a4\u30a2\u30a6\u30c8\u3088\u308a\u5c0f\u3055\u3044\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\">\u6210\u719f\u4f01\u696d\u306e\u652f\u914d\u6301\u5206\u3092\u682a\u5f0f\u3068\u591a\u984d\u306e\u8ca0\u50b5\u3067\u53d6\u5f97\u3057\u3001\u7d4c\u55b6\u6539\u5584\u3067\u5f97\u305f\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3067\u8ca0\u50b5\u3092\u8fd4\u6e08\u3057\u305f\u3046\u3048\u3067\u58f2\u5374\u3057\u3066\u3001\u30ea\u30bf\u30fc\u30f3\u3092\u5f97\u308b\u6295\u8cc7\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Take-Private Transaction<\/div>\n<div class=\"ja\">\u30c6\u30a4\u30af\u30fb\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\uff08\u975e\u516c\u958b\u5316\uff09<\/div>\n<div class=\"df\">\u4e0a\u5834\u4f01\u696d\u306e\u682a\u5f0f\u3092\u53d6\u5f97\u3057\u3066\u4e0a\u5834\u3092\u5ec3\u6b62\u3057\u3001\u975e\u516c\u958b\u4f01\u696d\u3068\u3059\u308b\u53d6\u5f15\u3002\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u4ee3\u8868\u7684\u306a\u5f62\u614b\u306e\u4e00\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Carve-Out<\/div>\n<div class=\"ja\">\u30ab\u30fc\u30d6\u30a2\u30a6\u30c8<\/div>\n<div class=\"df\">\u4f01\u696d\u306e\u4e8b\u696d\u90e8\u9580\u3084\u5b50\u4f1a\u793e\u3092\u5207\u308a\u51fa\u3057\u3001\u72ec\u7acb\u3057\u305f\u4f01\u696d\u3068\u3059\u308b\u53d6\u5f15\u3002\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u53d6\u5f97\u5bfe\u8c61\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Venture Capital Method<\/div>\n<div class=\"ja\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u6cd5\uff08VC\u6cd5\uff09<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u3068\u76ee\u6a19\u30ea\u30bf\u30fc\u30f3\u304b\u3089\u3001\u73fe\u5728\u306e\u6295\u8cc7\u5f8c\u4fa1\u5024\u30fb\u6295\u8cc7\u524d\u4fa1\u5024\u3068\u3001\u6295\u8cc7\u5bb6\u304c\u53d6\u5f97\u3059\u3079\u304d\u6301\u5206\u6bd4\u7387\u3092\u9006\u7b97\u3059\u308b\u8a55\u4fa1\u624b\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Post-Money Valuation<\/div>\n<div class=\"ja\">\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\u8a55\u4fa1\u984d\uff08\u6295\u8cc7\u5f8c\u4fa1\u5024\uff09<\/div>\n<div class=\"df\">\u65b0\u898f\u8cc7\u91d1\u3092\u53d7\u3051\u5165\u308c\u305f\u5f8c\u306e\u4f01\u696d\u306e\u682a\u5f0f\u4fa1\u5024\u3002VC\u6cd5\u3067\u306f\u3001\u58f2\u5374\u6642\u306e\u682a\u5f0f\u4fa1\u5024\u3092\u76ee\u6a19\u3068\u3059\u308b\u6295\u8cc7\u500d\u7387\uff08ROI\uff09\u3067\u5272\u308a\u623b\u3057\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Pre-Money Valuation<\/div>\n<div class=\"ja\">\u30d7\u30ec\u30de\u30cd\u30fc\u8a55\u4fa1\u984d\uff08\u6295\u8cc7\u524d\u4fa1\u5024\uff09<\/div>\n<div class=\"df\">\u65b0\u898f\u8cc7\u91d1\u3092\u53d7\u3051\u5165\u308c\u308b\u524d\u306e\u4f01\u696d\u306e\u682a\u5f0f\u4fa1\u5024\u3002\u6295\u8cc7\u5f8c\u4fa1\u5024\uff08\u30dd\u30b9\u30c8\u30de\u30cd\u30fc\uff09\u304b\u3089\u65b0\u898f\u51fa\u8cc7\u984d\u3092\u5dee\u3057\u5f15\u3044\u3066\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Dilution<\/div>\n<div class=\"ja\">\u5e0c\u8584\u5316<\/div>\n<div