Talk today, bank friends may have some strange private equity funds.
Private equity funds are not difficult, but most people lack an opportunity to get started.
In this article, we only need to figure out a question: What exactly is the private equity fund?
A company is roughly divided into two ways: debt financing and equity financing.
Debt financing is formed by debt and debt relationships.
For example, bank loans and direct financial financing instruments; trust plans for trust companies, asset management plans for securities companies;
There are also bonds we have talked about in the past, all of which belong to the field of debt financing.
Equity financing is the relationship between investors and investors.
Such as private equity funds, mergers and acquisitions, IPOs, targeted additional issuance, and so on.
The bank’s partner, the business is mainly based on debt financing, such as bonds issuing loans and underwriting interbank markets;
Equity financing business markets are mainly securities companies, fund companies and their subsidiaries.
No contact does not mean not learning.
With the in -depth understanding of financial basic knowledge, customers have become more and more diverse in financing demand.
Many projects have easy borrowing, but it is difficult to find project capital.
Project capital, we have intermediary in “One article to learn more about the project capital”.
In simple terms, a project cannot be built by borrowing money, and it can generally borrow up to 80%.
The latest regulatory system for capital is the “Notice of the State Council on Strengthening the Management of Capital Management of Fixed Asset Investment Projects” (Guofa  No. 26) issued by the State Council in 2019,
Next time you ask you, you have to remember, No. 26, 2019.
Which part of the project capital can be the company’s money?
On the balance sheet, it is manifested in such equity funds that records the subjects of the owner’s equity.
Under certain conditions, equity financing can be used as project capital under certain conditions. Therefore, it is favored by large customers in the park and large key project customers.
As a bank’s front -line customer manager or product manager, you understand the theory of equity financing.
When customers make demand or consultation, we can give appropriate suggestions as soon as possible and match.
This will be very different for customers’ service experience.
Of course, you can also enhance your self -confidence,
“Soldiers to cover up and water to the soil”, this gradual enhanced self -confidence is very helpful for self -growth.
In the financial service solutions provided to customers, we always say “provide you with multi -level and comprehensive financial services”, “,”
In fact, how much can we do in the subsequent service, and how much do we work hard?
Okay, let’s figure out a few similar concepts first.
Private equity funds, private equity funds, private equity securities investment funds, private equity funds.
First of all, private equity investment funds are also called private equity funds, which is the biggest concept of extension in the field of private equity funds.
Regularly managed by the Interim Measures for the Supervision and Administration of Private Equity Investment Fund.
Private equity funds are divided into private equity investment funds, private equity funds and asset allocation private equity funds according to different investment targets.
Private equity investment funds are mainly invested in company stocks, bonds, futures, options, and so on.
To put it bluntly, the focus is on the word “securities”. Those stocks and bonds circulating in the market are all my investment objects.
Private equity investment funds are mainly invested in the equity of unlisted enterprises, shares that are not issued or traded by listed companies, etc.
The focus of the word “equity” is mainly the equity of unlisted enterprises.
Asset allocation of private equity investment funds, mainly uses fund investment methods in the fund, mainly conducts cross -class investment for private equity investment funds and private equity investment funds.
When distinguishing the proprietary financial noun, you consciously find out the keywords and let yourself understand and remember from the keywords.
Isn’t it chaotic yet? Come a map.
Private equity funds, let’s look at it: private equity -equity -fund.
Private equity, compared to public equity, is a way of issuing private equity. Investors of private equity products are generally qualified investors and have a certain strength investor or institution.
The equity is the main investment target mentioned earlier is the equity of generally unlisted companies.
Fund is our fund product.
Therefore, the private equity fund is the funds raised by private equity to invest in the equity of unlisted enterprises.
What is the essence of private equity funds?
Company VS product?
First, private equity funds are first -class asset management products.
The bank’s friends are familiar with wealth management products. Wealth management products are first -class asset management products. They are divided into public financial products and private equity wealth management products.
Public equity and private equity lies in different purchases.
Fund products are also a type of asset management products. Funds are also divided into public funds and private equity funds.
