At the risk level, the possibility of investment failure always exists (IRR is negative), and the gap between funds with excellent performance and funds with poor performance is very large. The risk to investors is that the final income of different fund managers may be substantially different, and choosing the wrong fund manager may bring great investment losses. It is generally believed in the industry that only 20% fund managers can really bring benefits to investors. In the current mixed industry environment in China, Cheng Nuo Investment believes that only the top 65,438+00% fund managers can bring investors long-term stable equity investment income. Therefore, choosing PE fund managers in China is a more prominent and serious topic.
We can see that from the overall distribution, there are characteristics of large and small years. For example, 2004 and 2005 were the golden years for PE fund investment. The PE funds that began to invest in 2009 were lower than the historical average of the industry as a whole, indicating that there was a downward trend in the performance of the fund in that year.
It should be pointed out that PE funds have typical J-curve characteristics, that is, in a long life cycle, the return rate of funds is gradually released and improved. The benchmark shows that the fund performance in 2004-2006 has been basically released, but the performance of funds that have just started investing in recent years is still in the downward stage of J curve, so the low statistical data in recent years does not represent the trend of future performance. For more information, I suggest you search for "optional base", hoping to help you.