"Public fund-raising" constraints PE transformation Asset Management company to explore

In mid-February, a paper "asset management agencies to carry out public Securities Investment Fund management business Interim Provisions" (hereinafter referred to as "provisions"), both the Equity Investment Fund (PE/VC) look forward to the issue of public offering fund products to raise capital, but also let them into the "PE public alms" troubles. "We have discussed the issue of a public alms PE product feasibility, but found that even in the international market, public ALMS PE fund products are also very few." "A domestic large-scale PE fund partner pointed out, more crucial is, the public alms PE product also with the National Development and Reform Commission to set up the record PE fund number limit formation conflict." When most PE/VC funds are still on the sidelines, and no one dares to "first eat crabs", another batch of PE sees opportunity to transform the asset management company. Public alms PE products "difficult to solve" who will become the first public ALMS PE fund products PE organization? A number of large PE fund in charge to reporters privately disclosed that the current domestic PE regulatory policy may not allow the public alms PE products published. PE regulatory policy, that is, the national Development and Reform Commission to take the asset scale of more than 500 million yuan PE fund filing system. In accordance with the relevant provisions, the completion of the record of the partnership of PE fund investment should not exceed 50, the company's PE fund, the number of investors shall not exceed 200 people. Once the PE fund has exceeded the maximum number of investors, it is easy to be identified as "public fund-raising" by the NDRC. In order to prevent PE fund via trust and other channels disguised as public alms, at the end of 2011, the NDRC also asked the PE investor (LP) of the Collective Fund Trust to check whether it belonged to qualified investors and calculate the total number of its contributors. "This is a tough measure of PE regulation. "A large PE fund director said that recently they had with the local Development and Reform Commission to discuss the feasibility of PE institutions to try to issue public ALMS PE fund products, was informed that the SFC and the NDRC has not yet on some PE regulation and business development provisions to reach the latest consensus. However, the development and Reform Commission in the PE fund filing system operation process is slow, this let PE fund "have free to drill". Reporter learned that even if the national Development and Reform Commission to complete the filing of some PE funds, nor in strict accordance with the record PE fund related provisions, on schedule to the relevant departments of the National Development and Reform Commission to disclose the latest fundraising status and major investment project information. But these PE funds because of the completion of the national Development and Reform Commission for the record, to the Social Security Fund to raise capital eligibility. A person close to the national Development and Reform Commission explained that this is because the local development and Reform Commission needs to verify the filing of PE funds submitted by the PE fund's latest operating data, and then sent to the National Development and Reform Commission, which will take about half a year. "However, the development and Reform Commission on PE fund public fund-raising issues considerable attention, involving PE institutions issued public ALMS PE products, may have to wait until the NDRC and the SFC to reach the relevant regulatory consensus, will release the business." He revealed that, according to his understanding, the first batch of public alms PE products issued by PE institutions may not belong to equity investment products, but the two-tier market hedge fund products. Via Transformation Asset Management company in the above-mentioned large PE fund head, the foregoing "provisions" just give these PEInstitutional transition Asset Management company expands business space. For example, Citic Ye Fund and CDH Investment (CDH) have developed a business strategy to transform into an asset management company. In addition to their own mezzanine funds linked to real estate investment, Citic yield Ye fund also set up a two-level market investment team, through the establishment of a complex mathematical investment model, to its own investment projects after the IPO exit, looking for the most profitable trading point in time. The reporter learned that the CITIC yield Ye fund has been interested in issuing a hedge fund (ie, CITIC industry hedge funds) that spans the first-tier market (equity investment) and the two market (portfolio investment). But the fund has been slow to make progress because the regulator is not yet clear and cannot file for approval. Now, with the "Regulations" issued, Citic production ye hedge fund or become the first batch of PE institutions managed by the Public ALMS Fund products. When the reporter called the citic yield ye fund to verify, the other side said no comment. Other PE fund via issue public offering fund products to the asset management company to transition, is through with the public fund of the Special Investment department "cooperation" approach. The market believes that once the PE institutions to obtain asset Management special membership, equal to get through it and public offering funds to issue public offering fund products to raise money channels. At present, some public offering fund management companies also began to study the public offering fund collection of Special Account management form the feasibility of distributing PE products, PE institutions as product Investment Management consultant's identity "appeared." "However, the first batch of management by the PE institutions of household financial products, should be two-tier market-oriented investment." "One of the fund's private investment department said that the reason is that the PE fund portfolio valuation lacks the authority of the measurement method, the share transfer trading system is still to be perfected," the relevant product share in a specific transaction location of the feasibility of the transfer, but also in the research and demonstration stage. " Reporter learned that, with the market rumors 2 billion management of the size of the asset management agencies can apply to the SFC and other departments for securities business licences, more than 10 PE agencies began to submit relevant applications. Said the director of PE fund disclosed that, compared to the NDRC's request for the filing of PE funds, the Minimum capital investment threshold reached 10 million yuan, the Securities and Futures Commission of the Securities companies to prepare qualified investors to invest a lower threshold, easy to have a securities brokerage licensing PE institutions for a wider public to recommend PE products, resulting in the de facto " Public alms Behavior ".