QingkePrivate placementAccording to the data, as of February 28, 2019, there were 2,108 government-guided funds including venture capital guidance funds, industrial investment guidance funds, and infrastructure investment guidance funds, with a total fundraising scale of 3.92 trillion yuan. The total target size is 11.92 trillion yuan, and a total of 1,807 management agencies manage these guiding funds. The average management scale of the organization is 2.168 billion yuan.
In recent years, the pace of government guidance fund establishment has continued to accelerate, especially in 2015 and 2016, showing explosive growth. In the five years from 2015 to February 2019, a total of 1,589 government guidance funds were established, accounting for 2000. The total number of years since the year is 78.35%. After 2017, the number of establishments and the target scale have declined to varying degrees, and the number of new students has entered a relatively stable level.
Yan Zhenjie, chairman of Zhanheng Licai, said that as of the end of 2018, domestic equityInvestment fundThe stock has reached 9 trillion yuan, of which the guiding fund has invested more than 4 trillion yuan, and will contribute more than 11 trillion yuan in the next three years. At present, how the government guides the fund to develop incremental and how to withdraw the stock is getting more and more attention from the market.
Since the launch of the new asset management regulations on April 27 last year, the difficulty in fundraising in the primary market has been highlighted, and the government guidance fund has also been affected as an important funder. Sun Zhigang, managing director of Beijing Gaojingjian Industry Fund, said that according to statistics, about one-fourth of the funds invested in it have problems in the second and third phases of fundraising; new fund funds after the new regulations The source channels are more diversified and become “industry guidance funds + self-owned funds + leading enterprises' own funds”. The new regulations on asset management have a considerable impact on institutional fundraising.
In this regard, Sun Zhigang said that after the new regulations, the company has made corresponding adjustments and responses to the later capital contributions from its own perspective to ensure that the institutions and projects invested will continue to be supported in compliance with regulatory requirements; People agree that as long as they can continue to maintain 40% of the funds as the cornerstone, Beijing High-tech Industry Fund can jointly complete the subsequent capital contribution.
In terms of exit, a large domesticBrokerThe investment banking department believes that in the past, the government guidance fund solved some market failures in industrial investment. However, due to the poor exit mechanism, it is difficult to attract social capital on a large scale; the newly launched science and technology board has been completed.capital marketThe shortcomings of service technology innovation have enabled many unrealized profitable companies invested by government-guided funds to be listed and enriched the exit channels. At the same time, the transfer of state-owned shares to new policies will greatly enhance the government-guided funds and other state-owned platforms and social capital. Fusion ability.
The reporter found that behind some enterprises that applied for the board of the board, there were government-directed funds, such as Anjiwei by the state.integrated circuitindustryFund investmentXinguang Broadcasting and Television Co., Ltd. obtained the strategic investment of Guoku Ruihua, and was awarded the investment of Yizhuang Guotou after the breakthrough of Science and Technology and Lexin Technology.
DeepVenture capitalShen Shaojun, general manager of the Shenzhen Municipal Government Guiding Fund Management Headquarters, suggested that the government-guided fund's supporting policies in taxation and other aspects should be further optimized, especially under the new regulations of asset management, which can enable wealth management funds to effectively establish links with equity investments. In addition, more than 50% of the equity investment in the overseas market can be withdrawn through the second-hand share transfer, establish a secondary market trading platform in China, and establish a secondary market trading fund to help the government guide the fund to better exit.
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