class=\"df\">\u5c06\u6765\u306e\u5897\u8cc7\u3084\u30b9\u30c8\u30c3\u30af\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u884c\u4f7f\u306a\u3069\u3067\u65b0\u682a\u304c\u767a\u884c\u3055\u308c\u3001\u65e2\u5b58\u682a\u4e3b\u306e\u6301\u5206\u6bd4\u7387\u304c\u4f4e\u4e0b\u3059\u308b\u3053\u3068\u3002VC\u6295\u8cc7\u3067\u306f\u5f8c\u7d9a\u30e9\u30a6\u30f3\u30c9\u306b\u3088\u308b\u5f71\u97ff\u3092\u898b\u8fbc\u3093\u3067\u6301\u5206\u3092\u6c7a\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Multiple Expansion<\/div>\n<div class=\"ja\">\u30de\u30eb\u30c1\u30d7\u30eb\u30fb\u30a8\u30af\u30b9\u30d1\u30f3\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u53d6\u5f97\u6642\u3088\u308a\u58f2\u5374\u6642\u306eEV\/EBITDA\u500d\u7387\u304c\u9ad8\u304f\u306a\u308b\u3053\u3068\u3067\u751f\u3058\u308b\u682a\u5f0f\u4fa1\u5024\u306e\u5897\u52a0\u3002EBITDA\u306e\u6210\u9577\u3001\u8ca0\u50b5\u306e\u8fd4\u6e08\u3068\u4e26\u3076LBO\u306e\u30ea\u30bf\u30fc\u30f3\u6e90\u6cc9\u306e\u4e00\u3064\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-g-lm4\">LM4 Private Debt\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\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-l3-pmk-lm4\/\">LM4 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Venture Debt<\/div>\n<div class=\"ja\">\u30d9\u30f3\u30c1\u30e3\u30fc\u30fb\u30c7\u30c3\u30c8<\/div>\n<div class=\"df\">VC\u51fa\u8cc7\u3092\u53d7\u3051\u305f\u521d\u671f\u6bb5\u968e\u306e\u4f01\u696d\u5411\u3051\u306e\u878d\u8cc7\u3002\u30ef\u30e9\u30f3\u30c8\u304c\u4ed8\u304f\u3053\u3068\u304c\u591a\u304f\u3001\u501f\u308a\u624b\u306f\u682a\u5f0f\u306e\u5e0c\u8584\u5316\u3092\u6291\u3048\u3064\u3064\u8cc7\u91d1\u3092\u8abf\u9054\u3067\u304d\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\u306b\u4ee3\u308f\u308a\u3001\u30ce\u30f3\u30d0\u30f3\u30af\u306e\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30c7\u30c3\u30c8\u30fb\u30d5\u30a1\u30f3\u30c9\u306a\u3069\u304c\u4e2d\u5805\u30fb\u4e2d\u5c0f\u4f01\u696d\u3078\u76f4\u63a5\u884c\u3046\u878d\u8cc7\u3002\u5909\u52d5\u91d1\u5229\u306e\u30b7\u30cb\u30a2\u30fb\u30ed\u30fc\u30f3\u304c\u4e2d\u5fc3\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Leveraged Loan<\/div>\n<div class=\"ja\">\u30ec\u30d0\u30ec\u30c3\u30b8\u30c9\u30fb\u30ed\u30fc\u30f3<\/div>\n<div class=\"df\">\u8ca0\u50b5\u6bd4\u7387\u306e\u9ad8\u3044\u4f01\u696d\u5411\u3051\u306e\u3001\u30b7\u30cb\u30a2\u30fb\u62c5\u4fdd\u4ed8\u304d\u30fb\u5909\u52d5\u91d1\u5229\u306e\u878d\u8cc7\u3002\u671f\u9650\u524d\u8fd4\u6e08\u304c\u53ef\u80fd\u3067\u3001\u5927\u578b\u30d0\u30a4\u30a2\u30a6\u30c8\u306e\u4e3b\u8981\u306a\u8cc7\u91d1\u6e90\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">High-Yield Bond<\/div>\n<div class=\"ja\">\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5<\/div>\n<div class=\"df\">\u6295\u8cc7\u9069\u683c\u672a\u6e80\u306e\u683c\u4ed8\u3051\u306e\u56fa\u5b9a\u5229\u4ed8\u50b5\u3002\u901a\u5e38\u306f\u52a3\u5f8c\u30fb\u7121\u62c5\u4fdd\u3067\u3001\u30b3\u30fc\u30eb\u30fb\u30d7\u30ed\u30c6\u30af\u30b7\u30e7\u30f3\u671f\u9593\u306e\u5f8c\u306b\u56fa\u5b9a\u4fa1\u683c\u3067\u511f\u9084\u3067\u304d\u308b\u6761\u9805\u304c\u4ed8\u304f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Convertible Bond<\/div>\n<div class=\"ja\">\u8ee2\u63db\u793e\u50b5<\/div>\n<div