A: According to the Interim Measures for the Supervision and Administration of Private Investment Funds (DecreeNo. 105, hereinafter referred to as the Interim Measures).
According to the provisions of the Measures, private equity funds refer to investment funds set up in People's Republic of China (PRC) by raising funds from investors in a non-public way.
2. What are the investment scopes of private equity funds?
A: According to the Measures, private equity funds can invest in stocks, equities, bonds, futures and futures.
Rights, fund shares and other investment targets agreed in the investment contract, such as red wine, artworks, etc.
3. What are the organizational forms of private equity funds?
A: Private equity funds can be divided into:
1. Contract fund. Refers to the establishment of private equity funds in the form of contracts rather than legal entities.
Gold managers, investors and other fund participants shall exercise corresponding rights and assume corresponding obligations and responsibilities in accordance with the contract.
2. Corporate funds. Refers to the investor who forms an independent legal person through capital contribution in accordance with the Company Law.
Entity-The fund company is managed by the fund company 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. Partnership funds. An investor establishes an investment fund limited partnership enterprise according to the Partnership Enterprise Law, in which the general partner bears unlimited joint and several liabilities for the partnership debts, and the fund manager is specifically responsible for the investment operation.
4. What are the management types of private equity funds?
A: The management types of private equity funds mainly include:
1. Self-management. Refers to a corporate fund established in the form of a limited liability company or a joint stock limited company.
Self-management is implemented by forming an internal management team.
2. Entrusted management. Refers to entrusting assets to private fund managers for management by means of entrusted management.
3. Consultant management. Refers to the way that private fund managers act as investment consultants for trust companies and securities companies.
Asset management, QFII and other managed assets.
5. What types can private equity funds be divided into according to their investment direction?
A: Private equity funds can be divided into:
1. Private equity investment funds mainly investing in publicly traded securities;
2. Private equity investment funds (including venture capital funds) that mainly invest in non-publicly traded stocks;
3. Other private investment funds that mainly invest in specific commodities such as artworks and red wine.
6. What are the types of private equity investment funds?
A: The types of private equity investment funds mainly include:
1. Equity fund. Mainly invest in stocks.
2. Bond funds. Mainly invest in non-standardized bonds such as standardized bonds and entrusted loans.
3. Money market funds. Mainly invest in money market instruments.
4. Mixed funds, the investment targets include stocks, creditor's rights and money market instruments, but there is no clear investment subject.
The direction of capital.
5. Asset securitization fund. It mainly invests in asset securitization products such as real estate, commodities and loans.
6. Derivatives funds. Mainly invest in financial derivatives such as futures and options.
7. Multi-asset funds. Not limited to the main investment targets, mainly investing in stocks, creditor's rights and money market workers.
Other financial products.
8. Hedge funds (or absolute return funds). Fund contracts do not restrict investment targets or track performance.
Compare benchmarks and provide absolute returns to customers as an investment strategy.
9. Funds in Funds (FOF). Investment in other securities investment funds and special asset management of securities companies.
Financial products approved or put on record by the financial supervision department, such as plans, commercial bank financial plans, pooled fund trust plans, etc.
7. What are the types of private equity investment funds?
A: The types of private equity investment funds mainly include:
1. growth fund. Invest in growing enterprises.
2.M&A Fund. Mainly in the form of holding investment in enterprises in a stable growth period, these enterprises usually
Be able to provide financial statements that reflect profitability or potential for more than three consecutive years, and help the acquired enterprises establish their market position through internal restructuring and industry integration.
3. Restructure the fund. Focus on providing financial assistance to enterprises caught in the financial crisis.
4. mezzanine fund. Usually in the form of a combination of stocks and bonds to invest in enterprises that are in a stable growth period before listing.
5. Real estate funds. Direct investment in real estate-related projects to obtain income.
6. Infrastructure Fund. Invest in infrastructure projects.
7. parent fund. Invest in other funds, collective plans, special funds, etc.
8. What is a venture capital fund? What support policies does China have for venture capital funds?
A: Venture capital fund is a special equity investment fund, which mainly invests in unlisted startups.
Equity investment funds of convertible shares such as common stock or preferred stock and convertible bonds. Because venture capital funds mainly invest in the initial stage of small and medium-sized enterprises, which belongs to the field of market failure, all countries in the world have adopted special legislation to clarify the fiscal and taxation support policies on the one hand and guide their investment fields on the other hand to ensure the realization of policy objectives. China's support policies for venture capital funds include: in terms of finance and taxation, State Taxation Administration of The People's Republic of China issued the Notice on Implementing Income Tax Preferences for Venture Capital Enterprises in 2009 (Guo Shui Fa [2009] No.87), which stipulated the financial support policies for venture capital funds; In terms of supervision, China Securities Regulatory Commission and its dispatched offices adopt differentiated supervision and management for venture capital funds in terms of investment direction inspection, and provide convenient services for venture capital funds in terms of account opening, issuance and trading, and investment withdrawal; In terms of self-discipline, China Fund Industry Association adopts differentiated industry self-discipline for venture capital funds in terms of fund manager registration, fund filing, investment declaration requirements and membership management, and provides differentiated membership services.
9. What is the significance of promoting the development of private equity fund industry?
A: The significance of promoting the development of the private equity fund industry mainly includes:
First, it is conducive to promoting economic restructuring and industrial transformation and upgrading, and serving the development of the real economy;
Second, it is conducive to promoting innovation and entrepreneurship and promoting the construction of an innovative country;
Third, it is conducive to cultivating new investors and meeting the growing wealth management needs of residents;
Fourth, it is conducive to promoting the development of direct financing, optimizing the allocation of financial resources, and promoting the development of multi-level capital markets.
Exhibition.
10. What is the main legal basis for the registration of private equity funds?
A: The main legal basis for the registration of private equity funds is:
1. Article 90 of the Securities Investment Fund Law "As a fund manager of a non-public offering fund, it shall
Perform registration procedures in accordance with the provisions of the fund industry association and submit basic information ";
2 "Measures" Article 7 "All kinds of private fund managers shall, in accordance with the provisions of the fund industry association, to the base.
Gold Industry Association applies for registration ",Article 8" After all kinds of private equity funds are raised, the private equity fund manager shall go through the fund filing procedures in accordance with the provisions of the fund industry association. " ;