PE fell in love with the "platform model"

Perhaps because of envy Tencent, Ali and other Internet platform-based business bloom infinite charm, more and more industry companies shouted the slogan of establishing a platform-based enterprises.

This business model has also been the chase of venture capital, such as new drug research and development platform for traditional Chinese medicine, transmission technology platform, intelligent technology platform, industry research platform, pharmaceutical e-commerce platform, such as frequent PE injection capital case; Had suggested that the domestic GEM should absorb more platform-based companies.

However, while venture capital funds are being sought after by the platform-based enterprises, this platform model has also started to invade the venture capital industry. More and more PE agencies are beginning to propose the goal of building an ecological platform for investment and financing.

There are many indications that PE PEOPLE PEOPLE BASED ON OUR PEOPLE, after experiencing the pattern of domestic PE factories, has emerged an upgraded version of the PE platform model.

PE institutions have set foot in the platform

PE Branch China Merchants recently through a news cooperation with BYD its "platform building" concept and put it aside.

June 10, China Merchants and BYD signed a cooperation agreement - the establishment of new energy automotive industry fund, and then to build a charging network and service base, and thus to the conditional cities set up a number of sub-funds, go back and forth, circle more More social capital and resources to this blueprint.

In fact, in addition to jointly setting up a cooperation fund with BYD, China Merchants Investment recently appeared frequently in cooperation with universities and local governments. The various cross-sector and cross-industry cooperation initiatives are precisely the "platform" operation ideas of the China Merchants Merchants Center, which is a long-term plan for the investment promotion by the China Bureau of Science and Technology.

It is understood that in the single Xiang Shuang strategic vision, investment in the Branch is not an ordinary PE organization, but a factor integration, system support platform. Single Xiang Shuang said that the nature of China Merchants Merchants is the integration of industry, science and technology, personnel, the environment on a platform, in essence, investment in the Bureau is to do factor integration, system support platform, just like the Internet platform model general. This model of so-called resource integration, including capital integration, industrial integration, integration of personnel and so on, and China Merchants is now called it "innovation, entrepreneurship, wealth creation" platform.

He compared the China Merchants Investment as an Internet company, China Merchants provide infrastructure and services, and then based on the integration of resources and business, providing customers with value-added services.

Another well-known domestic institutions Suzhou Yuan Wo Holdings Limited (hereinafter referred to Yuan Wo Holdings) practices coincide with the single Xiang Xiang double idea, as early as a few years ago, Yuan Wo Holdings has to create an open platform idea put into practice .

As early as May 2009, Yuanhe Holdings established Dongshahu Equity Investment Center. Dongsha Lake Equity Investment Center provides three major services including fund management services, investment and financing docking services and enterprise development services to two major customer groups: investment institutions and start-ups. The Center keeps track of the fund strategies, focus areas and investment intentions of the investment institutions and the Yuanhe Mu Fund which are settled in the fund, in order to achieve the quick connection between the investment and financing needs of the investment institutions and the invested enterprises.

"We are building an open platform, as long as it is related to business, investment and financing stakeholders can come to this platform up for now, the fund management team and start-ups are the most active on the platform of the two main , And the interaction between them also requires the participation of third-party agencies. "Lin Xianghong, chairman of Yuanhe Holdings, said in an interview with the media.

Equal optimistic about the platform for the development of PE value as well as Fortune Venture Capital. Fortune Venture Capital, although not explicitly put forward the idea of ​​platform construction, but its origins in 2009, "Entrepreneur Club" has been playing the role of investment and financing platform.

In the latest issue of Entrepreneur Club at the 2013 Annual Meeting, Fortune Ventures and China Merchants Bank headquarters, Noah Fortune, CITIC Securities, Huatai United Securities, GF Securities, KONE law firms, Lixin Certified Public Accountants, Hunan Radio and television stations, Hunan Provincial Trust Co., Ltd., Hunan Development Group, Hunan High-tech Investment 14 institutions such as the establishment of a strategic alliance, and held a grand signing ceremony.

"We alliance with various agencies strategic alliances, including banks, brokerage firms, law firms, accounting firms, third-party fund-raising agencies, many of which are the leading enterprises in the industry, we hope that through their joint cooperation , To create an early morning as the core of SMEs financial eco-platform, so as to help SME SMEs development. "Fortune Venture Partners, Vice President Shao Hongxia told the Securities Times.

PE platform model "fans" team continues to increase.

Zhang Wei, chairman of Shenzhen Cornerstone Venture Capital Co., Ltd., proposed at the 2014 annual meeting "to be the organizer of the industrial value chain." The earliest proponent of this idea is Renmin University of China Business School Bao Zheng. Baotou that "a hundred years of corporate mystery is actually he based on an industry chain and become the organizers, not the industry's producers or product producers." Zhang Wei praised this, although the "industry value chain organizers "There is no direct presentation platform construction, but the two do have something in common.

Behind the business logic: Happy Valley, alliance win-win?

What is the logic behind the PE organization's involvement in platform construction? This was born in the Internet industry's business model can take root in the field of venture capital sprouting?

Securities Times reporter on this topic linked to the internal control of Yuan Wo subsidiary, the source said Yuan Wo Holdings in the long-term contact with customers in the process, found that companies need more is financing after the service and management. "Financing is just a demand that enterprises begin to need, and growth and development of enterprises later is the demand throughout the life cycle. From an investment perspective, the added value of post-financing enterprises can bring more lucrative profits to Yuanhe Holdings. One reason is Yuan Wo Holdings hope that the capital in the circular investment between enterprises and investors because a lot of LP itself is the enterprise until after enterprises bigger and stronger, and promote the cooperation of LP and GP butt, capital feedback can Yuan Yuan and LP More profit. "

The fact that has already been harvested confirms the desirability of building the strength platform of PE institutions. For example, joint efforts of various intermediary agencies to build a financial eco-platform have given Dachen Venture Capital to taste the "sweetness." Taking the cooperation with China Merchants Bank as an example, China Merchants Bank provided more than 5 billion yuan of financing for the over 100 already-invested enterprises in the morning.

In addition, each customer recommendation also let Darwin and China Merchants Bank to achieve a win-win situation, up to morning has invested 70% of enterprises become China Merchants Bank customers, branches of China Merchants Bank also recommended more than 300 companies as the morning investment. Or this is the PE platform more and more recognition model, keen to build the platform for investment and financing logic.

Investment Group senior analyst Song Shaokui that PE institutions have to build the platform for the evolution of the industry trend. In his opinion, before the rapid development of PE industry, relying on the establishment of the GEM system. Now, many PE agencies have to seek restructuring, changes in the market environment forcing institutions to explore new directions and patterns of investment.

Song Shaokui that each institution has its own characteristics, and have their own comparative advantages. Some well-funded and large-scale PE institutions may be inclined to the direction of comprehensive asset management. Regardless of the overseas PE institutions advocated by the PE quality model, or similar to the original investment Jiuding PE factory pattern, in fact, are facing different needs at different times. The entire capital market is dynamic and growth, the current environment must adapt to the current needs, "PE institutions platform model is a new exploration, the future how to develop remains to be seen." Song Shaokui said.