class=\"df\">\u3042\u3089\u304b\u3058\u3081\u6c7a\u3081\u305f\u6761\u4ef6\u3067\u767a\u884c\u4f53\u306e\u682a\u5f0f\u306b\u8ee2\u63db\u3067\u304d\u308b\u6a29\u5229\u3092\u4ed8\u3051\u305f\u50b5\u5238\u3002\u6295\u8cc7\u5bb6\u306f\u4f4e\u3044\u30af\u30fc\u30dd\u30f3\u3068\u5f15\u304d\u63db\u3048\u306b\u682a\u4fa1\u4e0a\u6607\u306e\u6069\u6075\u3092\u5f97\u3089\u308c\u3001\u8ca0\u50b5\u3068\u682a\u5f0f\u306e\u6027\u8cea\u3092\u4f75\u305b\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Mezzanine Debt<\/div>\n<div class=\"ja\">\u30e1\u30b6\u30cb\u30f3\u50b5<\/div>\n<div class=\"df\">\u30b7\u30cb\u30a2\u50b5\u3068\u682a\u5f0f\u306e\u9593\u306b\u4f4d\u7f6e\u3059\u308b\u52a3\u5f8c\u50b5\u3002\u9ad8\u3044\u91d1\u5229\u306b\u52a0\u3048\u3001\u30ef\u30e9\u30f3\u30c8\u306a\u3069\u306e\u682a\u5f0f\u7684\u8981\u7d20\uff08\u30a8\u30af\u30a4\u30c6\u30a3\u30fb\u30ad\u30c3\u30ab\u30fc\uff09\u3084PIK\u91d1\u5229\u3092\u542b\u3080\u3053\u3068\u304c\u591a\u3044\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\u30e5\u50b5<\/div>\n<div class=\"df\">\u30b7\u30cb\u30a2\u3068\u52a3\u5f8c\u306e\u8ca0\u50b5\u3092\u4e00\u672c\u5316\u3057\u3001\u5358\u4e00\u306e\u5951\u7d04\u3067\u63d0\u4f9b\u3059\u308b\u878d\u8cc7\u3002\u91d1\u5229\u306f\u4e21\u8005\u306e\u6df7\u5408\u6c34\u6e96\u3068\u306a\u308a\u3001\u8fc5\u901f\u3067\u7c21\u7d20\u306a\u8abf\u9054\u304c\u53ef\u80fd\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Payment-in-Kind (PIK) Interest<\/div>\n<div class=\"ja\">PIK\uff08\u73fe\u7269\u6255\u3044\uff09\u91d1\u5229<\/div>\n<div class=\"df\">\u5229\u606f\u3092\u73fe\u91d1\u3067\u306f\u306a\u304f\u3001\u8ffd\u52a0\u306e\u50b5\u5238\u767a\u884c\u3084\u5143\u672c\u3078\u306e\u52a0\u7b97\u3067\u652f\u6255\u3046\u4ed5\u7d44\u307f\u3002\u501f\u308a\u624b\u306f\u73fe\u91d1\u306e\u652f\u6255\u3044\u3092\u5148\u9001\u308a\u3067\u304d\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Covenant<\/div>\n<div class=\"ja\">\u30b3\u30d9\u30ca\u30f3\u30c4\uff08\u8ca1\u52d9\u5236\u9650\u6761\u9805\uff09<\/div>\n<div class=\"df\">\u501f\u308a\u624b\u306b\u8ca1\u52d9\u6bd4\u7387\u306e\u7dad\u6301\u3084\u7279\u5b9a\u306e\u884c\u70ba\u306e\u5236\u9650\u3092\u8ab2\u3059\u5951\u7d04\u6761\u9805\u3002\u7dad\u6301\u578b\u3068\u767a\u751f\u578b\u304c\u3042\u308a\u3001\u8cb8\u3057\u624b\u3092\u4fdd\u8b77\u3057\u3064\u3064\u501f\u308a\u624b\u306e\u4e8b\u696d\u904b\u55b6\u306e\u67d4\u8edf\u6027\u3068\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u56f3\u308b\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-g-lm5\">LM5 Private Special Situations\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\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-l3-pmk-lm5\/\">LM5 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u306e\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Special Situations Investing<\/div>\n<div class=\"ja\">\u7279\u6b8a\u72b6\u6cc1\u6295\u8cc7\uff08\u30b9\u30da\u30b7\u30e3\u30eb\u30fb\u30b7\u30c1\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\uff09<\/div>\n<div