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北京赛车刷水技巧:60% private equity first quarter loss encountered growth difficulties

时间:2018/4/16 18:37:59  作者:  来源:  浏览:0  评论:0
内容摘要: The private equity industry, which is advancing rapidly, is being poured into the cold water. \n? “Currentlybanksand other institutional in...

The private equity industry, which is advancing rapidly, is being poured into the cold water.

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“Currently banks and other institutional investors have raised the threshold for private equity business, financing is more difficult than expected, which means that it is more difficult to raise priority funds.” April 13, a private equity person on the Yangtze River Reporters revealed that the difficulty of fundraising is a common predicament faced by private equity.

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At the same time, the battle for quality projects is also on the rise. “Before 2015, how do you get the project on the market? The most recent high-quality project has attracted 20-30 private equity investors. Plus some investment banks, public funds, etc., dozens of institutions have moved around one project. It's normal.” A private-equity manager reluctantly told the Changjiang Business Daily reporter.

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In the face of increasing difficulty in fundraising and fiercer competition, the performance of private equity firm fund company has also made the market quite "chilly."

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Incomplete statistics show that as of March 30, 2,135 funds had their net worth updated, and their overall return rate was -0.49%. Compared with last week, there was a slight recovery. Private equity average earnings did not outperform the market. Of these, 854 funds had achieved positive returns last week, accounting for 40%. Chaoyang's sustainable data from research institutions showed that more than half of private equity funds did not make money in the first quarter, and private-equity losses with a scale of 5-10 billion were the most, with an average return of -4.55%.

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“Compared to previous years, large-scale private equity firms have become increasingly incapable of their advantage. Industrial investment funds and foundations focused on the industry in the segmented segment are more competitive.” Xin Ding Capital Chairman Zhang Chi April 14 When interviewed by reporters from the Yangtze River Business Daily, they said that when the current industry is in the doldrums, small and medium-sized private equity agencies and newly-entered private equity companies can rely on their ability to grasp quality assets to attract more funds and develop themselves.

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Filing of Private Equity Fund Managers in 2 Years Increased by 3 Times

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There are more and more influxes. It is really the most important problem faced by Mr. Wang who has been working in the private equity industry for many years.

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“In the past, some listed companies and large institutions would make some self-owned funds to the fund managers of private equity funds to do wealth management in order to obtain higher returns. However, over the past year, more and more LPs (limited partnerships) Person), is becoming a GP (general partner, sponsor or fund manager), set up the company to do private equity products, fundraising, investment.” Mr. Wang told reporters on the Yangtze River Business Daily.

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This is particularly evident in listed companies. The Yangtze River Business Daily reporter combed and found that since the beginning of this year, nearly 30 listed companies have issued announcements that their companies or wholly-owned subsidiaries and equity companies have completed the filing of private equity fund managers or private equity funds. Among these, both as Green Hong biochemical , Hainan and other drugs pharmaceutical manufacturing industry leader, but also silver Jie , glacier network software and information service enterprises; there Xinhua , Huawen Media and other leading players in the field of culture; In addition, the promotion of energy, four-new materials and other energy and materials fields listed companies have also recently completed the completion of private equity fund filing information.

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Among them, Green Health Biochemical said that its wholly-owned subsidiary, Fujian Pingtan Huaxing Kangping Pharmaceutical Industrial Investment Partnership (Limited Partnership), has completed the filing of private equity funds on April 8, 2018. Obtained the “Privacy Investment Fund Registration Certificate”.

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Hongyang Energy stated that the controlling subsidiary Liaoning Hongyang Capital Investment Co., Ltd. (general partner) and Guoneng Green Energy Co., Ltd. (Limited Partner) signed the "Hongyang, Liaoning Province" on January 26, 2018. The Clean Energy Equity Investment Fund Partnership (Limited Partnership) Partnership Agreement jointly funded the establishment of Liaoning Hongyang Clean Energy Equity Investment Fund Partnership (Limited Partnership).

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As disclosed in the above two listed company announcements , its subsidiaries have directly become managers or promoters of private equity funds and have set up industrial investment funds in the respective industrial fields such as medicine and energy.

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In fact, some public fund and securities company executives have "initiated their own businesses" and established their own private equity companies. Some media revealed that the former GF Securities Asset Management (Guangdong) Co., Ltd. Vice President Li Yangang established its own private equity company Shanghai Yuxi Asset on March 9 this year. Former Pacific Duan Lei, deputy general manager of securities, set up his own private equity company, Beijing Yingcuba Investment, on March 27 this year. The original Guoxin Securities Investment Banking Division Managing Director Wei Qifang Established private equity company Shengshi Capital, which had also attracted the attention of the industry in 2017.

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A person from a newly established private equity fund company in central China late last year also told the Changjiang Business Daily that the threshold for private equity funds is relatively low, and the filing procedure is relatively simple, plus many teams have their own industrial resources and investment and financing circles. The number of private equity fund companies has grown rapidly.

