Private equity fund-raising channels include which private equity funds are facing specific groups, which are generally sold through self-sales, brokerage, sales tripartite platform sales, bank sales and other channels. Private equity funds cannot be publicly issued, and they cannot be publicized and promoted.
What private fund raisers are there?
There are many ways to raise funds. For details, please refer to the document link. I hope it can help you. Basic knowledge of private equity is necessary.
What are the procedures for raising private equity funds? 1. Prepare the information of the registered private equity fund company, set up the preparatory committee 1, and start preparing to register the XX equity private equity fund (hereinafter referred to as the fund). First of all, the person (natural person or legal person) who intends to launch the fund chooses to be the sponsor of the fund independently or jointly with friends (there is no limit to the number of people, legal person or natural person, but at least one natural person). Then, the sponsors select several ideal names together as the names of the fund after its establishment in the future, then choose who will be the executive partner of the fund, the investment direction of the fund and the amount of funds raised by the fund in the first phase (the sponsors need to prepare their own funds of 1% of the total funds raised), and finally confirm the working place of the fund after its establishment (it is appropriate to obtain local support). 2. After the above materials are prepared, the sponsors start to set up a preparatory group or committee for the recruitment of private equity funds, and define the members and division of labor. 3. Determine the target and investor groups raised by the fund (see the article "Revealing the profit model of PE" for details), that is, the range of investors (limited partners) to be introduced by the fund. 4. Make relevant documents, including but not limited to: initial contact email, fax content, or telephone contact content; Introduction of the management team of the fund and the investment direction of the fund; Draw up the name of the fund and make the prospectus; Prepare a partnership agreement. 5. Contact and contact with fund investment groups, explore investors' willingness to invest, and send fund raising instructions to interested parties. 6. Hold a briefing session to confirm the participants' initial intention to subscribe for shares and make statistics. 7. Further communicate with interested investors, sign the confirmation letter of subscribed capital contribution, and judge whether it meets the establishment standard (the subscribed capital amount reaches more than 70% of the scheduled fundraising amount). 8. If the establishment criteria are met, the fund recruitment preparatory group or preparatory committee will start to register and pre-check the name with the industrial and commercial bureau in the designated area. At the time of pre-approval, it is filed according to the limited partnership. Finally, the fund is expressed in the industrial and commercial business license as: XX Investment Management Center or XX Investment Company (limited partnership). 9. At the same time of pre-signing, if the fund partners are willing, they can start planning to contact the local financial authorities, so as to win local support for the establishment of the fund (giving matching funds of 10%-20% of the total fund free of charge). 2. Hold the first private equity fund shareholders' meeting, select the custodian bank 1, and hold the first fund shareholders' meeting after the pre-approval name is passed, and confirm all necessary legal documents for the establishment and development of the fund. Initiate the establishment of the investment decision-making committee of the fund. Determine the articles of association and personnel of the investment decision-making committee of the fund and confirm the external fund management company. 2. The managing partner of the fund and the external fund management company shall prepare all necessary materials for the fund in industrial and commercial registration (including: confirmation of subscribed capital contribution, partnership agreement, registration of enterprise establishment, letter of entrustment, proof of office location, copy of ID card or business license of the enterprise, photo of managing partner, etc.); 3. After the materials are prepared, the executive partner and the external fund management company are responsible for submitting all the registration materials to the industrial and commercial department and completing the registration; 4. The person-in-charge of the fund investment decision-making committee, the executive partner and the person-in-charge of the external fund management company make substantive contact with the competent authorities and submit the fund establishment plan and the support plan they hope to give. If the fund can get support, it can get substantial help in many businesses in the future (matching funds given; Matching loans given by banks with help; Low-priced land assisted; Financial subsidies given in national policies; Tax incentives, etc.), if we want the support of the fund, the plan for setting up the fund can write that the direction we are going to invest is consistent with the future development direction. 5. Select the custodian bank where the fund will place its funds in the future, contact the bank and sign an intention agreement. 