class=\"df\">\u8ca1\u52d9\u5371\u6a5f\u3084M&amp;A\u30fb\u30b9\u30d4\u30f3\u30aa\u30d5\u306a\u3069\u306e\u30a4\u30d9\u30f3\u30c8\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\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\">\u6d41\u52d5\u6027\u4e0d\u8db3\u3084\u50b5\u52d9\u8d85\u904e\u306b\u3088\u308a\u3001\u50b5\u52d9\u4e0d\u5c65\u884c\u306e\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3001\u3042\u308b\u3044\u306f\u3059\u3067\u306b\u4e0d\u5c65\u884c\u3068\u306a\u3063\u305f\u767a\u884c\u4f53\u306e\u50b5\u52d9\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Exchange Offer<\/div>\n<div class=\"ja\">\u30a8\u30af\u30b9\u30c1\u30a7\u30f3\u30b8\u30fb\u30aa\u30d5\u30a1\u30fc\uff08\u50b5\u52d9\u4ea4\u63db\uff09<\/div>\n<div class=\"df\">\u7834\u7523\u624b\u7d9a\u306e\u5916\u3067\u3001\u65e2\u5b58\u306e\u50b5\u52d9\u3092\u6761\u4ef6\u306e\u7570\u306a\u308b\u65b0\u305f\u306a\u8a3c\u5238\u3068\u4ea4\u63db\u3059\u308b\u53d6\u5f15\u3002\u8fc5\u901f\u304b\u3064\u4f4e\u30b3\u30b9\u30c8\u3060\u304c\u3001\u50b5\u6a29\u8005\u306e\u5408\u610f\u304c\u5fc5\u8981\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Debtor-in-Possession (DIP) Financing<\/div>\n<div class=\"ja\">DIP\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/div>\n<div class=\"df\">\u518d\u5efa\u624b\u7d9a\u4e2d\u306e\u4f01\u696d\u306b\u5bfe\u3059\u308b\u62c5\u4fdd\u4ed8\u304d\u306e\u65b0\u898f\u878d\u8cc7\u3002\u65e2\u5b58\u306e\u50b5\u6a29\u3088\u308a\u512a\u5148\u3057\u3066\u8fd4\u6e08\u3055\u308c\u3001\u518d\u5efa\u671f\u9593\u4e2d\u306e\u904b\u8ee2\u8cc7\u91d1\u306a\u3069\u306b\u5145\u3066\u3089\u308c\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Chapter 11<\/div>\n<div class=\"ja\">\u30c1\u30e3\u30d7\u30bf\u30fc11\uff08\u7c73\u56fd\u9023\u90a6\u7834\u7523\u6cd5\u7b2c11\u7ae0\uff09<\/div>\n<div class=\"df\">\u88c1\u5224\u6240\u306e\u76e3\u7763\u4e0b\u3067\u7d4c\u55b6\u3092\u7d9a\u3051\u306a\u304c\u3089\u50b5\u52d9\u3092\u518d\u7de8\u3059\u308b\u3001\u7c73\u56fd\u306e\u518d\u5efa\u578b\u306e\u7834\u7523\u624b\u7d9a\u3002\u4e8b\u524d\u306b\u50b5\u6a29\u8005\u3068\u5408\u610f\u3057\u3066\u304a\u304f\u30d7\u30ec\u30d1\u30c3\u30b1\u30fc\u30b8\u578b\u3082\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Loan-to-Own<\/div>\n<div class=\"ja\">\u30ed\u30fc\u30f3\u30fb\u30c8\u30a5\u30fb\u30aa\u30a6\u30f3<\/div>\n<div class=\"df\">\u8ca1\u52d9\u5371\u6a5f\u306b\u3042\u308b\u4f01\u696d\u306e\u50b5\u6a29\u3092\u53d6\u5f97\u3057\u3001\u518d\u5efa\u306e\u904e\u7a0b\u3067\u50b5\u6a29\u3092\u682a\u5f0f\u306b\u8ee2\u63db\u3059\u308b\u306a\u3069\u3057\u3066\u3001\u4f01\u696d\u306e\u652f\u914d\u6a29\u3092\u5f97\u308b\u3053\u3068\u3092\u72d9\u3046\u6226\u7565\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Absolute Priority Rule<\/div>\n<div class=\"ja\">\u7d76\u5bfe\u512a\u5148\u306e\u539f\u5247<\/div>\n<div class=\"df\">\u7834\u7523\u6642\u306e\u5206\u914d\u3067\u3001\u4e0a\u4f4d\u306e\u8acb\u6c42\u6a29\u304c\u5168\u984d\u5f01\u6e08\u3055\u308c\u308b\u307e\u3067\u3001\u4e0b\u4f4d\u306e\u8acb\u6c42\u6a29\u8005\u306f\u5f01\u6e08\u3092\u53d7\u3051\u3089\u308c\u306a\u3044\u3068\u3059\u308b\u539f\u5247\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Structural Credit Model<\/div>\n<div class=\"ja\">\u69cb\u9020\u30e2\u30c7\u30eb<\/div>\n<div