4. Legal supervision: Private equity investment funds have always been in a gray area, and there is no special law to regulate them and guide their healthy development. At present, the voice of legislation on private equity investment funds is getting higher and higher. Some experts pointed out that relevant laws and regulations are expected to be introduced this year, but the relevant rules of private equity investment funds have been formulated.
There are also various forms of private equity investment funds. At present, there are mainly the following modes: First, Sunshine Private Equity, which has attracted much attention at present. This kind of fund allows customers to hand over funds to trust companies, which sign management agreements with private fund managers, who are responsible for investment management and entrust funds to banks. Managers buy a certain proportion, such as 20%, to exchange interests and avoid the transfer of interests caused by inconsistent interests. This kind of private placement relies on the legal basis of trust law, which has clear provisions and is a standardized trust plan. Compared with Public Offering of Fund, this kind of trust has a much larger investment quota, usually 6,543.8+0,000, and its investment varieties and proportions are much looser, which greatly improves its flexibility. However, in addition to charging higher management fees and subscription fees, fund managers usually get 20% income. Moreover, funds are generally only open for subscription and redemption on a certain day of each month, which requires higher time for funds. Moreover, compared with public funds, if customers want to get the same income, Sunshine Private Equity needs to be more than 30% higher than that of Public Offering of Fund, which is also the biggest test that Sunshine Private Equity faces. The second is the company fund. Generally, several people invest to set up a company, inject a sum of money, and then hand it over to a professional management company for management. This is a popular way now, characterized by the fact that participants must become shareholders, but the disadvantage is that it is difficult to develop and grow, and it is usually just a distribution operation between acquaintances. The third is the limited partnership system, in which one party contributes capital and the other contributes professional ability. * * * A company is jointly established, and the articles of association stipulate the distribution ratio, which is not exactly in accordance with the proportion of capital contribution. The last and most traditional way is the loose private equity fund, in which a person or a team uses funds to serve customers, provide consultation or operate as an agent. This type now accounts for the vast majority of the total private equity. There are also various forms of cooperation, some of which accept the entrustment of capital investment in the form of companies, and some of which operate accounts directly for customers only by verbal agreement. When it comes to private equity investment funds, people first think of high returns, but high returns largely come from the advantages of private equity investment funds. Flexibility comes first. Public Offering of Fund has a 65,438+00% investment ratio limit on the same stock, and private equity investment funds are not restricted. Once private equity funds find an undervalued stock, they can buy it as much as possible, which urges private equity funds to spend more energy on enterprise research, and sometimes even go to listed companies to buy performance and send news at high prices. Private equity funds can also engage in derivatives and some cross-market arbitrage prohibited by Public Offering of Fund.
Secondly, it is a good incentive mechanism, because the profit source of private equity investment funds is mainly the distribution of performance income, not management fees. The more profits they create for customers, the more income they earn, which also urges fund managers to try their best to improve the return rate of funds. Third, private equity investment funds are also more dominant in investment decisions. For example, when a research department in Public Offering of Fund discovers a stock with investment value, it often needs to submit a report, hold a meeting to discuss it, and the risk control department will review it, and then the investment director will make a decision, which takes a long time. When making decisions, investment opportunities are often missed. Private equity funds don't have to worry about this. When they find a good variety, they can react faster. Fourth, private placement is an absolute income. Public Offering of Fund should consider the ranking of each quarter, half a year and the end of the year, which will also put great pressure on fund managers and affect long-term stable investment.
Fifth, the scale of private equity investment funds is smaller than that of public offering10 billion Big Mac, which is more conducive to the entry and exit of funds and the cost of opening positions is much lower. Equity investment funds Equity investment funds generally refer to funds engaged in private equity (non-listed company equity) investment.
Funds have two legal structures. One is a legal person, each fund holder is a shareholder of the investment company, and the manager is also one of the shareholders. The other is contractual, in which the holder and the manager have a contractual relationship, not an equity relationship. At present, public offering funds are all contractual, but at present, China's laws only allow public offering funds to raise funds by contract. Therefore, if you want to set up a private equity fund, you must adopt the way of equity, so there is no legal obstacle.
Private equity funds that invest in the securities market are called private equity funds, and only those that invest in the equity of non-listed companies can be called PE- private equity funds.