Private placement fund refers to a kind of collective investment supervised by the competent department of our country, a kind of non-public propaganda, and the funds raised by private placement from specific investors. A simple understanding is that the securities investment private equity fund (Sunshine Private Equity Fund) is a transparent and standardized private equity fund corresponding to the public offering of funds. At present, private equity funds can invest in stocks, bonds, closed-end funds, open-end funds, central bank bills, short-term financing bills, asset-backed securities, financial derivatives and other investment products that can be invested as stipulated by China Securities Regulatory Commission. In practice, the investment targets of private equity funds are mainly concentrated in stocks, futures and bonds.
The domestic sunshine private equity investment fund industry has experienced the growth of 16 years. According to the data released by China Asset Management Association, by the end of 2020 10, there were 8,868 private equity investment fund managers (referred to as "private placement"), and the fund scale under management reached 3.68 trillion yuan, an increase of 50.2% compared with 20 19.
The development of China's fund industry began in 1998, and two fund management companies, Cathay Pacific and South China, set up closed-end funds-Fund Jintai and Fund Kaiyuan respectively.
The development of China Sunshine Private Equity Investment Fund industry began six years later. In February, 2004, Zhao Danyang, the founder of Shenzhen Pure Heart Asset Management Co., Ltd., cooperated with SZITIC to launch the first sunshine private equity fund "SZITIC-Pure Heart (China) Collective Fund Trust Plan". Since then, private equity investment funds have officially started to be partially opened and standardized in the form of open trust products, and their performance can be inquired in trust companies, which is also the origin of the word "sunshine".
If Public Offering of Fund has brought China's investment industry into the era of mass production, then private equity funds will push the investment industry into the era of personalized customization.
With the rapid economic growth in China, residents have accumulated a lot of wealth and a number of high-net-worth groups have emerged. Swiss Credit Suisse Banking Research Institute predicts that from 20 16 to 202 1 year, the global wealth will increase by 5.5% every year, reaching 334 trillion US dollars in 202 1 year. Wealth growth from developing countries will account for 1/3 of global wealth growth, half of which will come from China. It is predicted that by 20021year, the number of high-net-worth individuals in China will surpass Germany and France, ranking fourth in the world, and 39% of the ultra-high-net-worth individuals in the world will come from China.
Qualified investors in private equity funds belong to this group-they need to have the corresponding risk identification ability and risk-taking ability. The amount of investment in a single private equity fund is not less than 6,543.8+0,000 yuan, and it belongs to a unit with a net asset of not less than 6,543.8+0,000 yuan, with a financial asset of not less than 3 million yuan or an individual with an average annual income of not less than 500,000 yuan in the last three years. For these high-end customers in the wealth management market, more diversified private placement in product design, investment concept and risk control can provide more personalized asset allocation options.
Diversification of strategies: stock bulls and mixed products account for 70%.
The foundation of private placement lies in performance; The difference in performance lies in whether the investment strategy of fund managers adapts to the market environment and whether they execute their own investment logic clearly and correctly.
The reason why the scale growth of private equity funds deviates from the performance is that the 20 18 private equity market has ushered in the strongest regulatory era.
The background is that with the increase of the number of private placement managers, the industry frequently appears chaos such as "empty shell", "nesting" and "default", and the market development is mixed, which requires strict supervision. 2065438+On February 5, 2006, China Asset Management Association issued the Announcement on Further Regulating the Registration of Private Equity Fund Managers, aiming at strengthening the registration and filing management of private equity, and canceling and cleaning up invalid empty shells. Since then, the China Foundation has successively issued a number of self-discipline rules, such as the notice for filing private equity funds, the new self-discipline policy, the naming guide for private equity funds, and the notice for registering private equity fund managers. At the same time, the AMBERS (comprehensive reporting platform for asset management business) system of fund industry association has been updated and revised many times, aiming at gradually standardizing the existing private equity managers and cleaning up the abnormal private equity institutions. 2065438+On April 27th, 2008, "Guiding Opinions on Regulating Asset Management Business of Financial Institutions" (referred to as "New Asset Management Regulations") was officially promulgated, which restricted multi-layer nesting behavior and promoted private equity funds to return to the origin of active management.
For private equity funds, the new asset management regulations are of great significance. Private equity funds are brought into the "big family" of asset management and have the opportunity to compete with other licensed financial institutions. While the new era of unified supervision of large capital management is coming, the private equity fund industry has also ushered in a new historical development stage.