CHAPTER 1
Introduction
This second edition of CAIA Level II: Advanced Core Topics in Alternative Investments represents a substantial revision of the first edition. The topics covered are as dynamic as the alternative investments industry itself, as every textbook underlying the CAIA program adapts to growth in the industry and emerging asset types. Although the private equity and hedge fund parts closely follow those of the previous edition, material on managed futures, commodities, and real estate has been substantially revised. Across most topic areas, coverage on due diligence, liquidity risk, and operational due diligence has been enhanced. The importance of currency markets in global investing is directly addressed in a commodity context as well as within the framework of global macro hedge funds.
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