Question 2: What is a private investment fund? What are the types of private investment funds (hereinafter referred to as private investment funds)? It refers to an investment fund established by raising funds from investors in People's Republic of China (PRC) by private placement. The investment of private equity fund property includes buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in investment contracts. For companies and partnerships established for the purpose of raising funds for investment activities by private placement, if the assets are managed by fund managers or general partners, the relevant laws and regulations on private placement funds shall apply to their registration, fund raising and investment operation.
According to the different organizational forms, private equity funds can be divided into three categories:
(1) A contractual fund refers to a private equity fund established by contract without legal person status. Fund managers, investors and other fund participants exercise corresponding rights and assume corresponding obligations and responsibilities according to the contract.
(II) Corporate fund refers to an independent legal person institution established by investors in accordance with the Company Law-a fund company, which is managed by itself or entrusted by a special fund manager. Investors are not only fund share holders, but also shareholders of fund companies, exercising corresponding rights and undertaking corresponding obligations and responsibilities in accordance with the articles of association of the company.
(3) The term "partnership fund" refers to a limited partnership enterprise in which investors set up investment funds in accordance with the Partnership Enterprise Law. The general partner shall bear unlimited joint and several liability for the partnership debts, and the fund manager shall be specifically responsible for the investment operation.
Question 3: What are the types of private equity funds? Analysis and comparison of three organizational forms and management types of private equity funds;
2065438+On August 2, 2004, the CSRC issued the Interim Measures for the Supervision and Management of Private Investment Funds, which divided private investment funds into three organizational forms: contract, partnership and company.
I. Management types corresponding to different organizational forms
Second, the comparison and choice of different organizational forms.
(1) Company Type
1. Subject qualification: an enterprise legal person with independent legal person qualification. You can apply for a loan from a bank or provide a guarantee for the invested enterprise, and the shareholders bear the investment losses to the extent of their capital contribution, which has a bankruptcy risk isolation mechanism.
2. Advantages: capital integration, equity transfer and personnel changes will not have a direct impact on the fund, and the stability is high; The legal system and organizational structure are perfect, effectively protecting the interests of investors.
3. Disadvantages: The fund manager can control the management right of the company as the entrusted investment consultant, but the highest authority of the company is the shareholders' meeting, and the shareholders as the fund share holders can still control the decision, thus affecting the manager's decision, which is not conducive to the effective investment decision of the fund. In addition, the operation and management of the company's funds should follow the company law, which has more clear and specific constraints on the company, thus reducing the flexibility of the company's independent management. The company law has certain restrictions on the company's foreign investment, which will limit the funds, prolong the decision-making time and reduce the fund's rate of return.
4. Taxation: The taxation problem can be described as a major shortcoming of the company's investment funds-repeated taxation. One is to pay 25% corporate income tax on the company's investment income, and the other is to pay 20% personal income tax for the fund share holders as shareholders based on the company's profits. The operating cost of capital increases, and the profit margin of investors decreases. It should be noted here that venture capital funds will have certain tax incentives because of the support of the state.
(2) Type of partnership enterprise
1. Subject qualification: Limited partnership is often used internationally, which is illegal, but it can still apply for loans or provide guarantees in the name of partnership.
2.GP (general partner) and LP (limited partner): LP in a limited partnership is the main fund share holder, and its contribution will account for more than 80% of the total contribution. Limited partners shall bear limited liability for fund debts to the extent of their subscribed capital contributions. GP is held by fund managers, and LP usually wants fund managers to take risks and prevent moral hazard while enjoying the benefits with them. Therefore, GP often contributes no less than 65,438+0%, carries out business activities on behalf of the fund, and assumes unlimited joint and several liability for debts.
3. Organizational structure: including the investment decision-making committee (responsible for making decisions on major issues of the partnership, generally composed of general partners), the advisory committee (without the right to operate the enterprise, which has little influence on the decision-making of the fund manager) and the partners' meeting (responsible for making decisions on matters such as withdrawal, admission, identity transfer, rights transfer and liquidation of partners).
4. Income distribution method: the income of fund managers mainly comes from three aspects: first, direct investment income; The second is management fee (generally1%~ 2.5%); The third is to manage dividends, which can generally reach 20% of profits, and dividends can also be accrued in a ladder form. LP's income comes entirely from investment income. But in the order of income distribution, LP takes precedence over GP.
5. Advantages:
1) Ownership and management rights are separated from each other: LP has financial advantages but may lack professional knowledge and experience, but it can ensure the fund scale and master property rights; The manager is short of funds, but has professional ability and management ability.
