For Sunshine Private Equity Fund issued on the trust platform, the trust company has the responsibility and obligation to disclose the accurate information of the fund. When Sunshine Private Equity Fund was established, the trust company issued a notice of establishment, disclosing the information of fund managers, etc. During the operation of Sunshine Private Equity Fund, trust companies need to disclose the net value of the fund on time, usually weekly or monthly, with a small amount of quarterly disclosure. When the manager of Sunshine Private Equity Fund changes, the investment scope is adjusted, and the products need to be liquidated in advance, the trust company needs to disclose. However, the heavy positions and stocks of Sunshine Private Equity Fund are not publicly disclosed.
Question 2: What is a private equity fund? Private placement fund, called private placement abroad, is a financial concept corresponding to fund public offering. It is a kind of * * * investment that is raised privately and publicly from specific investors, and is often called "underground fund" in China's financial market.
There are two kinds of private equity funds commonly used in the financial market, one is contractual private equity funds based on signing entrusted investment contracts, and the other is corporate private equity funds based on investing in joint-stock companies. At present, the more popular private equity funds in China are generally contractual private equity funds.
From the legal nature, contractual private equity fund is essentially a trust legal relationship, and its parties include promoters (fund managers), investors (fund share purchasers) and beneficiaries (generally investors or fund share holders). Investors entrust trust funds to fund managers through contracts (trust contracts); Fund managers use fund funds for securities investment or industrial investment in their own names. Investment gains are shared by share holders, and investment losses are also shared by fund share holders. At the same time, the fund manager receives remuneration as agreed. Before the introduction of relevant laws and regulations to adjust private equity funds in China, we can supervise such private equity funds with reference to the relevant provisions of the Trust Law.
Due to the lack of systematic legal norms, there are often huge potential risks in the operation of contractual private equity funds in China, and even become tools for some lawless elements to seek illegal interests. In practice, there are two kinds of illegal private equity funds: illegal fund-raising and illegal or disguised absorption of public deposits.
According to the provisions of China's criminal law, illegal fund-raising refers to the behavior of legal persons, other organizations or individuals to raise funds from the public without the approval of the competent authorities. The object of illegal fund-raising is the public, and most of the means are fraud, deceiving the public and inducing their investment by promising high returns and high interest rates. Fraud is the most important reason prohibited by law. Generally speaking, the target of private equity funds is a few specific investors, and the threshold of these investors is generally high. The amount of funds involved should be of a certain scale, such as 6.5438+0 million yuan. Its purpose is * * * to invest together, and * * * to enjoy the benefits, including risks. However, if the promoters of private equity funds promise investors a high proportion of guaranteed income, they can be identified as illegal fund-raising.
According to the laws of our country, no unit or individual may engage in the business of absorbing public deposits or absorbing public deposits in disguised form without the approval of the competent financial department, otherwise it will constitute an illegal act. The fundamental difference between illegal or disguised absorption of public deposits and private equity funds lies in whether to pay interest. The income of private equity funds comes from risk income and should not involve any form of fixed interest, otherwise it will be illegal.
To sum up, if the establishment of private equity funds conforms to the provisions of China's trust law, its legitimacy should be beyond doubt, but in its specific operation process, it must not violate the relevant provisions of existing laws.
Question 3: What is a non-standard private equity fund? Refers to private equity funds that invest in non-standard assets.
According to Document No.8 issued by CBRC at the end of March 20 13, non-standard debt assets are defined as: non-standardized debt assets refer to debt assets that have not been traded in the interbank market and the stock exchange market, including but not limited to credit assets, trust loans, entrusted bonds, acceptance bills, letters of credit, accounts receivable, various beneficial rights and equity financing with repurchase clauses.
Private equity fund is a form of fund investment, which is a form of investment that does not openly raise funds from specific groups and invest. The investment scope of this investment form is relatively flexible, and equity, bonds, futures, options, primary market and secondary market can all participate.
Therefore, non-standard private equity funds should refer to private equity funds that mainly invest in non-standard bond assets.
