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.
Running die
Private equity funds mainly have two modes of operation:
The first is the guarantee. The foundation gives the guaranteed funds to investors and sets the bottom line accordingly. If it falls below the bottom line, the operation will be automatically terminated and the guaranteed funds will not be returned.
Second, customers can receive account numbers (that is, customers only need to give their account numbers to private equity funds). If it is lower than the agreed loss ratio (generally 10%-30%), the customer can automatically terminate the agreement and divide the agreed profit part or the part exceeding the agreed profit ratio (generally 10%) according to the agreed ratio, which is aimed at familiar customers and large enterprises.
Organizational form
1, corporate style
The corporate private equity fund has a complete corporate structure and its operation is more formal and standardized. At present, it is convenient to set up private equity funds (such as "certain investment company") in China. 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.
For example:
(1) Establish an "investment company", and its business scope includes securities investment;
(2) The number of shareholders of the "investment company" should be small, and the investment amount should be relatively large, which not only ensures the nature of private placement, but also has a large scale of funds;
(3) The funds of the "investment company" are managed by the fund manager. According to international practice, managers charge fund management fees and interest incentive fees to enter the operating costs of "investment companies";
(4) The registered capital of the "investment company" is re-registered once a year at a specific time, and nominal capital increase and share expansion or capital reduction and share reduction are carried out. If necessary, investors can redeem their capital contribution at a specific time every year, and at other times, investors can transfer their shares by agreement or trade in the OTC market. "Investment company" is essentially a private equity fund of enterprises, which can be raised at any time, but only redeemed once a year.
However, corporate private equity funds have a disadvantage, that is, there is repeated taxation. Methods to overcome the shortcomings are:
(1) registered private equity funds in tax havens such as Cayman and Bermuda;
(2) Register the enterprise private equity fund as a high-tech enterprise (which can enjoy many preferential treatments) and register it in a place with relatively favorable tax;
(3) Backdoor, that is, in the establishment and operation of the fund, joint or acquisition of an enterprise (preferably a non-listed company) that can enjoy tax incentives, and take this as a carrier.
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. Virtual style
On the surface, virtual private equity funds seem to be entrusted with financial management, but in fact they operate in the form of funds. For example, when a virtual private equity fund is set up and raised, on the surface, a trust financing agreement is signed with each customer, but these trust financing accounts are combined to operate as a fund, and when purchasing and redeeming fund shares, they are settled according to the net value of the fund. The specific approach can be:
(1) Each fund holder opens a sub-account in his own name;
(2) The fund holders * * * jointly contribute to form the main account;
(3) As the manager of the fund, the securities company manages all accounts in a unified way, and all accounts calculate the net value of fund shares in a unified way;
(4) The securities company tries to make the actual market value of each account equal to the market value calculated according to the net value of fund shares. If they are not equal, the balance will be transferred by the fund difference between the main account and the sub-account at the time of redemption.
The advantage of virtual mode is that it can avoid the approval and supervision of the securities management department on the establishment and operation of funds, and it is flexible to set up and avoid repeated taxation. The disadvantage is that it has not got rid of the shackles of entrusted financial management, fund raising needs to be further standardized, fund operation is still supervised by the securities management department, and there is a lack of development advantages in fund scale expansion.
4. Combined type
In order to give full play to the advantages of the above three organizational forms, a fund portfolio can be set up to combine several organizational forms. There are four types of mutual funds:
(1) the combination of company and virtual;
(2) the combination of company and contract;
(3) the combination of contract and virtuality;
(4) Combination of corporatization, contract and virtualization.
5. Limited partnership
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. These limited partnerships mainly focus on equity investment and securities investment.
6. Trust system
Equity investment or securities investment through trust plan is also a typical form of sunshine private placement.
Ethnicity
1993-1995: In the embryonic stage, securities companies and major customers gradually formed an irregular trust relationship;
1996-1998: In the formation stage, listed companies entrusted idle funds to underwriters for investment, and many consulting companies became private equity fund traders;
1999 -2000: in the blind development stage, due to the popularity of investment management companies, a large number of elites in the securities industry jumped ship and relied on familiar professional knowledge and excellent marketing.
After 200 1: in the stage of gradual standardization and adjustment, the operation strategy changes from capital preservation business to centralized investment strategy, and the operation mode changes from joint venture with Zhuang to combination of capital promotion and value discovery.
In 2004, private equity funds began to cooperate with trust companies and launched a trust investment plan, marking the official start of the sunshine operation of private equity funds.
In 2006, the CSRC issued the draft of "Pilot Measures for Financial Management in Special Accounts", stipulating that if a fund company handles specific asset management business for a single customer, each business asset shall not be less than 50 million yuan, and the fund company may receive at most 20% of the net income from assets under management. Because special account financing is only open to specific customers and there is a threshold for entry, it cannot be specifically publicized in the media. In fact, it is just like the private equity business of fund companies.
In 2007, the "Partnership Enterprise Law" was promulgated, and private equity funds began to set up partnership enterprises, which marked that the internationalization process of private equity funds was obviously accelerated.