Partners,
GP)
Most of the time, GP,
LP exists at the same time, which mainly exists in some companies that need a lot of capital investment, such as PE (Private).
Equity), Hedge
Fund), venture capital (venture capital)
Capital).
It can be simply understood that GP is an insider of the company. In other words, GP is the person who makes investment decisions and manages the company internally. For example, the investment company A * * now has GP 1.
GP2，
GP3，
The four general partners of GP4 jointly own 0/00% of the shares of investment company A/KLOC ... Therefore, the overall profit and dividend loss of investment company A are directly related to it.
To give another simple example, in innovation works, Kai-Fu Lee is a classic general partner (GP).
Limited partner (limited)
Partners,
LP)
We can simply understand it as an investor. Many times, a project needs to invest tens of millions or even hundreds of millions of funds. Most investment companies have many different projects. ) and the investment company's gp doesn't have that much money or doesn't want to invest so much company money in a project in order to share risks. There are always some people in this world who have a lot of cash but don't have a good investment method. And putting it in the bank to eat interest is purely a loss in the financial sector. Thus, LP was born. After a series of procedures, LP gives its own money to GP, who takes LP's money to invest in the project to get profits from it, and then the two sides share the profits. This is the classic case of "you (LP) pay and I (GP) contribute" in real life.
VC and
PE
Angel will also be mentioned here.
Investors and investment
Banking, because they just represent the four stages of investors.
Before explaining these four terms, we can sort them according to the amount of investment from small to large; Angel investment (angel), Venture capital (venture)
Capital,
VC), Private (private)
Equity,
PE) and investment bank (investment
Banking,
IB).
(In fact, the amount of funds is only a rough average, not an absolute value. Don't judge whether a company is an angel or a venture capitalist just by the amount of investment. )
Angel investment (angel
Investment)
Many times, the company chosen by angels will be very, very early enterprises, and they don't even have a complete product or only a concept. For example, a person's graduation design work is a kind of glasses that keep people awake. The workmanship is too rough to sell in the market. But with this concept and this prototype, he got angel investment in the United States and is currently conducting development research in an incubator studio in Shenzhen invested by angels. )
The investment amount of angel investment is often not very large, generally within the range of 50- 1 10,000, and the shares exchanged are between 10%-30%. From the figures alone, the investment quotas of the United States and China are basically close. Many times, it takes at least five years for these enterprises to go public.
In addition, some angel investments will provide some guidance and help to enterprises and even give some personal support.
Innovation works, for example, has been investing in angels from the beginning.
Venture capital (risk)
Capital,
VC)
Generally speaking, when an enterprise develops to a certain stage. For example, when there is a relatively mature product, or it has already started to be sold, the 65,438+0,000 funds invested by angels will become as insignificant as the rain in Mao Mao. Therefore, venture capital has become their best choice. Generally speaking, the investment amount of venture capital will be within 2 million-10/00000. A few heavy investments will reach tens of millions. But on average, 2 million-10/00000 is a reasonable number, and the share swap is generally between 10%-20%. Enterprises that can be favored by venture capital generally have a greater hope of listing within 3-5 years.
Private placement (private placement)
Equity,
PE)
Most enterprises that choose to invest in private placement have reached a relatively late stage, and enterprises have formed a large-scale and standardized industry. In order to occupy the market quickly and obtain more resources, they need a lot of money. Then, at this time, private placement appeared. Many times, 50 million to hundreds of millions of funds are private investment. In exchange for shares, most of the time it will not exceed 20%. Generally speaking, these selected companies have great hopes of success in listing in the next 2-3 years.
Last year, it invested $6543.8+$600 million in Silver Lake Capital of Alibaba Group.
Lake) and Digital who once invested.
sky
Technology is the leader of private placement (especially technology). And this1600 million capital is also the top capital injection in history.
Investment bank (investment)
Banking)
He has a name that we often say: investment bank. General investment banks are responsible for helping enterprises to go public and collecting fees from the money obtained after listing financing. (8% is common, but it is not a fixed price.) Enterprises generally selected by investment banks can go public in the second year as long as there is no accident. Investment banks may sometimes invest a sum of money, but most of the time they still focus on listing business.
In the past, Goldman Sachs, Morgan Stanley and Merrill Lynch all belonged to famous investment banks. In addition, many well-known banks, such as Citibank and JPMorgan Chase, have excellent investment banking services.
mother
(Fund
about
Fund,
FoF)
Which is in the middle. FoF is essentially different from general ones-that is, the nature of their investment objectives is different.
There are many kinds of investment projects, such as bonds, futures and gold. FoF, on the other hand, invests in another way-they invest in companies. In other words, FoF generally does not invest in bonds and futures that we often say. They will choose to invest in companies with strong profitability (such as silver mentioned above)
Lake,
digital
The sky,
We can even assemble another China in our country. )
Of course, due to the particularity of FoF investment, it does not have a minimum investment limit of 6 million like LP mentioned at the beginning. The minimum investment amount for FOF to live in the United States is generally between 200,000 and 600,000 dollars. The lock-up period should be at least one year.
What is TOT?
TOT is trust in trust. Trust is a high-end product with an initial investment of 654.38+0 million. In a market with many trust companies and products, a trust investment is needed to help people choose and allocate assets professionally, which is the same as FOF in the market or PE market. For trust companies, the mature TOT market also provides a good financing channel for trust companies.
At present, TOT refers not to investment trust company products, but to Sunshine private placement products, and Sunshine private placement relies on the trust company platform. As we all know, the performance of Sunshine Private Equity is good and bad. Because private placement can't raise funds from the public, whether it can obtain stable and huge funds has always been a concern of private placement managers. At present, TOT products on the market include New Equation Private Equity Selection issued by Shanghai Haobu and Hongbao Private Equity Selection issued by Beijing Zhanheng, all of which are products issued by third-party companies to invest in Sunshine Private Equity. Although the above two companies issued through the trust company platform, avoiding legal boundary issues such as "illegal fund-raising", the scale of hundreds of millions of funds of a financial consulting company is still worrying. Once the risk control is not done well, involving insider trading, investors lose a lot.
At present, sunshine private placement is no longer a shady "private placement". By the first half of 20 10, there were 38/kloc-0 private placement products with a duration of more than 3 months, and the capital scale of each product was about 50 million. Such a huge capital is not regulated by clear legal documents like public offering. Many sunshine private placements have evaded "illegal fund-raising" and fulfilled their information disclosure obligations.