3. Obtain the business license, plan the press conference 1, the fund obtains the business license, opens a bank account, and completes the tax registration procedures of the fund; 2. The external fund management company and the person in charge of the investment decision-making committee * * * discuss and plan the external press conference for the establishment of the fund; 3. Continue to contact with the financial authorities to confirm the support given to the Fund. 4. Launch a press conference to confirm the future investment direction of the fund 1, the planning of the fund press conference has been completed, and the operation schedule, implementation plan and conference objectives of the conference have been adopted by the investment decision-making committee; 2. The conference will be operated and implemented by the external fund management company; 3. The external fund management company seeks and confirms the first investment direction of the fund in the future, and submits the basic information of the project to be invested to the investment decision-making committee. V. Careful research and discussion on the investment direction 1. The external fund management company conducts due diligence on the proposed investment project, and makes corresponding investment feasibility study and business plan and submits it to the investment decision-making committee for discussion; 2, the investment decision-making committee to understand all the situation of the proposed investment projects and research; 3. At the same time, the external fund management company began to build the copywriting of the internal management system of the fund company; 4. The external fund management company began to conduct comprehensive project contact, investigation and research on the investment direction; 5. The external fund management company began to establish a comprehensive fund operation management system process (personnel) preparation. 6. After the project is voted, it will start to raise funds 1. After the investment decision-making committee selects the project, it can generally notify the custodian bank to make investment preparations after obtaining the consent of more than two-thirds of the members; 2. The chief financial officer appointed by the fund management company and the fund * * * enter the proposed investment project, and the chief financial officer has one vote veto on the project funds; 3. The chief financial officer submits the financial flow to the investment decision-making committee every week, conducts periodic audits on investment projects every month, and invites external independent audit firms to issue independent audit reports on the projects every quarter; 4. The executive partner and the investment decision-making committee began to contact the existing capital market in a large area to obtain information, absorb experience and integrate resources; 5, the fund management company to assist the investment decision-making committee to continue professional learning, improve the overall financial professional level of members. The above is the introduction of the specific process of private equity fund raising, hoping to help everyone. Interested friends can continue to pay attention to us. The Anxin Loan Fund column will provide you with the latest fund investment knowledge and fund financing information, and I believe it will definitely provide you with corresponding reference and help.
What are the purchasing processes of private equity funds? What are the purchasing channels of private equity funds? 1. Before purchasing private equity funds, you should pay attention to choosing a good fund manager. Before investing, it is best to have a certain understanding of the fund company, that is to say, whether the fund manager has a good fund management ability and whether the team is stable are all security factors to be considered, which is an essential private equity fund purchasing process. 2. Find a trust company. In China, most private equity funds are issued through trust companies. Investors entrust the funds to the trust company, and then the trust company will hire the management company of the private equity fund to manage the actual operation of the fund. Then the funds will also be managed by the custodian bank. Finally, the report on the operation of the fund, including the net value, will be released on the trust company's platform. 3. In terms of capital security, there is no third flow from the fund account to the trading account of the securities company, and from the fund account to the account where the customer made the payment. To take a step back, even if the trust company goes bankrupt, this fund asset for special purposes belongs to the fund holder and has nothing to do with the trust company. Therefore, there is no security risk of funds. Private equity funds have cooperated through the trust company platform for 1 1 year. So far, there has been no security risk of funds. This is a very important private equity fund purchase process. 4. Choose the type of investment Choose the type of private equity products to invest according to your own situation. Private equity funds mainly invest in stocks, bonds, funds, central bank bills, etc. Now some private equity products on trust platforms can also invest in stock index futures, and some private equity products issued through limited partnerships have a broader investment scope. Private equity fund purchase channels Private equity products can be purchased through trust platforms, private equity companies, banks or third-party private equity shopping guides such as good buy funds. Third-party private shopping guides are recommended here, because the net value of private placement is usually disclosed weekly or monthly, and some private placements are quarterly. Some third-party private placement institutions, like Good Buy Fund, will disclose the net value of products to investors by SMS or email every time, which is very convenient. It is worth mentioning that the published net value has been deducted from the performance commission and management fees.
What channels do you have to buy private equity funds? At present, the main sales channel of private equity funds is securities companies. Of course, fund companies will also open up direct sales channels themselves.