Usually, the Yifangda, Castle, and Xingquan Fund we purchased at fund companies or banks are basically public funds, and ordinary people can buy it.
For example, each individual investor spent 10,000 yuan to buy a fund and 10,000 people. This public fund formed a scale of 10 million yuan.
Each public fund and a professional fund manager is responsible for investing in to help individual investors make money.
Private equity funds are compared to public funds.
It’s just that the target is a qualified investor.
Similarly, each private equity fund also has a professional institution in charge of investment, we call the fund manager.
What to invest? We said before.
Different private equity funds have different investment objects.
We extend a little bit,
Asset management products, the first reaction to think of the new rules of asset management.
“Guiding Opinions on Regulating the Asset Management Business of Financial Institutions”, from 2018 to officially implemented this year.
Asset management products include bank non -guaranteed financial products, trust plans, asset management plans, funds, etc.
Among them, I said such a sentence for private equity funds:
Private equity funds apply to private equity fund special laws and administrative regulations, and private equity fund special laws and administrative regulations do not clearly apply for this opinion.
Therefore, private equity funds are limited by new rules of capital management in terms of nested layers, rigid payment, and liabilities.
Let’s talk about it in depth.
Secondly, in addition to an asset management product, private equity funds may also be a company or enterprise at the same time.
It is also probably the most special situation in asset management products.
It is precisely because of this situation that everyone often has doubts about private equity funds, but the names seem to be in the clouds and fog. What kind of existence is?
I just find a few names, let’s take a look.
Gansu Modern Agricultural Industry Entrepreneurship Investment Fund Co., Ltd., Galaxy Yueke (Guangdong) Industrial Investment Fund (Limited Partnership), CITIC M & A Investment Fund (Shenzhen) Partnership (Limited Partnership) and so on.
Sometimes in other places, what you see may be:
Gansu Modern Agricultural Industry Entrepreneurship Investment Fund, Galaxy Guangdong Science (Guangdong) Industrial Investment Fund, CITIC M & A Investment Fund (Shenzhen).
Private equity funds, different from other asset management products, generally use three forms: limited partnership, corporate and contract system.
Limited partnership, set up partnerships according to the “Partnership Enterprise Law”. At this time, the private equity fund is both asset management products and a partnership;
For example, the Galaxy and Yueke (Guangdong) Industrial Investment Fund (Limited Partnership), CITIC M & A Investment Fund (Shenzhen) Partnership (Limited Partnership).
Company system, according to the establishment of the “Company Law”, private equity funds are both asset management products and a company;
For example, Gansu Modern Agricultural Industry Entrepreneurship Investment Fund Co., Ltd..
The contract system is based on the Securities Law, the Securities Investment Fund Law and the Contract Law.
Because it is established according to the regulatory system, there is no type of company or enterprise. At this time, private equity funds are only asset management products.
At present, the market is mainly based on limited partnerships. The corporate system mainly exists in the government -led government industrial fund, and there are very few contract systems.
Most of them choose the form of limited partnerships, of course, because this form has its own advantages.
The friends who understand the tax law will be more clear. The company has double tax collection.
And partnerships only impose personal income tax for investors. This is one of the advantages.
On the other hand, there is a big difference between partnership and company.
The company’s shareholders do not assume joint responsibilities, and ordinary partners in partnerships are unlimited joint responsibilities to enterprises. Fund managers generally are ordinary partners in partnerships, which is conducive to protecting investors’ interests.
The biggest reason for the contract system is that the biggest problem is that there is no main body of an enterprise or company.
When a contract -made private equity fund invests in the equity of Company A, it is difficult to register for the shareholders of Company A in the Industry and Commerce Bureau. Generally, the fund manager is held on behalf of it, and there are certain flaws.
Through the comparison descriptions of these three forms, I still want to mention another sentence,
I mentioned the importance of studying the “Company Law” before.
Learning the “Company Law” will have a more essential understanding of many behaviors and phenomena in the market.
Well, let’s take a preliminary understanding of the private equity fund today and get started.
Then talk about it.