1. What is the rate of return of M&A funds? 1.M&A fund is a private equity fund, which is used to acquire enterprises and gain control of the target enterprises. The common operation mode is that after merger and acquisition, through reorganization, improvement and promotion, the company goes public or sells its equity, thus obtaining rich profits. 2.M&A funds are generally raised in a private way, and fund managers negotiate with investors privately. The investment cycle is long, usually 3-5 years. According to historical data, the investment and withdrawal of international M&A funds usually take 5 to 10 years, and the acceptable annualized internal rate of return (IRR) is about 30%. Second, the main content of the rate of return Research on the rate of return As the rate of return of individual (and family) and social (government expenditure) investment, it can be divided into personal rate of return and social rate of return. The main concern is that the former has four factors that determine the rate of return in the market economy: (1) the productivity of capital goods, namely coal mines, dams, highways, bridges, factories, machinery and inventories. ② Uncertainty of capital commodity productivity. (3) People's time preference, that is, people's preference for immediate consumption and future consumption. (4) Risk aversion, that is, the part that people are willing to give up in order to reduce risk exposure.