What are the fundraising channels of domestic private equity funds? Comparison of the capital cost of six common financing channels in China: Bank funds are put into banks: in the second half of 20 13, the annualized rate of return of bank wealth management products is about 5. 1% (including Internet wealth management tools such as Yu 'ebao and WeChat Licaitong), and there is no threshold for investors. Lending bank: the annual interest rate of the loan is about 7% to 10%, and the total cost of the loan is about 8% to 12% with hidden costs, such as loan transfer and third-party agency fees. Case: Yu 'ebao packaged 250 billion fragmentary demand deposits and "bought" large-sum bank deposits. In the past six months, the annualized rate of return averaged over 4.9%. Trust company funds are put into trust: the sources of trust funds include individual investors and institutional investors. Among them, individual investors' funds are generally raised through third-party wealth management and private banks; Generally, a single investor is around 3 million, and the average income is about 8.8%. The cost raised by the third party organization is about 2%, and the total cost of fund raising is about 1 1%. Fund Lending Trust: Including various expenses, the total financing cost is generally between 13%-20% per annum. The average single loan financing10.90 billion yuan. Case: "Chengzhi Jinkai 1No." is the most important trust of the 3 billion number one trust. Through the relevant implicit guarantee, the investors withdrew with an average annual yield of 7%, with a per capita investment of 4.28 million yuan. It is 3 points lower than the original annual rate of return of 10%. Capital investment of fund subsidiaries: the funds of fund subsidiaries mainly come from individual investors and are generally raised through third-party financial institutions; Generally, a single investor is around1000000, and the average rate of return is about 10% per year. The cost raised by third-party organizations is about 3%, and the total cost of fundraising is about 13%. Lending of funds: the financier raises funds through the fund's subsidiaries, and the total cost is about 15%-24% per year, and the single financing amount is generally between 30 million and 200 million yuan. The entrusted loan funds in the stock market are invested in the stock market: in 20 13, the average investment return rate of A shares is about 8% per year, about 20% of the shareholders have reached the income level of 8%, 30% of the shareholders have guaranteed their capital, and 50% of the shareholders have suffered losses. Lending funds to the stock market: Many listed companies issue entrusted loans to other enterprises through banks. The average total financing cost is about 15% per year, and the financing of a single loan is between 50 million and 500 million yuan. Case: In 20 13 12, Panda Fireworks Group Co., Ltd. announced that it entrusted Jiujiang Bank Guangzhou Branch to grant entrusted loans of10.3 billion yuan to Chuangshijie (Guangzhou) Media Development Co., Ltd., with a term of one year and an annual interest rate of 12%, with quarterly interest payments. Private equity funds are invested in private placement: the average annual return rate of debt private equity funds is about 12%, and the average annual return rate of equity funds is about 15%. The investment threshold is extremely high, generally more than10 million yuan, and the risk is large, and the investor and the financier bear the risk in part or in part. Private placement of funds: the total cost of project financing is about 24% per annum. The amount of single financing is generally between 50 million and 5 billion yuan. Case: In 20 1 1 year, the scale of funds raised by Xinghao Capital Phase I (equity fund) reached 3.7 billion yuan, and the capital of a single investor was at least 30 million yuan. The roadshow of the project assumes that the annual return rate may be close to 35% in the ideal situation. It was announced in 20 14 that the expected rate of return may return to the market, which is about 16% per year. P2P lending capital investment: It varies greatly due to online and offline, amount, operation mode, guarantee method and other factors, but most of them are raised from the private sector, and the capital cost ranges from 8% to 15%. Lending of funds: divided into investment projects or personal loans. If the institution that invests in the project itself has no small loan qualification, there is a risk of illegal loans. However, investors have to face the situation that the amount of funds is small and a lot of business is needed to promote the scale. Case: In 20 13, a large number of P2P companies ran away and closed down, but there were many outstanding achievements in the "backstage" platform left behind by big waves, such as CreditEase, the largest asset scale in China, Renren Loan, which was invested in A round in early 20 14, lufax, which is of bank origin, and Huiren Loan supported by large private enterprises.
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Private equity funds are not allowed to be publicized, so they are all marketed through telephone sales, high-end cocktail parties, banquets or investment strategy meetings.
What are the conditions for private fund raisers? First, a private fund license is necessary. Secondly, in official website, China Fund Association, it can be found that there is a very important item. According to national laws, the starting threshold for private equity funds is one million, so you should be careful when investing less than one million private equity in the market. I am specialized in private equity and p2p, and I can provide more help. I hope to adopt or ask.