class=\"df\">\u682a\u5f0f\u3092\u4f01\u696d\u8cc7\u7523\u306b\u5bfe\u3059\u308b\u30b3\u30fc\u30eb\u30fb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u307f\u306a\u3057\u3001\u8cc7\u7523\u4fa1\u5024\u3068\u8ca0\u50b5\u984d\u304b\u3089\u682a\u5f0f\u30fb\u8ca0\u50b5\u306e\u4fa1\u5024\u3084\u30c7\u30d5\u30a9\u30eb\u30c8\u78ba\u7387\u3092\u5c0e\u304f\u30e2\u30c7\u30eb\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capital Structure Arbitrage<\/div>\n<div class=\"ja\">\u8cc7\u672c\u69cb\u6210\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/div>\n<div class=\"df\">\u540c\u3058\u4f01\u696d\u304c\u767a\u884c\u3059\u308b\u682a\u5f0f\u30fb\u793e\u50b5\u30fbCDS\u306a\u3069\u306e\u9593\u306e\u4fa1\u683c\u306e\u4e0d\u6574\u5408\u3092\u5229\u7528\u3057\u3001\u5272\u5b89\u306a\u8a3c\u5238\u3092\u8cb7\u3044\u5272\u9ad8\u306a\u8a3c\u5238\u3092\u58f2\u308b\u6226\u7565\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Convertible Bond Arbitrage<\/div>\n<div class=\"ja\">\u8ee2\u63db\u793e\u50b5\u30a2\u30fc\u30d3\u30c8\u30e9\u30fc\u30b8<\/div>\n<div class=\"df\">\u5272\u5b89\u306a\u8ee2\u63db\u793e\u50b5\u3092\u8cb7\u3044\u3001\u539f\u682a\u3092\u7a7a\u58f2\u308a\u3057\u3066\u682a\u4fa1\u5909\u52d5\u3092\u30d8\u30c3\u30b8\u3057\u3001\u8ee2\u63db\u793e\u50b5\u306e\u4fa1\u683c\u306e\u6b6a\u307f\u304b\u3089\u5229\u76ca\u3092\u5f97\u308b\u6226\u7565\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-g-lm6\">LM6 Private Real Estate Investments\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u6295\u8cc7\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-l3-pmk-lm6\/\">LM6 \u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u4e0d\u52d5\u7523\u6295\u8cc7<\/a><\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Core Real Estate<\/div>\n<div class=\"ja\">\u30b3\u30a2\uff08\u4e0d\u52d5\u7523\u6295\u8cc7\uff09<\/div>\n<div class=\"df\">\u7a3c\u50cd\u7387\u304c\u9ad8\u304f\u8cc3\u8cb8\u53ce\u5165\u306e\u5b89\u5b9a\u3057\u305f\u65e2\u5b58\u7269\u4ef6\u3078\u306e\u6295\u8cc7\u3002\u30ea\u30bf\u30fc\u30f3\u306f\u30a4\u30f3\u30ab\u30e0\u304c\u4e2d\u5fc3\u3067\u3001\u50b5\u5238\u306b\u8fd1\u3044\u4f4e\u30ea\u30b9\u30af\u306e\u7279\u6027\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Value-Add<\/div>\n<div class=\"ja\">\u30d0\u30ea\u30e5\u30fc\u30a2\u30c3\u30c9<\/div>\n<div class=\"df\">\u7a7a\u5ba4\u306e\u89e3\u6d88\u3001\u6539\u4fee\u3001\u30ea\u30dd\u30b8\u30b7\u30e7\u30cb\u30f3\u30b0\u306a\u3069\u3067\u7269\u4ef6\u306e\u53ce\u76ca\u529b\u3092\u9ad8\u3081\u3001\u30a4\u30f3\u30ab\u30e0\u306b\u52a0\u3048\u3066\u5024\u4e0a\u304c\u308a\u76ca\u3092\u72d9\u3046\u4e0d\u52d5\u7523\u6295\u8cc7\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Opportunistic<\/div>\n<div class=\"ja\">\u30aa\u30dd\u30c1\u30e5\u30cb\u30b9\u30c6\u30a3\u30c3\u30af<\/div>\n<div class=\"df\">\u65b0\u898f\u958b\u767a\u3084\u30c7\u30a3\u30b9\u30c8\u30ec\u30b9\u30c8\u7269\u4ef6\u306a\u3069\u3078\u306e\u4e0d\u52d5\u7523\u6295\u8cc7\u3002\u5024\u4e0a\u304c\u308a\u76ca\u306e\u6bd4\u91cd\u304c\u5927\u304d\u304f\u3001\u682a\u5f0f\u306b\u8fd1\u3044\u9ad8\u30ea\u30b9\u30af\u30fb\u9ad8\u30ea\u30bf\u30fc\u30f3\u306e\u7279\u6027\u3092\u6301\u3064\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Net Operating Income (NOI)<\/div>\n<div class=\"ja\">\u7d14\u55b6\u696d\u53ce\u76ca\uff08NOI\uff09<\/div>\n<div