2) Limited partnership funds have effective incentive and restraint mechanisms, which can ensure the effective operation of funds and maximize benefits. As a fund manager, GP is at the end of profit distribution. Only by making use of your professional knowledge to earn more than expected profits can you extract the management bonus. At the same time, GP has also made a small contribution to the fund, and it also needs to bear unlimited joint and several liability for investment failure. Therefore, this arrangement can effectively prevent managers from making overly risky and radical investment decisions in pursuit of high profits and prevent moral hazard.
3) Flexible financing structure: According to the partnership agreement, only when the fund has selected investment projects and needs to invest, the partners will hand over the funds to the fund manager, which can maximize the time benefit of the fund; In addition, LP can transfer its fund shares more freely, and other partners have no priority to be transferred.
4) Freedom of distribution and organization mechanism: different investors can be set up for different projects under the same fund, and the projects can be accounted independently; Investors with different priorities can also be set for the same project. Partnership fund layer >>
Question 4: What are the types of private equity funds? classify
According to different standards, private equity funds can be classified in many ways. Only commonly used investment objects are classified here. From the international experience, the investment targets of private equity funds are very extensive at present. In the United States and Britain, for example, the investment targets of private equity funds include stocks, bonds, futures, options, warrants, foreign exchange, gold and silver, real estate, information software industry and venture capital of small and medium-sized enterprises. The investment scope ranges from money market to capital market to high-tech market, from spot market to futures market, and from domestic market to international market. According to the above objects, they can be divided into three categories:
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 easy to set up a company private equity fund (such as an "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 investment at a specific time every year, and at other times, investors can transfer their shares by agreement or conduct over-the-counter transactions. "Investment company" is essentially a private equity fund of enterprises, which can be raised at any time, but can only be 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 fund manager. & gt
Question 5: What are the types of private equity funds? Types of private equity funds:
1. Private equity fund
It mainly invests in publicly traded stocks, bonds, futures, options, fund shares of joint stock limited companies and other securities and their derivatives stipulated by China Securities Regulatory Commission.
2. Venture capital fund
A fund that mainly invests equity in growth enterprises at all stages of entrepreneurship.
3. Private equity funds
In addition to venture capital funds, it mainly invests in non-publicly traded company equity.
4. Other types of private equity funds
Funds that invest in other fields except securities and their derivatives and equity.
Concept of private equity fund:
Private placement fund refers to an investment fund established in People's Republic of China (PRC), which collects funds from more than two investors in a private way and obtains financial returns. The investment of private equity fund property includes buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in investment contracts.
Private equity funds call private equity investment a very broad concept, which refers to the investment in any kind of equity assets that cannot be traded freely in the stock market. Passive institutional investors may invest in private equity investment funds, which are then managed by private equity investment companies and invest in target companies.
Types of private equity investment:
Private equity funds mainly invest in leveraged buyouts, venture capital, growth capital, angel investment, mezzanine financing and other forms.
Question 6: What are the management types of private equity funds? According to the guidelines of China Asset Management Association for filing private equity funds, the management types of private equity funds are divided into three categories, namely, self-management, entrusted management and consultant management.
definition
(1) Self-management means that the fund hires its own management team instead of entrusting a third-party manager to manage it. Usually, it refers to a corporate fund established in the form of a limited liability company or a joint stock limited company, which implements self-management through the formation of an internal management team.
(2) Entrusted management refers to entrusting assets to private fund managers for management by means of entrusted management; Fund managers entrust other managers to manage their own funds, which is also entrusted management.
(3) Consultancy management refers to private fund managers providing investment consulting services for private funds managed by other private fund managers, mainly referring to issuing products through channels (trust, futures asset management, brokerage asset management, fund accounts, fund subsidiary asset management plans, etc.). ), the channel party serves as the fund manager, and the private equity fund manager serves as the investment consultant of the product to manage the product.
Question 7: What are the types of private equity funds? Hello, compared with public offering, private equity funds are defined as public offering and private placement, or fund public offering and private placement according to the different ways of issuing fund shares and whether to issue or publicly issue fund shares to unspecified public.
Based on organizational forms, China's current private equity funds generally have six organizational forms:
Contractual private equity fund, also known as trust fund, is a kind of trust private equity fund in the final analysis and belongs to the category of institutional investment. Contractual private equity funds are raised by fund managers (fund companies) and trustees (fund custodians) who represent the interests of beneficiaries, and issuing beneficiary certificates. The manager manages the fund according to trust deed, and the custodian keeps the fund assets as the nominal holder of the fund assets.