What are the main bodies of private equity funds? The types of private equity investment funds mainly include: a. Growth funds. Invest in growing enterprises. B. M&A funds. Mainly invest in stable growth enterprises by holding shares, which can usually provide financial statements reflecting profitability or potential for more than three consecutive years, and help the acquired enterprises establish their market position through internal restructuring and industry integration. C. Reorganize the fund. Focus on providing financial rescue for enterprises in financial crisis. D. mezzanine fund. Usually in the form of a combination of shares and bonds to invest in enterprises in a stable growth period before listing. E. real estate funds. Direct investment in real estate-related projects to obtain income. F. infrastructure fund. Invest in infrastructure projects. G. parent fund. Invest in other funds, plans and special funds.
Second, what can private equity funds do?
What can private equity funds do?
What can private equity funds do? Private equity-based investment, but not for free trading in the stock market. Private equity fund is an investment that is recruited by means other than mass communication and privately raised funds from specific investors. So what can private equity funds do?
What can private equity funds do 1 calendar?
The so-called private equity fund refers to the fund raised by a few institutional investors in a non-public way, and it is also called the fund raised by specific targets through fund managers and investors.
First, private equity funds raise funds in a non-public way. Advertise in public-funded media such as pension funds to attract customers, while according to the relevant regulations, private funds are not allowed to use any media to advertise, and their participants mainly join in the form of obtaining so-called "reliable investment news" or directly knowing the fund managers.
The target of the fund is only a few specific investors, and the circle is small but not low. For example, in strict regulations: if you participate in more than $200,000 in your own name; If you participate in the name of the family, the family's income in the past two years is at least 300,000 US dollars; If you participate in the name of an institution, its net assets should be at least10000000 USD, and it is harmful to the participants. Therefore, private equity funds have strong investment objectives, which are more tailored for middle-class investors.
In China's financial market, the "private fund" is a kind of non-public propaganda, which is supervised by the government authorities and invested by unspecified investors in private.
What do private equity firms do?
In China's financial market, the term "private fund" is often used to refer to an investment from an unspecified investor, which is supervised by the competent department of China government. There are basically two ways:
Contractual investment funds entrusted with investment contracts.
2. A corporate investment fund established as a joint-stock company based on * * *.
What are the conditions for setting up a private equity fund company?
1, Investment Fund Management Co., Ltd.: The registered capital (contribution amount) is not less than 30 million yuan, all of which are in cash (actually paid contribution amount) is not less than 30 million yuan; (Note: All regions
2. The investment amount of a single investor shall not be less than1000000 yuan (in the neutral clause of the limited partnership enterprise).
Having articles of association that conform to the provisions of the Securities Investment Fund Law of the People's Republic of China and the Company Law of the People's Republic of China;
3. Obtain the qualification of fund practice.
4. Having a business place, safety precautions and other facilities related to the fund management business that meet the requirements;
5. There is a sound internal audit monitoring system and risk control system.
What can private equity funds do 2. First, the investment scope of private equity funds
The Interim Measures for the Supervision and Administration of Private Equity Funds issued by the Company defines the investment scope of private equity funds, including buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed by investors.
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.
Private equity funds have the characteristics of high purchase threshold, charging 20% excess performance fee, pursuing absolute positive returns, flexible stock investment ratio, flexible operation, limited liquidity and less information disclosure.
Second, the operation of the investment scope of private equity funds
The so-called private equity fund, that is, not through public offering, but through privately raising funds from specific investors in a specific range. Funds that invest in equity or securities. The newly revised "Securities Law" stipulates that "non-public issuance of securities shall not adopt the methods of advertising, public persuasion and disguised publicity."
Different from Public Offering of Fund, the target of private placement is a few specific investors, generally wealthy or institutional investors, and the number is generally no more than 200. The regulatory requirements for information disclosure are lower than those in Public Offering of Fund, and investors of private equity funds can discuss and formulate fund investment plans with fund managers, which is also in sharp contrast with the low participation of investors in Public Offering of Fund.
According to the investment methods of private equity funds, it can be divided into: private equity investment funds and private equity investment funds. The similarity between the two is that they both need to hold corporate equity at a specific stage.
The difference is that private equity investment funds mainly invest in the equity of non-listed companies, and pay more attention to the growth of enterprises. After investment, they generally participate in the rough management of enterprises, with the aim of controlling or influencing the corporate governance structure and operating income.
