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 funds