class=\"df\">\u8cc3\u6599\u53ce\u5165\u304b\u3089\u7a7a\u5ba4\u640d\u5931\u3068\u904b\u55b6\u8cbb\u7528\u3092\u5dee\u3057\u5f15\u3044\u305f\u4e0d\u52d5\u7523\u306e\u55b6\u696d\u53ce\u76ca\u3002\u652f\u6255\u5229\u606f\u3001\u7a0e\u91d1\u3001\u6e1b\u4fa1\u511f\u5374\u8cbb\u306f\u63a7\u9664\u3057\u306a\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Capitalization Rate<\/div>\n<div class=\"ja\">\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\uff08\u9084\u5143\u5229\u56de\u308a\uff09<\/div>\n<div class=\"df\">\u5b89\u5b9a\u671f\u306e\u7d14\u55b6\u696d\u53ce\u76ca\uff08NOI\uff09\u3092\u4e0d\u52d5\u7523\u4fa1\u5024\u3067\u5272\u3063\u305f\u5229\u56de\u308a\u3002\u76f4\u63a5\u9084\u5143\u6cd5\u3067\u306f\u3001NOI\u3092\u30ad\u30e3\u30c3\u30d7\u30ec\u30fc\u30c8\u3067\u5272\u3063\u3066\u4fa1\u5024\u3092\u6c42\u3081\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Sales Comparison Approach<\/div>\n<div class=\"ja\">\u53d6\u5f15\u4e8b\u4f8b\u6bd4\u8f03\u6cd5<\/div>\n<div class=\"df\">\u985e\u4f3c\u7269\u4ef6\u306e\u53d6\u5f15\u4fa1\u683c\u3092\u7acb\u5730\u30fb\u898f\u6a21\u30fb\u7bc9\u5e74\u6570\u306a\u3069\u306e\u9055\u3044\u3067\u8abf\u6574\u3057\u3001\u5bfe\u8c61\u7269\u4ef6\u306e\u4fa1\u5024\u3092\u63a8\u5b9a\u3059\u308b\u8a55\u4fa1\u624b\u6cd5\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Lease-Up<\/div>\n<div class=\"ja\">\u30ea\u30fc\u30b9\u30a2\u30c3\u30d7<\/div>\n<div class=\"df\">\u65b0\u7bc9\u3084\u6539\u4fee\u3092\u7d42\u3048\u305f\u7269\u4ef6\u3067\u30c6\u30ca\u30f3\u30c8\u3092\u8a98\u81f4\u3057\u3001\u7a3c\u50cd\u7387\u3092\u5b89\u5b9a\u6c34\u6e96\u307e\u3067\u9ad8\u3081\u3066\u3044\u304f\u6bb5\u968e\u3002\u958b\u767a\u306e5\u6bb5\u968e\u306e\u3046\u3061\u3001\u904b\u55b6\u306e\u524d\u306b\u4f4d\u7f6e\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Highest and Best Use<\/div>\n<div class=\"ja\">\u6700\u6709\u52b9\u4f7f\u7528<\/div>\n<div class=\"df\">\u6cd5\u7684\u30fb\u7269\u7406\u7684\u306b\u53ef\u80fd\u3067\u7d4c\u6e08\u7684\u306b\u3082\u5b9f\u73fe\u53ef\u80fd\u306a\u7528\u9014\u306e\u3046\u3061\u3001\u571f\u5730\u306e\u4fa1\u5024\u3092\u6700\u5927\u306b\u3059\u308b\u4f7f\u3044\u65b9\u3002\u958b\u767a\u6848\u4ef6\u306e\u5b9f\u73fe\u53ef\u80fd\u6027\u306e\u691c\u8a0e\u3067\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Timberland<\/div>\n<div class=\"ja\">\u30c6\u30a3\u30f3\u30d0\u30fc\u30e9\u30f3\u30c9\uff08\u68ee\u6797\u6295\u8cc7\uff09<\/div>\n<div class=\"df\">\u6728\u6750\u751f\u7523\u3092\u76ee\u7684\u3068\u3059\u308b\u68ee\u6797\u3078\u306e\u6295\u8cc7\u3002\u6a39\u6728\u306e\u751f\u7269\u5b66\u7684\u6210\u9577\u3001\u6728\u6750\u4fa1\u683c\u3001\u571f\u5730\u4fa1\u683c\u304c\u30ea\u30bf\u30fc\u30f3\u6e90\u3067\u3001\u4f10\u63a1\u6642\u671f\u3092\u8abf\u6574\u3067\u304d\u308b\u67d4\u8edf\u6027\u304c\u3042\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Farmland<\/div>\n<div class=\"ja\">\u30d5\u30a1\u30fc\u30e0\u30e9\u30f3\u30c9\uff08\u8fb2\u5730\u6295\u8cc7\uff09<\/div>\n<div class=\"df\">\u8fb2\u5730\u3078\u306e\u6295\u8cc7\u3002\u4f5c\u7269\u53ce\u5165\uff08\u81ea\u55b6\u307e\u305f\u306f\u8cc3\u8cb8\uff09\u3068\u571f\u5730\u306e\u5024\u4e0a\u304c\u308a\u304c\u4e3b\u306a\u30ea\u30bf\u30fc\u30f3\u6e90\u3067\u3001\u5929\u5019\u30fb\u4f5c\u7269\u4fa1\u683c\u30fb\u6c34\u8cc7\u6e90\u306a\u3069\u306e\u30ea\u30b9\u30af\u3092\u4f34\u3046\u3002<\/div>\n<\/div>\n<h3 