PE profiteering era is due to the continuous slump in the level two market and gradually away

PE profiteering era is due to the continuous slump of the two market and gradually away, the reporter learned in the interview, most PE for the 2012 investment is very cautious attitude. From fundraising to investment to management, the PE industry, which had been rapidly expanding because of capital gains, had to start slowing down in 2012.

VC/PE sees mobile interconnection

At an Internet summit, senior investors in the TMT industry saw E-commerce and mobile interconnection as the most investment-worthy industries for the next decade. In the past 2011 years, electronic commerce is undoubtedly the most popular "talk" of PE industry. From Jingdong Mall to where the customer prudential products, from the United States and the network to handle the net, almost overnight these e-commerce enterprises become PE eyes of the "sweet cakes."

However, the rule of the eternal decline of the law will never change, handle the market blocked also to the entire e-commerce industry sounded the alarm, large-scale influx of capital to make the overall industry valuation. Coupled with the deterioration of the environment in the US and China's domestic capital markets, some PE, which had invested in E-commerce, had to start thinking about the impact of not being listed.

Will mobile interconnection become the next e-business? In the 2011, the concept of the mobile internet has begun to move to commercial operation. The mobile internet has become the industry most prized by VC/PE in the 2012, according to a survey by the group.

Feng Po, an analyst at the group, said that the focus on mobile Internet was mainly due to the loss of market value in the two tier markets, which made PE investment gradually into early investment, and the mobile Internet was the ideal choice for this transition. Previously, Google's acquisition of Motorola Mobility is proof.

VC/PE is the most enthusiastic industry has been TMT, all stages of the project are the most representative of TMT in this period of subdivision industry. The mobile internet has become the next choice for VC/PE in the context of the weakening of the traditional internet. "Feng Po said.

Outside the mobile Internet, new agriculture and health care are also being watched by investors. In a survey of its investors in the industry, VC/PE generally selected the two sectors as their 2012-year investment focus, according to a statistic from the Qing branch.

"The common denominator of the two industries is that they are less affected by the economic cycle, they are domestic consumption, and the country invests more vigorously." Industry positive in 2012 should be more, but also our focus on the industry. Fortune partner Yanxiaoping said.

In Yanxiaoping's view, the 2012 market adjustment function will begin to play a role, once raided a stake in the era of short-term profiteering will end. "The bursting of the bubble is a good thing for us to invest, so that the overall valuation of the market returns to rationality, and investors will pay more attention to the growth of the industry." Industries such as new agriculture, which require long-term investment and sound development, will be given an opportunity. ”

Investment timing is not a good time to raise capital

"2012 may be a good time for some institutions to invest, because the more cool the market is, the better they can get the ' cheap ' items. But it is not a good time to raise capital. Yanxiaoping admits.

According to the statistics of the Qing Ke group, in the institutions visited, 66.2% of the respondents believe that raising funds in 2012 will be slightly more difficult to raise, 11.7% of the agencies think that the difficulty of raising funds will be seriously increased, 13% of the institutions think that the fund-raising situation will not change, only 9.1% of the organizations that raise funding difficulty will be reduced.

From the currency of the plan raising Fund, 58.3% of the local institutions plan to raise renminbi funds in 2012, 23.3% have plans to raise renminbi and dollar funds, the agencies that do not have a plan to raise them account for only 1.7%, and another 15% say they are unsure.

Foreign-funded institutions, only plans to raise dollar funds and the agencies do not raise the plan accounted for 11.1%, 22.2% of the agencies said it would raise renminbi funds, 16.7% of the institutions will raise renminbi and dollar funds, uncertain 2012 to raise the scheme of foreign institutions significantly higher than the local, accounting for up to 38.9 %。

In Feng Po's view, LP (limited partner, i.e. PE investor), after the high return of PE investment, began to return to rationality gradually. As a result of the current investment in funds raised more than 2007-2008, the fund time for 4+3 and 5+2, so 2012 will become a test GP (PE fund manager) and the LP relationship of a Time node.

"2012 RMB Fund LP in the PE industry in the allocation of assets may be reduced, on the one hand because the overall PE industry returns have been reduced; on the other hand, the national PE craze also makes LP ' Aesthetic fatigue ', plus the government departments began to increase the PE industry supervision, PE industry itself will face a shuffle. "Feng Po said.

In his view, the 2012 may be a big withdrawal of LP or reduce investment in the background of foreign institutions began to raise renminbi funds, the renminbi's LP will become scarce resources, which will inevitably affect some local institutions raise funds.

PE level Two market digging people busy

July 2011, China Merchants Fund investment director, China Merchants Prosperity Growth fund manager Zhongtao Job-hopping to CITIC Industrial Fund, in charge of Citic Industrial fund new two-level market business, which also blew up the PE into the two-level market "horn."

In fact, to enter the two-tier market has begun to become a part of PE organizations to expand the type of business, diversification of investment risk of an important attempt, such as participation in pipe investment, test water securities investment business, and attract the two-level market talent to join also become an important means.

Prior to that, former investment fund general manager Chengpaoliang to invest in PE industry, to participate in the preparation of the Shanghai International Group set up the foreign currency industry investment fund-Shanghai Rui Li Investment Co., Ltd. and the former investment director of Chang Sheng Min also joined the CDH investment in the two-level market private equity.

In Feng Po view, in Europe and America mature market, the trade has been a PE fund exit one of the important channels, in China, as PE development is still in the initial stage, the early funds will be successful exit, the recent establishment of a large number of funds has not ushered in the withdrawal period, so the interbank resale transactions are not

Due to PE overheating, many investment institutions in a short period of time to invest in a large number of enterprises, but the current decline in the IPO resources, many enterprises can not be listed, which caused the PE institutions project piling problems. "In 2012, RMB funds will gradually enter the exit period, in the case of the overall IPO resources in the two-tier market, the PE institution must explore a new exit channel." "In Feng Po's view, the interbank resale will become an important channel for the organization to exit and find investment opportunities, PE shuffle process will also bring more tradable assets, or even PE level two market investment fund in the next few years."

Yanxiaoping that VC/PE should strengthen the management team after the construction, "investment may only take a few months, but the project management may be 3-5 years, and even some 8-10 years abroad, this is not a few investors can do things, but need a complete cast management team to operate." In the future, the maturity of the Investment Management team will determine the cost and return. ”

The appearance of the brokerage direct investment will also bring impact to the original PE market. Prior to that, the SFC issued the "Securities Companies direct Investment business supervision guidelines" so that brokers have started to reduce the reliance on brokerages, instead of building their own team. This also caused through the whole secondary market talent digging corner of the war staged.

2011 CITIC Industry fund President Wu Investment has shown this trend. "In the future, after the transformation of the brokerage direct investment will cover from the project mining, due diligence, investment decisions to the entire chain of management, and the digging of human tentacles will also be bound to the first-tier market of VC/PE and the two-level market brokers and funds." "Feng Po said.