Small private will take specialized path in future
Within seconds sunshine private has 10 years. There are many excellent large private fund, such as Chongyang, fresh water spring and Zexi, with rapid development speed.
Song Xi, a partner at Infore capital, told China business daily in a recent interview, despite the rapid development of private equity funds in recent years, the industry has faced many difficulties and problems despite its relatively short development time.
Song Xi said that in developed countries such as the United States, private equity clients are mostly specialized agencies, and their fundraising is relatively simple and easy. While domestic private equity funds have started out in the grassroots, many of them are struggling to collect and communicate with customers while they are under pressure.
“ In fact, looking at the performance of a private placement, you can't simply look at its performance gains, you have to look at its strategy.” In the face of poor performance, professional organizations can look at performance data objectively. A lot of private equity just starts to make safety cushion, the position is lighter, the stock chooses the stock also will be conservative, so the natural yield is relatively low. But you can't say it's not good.
These ideas, which seem very reasonable to professional institutions, are hard to accept in the eyes of many individual clients. Because clients are mostly individual investors, the professional level is uneven, and once the market fluctuates, the private managers will be under great pressure.
In recent years, in the background of the overall market downturn, the domestic private investment research system is relatively unsound and often exposed.
It may not be an accident that private champions have frequently changed hands over the years. “ In essence, it exposes some problems of private investment research, and the personal style of private fund has a great impact on performance. The performance may be good for a while, but his set of ideas may not be as good as the market. A large, long-term private equity fund should rely on the strength of the entire team to be profitable and not be entirely personal.”
At president, Infore also has venture capital investment besides secondary market investment. In secondary market investment, it is divided into growth, hedging strategies and other multiple strategies. In addition to public offerings of products, there is also private financing. This diversified structure makes Infore capital's performance relatively stable.
“ With more and more listed companies, the disadvantages of retail investors are becoming more and more obvious, and the trend of the future will inevitably be more and more professional institutions to manage their money. However, private equity has obvious advantages over public offering foundation, and the future trend of public funds will be mainly passive investment products, which will be more moderate.”
Apart from the trend towards retail, many private equity firms have also been registered this year. From this point of view, the private equity industry has become a big trend.
Song Xi predicted that in the future, small private equity funds will have to take the road of specialization, such as specialized investment in medicine and TMT, etc., which will benefit the limited human and material resources of private equity and establish their own advantages. For larger private equity funds, asset allocation tends to be diversified, both at home and abroad. And the style of the product will be diversified, future stock index futures, options and other derivatives will be used more and more by private funds.