Set up a number of stars, private placement threshold of 400000 yuan
For example, private equity investors selected by fof include Chongyang investment, Chengsheng investment, Fengling capital, Mingda asset, CEIBS and Taimin assets. These are well-known stock long private placement, with good past performance.
In addition, anwenbao fof phase 10 selected several private placement companies, including Lerui asset, Yinye investment, Guofu investment, Ruijun asset, Sixie investment and era Renaissance. They are mainly good at bond and quantitative strategies.
It is worth noting that the initial investment amount of these products is 400000 yuan, and the additional investment is from 1000 yuan, which is significantly lower than the investment threshold of 1 million yuan for private equity funds that we have seen before.
After careful study, we can see that Tianhongs all star stock fof is a collective asset management plan issued by the fund company, and the investment type is mixed. According to the new asset management regulations, the amount of investment in a single hybrid product is no less than 400000 yuan. Then to the private placement level, there are not only collective asset management plans, but also private securities investment funds.
Of course, investors need to do qualified investor certification to buy such products, including uploading investment experience certificate and asset certificate. The asset certificate is income certificate (annual average income of myself in recent three years is not less than 400000 yuan) or financial asset Certificate (household financial assets are not less than 5 million yuan), either of which can be selected.
Lower management fee and performance reward?
The fund gentleman looked at it. Basically, these products were raised at the end of September. By the middle of October, the stock All-Star fof has a 12-month closing period, while the anwenbao fof has only a six-month closing period.
What attracts more attention is that the transaction rate is quite low. For example, there is no subscription fee for the first offering of All-Star fof, and the participation rate for open period purchase is 0.3%; the management fee is 1.1% per year, and the custody fee is 0.01%. The performance reward is calculated by using the high water level method. If the unit net value exceeds the high water level during the withdrawal period, the performance reward of the excess part will be 8%.
In addition, the fof rate of anwenbao is lower, the fixed management fee is only 0.95% per year; the benchmark of performance reward is 6%, and the manager collects 5% of the excess earnings as the performance reward.
In addition, Yongan Guofu mixed fof rate, the management fee is 1% per year, and the high water level method is adopted to calculate the performance reward. If the unit net value exceeds the high water level during the withdrawal period, 5% of the performance reward will be withdrawn for the excess part.
We used to know about the fee structure of private placement products. The management fee is generally about 1.5% - 2%, and the performance reward is increased to 20%. This time, it is indeed greatly reduced, which seems to be quite people-friendly.
However, some people in the industry pointed out that fof products generally have double charges, so the low rate shown in this product may be the part charged by the fund company acting as the manager, and it does not show the fee charged by private equity institutions. Therefore, it is suggested that the future platform should be more transparent when making relevant information disclosure.
Internet giants join hands in private placement
Flow + investment brand opens up imagination space
In the past, private institutions had more cooperation with banks, brokerages, and third party Mammon Inc, but cooperation with such a huge Internet platform is still in its infancy. In addition to Alipay, previously, CAITONG and Jingdong also had related test water, launched high-end financial management, and layout private placement. For private placement, there are many advantages in cooperating with such Internet giants, including the ability to obtain more traffic and younger customers, and at the same time, to open up their own brand.
From the point of view of traffic, the ant prospectus shows that in the 12 months ended June 30, 2020, Alipays monthly active users increased from 499 million in December 2017 to 711 million in June 2020, with an annual activity of 1 billion + and 80 million monthly active business.
At the same time, many private placement is also very optimistic about the cooperation with internet giants. In an interview with Mr. fund, a large-scale private placement in East China said, we didnt set an index at the beginning. We hoped that ant wealth could sell us. At present, it would be smaller than the scale. But we think they are the head platform and they also have a good eye on the strength of ants. So we should lay a seed first and take it slowly. In his view, the Internet platforms later imagination is very convenient and easy to operate. The gap between the traditional running channels and roadshows is really large, that is, customers directly enter Alipay directly to buy them.
From the perspective of Internet e-commerce platforms, they prefer head private placement with brand recognition. According to private placement, ant will comprehensively consider the image, corporate culture, product performance and other factors in selecting cooperation institutions.
Some private equity fund researchers said that online channels save redemption fees for investors and are easy to operate. Large scale private placement can better seize the market through this channel. However, this online channel has more advantages for the private equity industry, because the brand power of small and medium-sized private placement is not strong enough, and it will be more difficult to sell online.