Public offering fund running private PE:PE industry GP management team or good

Pan Shanghai reported that "public offering" fund will become a new player in PE market. June 29, the Securities and Futures Commission convened a press briefing to solicit opinions from all sectors of the community on the draft pilot scheme for the management of specific client assets of the fund managers (hereinafter referred to as "the pilot Scheme").　　The direction of the bill is that the SFC intends to allow fund management companies to carry out special asset management operations through the establishment of professional subsidiaries, and to further relax controls. A week before the ventilation meeting, the SFC announced that it intends to allow future public offering funds to carry out a special asset management plan, investment in unlisted companies equity, debt, income rights. In short, the future public offering of the fund's individual business can also invest in the first tier of the market.　　This is the policy changes, with PE, VC related to the highest one. This seems to be the current PE, VC industry, is not a good news, many people in the micro-blog discussion of the matter, and that may be added to the new spoiler. But according to reporters, this policy changes, the current PE, VC pattern has little impact: the special Asset Management plan, is the public offering fund private-owned products, it will not be publicly raised funds in the future, a large public offering fund special account business owner pointed out that the public offering funds of the special household financial products,　　The future may be closer to banking products than to PE or trust companies.　　Special Asset Management Program: or private group's research report pointed out that the special Asset Management program is the most concerned about the direction of its fund-raising: "It faces the public to raise, participate in the financing of the LP has what the threshold, the ceiling of raising capital". A senior lawyer for the fund industry told reporters: "This policy adjustment does not change the private nature of the special asset management plan." It belongs to a specific customer asset management business, the Fund within the company known as the ' special-account.　　The pilot scheme clearly stipulates that special household financing prohibits the public referral of specific asset management business programmes and asset management plans through newspapers, television, radio, internet sites (except fund management companies, sales agency websites) and other public media. To put it simply, a special asset management plan is managed by a public offering fund, but it can only be raised privately.　　So they enter the first market, will not change the primary market of the mainstream fund-raising way.　　Second, the public to raise funds of the special Account, is only launched in 2008, its overall scale is not large, the industry is not as mature as the PE industry. Zhaoxing (alias) is currently a large public offering fund special account business owner. He analysis: "Public offering fund of the size of the special household finance, there is no public or authoritative data, according to my estimate, the stock size of 50 billion to 100 billion yuan." Special Account business is launched in 2008, eligible to engage in more than half of the public offering fund, to now also 20 dozen real scale. This is probably the biggest is the work Suisse, sinks add rich, scale 6 billion or 7 billion, small also 2 billion or 3 billion. "Zhaoxing added," he said that the special-account financing, is narrowly defined, only a pair of one or one pairs of multiple business,Excluding qdii and QFII business. As the name suggests, "one-to-one" Special Account management refers to the fund company to a single customer to raise funds to accept its commissioned for a single customer for the specific assets managed business.　　"One-to-many" is the fund company to a specific number of customers to raise funds, before the provision of "more" commissioned no more than 200 people. A medium-sized public offering fund sales department also told reporters: "The more common saying is that the total size of household finance is 100 billion bar." Our company's special account only a few billion, we have a medium-sized fund next door, to do a better job, also on the scale of a billion of. The deep reason behind the slow expansion of household finance is that the public offering fund is sustainable, private finance is closed, there is a survival period, so the fund company can send public fund, must be issued public offering, because even if the earlier management fees on the loss, after the fund performance, the subscription of more people, management fees can earn back. However, if the management fee can not be vinyl other expenses, it can only expect the latter or have the investment income, which is very uncertain.　　Therefore, only the market is not good, or some new companies do not make public offering, the fund companies will want to be in the field of a breakthrough.　　In summary, we can see that the special Asset management plan cannot raise funds openly, and the whole household finance scale is limited, even if it joins, it can not be seen how much impact the PE industry has in the short term.　　is "Public offering fund" interested in PE? A number of public funds have rebuffed the reporter's interview, rebuffed the reasons for most of the same: "Now the special Asset Management plan has not been determined, the details did not come out." We must wait for the rules to come out before we study them carefully.　　"From the current special household finance, from the beginning of the rights and interests of the most popular private households, to the current transfer to fixed income type of special household financial momentum."　　2008, the beginning of the introduction of special household finance business, including 2009, the partial share of the household financial management fever, at that time, many public offering funds to "private" to do a special Account fund managers, but since 2011, the rights and interests of the special household finance has shrunk, some have been transferred to the private fund managers, and back to public funds. And Zhaoxing pointed out that the special household finance to now just walk a cow bear cycle, some things just see understand: "Partial-stock-type household finance, in the bull market before making money." Most of the time, you have to hit the fixed-income products to get the absolute benefits. "Moreover, many high net worth people are handing over funds to the Fund's households in order not to make a lot of money, but to preserve and add value." Is in the premise of capital preservation, to determine the annual 7%-10% return. The most popular special account in the future may be the ' capital preservation and Profit ', which will win inflation. This kind of product design, with the bank financial products closest. There are reasons why banking products are so popular. "Coincidentally, a bond fund more well-known public fund personage also said:" Our main push of the special household wealth management products, there are fixed income category, there are stock index hedging, in the current market can also get absolute incomeis very popular. There are third-party sales agencies, on behalf of their customers to open a special account, they want to be in their own asset allocation, to do a part of fixed income product configuration. "said the medium public offering fund sales department personage also pointed out:" Like PE investment so put in at least three years can not exit, return may be positive or negative 50% of the product, I can not imagine my customers will like. He gave it to us to manage, just hope we have a more definite investment direction and return.　　"Public offering fund" running private to do PE:PE Industry GP management team good?　　It seems that the public offering fund is not very interested in PE business. And some public fund people privately told reporters, public offering fund has been in the two-tier market plowing, the first market is very unfamiliar, there is no team reserves.　　Unless you are paying special attention to the financing business of the Fund, it is possible for this business, dedicated to build a team.　　Therefore, the public offering fund expansion to the PE business will not be so strong. However, the aforementioned fund industry lawyers, several fund industry insiders believe that, in view of the Future Fund companies can open a subsidiary to carry out special financial services, so that the private business and public offering business risk effectively isolated, then, the fund company may be with the GP team to achieve cooperation: the current fund companies, although the bulk is through the bank to sell, But the fund company has mastered some customers, including insurance companies, financial companies, high net worth of people, these are the GP team in fund-raising target crowd. Cooperation can be funded by the fund company, GP team management funds, or even the fund company simply to the equity category of private finance outsourcing to the PE company. In that case, the public offering of funds to the untied, but to the GP team to bring new fund-raising or linked way.