Company private equity fund company private equity fund is a form of stock investment company, which raises funds by issuing stocks.
The company is composed of shareholders with the same investment objectives, with the highest authority: the shareholders' meeting, the executive board and the board of supervisors.
Through the corresponding power allocation and checks and balances of these three institutions, the company can serve the interests of shareholders to the greatest extent.
Investors subscribe for funds by "purchasing shares of the fund company" and become shareholders of the company, enjoying the rights and interests of management, decision-making, profit distribution and surplus assets distribution stipulated in the Company Law.
Compared with ordinary companies, corporate private equity funds have both similarities and differences: although the establishment procedures of corporate private equity funds are the same as those of ordinary joint-stock companies, their corporate structure is also the same as that of ordinary companies, including shareholders' meeting, board of directors and board of supervisors.
Trust Private Equity Fund Trust Private Equity Fund refers to a private equity fund that has been filed by the regulatory authorities, with funds entrusted by a third-party bank, trust companies as trustees and investment managers, and investment consulting companies and investment management companies as investment consultants.
Limited partnership private equity fund Limited partnership private equity fund is based on the Partnership Enterprise Law and consists of general partner (GP) and limited partnership (LP). General partners act as managers of private equity funds, and they form private equity funds together with no more than 49 limited partners.
Virtual private equity funds Virtual private equity funds seem to be entrusted with financial management, but actually 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.
In order to give full play to the advantages of the above-mentioned various organizational forms, combined private equity funds can set up fund portfolios and combine several organizational forms. There are four types of mutual funds:
The combination of enterprise style and virtual style;
Combination of company type and contract type;
The combination of contract and virtuality;
The combination of company, contract and virtual.
Question 8: What types of funds does private equity fund include? Private equity funds usually invest in enterprises, including seed funds and growth capital, that is, venture capital funds. It also includes direct investment funds and buyout funds for enterprises in the expansion period, LBO funds participating in MBO/MBI, and bridge funds for enterprises in the transition period (mezzanine/bridge) or pre-IPO (Pro-IPO) are also the investment scope of private equity funds, that is, all equity investments obtained before the company goes public belong to private equity. This industry came into being in the early 1980s in the United States and continues to develop. In the 1990s, it became a financial industry that played an important role in American economy and enterprises. Private equity funds can also be classified according to the fund size. Usually, the bigger the fund, the later the development of the investment enterprise, that is, the acquisition fund or the bridge fund. Small funds are venture capital or venture capital funds, and the most complicated is the mid-end market capital fund-mid-end capital, which has both high-end investment and low-end investment. Different funds in the middle market have different investment objects and styles, unlike venture capital or acquisition funds, which have clear goals. The following table shows the average size of private equity investment funds of different sizes in the United States and the average investment amount invested in all projects.
Question 9: What are the specific types of private equity funds? According to different standards, private equity funds can be classified in many ways. There are only common investment targets here. From the international experience, the investment targets of private equity funds are very extensive at present. In the United States and Britain, for example, the investment objects of private equity funds include stocks, bonds, futures, options, warrants, foreign exchange, gold and silver, real estate, information software industry and venture capital of small and medium-sized enterprises. The investment scope ranges from money market to capital market to high-tech market, from spot market to futures market, and from domestic market to international market. According to the above objects, they can be divided into three categories:
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, private equity funds (such as investment companies) can be easily established 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 capital contribution should be relatively large, which not only ensures the nature of private placement, but also has a large scale of funds;
(3) The fund of the investment company is 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 once a year at a specific time, and at other times, investors can transfer shares by agreement or conduct over-the-counter transactions. Investment companies are essentially private equity funds, 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 that can enjoy tax incentives (most ......); & gt
Question 10: Types of Sunshine Private Equity Funds Trust private equity funds generally have two forms: "structural" and "open". Sunshine private equity funds generally only refer to private equity funds issued in an "open" way. The so-called openness means that fund subscribers need to bear all investment risks and enjoy most of the investment income, while private equity companies do not promise the income. The profit model of private fund management companies is generally about 2% of the total fund management fee, and 20% of the investment profit is used as commission income, which is also commonly known as the "2-20" charging model (2% management fee +20% profit commission). This 2-20 charging model is a popular charging model for private equity funds in the world. "Structured" Sunshine Private Equity Fund refers to the structural division of beneficiaries into different categories, such as priority beneficiaries and general beneficiaries, special beneficiaries and general beneficiaries, and the distribution of benefits on this basis. This model is a typical Shanghai model.