Question 4: The difference between private equity funds and private equity fund managers is mainly initiated by securities companies and trust and investment companies established in accordance with relevant state regulations; The main promoters are in good operating condition and have been making profits continuously for the last three years; The paid-in capital of each promoter is not less than 300 million yuan; The minimum paid-in capital of the fund management company to be established is 6,543,800 yuan; Having a clear and feasible fund management plan; Having qualified fund managers; Other conditions stipulated by the China Securities Regulatory Commission. To apply for the establishment of a fund management company, it is generally necessary to submit relevant documents to the securities management department for review. Only after a qualified fund management company is approved and registered by the securities management department can the fund management company conduct business. For example, in the United States, fund management companies are bound by the Investment Advisers Act. The approval authority for fund management companies is the US Securities and Exchange Commission (SEC). In Japan, any company that wants to become a fund management company (trust company) must obtain a license from the Ministry of Finance, and fund management companies (trust companies) can only sign contracts involving securities investment funds if they obtain a license issued by the Ministry of Finance. According to China's Interim Measures for the Administration of Securities Investment Funds and the Notice of China Securities Regulatory Commission on Relevant Issues Concerning the Application for the Establishment of Fund Management Companies, the application for the establishment of a fund management company needs to go through the following procedures: (1) The application for the establishment of a fund management company shall be initiated by at least two qualified promoters. The main sponsor shall apply to the China Securities Regulatory Commission as the applicant. (2) The establishment of a fund management company has to go through two stages: preparation and opening. The establishment and opening of a fund management company must be approved by the China Securities Regulatory Commission. (3) To apply for the establishment of a fund management company, the main sponsor shall submit the following application materials to the China Securities Regulatory Commission as the applicant: an application report; Feasibility report; Sponsor information; Sponsor agreement; List and resumes of personnel responsible for the preparatory work; Other materials required by China Securities Regulatory Commission. Among them, the sponsor agreement mainly includes: the basic rights and obligations of the sponsor, the mode of contribution of the sponsor to subscribe for the fund share, the fund share held at the time of initial subscription and the authorization of the sponsor to the main sponsor. (4) The preparation period of the fund management company approved by China Securities Regulatory Commission is 6 months. In case of special circumstances, with the approval of the China Securities Regulatory Commission, it may be extended appropriately, but the longest time shall not exceed 1 year. Fund management and other business activities shall not be carried out during the preparation period. (5) When preparing for the establishment of a fund management company, the applicant shall apply to the China Securities Regulatory Commission for starting business, and submit the following application materials: preparation, capital verification certificate, personnel, internal organization and functions, management system, articles of association, business premises and technical facilities, fund management plan and business rules, and other materials required by the China Securities Regulatory Commission. Among them, the articles of association of the company shall be formulated in accordance with the Interim Measures for the Administration of Securities Investment Funds, the Implementation Criteria No.4 and the Guidelines for Essential Clauses of the Articles of Association of Fund Management Companies issued by the China Securities Regulatory Commission. (VI) A fund management company approved to be established shall go through the registration formalities with the administrative department for industry and commerce with the approval document of the China Securities Regulatory Commission, and obtain the legal person license of the fund management company issued by the China Securities Regulatory Commission with the business license issued by the administrative department for industry and commerce and the approval document of the China Securities Regulatory Commission. (7) The approved fund management company shall be uniformly announced to the public by the China Securities Regulatory Commission in the designated newspaper, and the announcement fee shall be paid by the announced fund management company.
Question 5: What does private equity fund mean? Private equity investment fund refers to private equity investment in unlisted enterprises, and investors share investment income and bear investment risks according to their share of capital contribution. In the process of transaction implementation, the future exit mechanism is considered, that is, through listing, mergers and acquisitions or management buyback. , profit from the sale of shares. However, at present, a small number of private equity funds invest in the shares of listed companies, and some also use debt-based investment, but the above accounts for only a small part. Private equity funds mainly invest in mature enterprises that have formed a certain scale and generated stable cash flow, which is the biggest difference from venture capital funds. Private placement is relative to public offering. At present, all funds in China are raised through public offering, which is called fund public offering. If a fund does not go through public offering, but privately raises funds from a specific target, it is called a private equity fund.
