1, securities investment private equity fund
As the name implies, this fund mainly invests in securities and other financial derivatives, and hedge funds such as Quantum Fund, Tiger Fund and Jaguar Fund are typical representatives. Basically, managers design their own investment strategies and initiate the establishment of open-end private equity funds, which can adjust the investment portfolio and change the investment concept in time according to the requirements of investors and the development trend of the market, and investors can redeem them according to the net value of the funds. Its advantages are that it can be tailored according to the requirements of investors, the funds are relatively concentrated, the investment management process is simple, a large number of financial levers and various forms of investment can be used, and the yield is relatively high.
2. Industrial Private Equity Fund
This kind of fund mainly focuses on the investment industry. Because fund managers have a deep understanding of certain industries such as information industry and new materials, and have extensive contacts, they can initiate the establishment of industrial private equity funds in the form of limited partnership. Managers spend very little money only symbolically, and most of them are paid a raise. Managers should bear unlimited responsibilities while obtaining large investment income. This kind of fund is usually closed for 7-9 years, and will be settled in one lump sum at maturity.
3. Venture private equity funds
Its investment target is mainly the rights and interests of small and medium-sized high-tech enterprises in the initial stage and growth stage, in order to share the high income brought by their rapid growth. Its characteristics are long payback period, high income and high risk.
According to different institutions, it can be divided into corporate private equity funds, contractual private equity funds, limited partnership private equity funds and trust private equity funds.
1. Corporate style
The corporate private equity fund has a complete corporate structure and its operation is more formal and standardized. In China, it is more convenient to set up corporate private equity funds (such as "stock-winning investment companies"). Semi-open private equity funds can also operate conveniently in a flexible way, and their investment strategies can be more flexible without strict approval and supervision.
2. Contract type
The organizational structure of contractual funds is relatively simple. The specific approach can be:
(1) As the fund manager, the securities company chooses a bank as the custodian;
(2) raise a certain amount to start operation, open it once a month, announce the net value of the fund to the fund holders, and handle a fund redemption;
(3) In order to attract fund investors, the handling fee should be reduced as much as possible. As fund managers, securities companies charge a certain management fee according to their performance. Its advantage is that it can avoid double taxation, but its disadvantage is that it is difficult to avoid the approval and supervision of the securities management department in the process of establishment and operation.
3. Limited partnership private equity fund
Limited partnership is the main organizational form of American private equity funds.
On June 1 2007, China's "Partnership Enterprise Law" was formally implemented, and a number of limited partnership enterprises were established one after another, mainly in the fields of equity investment and securities investment.
4. Trust system
Equity investment or securities investment through trust plan is also a typical form of sunshine private placement.