Which of the following statements is the most true? Sponsors of closed$-$end private equity real estate fund typically do not invest equity in the closed$-$ end funds they sponsor Open$-$end private equity real estate funds are typically less liquid for investors than closed$-$end private equity real estate funds Open$-$end private equity real estate funds are typically more liquid for investors than closed$-$end private equity real funds. "Carried interest" is potential compensation to the sponsor of the fund that is typically found in open$-$end private equity real estate funds but not closed$-$end PERE fundsWhich of the following statements about private equity real estate $($PERE$)$ funds is the

least true?

Closed$-$end PERE funds typically include some equity investment by the fund sponsor$/$manager$.$

Closed$-$end PERE funds have fee structures that are richer and more complex than open$-$end

commingled real estate funds $($CREFs$),$ which provides more opportunities to align the interests

and incentives of the sponsor and investors.

Limited partners typically earn a preferred return $($e$.$g$.,8\%)$ before the general partner $($sponsor$)$

earns the bulk of its expected fees$/$return$.$

The sponsor$/$manager of a closed$-$end PERE fund is typically the general partner of the fund;

investors are limited partners.

Value$-$add and opportunistic PERE funds usually have an infinite life.