Hong Lei said that since the registration of private equity funds, equity investment has been dynamically generated, which has played an important role in the formation of real economic capital and become an important carrier for the formation of innovative capital. By the end of the third quarter, there were 24,255 private fund managers registered with China Asset Management Association, with assets under management of 12.8 trillion yuan, including 8,922 private fund managers with assets under management of 2.39 trillion yuan, and private equity and venture capital fund managers with assets under management of 1456 1 family with assets under management of 8.44 trillion yuan. Private equity funds have invested a total of 95,200 shares in unlisted domestic enterprises, new third board enterprises and refinancing projects, forming an equity capital of 5.22 trillion yuan for the real economy. Among them, the funds invested in domestic unlisted and unlisted enterprise equity projects reached 4.4 trillion yuan, the amount of private equity funds withdrawn through domestic and overseas listing was 237.4438 billion yuan, and the amount withdrawn through overall acquisition was 36.836 billion yuan. In the first three quarters of 20 18, private equity funds invested in unlisted enterprises in China increased their principal by 965.6 billion yuan, which was equivalent to 6.3% of the scale of new social financing in the same period, providing valuable capital for the development of enterprises. Invested in 53,500 small and medium-sized enterprise projects, with a principal of 1.89 trillion yuan, and 38,000 projects in seed and initial stage, with a principal of 1.84 trillion yuan. Internet and other computer applications, machinery manufacturing and other industrial raw materials, pharmaceutical biology, medical equipment and services and other industrial upgrading, new economic representative areas have become the key industries of private equity funds. The principal investment was 2.5 trillion yuan, and 47,200 projects were being invested, which effectively promoted the supply-side structural reform and innovation growth.
Hong Lei said that in the past four years, private equity funds, especially private equity investment funds, have continued to grow rapidly, but shortcomings have always existed. The most prominent problem is the lack of long-term funding sources. Among the sources of private equity funds in China, high-net-worth individual funds account for 17. 1%, institutional funds account for 82.9%, among which industrial and commercial enterprises account for 38%, various asset management plans account for 37. 1%, insurance funds account for 2.8%, and long-term funds such as pension social welfare funds and university endowment funds only account for 0.3%. In sharp contrast, 40% of public and private funds in the United States come from pensions and social donations. Judging from the historical experience of mature markets, capital investment in VC and PE is very effective in the long run.
Hong Lei said that as far as China is concerned, pension, wealth management funds and insurance funds will be the most important long-term sources of funds for a long time to come. The endowment insurance fund itself has long-term asset allocation needs, and a considerable part of wealth management funds belong to residents' medium and long-term investable assets or pension savings. After switching to configuration products, it will also become a real long-term source of funds. Pension mainly allocates assets according to the life cycle, and the representative way is to allocate them to public and private funds. The higher the proportion of fixed income products, the smaller the net value fluctuation of pension products and the higher the asset security. The net value of equity funds fluctuates greatly, but it is the most important factor to improve the rate of return. If the allocation of long-term funds is extended to private equity and venture capital funds, the matching of long-term funds and long-term assets will be truly realized, which will not only fundamentally improve the source of long-term funds in the real economy, but also enable investors to truly obtain long-term returns consistent with China's economic background and economic development potential.
Hong Lei believes that this year's policy has two important breakthroughs. First, the third pillar of pension, insurance products are tried first, and preferential tax policies provide important support. In May next year, Public Offering of Fund products will be included in the investment target, and the policy coordination effect will be further fully reflected. Second, charitable funds have incorporated securities investment funds into investment targets, which has opened a new chapter in the standardized operation of long-term funds.
Hong Lei also said that another outstanding problem in the development of private equity funds is the lack of industry self-discipline. For some time, the association found in the registration that the ownership structure of some institutions is complex, and there are cross-shareholdings and multi-layer nesting, which increases the level of capital operation and financing costs, which is not in line with the professional nature and also increases financial risks and financing costs. Industry self-discipline is not only the internal demand of industry development, but also the basic requirement of fund law. In practice, under the guidance of the spirit of the Fund Law and administrative supervision, fund industry associations constantly strengthen self-discipline, industry self-discipline, behavior self-discipline and process self-discipline, promote market-oriented credit game and credit constraint, actively play the specific corrective role of business rules and behavior norms, and build an industry governance pattern in which administrative supervision and judicial punishment are coordinated and complementary.
"First, further improve the registration and filing instructions, optimize the registration and filing process, and provide refined standards for the fair exhibition industry in the market. The second is to promote the establishment of industry best behavior standards and strengthen the standardization and transparency of the exhibition industry process. The third is to fully implement the credit information system and promote the market-oriented credit restraint mechanism. By the end of this year, the Association will officially issue the Guidelines for Credit Information Reporting of Private Equity Fund Managers. The credit report of equity institutions will focus on the compliance, stability and professionalism of private equity investment fund managers. On February 8th, 65438, the Association officially issued a new version of the organization registration requirements to alleviate the current fund-raising difficulties. The launch of Shanghai science and technology innovation board will greatly alleviate the problem of private equity fund withdrawal. The fund industry association will fully support science and technology innovation board's landing and cooperate with relevant departments to do a good job in service. " Hong Lei said.