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According to the statistics of the fund industry association, by the end of February 2018, the fund industry association had registered 23097 private equity fund managers, and the management fund scale reached 12.01 trillion yuan. At the end of February 2015, the fund industry association registered only 7,989 private equity fund managers, with a subscription scale of only 2.76 trillion yuan and a paid-up size of 2.22 trillion yuan. In three years, the fund manager's growth has nearly doubled, and the management scale has more than tripled. The average annual growth rate of the management scale has exceeded 100%.

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Banks and other financial institutions have narrowed their financing channels

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From the perspective of the current management of private equity funds, although the number of practitioners is rapidly increasing, the scale of private equity fund management has grown faster.

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However, the history of the rapid increase in the size of this fundraising is being tested. Some private equity sources pointed out that on November 17 last year, the three parties and the SAFE jointly issued the “Guidance Opinions on Regulating the Asset Management Business of Financial Institutions (Draft for Soliciting Opinions)”, commonly known as the “New Regulations on Asset Management”. On March 28, 2018, the Central Committee for the Comprehensive Deepening of Reforms passed the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions at the first meeting of the Comprehensive Reform Deepening Reform Committee. The capital management and management of the new regulations resulted in a “chain reaction” to the financing of the private equity industry.

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For example, the new regulations for assets management clearly propose to eliminate multiple levels of nesting and channeling. This has led to the management and control of private equity funds and various types of financial institutions' extensive business contacts and multi-nested models, enabling banks to manage their wealth, Insurance Assets management, etc. cannot directly invest in private equity products as asset management products of non-financial institutions; in addition, depreciating leverage, breaking rigid payments, etc., also made high leverage in the secondary market of private equity funds forced to decline, triggering funding gaps. Wait.

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The above-mentioned individuals involved in the newly established private equity fund company confessed that the Changjiang Business Daily reporter’s bluntness and the supervision of banks and other capital channels had a great impact on private equity fund companies’ issuance of private equity funds. "Equivalent to the lack of relatively high-quality priority funds, some private capital, high-net-worth people and more are inferior post-class funds, which makes private equity fund companies more passive."

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For clients with high net worth, they once trusted the private equity fund company. Now they are becoming more mature and active. "Investors are more rational, and in addition to the top private placement of private investment targets, the current investors generally require the fund manager to announce the specific circumstances of the investment project, and at the same time to clear the development direction and growth path of the bid, and become active management. Type limited partners." Zhang introduced the introduction.

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A private equity person told the Changjiang Business Daily reporter that high-net-worth clients are becoming more and more mature and rational, and will no longer blindly give money to private equity, which will lead to more and more difficult fund-raising, and will also lead to higher performance of clients on private equity fund companies. The more emphasis is placed on the general performance of the private-equity institutions that have failed to win the majority of the market, and they are facing a lot of investment management pressure.

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“At present, the threshold for participation of private equity funds is generally declining. Basically, the threshold of participation of about 5 million in the past, and now 100 million to 200 million can participate in private equity investment, which also makes a significant change in the composition of the customer population. 100-200 million The crowd of investable assets is mostly middle class, with higher sensitivity to earnings and shorter expected return time, said the private equity person mentioned above.

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Small Private Equity or More Seek Industrial Opportunities

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“Although various challenges have been encountered in fundraising and investment performance is increasingly demanding, private equity funds that hold good projects will not be short of money.” Zhang Chi emphasized that for newly established private equity and small and medium private placements Said that the deep understanding of the industry, the depth of the industry analysis, the subdivision of the field of deep plowing, or can find good projects, find the leading projects in the subdivision field, and then overcome the fund-raising bottlenecks and investment income and other issues.

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The above-mentioned newly-established private equity fund company also stated that although there are difficulties in communicating with banks for financing, the current project library has 5-6 good projects, from the founder, the team to the development model, The companies on the development prospects are very familiar with this, which may attract government industry funds or some agencies to enter the market.

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In addition, private equity professionals stressed that the current decline in the performance of private equity funds is related to the downtrend in the secondary market. With the end of the downcycle in the secondary market, the performance of some private equity funds will increase.

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“From the current investment perspective, there are fewer and fewer investment channels, and more organizations and individuals may choose private equity funds.” An industry source believes that “currently it is difficult to raise funds related to the current regulatory environment, and the market is fast. In the current stage of development, the growth of the industry will inevitably slow down.But from the market perspective of , the overall potential of LP is still very large, and the overall market should continue to grow at a rate of 30% to 40%.

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Zhang believes that the current private equity fund industry is still in the initial stage of growth. As the rigid redemption is broken, the investor becomes more and more mature, and the market for the full competition of the fund manager will require higher and higher investment ability. A healthier and more developed market has become a market where investors can truly grow along with high-quality companies and enjoy the return on investment from the company's growth.

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“The process of industry reshuffling is also a process in which industry resources are concentrated. More and more resources are concentrated in high-quality institutions, including LP resources, project resources, etc. Currently, high-quality projects have begun to have selective choices of well-known private equity or outstanding performance. Private equity.” Some industry sources said, “The current private equity industry is still relatively decentralized, and the share of the most well-known private equity companies is only about 1%. This pattern is bound to change in the future. 'The Matthew effect' will appear.”


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