There are two ways to raise funds, one is through equity, each fund holder is a shareholder of the fund, and the manager is also one of the shareholders. The other is contractual, and the relationship between the holder and the manager is contractual, not equity. At present, public offering funds are all contractual, but at present, China's laws only allow public offering funds to raise funds by contract. Therefore, if you want to set up a private equity fund, you must adopt the way of equity, so there is no legal obstacle.
Question 6: What does private equity fund mean? Private placement fund refers to a securities investment fund that raises basic funds from specific investors in a non-public way and invests in securities. Private equity funds have the following characteristics: the raised objects are fixed; Regulatory agencies generally implement the filing system; Private equity funds are generally not listed and traded; Private equity funds are not allowed to publicize.
For more details, please go to the private placement channel of "Good Buy Fund Network".
Question 7: What is private placement? What's the difference between it and illegal fund-raising? "Private placement" is also a form of securities issuance, which means that securities issuers only sell securities to a few specific investors. Private placement is for institutional investors, such as financial institutions, or companies that have close business contacts with issuers; Individual investors, mainly internal employees. The biggest feature of private placement is that the issuer does not have to go to the securities management institution for registration, which saves the issuance time and registration fee; In addition, most private placements are handled by the issuers themselves, at their own risk, which saves the issuance cost. Compared with the public offering of securities, the private offering avoids the trouble of examination and approval at different levels, greatly simplifies the procedures, and makes the fund raising faster and the issuing cost lower. However, there are also disadvantages, such as poor liquidity, rich remuneration for investors, and investors' interference in business. Therefore, if you choose private financing, you need to weigh the pros and cons and consider it carefully.
Illegal fund-raising refers to the behavior that a unit or individual raises funds from the public by issuing stocks, bonds, lottery tickets, investment fund securities or other creditor's rights certificates without the approval of the relevant departments in accordance with legal procedures, and promises to repay the principal and interest to investors in the form of money, kind and other interests within a certain period of time. Illegal fund-raising often shows the following characteristics: first, it is not approved by relevant departments according to law, including fund-raising without the approval of departments with approval authority; The department with the power of examination and approval ultra vires to examine and approve fund-raising. The second is to promise to repay the principal and interest to investors within a certain period of time. Debt service is mainly in the form of money, but there are also physical and other forms. The third is to raise funds from unspecified objects in society. The "unspecified object" here refers to the public, not a specific minority. The fourth is to cover up the essence of illegal fund-raising in a legal form.
Generally speaking, fund-raising with the above four characteristics can be regarded as illegal fund-raising, but the fundamental feature of judging illegal fund-raising is that the fund-raiser does not have the qualification of fund-raising subject and has promised to repay the principal and interest to investors.
Question 8: What is the relationship between private equity funds and private equity funds? There are two ways to raise funds, one is through equity, each fund holder is a shareholder of the fund, and the manager is also one of the shareholders. The other is contractual, and the relationship between the holder and the manager is contractual, not equity. At present, public offering funds are all contractual, but at present, China's laws only allow public offering funds to raise funds by contract. Therefore, if you want to set up a private equity fund, you must adopt the way of equity, so there is no legal obstacle.
Private equity investment is highly targeted and the interest rate is extremely limited. For more information, please go to the private placement channel of "Good Buy Fund Network".
Question 9: What is the difference between private equity and venture capital? They are all professionals. I happen to be an investor. Speak in the local language. Convenient for the landlord to understand.
Private placement:
When I went to Shanghai, I met several private placements, and their operation mode was probably like this. Suppose you have 20 million yuan, then you go to find large idle funds and find 80 million yuan through various channels. In this way, 1 100 million funds were raised. Then set up an investment company. Every investor has his own proportion in this company. Then invest in good projects, including investment in factories, investment in high-tech enterprises, investment in internet companies and so on. There will be dividends and profits after the investment. Of course. More private placements do not expect dividends from the invested companies. It is often after investing in a company that it goes public. For example, start investing 20 million yuan. Going public is different. The original stock market value of 20 million suddenly became 200 million. You will make money.
