This year, the head effect of the private equity industry is more and more obvious. By contrast, small and medium-sized private placement is obviously at a disadvantage. Even though the performance is fair, the difficulty of raising funds is still not small.
Fu Rao, director of Beijing Jinzhang investment research, said that for small private placement, due to the increasingly fierce market competition, as well as increased technology and personnel costs, in the past, small private placement could achieve profit and loss balance in the management of a small scale. However, it is not the same today. Today, a larger scale can attract more talents and improve the system, which makes resources continue to focus on the head and form Its not a good cycle for small private placement.
Tang Xinqing, director of the asset allocation division of the wealth management and Private Banking Department of the head office of China Construction Bank, told reporters that they preferred to cooperate with professional institutions with fund and securities background, especially those with regular military background who have experience in social security management. Private placement for non professional private schools is not exclusive, but the inspection time will be longer and the access requirements will be more stringent.
Tang Xinqing pointed out that the biggest problem of quantitative private placement is that the strategic model is not open, and there is a certain decision-making risk in judging future performance based on historical performance. Moreover, the understanding of individual investors for quantitative private placement is still limited to seeing flowers in the dark. If the performance does not conform to expectations, it is not easy for customers to understand.
The key is performance continuity
He Wenqi, founder of Chengqi assets, believes that the emergence of Matthew effect is a manifestation of the industrys maturity. In particular, the quantitative private equity fund, with its wild and explosive development in the past few years, will gradually move towards a mature and professional direction. In the past, some small and medium-sized private equity companies pursued short-term income and scale through a fresh strategy, and soon entered a bottleneck period. Many of the star private equity funds in the past have even withdrawn from the market. In his view, only based on long-term accumulation, orderly pursuit of reasonable income and scale, and precipitation of their own relative advantages, can we achieve long-term healthy development.
Iluo investment believes that when there is sufficient hot money flow in the market, although large institutions have more advantages in gathering resources, small and medium-sized private equity can still benefit from it. After entering the market stock game, unless small and medium-sized private placement has a certain background or customer stickiness, it will face difficulties in the competition for resources such as capital introduction, talent absorption and channel support.
Mingshi investment also pointed out that the probability of polarization in the future is not low, because of the difference in comprehensive investment and research ability and the strength and weakness of individual ability, it is difficult to catch up with each other, and there is a high probability of multiple 100 billion level private placement.
However, the threshold of quantitative private placement is indeed higher and higher. Cai Meijie, chairman of Lingjun investment, pointed out that the performance of quantitative industry is obviously better than that of small and medium-sized quantitative private placement this year, because this industry is an arms race attribute and needs constant investment and iteration. She said that Lingjun invests about 200 million yuan in investment and research every year, which is a relatively difficult problem encountered in the initial stage of general quantitative private placement. Of course, no matter what stage of development of quantitative institutions, performance sustainability is the key, which is also a common issue for all asset management institutions.
Zeng Shi, executive partner of yuanwangjiao investment, said, in the past, there were some large-scale ones, but because the performance was not good, and then the scale fell quickly, so the key is long-term performance.
Fu Rao believes that for head private placement, there are two necessary conditions for maintaining the lead, one is the continuous leading performance, the other is the perfect governance. Good performance is an important basis for maintaining scale. If the scale is large, the performance is immediately affected and the scale is difficult to maintain. Therefore, steady growth is a better choice within the scope of its own ability. With the expansion of the company scale, the importance of corporate governance will gradually increase.
There is still room for the forces Nouvelles
Looking forward to the future, juming investment said that in addition to the head organization, there are also new forces coming out, which will definitely grow into a new head in the future.
He Wenqi pointed out that compared with the European and American markets, the domestic private equity industry still has a lot of room for development. New high-quality fund managers and investment teams may emerge in both subjective and quantitative investment fields.
Zeng Linghua, director of Haomai fund research center, believes that the size of US hedge funds accounts for about 10% of the total wealth. If we look at it in this way, the domestic private placement has at least 10 times the development space.
Source: Ren Hui, editor in charge of China Fund News_ NBJ9607