Records of mergers and tightening institutions are expected to have low foreign investment
Source: Daily Economic News editor Ren Feixiao and editor Xiao Ruidong. Since last week ‘s “Daily Economic News”
reporters paid attention to the phenomenon of “dual backdoor” of double GP funds, this week they have continued to follow up with some institutions.
According to feedback, the current tightening of filing is indeed one of the reasons for seeking cooperation on behalf of the company, but due to risk factors, some professional institutions prefer to “overwinter” at this time.
Some investors in the investment industry revealed to reporters that the number of managers registered for the new association this year did not increase sharply, because the self-discipline required some institutions to change water. Although the intensity was not large enough, the increase was minimal.
This means that professional institutions are likely to be more complicated in the speed of foreign investment, and it is also a big challenge for the difficulty of financing.
At present, institutions have shown weak investment to catch up with the tightening cycle of private fund managers’ filings. At present, institutions often respond with a “bad” answer, and a well-known journalist asked why the institution entrusted a third-party qualified manager to implement fund products.When they were nervous about filing, they said it was difficult to move forward.
A stricter review from filing was conducted, and a private equity investment fund partner in Shenzhen told a reporter from the Daily Economic News that if they set their sights on the issuance of new products, the rights and obligations of the executive partners of the stock shell are difficult to separate.It is not easy to coordinate by itself, and the intensity of single audit is also being strengthened.
“Calibration, as mentioned, encountered constraints in the process of filing new products. The reporter also learned from people familiar with the situation. Currently, the association ‘s registration data is basically hovering around 24,400.” Although the surface is not alarmed, but insideA lot of adjustments are already being made, and many institutions are doing market exits. ”
It was found that due to self-discipline considerations, some institutions may be adjusted out. Existing institutions are doing water changes for the degree of insertion. Although the intensity is not very strong, there is no increase.
In fact, since this year, the faucet upstream of funds seems to be tightly closed. For the venture capital market, the first and foremost impact is fundraising.
In this environment, institutions have shown investment fatigue, and more importantly, no new investment funds are willing to come in.
According to the private equity fundraising data of Zero2IPO, in October, there were 310 investment cases in the VC / PE market, a year-on-year decrease of 40.
6%, down 6 from the previous month.
1%; total investment amount is 265.
23 trillion yuan, a 53-year decline.
2%, down 33% from the previous month.
Some private equity sources in Shenzhen have told reporters that many institutions are now in the “cat winter” mentality, and some involuntary movements have occurred.
Looking back on the development of the previous stage of supervision, the association registered the credit endorsement work for the record within an appropriate scope, including estimation guidelines and practitioners’ guidelines.
Although they all belong to the standard of conduct, one thing that cannot be avoided is that, with the current market’武汉夜网论坛s current investment and management retreat, at the moment, whether it is betting on the heavy science and technology board or a listed company’s M & A project, the bullets of the investment institutions in the primary market are becoming consumables.
Venture capital fundraising continues to precipitously decline, and both ends are blocked. What should venture capital fundraising do?
A brutal fact lies ahead, namely, venture capital funding is continuing to decline.
According to Wind statistics, as of mid-November, there were only 388 newly raised funds from Chinese venture capital institutions in 2019, and the raised funds were only US $ 179.8 billion. With reference to the more than 700 newly raised funds at the beginning of 2018, the raised funds were lifted by 500 billion yuan.Almost a cliff-like descent.
According to statistics, since the beginning of this year, as of early November, there have been 146 exits (in terms of funds) of private equity investment funds, of which only 26 were non-IPOs, and the proportion of IPO exits exceeded 82%.
It is obvious that there were 78 exit cases through the IPO of Science and Technology Board, accounting for 53% of all exit cases.
Both the fund raising and project investment were cold. According to the general “3 + 2” asset management structure, it was originally calculated in 2013?
Most of the funds established in 2014 have already begun to liquidate their returns. However, the venture capital industry led by the lack of incremental capital and property rights institutions has entered the capital “cold winter”.
The other data is close to the survival ecology of institutions.
According to statistics from Zero2IPO Research Center, as of the first half of 2019, the number of newly registered private equity, venture capital and private equity asset allocation managers in the association has declined significantly.
According to statistics, since this data reached 3887 in 2015, it has been decreasing year by year in the following 3 years, which are 2646, 1789 and 445, and only 9 in the first half of 2019.
Although in the previous investment community’s view, the decrease in the number of supplementary institutions is partly due to tight preparations.
“After the requirements of some other external financial institutions, private equity funds are doing it, and some risk points are resubmitted for review as a supplementary opinion for inquiries. Similar to some financial situations, everyone may think that there is indeed a point in the record and it is indeed in the record.Change, we do have to make some adjustments in methodology.
But then again, the key to capital’s contribution to the development of the real economy is real strength.
“The demand for capital for corporate development is still irresistible, especially during the stage of economic shifts and the steady growth of domestic structure adjustment. Innovation capital investment in emerging technology areas still needs to be strengthened.
“Xu Hongcai, deputy director of the Economic Policy Committee of the China Association for Policy Research, told reporters in the Daily Economic News that although the current Chinese economy is greatly affected by domestic demand, industrial clusters in core technology areas have not yet formed a scale, and industrial clustering effects need to be strengthened.