20 15, 10, 16 The Securities and Futures Commission of the United States issued the first statistical report on the private equity industry, "Statistical Report on Private Equity Funds in the United States (20 14)", which comprehensively reflected the private equity industry in the United States from the first quarter of 20 13 to 20/kloc-0. Below, we compare the development status of private equity industry between China and the United States through detailed data.
I. General situation
According to the overall data, by the end of 20 14, there were 2,694 private fund managers and 24,725 funds under management, with total assets of 9.96 trillion dollars and net assets of 6.7 1 trillion dollars. According to the data of fund industry associations, by the end of 20 15 and 10, there were 2 182 1 managers registered nationwide, with 20,853 funds under management and assets under management of 4.9 trillion RMB (about 770 billion US dollars).
In contrast, the scale of private equity fund industry in the United States far exceeds that in China, and the total scale of funds under management is more than 10 of that in China. China's GDP has reached 2/3 of that of the United States, so there is still much room for private placement in China. With regard to private fund managers, China implements full-caliber filing, and 15709 private placement (accounting for 72%) is also included, while the SEC in the United States exempts VC funds that meet certain conditions and private fund managers whose management assets are below $6,543.8+$500 million, so the data in China are enlarged and the data in the United States are reduced.
From the average data, we can see that there is a big gap between the size of a single fund and the average management scale of managers in China and the United States, and the number of large private equity institutions with management scale exceeding 654.38+0 billion yuan lags far behind that in the United States, indicating that China's private equity industry is still in its infancy and there is still a long way to go in the future.
Second, private equity investment funds.
In terms of the types of private equity funds, the largest number of private equity funds in the United States is securities investment funds (hedge funds), with 8,635 * *, accounting for about 35%, with total assets of 6.09 trillion US dollars, accounting for 61.14%; Followed by stock funds, ***8407, accounting for 34%, with total assets of 1.89 trillion US dollars, accounting for 18.98%. In China, on the contrary, the scale of private equity funds in China is 1.9 trillion RMB, and the scale of private equity funds is 255 million RMB. Equity funds are the largest private equity industry in China.
The size of hedge funds in the United States is more than 1 1 times that of China, and the gap is very wide. American hedge funds mainly invest in derivatives and engage in high-frequency trading. On average, the nominal scale of hedge funds investing in derivatives is about 5 times of their own net assets, so the nominal scale of hedge funds investing in derivatives can reach 14 trillion US dollars.
The net assets of the top ten hedge fund managers in the United States account for 20.8% of the whole private equity industry, and their risk exposure accounts for 465,438+0.9% of the whole private equity industry. On average, the net assets managed by each hedge fund reach $654.38+040 billion, and the total amount of funds managed can reach more than $400 billion on average, while the largest private equity fund in China is only tens of billions of RMB, which shows that the concentration of private equity industry in the United States is very high. American private equity industry is an advanced financial format that surpasses traditional financial institutions such as investment banks and mutual funds, and is known as the crown jewel of Wall Street. At present, there are a large number of private equity fund industries in China, and the concentration is low. In the future, most market participants may be eliminated through industry reshuffle, and finally a group of competitive private equity institutions will be left behind to improve industry concentration.
Third, private equity funds.
Equity investment fund is the largest type of private equity fund in China, and its scale is 1.33 times that of securities investment fund. The average size of domestic equity investment fund is also larger than that of securities investment fund.
An all-round interpretation of the transfer to American private equity industry
Four. Types of investors
From the income ownership structure of private equity funds in the United States, we can see that pension funds are the largest investors in private equity funds, with state or municipal pensions accounting for 12.8%, pension plans accounting for 12.5%, accounting for 25.3%, while private equity funds (including FOF, fund managers and follow-up funds) account for 20.2%, and the investors behind FOF are mainly pension funds. Therefore, pension funds are the largest investors in private equity funds. Individual investors only account for 13.9%. In the future, with the gradual liberalization of China's pension to private equity funds, pension will also become an important investor in China's private equity funds.
Private equity funds in the United States are mainly institutional investors, but although China has higher legal requirements for qualified investors of private equity funds than the United States, the investor structure is very different from that of the United States, showing the characteristics of retail investors and short-term. Private equity funds are mainly sold through banks, brokers, trusts, third-party sales agencies and other channels, resulting in a high degree of dispersion of private equity fund holders, mainly individual investors.
Verb (abbreviation for verb) is diversified in form and business.
The business and forms of American private equity funds are diversified, including hedge funds, private equity funds, securitized asset funds, real estate funds, liquidity funds, venture capital funds and other private equity funds. Private equity funds in China are mainly divided into four categories: private securities investment funds, private equity investment funds, private venture capital funds and other private equity funds. The form and re-entry of private equity funds need to be further refined, and the business of private equity funds also needs constant innovation.
6. Place of registration and investment
The registered places and investment places of American private equity funds are distributed all over the world, and the registered places of private equity funds are mainly distributed in the United States, Cayman Islands, Ireland, Viking, Bermuda and other places. Among them, Cayman, Ireland, Virgin, Bermuda and other places are famous tax havens, and American private equity funds use tax havens to avoid taxes. The risk exposure of American private equity funds is also distributed globally, which reflects the characteristics of global investment of American private equity funds. Private equity funds in China are basically registered in China, and only five are registered in Hongkong. However, in recent years, the overseas investment of domestic private equity institutions is gradually increasing.
Write it at the end
The United States is the birthplace of private equity industry and private equity supervision system. Private equity has a long history and a huge scale. Compared with the United States, China's private equity industry is still in the early stage of development, and it needs to accelerate its development. To develop private equity funds, huge institutional investors such as pensions, social security funds and insurance funds should be released to invest in private equity funds to promote the growth of institutions such as FOF. With China's opening to the outside world, the investment fields and scope of private equity funds will be more abundant, and globalization will be the general trend. As the second largest and fastest growing economy in the world, China will have a very broad space for the private equity fund industry.