id=\"l3-pmk-g-lm7\">LM7 Infrastructure\uff08\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\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-l3-pmk-lm7\/\">LM7 \u30a4\u30f3\u30d5\u30e9\u6295\u8cc7<\/a><\/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\u65b0\u305f\u306b\u5efa\u8a2d\u3059\u308b\u30a4\u30f3\u30d5\u30e9\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u3002\u5efa\u8a2d\u9045\u5ef6\u30fb\u30b3\u30b9\u30c8\u8d85\u904e\u3084\u9700\u8981\u306e\u30ea\u30b9\u30af\u304c\u5927\u304d\u304f\u3001\u5024\u4e0a\u304c\u308a\u76ca\u306e\u6bd4\u91cd\u304c\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\">\u3059\u3067\u306b\u7a3c\u50cd\u3057\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30e9\u8cc7\u7523\u3078\u306e\u6295\u8cc7\u3002\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u5b9f\u7e3e\u304c\u3042\u308a\u3001\u30a4\u30f3\u30ab\u30e0\u4e2d\u5fc3\u3067\u76f8\u5bfe\u7684\u306b\u30ea\u30b9\u30af\u304c\u4f4e\u3044\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Availability Payment<\/div>\n<div class=\"ja\">\u30a2\u30d9\u30a4\u30e9\u30d3\u30ea\u30c6\u30a3\u30fb\u30da\u30a4\u30e1\u30f3\u30c8<\/div>\n<div class=\"df\">\u5229\u7528\u91cf\u3067\u306f\u306a\u304f\u3001\u65bd\u8a2d\u304c\u5951\u7d04\u3069\u304a\u308a\u5229\u7528\u53ef\u80fd\u306a\u72b6\u614b\u306b\u3042\u308b\u3053\u3068\u306b\u5bfe\u3057\u3066\u3001\u516c\u5171\u90e8\u9580\u306a\u3069\u304c\u652f\u6255\u3046\u5bfe\u4fa1\u3002\u4e8b\u696d\u8005\u304c\u9700\u8981\u30ea\u30b9\u30af\u3092\u8ca0\u308f\u306a\u3044\u53ce\u76ca\u5f62\u614b\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\">\u516c\u5171\u90e8\u9580\u3068\u6c11\u9593\u4e8b\u696d\u8005\u304c\u5951\u7d04\u3092\u7d50\u3073\u3001\u30a4\u30f3\u30d5\u30e9\u306e\u8a2d\u8a08\u30fb\u5efa\u8a2d\u30fb\u8cc7\u91d1\u8abf\u9054\u30fb\u904b\u55b6\u306a\u3069\u3092\u5206\u62c5\u3059\u308b\u67a0\u7d44\u307f\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Build-Operate-Transfer (BOT)<\/div>\n<div class=\"ja\">BOT\uff08\u5efa\u8a2d\u30fb\u904b\u55b6\u30fb\u8b72\u6e21\uff09\u65b9\u5f0f<\/div>\n<div class=\"df\">\u6c11\u9593\u4e8b\u696d\u8005\u304c\u65bd\u8a2d\u3092\u5efa\u8a2d\u3057\u3001\u4e00\u5b9a\u671f\u9593\u904b\u55b6\u3057\u3066\u53ce\u76ca\u3092\u5f97\u305f\u5f8c\u3001\u516c\u5171\u90e8\u9580\u3078\u8b72\u6e21\u3059\u308b\u65b9\u5f0f\u3002\u8b72\u6e21\u5f8c\u306e\u4fa1\u5024\u306f\u6295\u8cc7\u5bb6\u306b\u5e30\u5c5e\u3057\u306a\u3044\u305f\u3081\u3001\u30bf\u30fc\u30df\u30ca\u30eb\u30fb\u30d0\u30ea\u30e5\u30fc\u306f\u30bc\u30ed\u3068\u306a\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Special Purpose Company (SPC)<\/div>\n<div class=\"ja\">\u7279\u5225\u76ee\u7684\u4f1a\u793e\uff08SPC\uff09<\/div>\n<div class=\"df\">\u7279\u5b9a\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u305f\u3081\u3060\u3051\u306b\u8a2d\u7acb\u3055\u308c\u308b\u4e8b\u696d\u4f53\u3002\u6295\u8cc7\u5bb6\u306e\u30ea\u30b9\u30af\u3092\u3001\u305d\u306e\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u306e\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u3068\u5951\u7d04\u306e\u7bc4\u56f2\u306b\u9650\u5b9a\u3059\u308b\u305f\u3081\u306b\u7528\u3044\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Project