According to the data, among the 62 existing private placements of 10 billion yuan, there are only 8 established before 2011, accounting for only 12.9%, while 22 companies have been established since 2015, accounting for 35.48%. Among them, the most young is Yanfu investment, which was just established in July last year.
Chart: time distribution of 10 billion private placement
Data source: private placement network
Yanfu investment was established on July 25, 2019, and registered with China Fund Industry Association on November 11 of the same year. On December 23, the first two products Yanfu Zhongyang No. 3 and Yanfu Zhongyang No. 6 were established. Since then, the company has started to issue new products intensively, and the management scale has risen rapidly. In October this year, the company has successfully promoted to 10 billion private placement. According to the data released by the China Fund Industry Association, as of November 21 this year, 118 private equity products have been put on record.
Similarly, there are ten billion private equity companies established in the first quarter of 2018, including Liren investment, SAIC Qizhen (Shanghai) assets, Panfeng investment, ningquan assets, etc.
It is worth noting that in recent years, many of these 10 billion private placements which have been promoted rapidly are of great origin.
For example, Gao Kang, founder of Yanfu investment, used to work in DRW Holdings (2009-2010) and twosigma investments (2010-2014). After returning home, he served as partner and investment director of Shanghai Ruitian investment, another 10 billion quantitative private placement company (2015-2019). Beijing Panfeng investment was officially established at the end of January 2018. Zhang Jian, executive partner of the company, worked as a fund manager in another private placement Shanghai Panshin investment from October 2011 to July 2017, and many of its products were named after Panfeng.
In addition, SAIC Qizhen asset is 100% controlled by SAIC Groups equity investment, and the actual controller is SAIC Group; Liren investment is the secondary market investment platform of Hillhead capital; ningquan asset is a private placement founded by Yang Dong, former general manager of Xingquan fund.
In terms of performance, according to Chaoyang perpetual data, most of the above-mentioned 10 billion private placement products have no public net value data. However, judging from the income data of some products with net worth, the performance is fair. For example, the cumulative yield of ningquan capitals ningquan specific strategy No. 1 was established on October 30, 2018 to October 30, this year, with an accumulative yield of 73.4% in two years.
Liren investments excelsior 9 and excelsior 10 were established on April 16 this year. The cumulative yield of the first four months was more than 25%, and then the net value will not be updated. Ten products such as excellent pilot 1 / 2 / 3 / 4 / 5 / 6 / 7 / 8 / 9 / 19 were established on June 1 this year. As of August 17, the cumulative yield exceeded 15%, and the net value has not been updated.
However, judging from the historical situation, the rapid expansion of many private placements is closely related to the market environment. For example, in 2015, with the arrival of the big bull market, a large number of private placements broke through the scale of 10 billion. According to GESHANG financial management data, by the end of June of that year, the number of private placements with 10 billion yuan increased from 7 at the end of 2014 to 28, with a growth rate of 300%. However, with the rapid turn of the market, the number of 10 billion private placements has dropped to 21 by the end of the same year.
In fact, since this year, there have been some new 10 billion private placement, followed by a shrinking scale. For example, huaruans new power, which broke through the scale of 10 billion yuan in March this year, has lost its scale of 10 billion yuan in September this year, and has not yet returned to the list of 10 billion private placement.
In this way, it is still uncertain whether these young 10 billion private equity firms can maintain the scale of 10 billion for a long time and even continue to expand after rapid promotion.