Private equity funds in a broad sense can be divided into many types according to different entities. The following are introduced respectively:
First, Sunshine Private Equity Fund. This type of fund is initiated and established by private entities. The shareholders can be legal persons, natural persons, partnerships, or sole proprietorships. They are relatively free to create. Private equity funds in the general sense refer to this category. Products established by such private equity funds usually have "XXX Private Securities Investment Fund/XXX Private Equity Investment Fund" appended to their names. As the name suggests, the investment targets of private securities investment funds are marketable securities, while the investment targets of private equity investment funds are Equity. In addition to these two categories, there is another category, which will be introduced later.
Second, brokerage asset management companies. In the past, when the asset management business was not as popular as it is now, asset management was just a department of securities firms. Later, after the asset management business developed in full swing, many securities firms separated their asset management business and established separate companies to take responsibility for their own profits and losses. Accounting, this is a securities firm and asset management company. The more famous securities and asset management companies include: Huatai Securities Asset Management Co., Ltd., Guotai Junan Asset Management Co., Ltd., Haitong Securities Asset Management Co., Ltd., etc. Most of the private equity products issued by such asset management companies have these words after their names. XXX Asset Management Plan”. Some large securities firms have also applied for public offering licenses after their asset management scale has expanded. Therefore, it should be noted that not all securities firm asset management companies' products are private equity funds.
Third, trust companies. Products issued by trust companies generally have the four characters "XXX Trust Plan" after their names. Trust plans can be said to be all-round to a certain extent. They can be used as financing tools or investment tools. They can be invested in non-standardized products or Investing in standardized products can be used as a channel for loans or as an investment target. Among them, the collective fund trust plan is similar to the brokerage asset management plan we mentioned above. It can invest in standardized securities and also constitutes an important end of the private equity fund market. strength.
Fourth, public fund special account products. As we mentioned above, securities firm asset management companies that started out in private equity can apply for public equity licenses; and public equity funds can naturally also produce private equity products, which are special fund accounts. The special fund account is a customized product of the fund company for the special risk and return preferences of ultra-high net worth customers and institutional customers. It is a "one-to-one" product. The reason why it is targeted at ultra-high net worth customers and institutions is because the customers of the special fund account The initial assets entrusted shall not be less than RMB 30 million, unless otherwise specified by the China Securities Regulatory Commission.
Fifth, in addition to securities firm asset management, there are two types of asset management companies, namely futures asset management and insurance asset management. Among them, insurance asset management is growing in scale with the development of my country’s insurance market. , many insurance companies have also separated their asset management departments to establish insurance asset management companies, such as Taikang Asset Management Co., Ltd., a relatively large insurance asset management company.