The above is private equity investment.
There is also a private equity fund, which is to set up a fund to invest in stocks with the money of Lao Bai. A company similar to a general fund. At present, there are many such companies.
Venture capital, usually a huge sum of money. Established a professional investment company-venture capital, which is both international and domestic. However, it is usually a large organization that invests a large sum of money in a promising enterprise. It does almost as little as private equity investment. The difference is that private equity investment is more operated by private circumstances.
At present, private equity investment has no clear legal status. This is why many private placements exist in the form of project companies. Private placement that does not meet international standards.
It's complicated to say. Say a few words briefly. If you don't know anything. Let's discuss it again.
Question 10: What does an open private equity fund mean? Open-end fund means that when fund sponsors set up funds, the total scale of fund shares is not fixed. According to the needs of investors, fund shares can be sold to investors at any time, and fund shares issued externally can be redeemed at the request of investors. Investors can purchase funds through fund sales agencies to increase the assets and scale of funds accordingly, or they can sell their fund shares to fund companies to recover cash and reduce the assets and scale of funds accordingly.
Private equity funds have the following advantages: (1) Because private equity funds face a few specific investors, their investment objectives may be more targeted, and they can provide tailor-made investment service products according to the special needs of customers; (2) Generally speaking, private equity funds require fewer procedures and documents and are subject to fewer restrictions. General regulations are not as strict and detailed as public offering funds. For example, if the investment restrictions on a single stock are relaxed, an investor can hold more than a certain proportion of fund shares, and the minimum limit on the size of private equity funds is even lower. Therefore, the investment of private equity funds is more flexible; (3) In terms of information disclosure, private equity funds don't need to disclose the details of private placement regularly like Public Offering of Fund. Compared with public offering, private placement is a kind of * * * investment to raise funds privately from specific investors. There are basically two ways, one is a contractual investment fund based on signing an entrusted investment contract, and the other is a corporate investment fund based on * * * contributing shares to establish a joint-stock company. Private equity funds raise funds through non-public means. There are only a few specific investors to raise funds, and the circle is small but not low. Different from the strict information disclosure requirements in Public Offering of Fund, the requirements of private equity funds in this respect are much lower, and the supervision of private equity funds is relatively loose, so the investment of private equity funds is more hidden, the operation is more flexible, and the chances of obtaining high returns are correspondingly greater. Because of its non-publicity, private equity funds have become the most secretive capital force in China's capital market.
Private equity fund investors can negotiate with fund sponsors to determine the investment direction and objectives of the fund, which has the nature of agreement. Fund sponsors unilaterally decide related matters, and investors passively accept them. Its sale and redemption are carried out by the fund manager through private consultation with investors.
For private investment portfolio, it usually takes only half a year or a year to announce the investment portfolio and income privately. The supervision of * * * is far looser than that of Public Offering of Fund, so the investment is more hidden and there is a greater chance of obtaining high returns. However, private equity funds also have obvious defects: private equity funds are relatively loosely regulated by * *, and their operation lacks transparency, and there may be illegal acts such as insider trading and market manipulation, which will not be conducive to the protection of fund holders' interests. Although they may get higher returns, they contain greater investment risks, such as moral hazard and agency risk of fund managers. In addition, the number of fund securities issued in this way is generally small, and investors' recognition and liquidity are poor, so they cannot be listed and traded. (4) The entry threshold for private equity funds is relatively high, much higher than 1 10,000 yuan in Public Offering of Fund, and it is a place for rich people to play.
There is a private equity fund called Sunshine Private Equity Fund, which is issued by a trust company and filed by the regulatory authorities. It mainly invests in the secondary securities market, and the funds are managed by a third-party bank, and its performance reports are published regularly. The area between Sunshine Private Equity Fund and general (so-called "grey") private equity funds.
More importantly, it is mainly standardized and transparent, because issuing on the platform of trust companies can ensure the safety of private subscribers' funds. Sunshine private equity funds generally only refer to private equity funds issued in an "open" way. The so-called openness means that fund subscribers need to bear all investment risks and enjoy most of the investment income. Private equity firms do not promise returns.