After the enterprise matures, it will withdraw through equity transfer to realize capital appreciation (in essence, it is a financial investment for the purpose of value-added withdrawal, not a strategic investment for long-term coordinated development with the enterprise); Private equity investment funds focus on capital operations such as stock investment and derivative investment of listed companies. Therefore, it pays more attention to trading opportunities such as spread trading rather than long-term investment.
Iii. Matters needing attention in the scope of private equity funds
1, private equity investment managers complete project screening through information collection and information analysis, and invest private equity capital in high-risk enterprises with potential high returns but unable to obtain financial support from other traditional financing channels; Secondly, the private equity investment manager negotiates and negotiates with the financing enterprise on the type, quantity and pricing of equity investment securities, as well as other relevant terms of the investment agreement, and completes the transaction structure; Subsequently, private equity funds actively participate in the operation and monitoring of financing enterprises, and some financing enterprises will grow into enterprises that can be financed or sold through other capital markets under their active participation in management;
2. Private equity funds assist fund-raising enterprises to recover their investment, gain income and give back to investors through initial public offering, sale or corporate repurchase, and start a new round of private equity investment after completing the "investment" process.
3. Private equity is homogeneous with corporate bonds, loans and stocks. But its essential characteristics (differences) mainly lie in:
(1) Private equity is not a debt-based financial instrument, which is similar to stocks and is essentially different from corporate bonds and loans.
(2) Private equity is privately raised in terms of financing mode, which is similar to loans and is essentially different from corporate bonds and stocks;
(3) Private equity is mainly the rights and interests generated by investing in enterprises that have not yet made initial public offerings;
(4) Private equity cannot be traded freely in the stock market;
(5) Other omissions. From a legal point of view, private equity does not reflect the relationship between creditor's rights and debts. It is essentially different from debt.
What can private equity funds do 3 1. What is the operation mode of private equity funds?
The operation mode of private equity fund is equity investment, that is, through capital increase and share expansion or share transfer, the shares of unlisted companies are obtained, and profits are made through share value-added transfer. The characteristics of equity investment include:
(A) the return on equity investment is very rich.
Unlike creditor's rights investment, which gains a certain percentage of the invested capital, equity investment gains dividends from the company's income in proportion to its capital contribution. Once the invested company is successfully listed, the profit of private equity investment funds may be several times or dozens of times.
(2) Equity investment is accompanied by high risks.
Equity investment usually needs to go through several years of investment cycle, and because investing in developing or growing enterprises, the development of the invested enterprise itself is very risky. If the invested enterprise finally ends in bankruptcy, the private equity fund may lose all its money.
(3) Equity investment can provide all-round value-added services.
When private equity investment injects capital into the target enterprise, it also injects advanced management experience and various value-added services, which is also the key factor to attract enterprises. While meeting the financing needs of enterprises, private equity investment funds can help enterprises improve their management capabilities, expand procurement or sales channels, integrate the relationship between enterprises and local governments, and coordinate the relationship between enterprises and other enterprises in the industry. All-round value-added services are the highlight and competitiveness of private equity investment funds.
Second, the profit model of private equity funds
The profit model of private equity investment funds is the same as that of securities funds, buying low and selling high, buying for selling, and obtaining long-term capital appreciation income. Specifically, the profit of industrial funds is divided into five stages:
(1) Value discovery stage.
That is, through project seeking, we can find high-quality projects with investment value and reach an understanding of investment cooperation with the project parties.
(2) Value holding stage.
After the fund manager completes the due diligence on the project, the fund completes the investment in the project company, becomes the shareholder of the project company and holds the value of the project company.
(3) the value promotion stage.
Relying on their own advantages of capital aggregation and resource integration, fund managers comprehensively upgrade the strategy, management, market and finance of the project company, so as to improve and optimize the fundamentals of the enterprise and effectively enhance its intrinsic value.
(4) Value amplification stage.
The value of the projects invested by the fund will be increased after 2-3 years of cultivation, and the value will be enlarged by publicly issuing shares in the capital market or selling them to industrial groups and listed companies at a premium.
(5) Value realization stage.
After the project invested by the fund is listed in the capital market, the fund manager should choose the right time and reasonable price to sell the shares of the project enterprise in the capital market and realize the final realization of the value.
3. Can private equity funds lend money?
Maybe we can.
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