Finance<\/div>\n<div class=\"ja\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/div>\n<div class=\"df\">\u30d7\u30ed\u30b8\u30a7\u30af\u30c8\u304c\u751f\u307f\u51fa\u3059\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u307f\u3092\u8fd4\u6e08\u539f\u8cc7\u3068\u3057\u3001\u30b9\u30dd\u30f3\u30b5\u30fc\u3078\u306e\u9061\u53ca\u3092\u9650\u5b9a\uff08\u30ce\u30f3\u30ea\u30b3\u30fc\u30b9\uff09\u3057\u305f\u8cc7\u91d1\u8abf\u9054\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">EPC Contract<\/div>\n<div class=\"ja\">EPC\u5951\u7d04<\/div>\n<div class=\"df\">\u8a2d\u8a08\uff08Engineering\uff09\u30fb\u8abf\u9054\uff08Procurement\uff09\u30fb\u5efa\u8a2d\uff08Construction\uff09\u3092\u4e00\u62ec\u3057\u3066\u8acb\u3051\u8ca0\u3046\u5951\u7d04\u3002\u56fa\u5b9a\u4fa1\u683c\u3084\u7d0d\u671f\u4fdd\u8a3c\u306a\u3069\u306e\u6761\u4ef6\u304c\u3001\u5efa\u8a2d\u30ea\u30b9\u30af\u306e\u914d\u5206\u3092\u5de6\u53f3\u3059\u308b\u3002<\/div>\n<\/div>\n<div class=\"cfagl-t\">\n<div class=\"en\">Concession<\/div>\n<div class=\"ja\">\u30b3\u30f3\u30bb\u30c3\u30b7\u30e7\u30f3<\/div>\n<div class=\"df\">\u516c\u5171\u90e8\u9580\u304c\u6c11\u9593\u4e8b\u696d\u8005\u306b\u3001\u4e00\u5b9a\u671f\u9593\u30a4\u30f3\u30d5\u30e9\u3092\u904b\u55b6\u3057\u3066\u53ce\u76ca\u3092\u5f97\u308b\u6a29\u5229\u3092\u4e0e\u3048\u308b\u3053\u3068\u3002\u305d\u306e\u671f\u9593\u304c\u8a55\u4fa1\u306b\u304a\u3051\u308b\u30ad\u30e3\u30c3\u30b7\u30e5\u30d5\u30ed\u30fc\u306e\u4e88\u6e2c\u671f\u9593\u3068\u306a\u308b\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-l3-pmk-formulas\/\">CFA\u00ae\ufe0e Level 3 Private Markets Pathway \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-level3-glossary\/\">CFA\u00ae\ufe0e Level 3 \u7528\u8a9e\u96c6\uff08\u5168\u79d1\u76ee\u306e\u4e00\u89a7\uff09<\/a><\/li>\n<li><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><\/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\/gokuhi\/\" target=\"_blank\" rel=\"noopener\">Level 3 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 3 Private Markets Pathway\uff08\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8\u30fb\u30de\u30fc\u30b1\u30c3\u30c4 Pathway\uff09\u306e\u91cd\u8981\u7528\u8a9e68\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":11591,"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-11455","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\/11455","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=11455"}],"version-history":[{"count":2,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11455\/revisions"}],"predecessor-version":[{"id":11576,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/posts\/11455\/revisions\/11576"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media\/11591"}],"wp:attachment":[{"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/media?parent=11455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/categories?post=11455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/triumphmind.com\/cfa\/wp-json\/wp\/v2\/tags?post=11455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}