Author: Wu Yue
Compiler: http://www.fundcn.org

From the Xiao Bo to the ICBC Hangzhou Jianghui, more and more reputable Public-fund manager or investment director, all boat Private Fund Managers team. Private Fund, the sun was not the underground groups, Why so attractive? This reporter recently visited a number of domestic investment in the A-share market of private fund managers, opened Private Fund mysterious veil.

1, the four-Private Fund

Private Fund has been of the “rich” to the patent, they raise funds to the threshold as low as 500,000, is high on the 10 million. Legal vacuum in this area, contact the link between the money is scarce only to the “integrity.”

Last year, funds from the Public-Private Fund fighting became a reporter that the current domestic private fund will generally be divided into four categories : a type of fund size of the 500 million to 1.5 billion between these companies relative to management norms, values take investment concepts, Asset allocation is more concentrated. Another relatively small size, the scale of 100 to 300 million yuan, the investment sector 6-7. Consultant 3,4 industries, the value of investment in-depth excavation, and some major shareholders of listed companies are deeply linked. Listing some of the company’s funds into the secondary market, have through their operation.

Another two smaller scale : One is the 100 million yuan of funds in the following institutions, based mainly on the news, with large organizations tie. These large institutions, including funds, securities dealers and insurance funds. These small-scale funds tracking large private placement, with the Collier operation; There is a category of private capital, mainly speculation years old shareholders, Valet management, manage funds of about 10 to 20 million yuan between Some management even only in the scale of 3-5 million between.

Currently, Private Fund mode of operation is usually divided into two types, one is not a transfer of title, investors in the operating accounts, proceeds from the private placement to fund investors share; Another big Private Funds Most investors because of its confidence, therefore, the funds directly to the Private Funds Private funds to enter the ledger in investment.

In terms of investment approaches, including Bao Bao not end with the end of the practice. Bao end of the so-called, is the assumption that a private fund financing for 30 million. Private their show is three million of funds on account of the assumption that the total losses exceed Private accounts taken out of the three million, was forced open, the principal returned to investors. Usually, the end of Bao model of private, into proportion will be even higher.

Private funds usually come from all over the country, but mainly concentrated in Beijing, Shanghai and Shenzhen to three. With Shanghai as the center of the 630 area, the total private placement of 60%, accounting for 25% of Shenzhen, Beijing accounted for 15%. Meanwhile, Chengdu, Dalian to have some funds. And the main sources of funds include two categories : First, private enterprise bosses of funds, these funds are mainly from Taizhou, Wenzhou, Ningbo, Jiangyin and so on. Additional funding from the major shareholders of listed companies, major shareholders inconvenient funds directly into the secondary market. must enter through other channels. Is the last major reform of the stock market or the auction of their company’s share price price operation.

Well, Private Fund, as people imagined she would have high-income, high-risk bear? Private fund managers such as whether the income astronomical amount of reach?

2, “three high” mysteries

Earnings : Not astronomical figures

And the hundreds of people imagine, a few times the high-yield compared to the Private Fund receipts in fact not high. Company management of the Fund, last year earned more than 230% since the beginning of 2000, investment income has exceeded 120%. Private funds from the proceeds of the overall situation, the proceeds of last year about 60 to 80%. as open-end funds; Since the beginning of this year the total receipts were about 50 to 60% between higher than open-end fund overall level. “This year, the reasons for better returns, in the realm of speculation, the private fund as a major shareholder with a close relationship, can receive some overflow growth outside the proceeds (such as injection of assets, large orders), and so on the news. ”

But even if the stock is merely the highest receipts, private fund industry heard about four, five times. Ah Cheng said that even shares some themes, Private Fund from the risk-control considerations, but also rarely get from scratch tail, but in the stock rising continuously Jiancang, for example, the city shares, Private Fund and some not brought up several times after they have been used, but in a, two daily plate away after the first small part of the proceeds to honor, and then in the stock rising continuously reduction.

Investment : the same process

Private investment funds have been stamped “violent” with the brand. Is that true?

Another is a multi-year private fund experienced practitioners, the head of a 7 -8 100 million fund manager said Sylvain, In fact, Private Fund’s investment process and Public-fund is not much distinction, the same is very rigorous. “Our research team has eight individuals, and the investment I told the boss by two people.”

In addition to investment, Sylvain they often have to research companies listed last year, he went to more than 20 listed companies research.

“Began, the listed companies are not warm, but later we found that some companies hold a lot of company stock. will also take the initiative to communicate with us, some companies have asked us to meet them, the main news from the company, we have funds to meet, if the good performance of the company itself, the proceeds, we will also participate. Some ST, ST shares, because there is no 100% certainty, we will try to avoid. In fact, the majority of Private Fund investment style is still very solid. After all, it is the part on earnings. ”

Ah Cheng said, and Public-fund, the private fund in trading stocks, listed companies into the stock pool comparatively rapidly, just as listed companies have some gray transactions, Public-fund these can not be done. In addition, the Public-fund, the private fund has the advantage of being able to realize investment in the people’s will, According to the preferences of investors to make investment in design. For example, investors can request 60% of assets invested in the stock market, 40% of the funds used for the new shares. Ah Cheng said, it is precisely because these “advantages”, Private Fund survival and development of space is very great.

Income : a year arrived four years

This year is almost Fund Public-Private Fund to human resources strategic shift of the year, a large number of fund companies to invest Director, Research Director, fund managers slipped into the private fund company. One of the reasons is said to income inequality.

Sylvain said that last year a lot of private fund managers earn more than 50 months. He is a friend and through the proceeds of its own funds into the stock investment income last year more than 100 million yuan. Sylvain and their year-end awards last year, more than 50 months of salary. than the rumored 36 month year-end bonus to the Public-fund intervention.

Sylvain good performance for the Fund of private funds rolling, the snowball funds in bull market, Silvan also bring enjoyment into the foundation. Meanwhile, as a private fund manager, Sylvain can also use their own accounts justifiably shares More need not worry about “rat”, which quite good income.

Silvan, the company will present the enterprise annuity quite values. “Now enterprise annuity market were major fund management firms. Everybody wants to control, The key is whether or not elected. “If the enterprise annuity policies for the private placement is willing to open a window, Private fund managers will pay the “tide.”

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Stories trillion Private Fund

At present, China’s mainland Private Fund total almost one trillion yuan, the Shanghai and Shenzhen stock market accounted for about 8% and the rapid development. Private Fund reasons for the rapid development of the private fund with a unique pay structure. Private Fund to collect performance fees. emulated overseas hedge funds, private fund managers charge 2% management fee, which can be extracted performance of the 20% return. But there are also many private fund management fees charged not only from performance fees.

Currently civil Private Fund to the general investment consulting companies, investment management companies and other name to trust management approach for other investors to provide financial services pool. Mainly in the form of trust-company type, and the limited partnership-type leases. Within this total, the Trust is a new type of an approach. That is, through the Trust Fund for private placement agencies Trust share sale, and indirect investment to establish linkages. Because through third-party trust companies, to provide an additional layer of legal relationship, this pattern of less legal risk.

Copyright Fund China 2009.

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