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The following is the Research Report on China marketization vcpe master fund in 2019 From China Investment Research Instituterecommended by recordtrend.com. And this article belongs to the classification: ChinaVenture, Venture capital, Investment & Economy, research report.
Since the first government guided fund was launched in 2001, China’s master fund has developed for nearly 20 years. The development process of the master fund can be summarized into four stages, which are the early stage of 1.0 led by the government, 2.0 with the state-owned capital as the leading part, 3.0 stage with the private capital as the leading part, and the 4.0 stage of the rise and development of the industrial master fund. In this report, the market-oriented VC / PE master Fund (hereinafter referred to as “market-oriented master fund”) is taken as the main research object. Although the development time of market-oriented master fund in China is relatively short, it is increasingly becoming one of the important components of the equity investment system in the multi-level capital market, and also one of the backbone forces to help enterprises grow, serving the high-quality development of the real economy.
The core findings of the research institute are as follows:
As of June 2019, there are 224 market-oriented master fund managers in China, and 365 market-oriented master funds have been disclosed, with a management scale of RMB 212.1 billion
As of June 2019, an average of 1.6 market-oriented master funds have been managed by a single master fund manager with a management scale of RMB 946 million
From 2018 to June 2019, the number and scale of China’s market-oriented master funds have been disclosed to be declining. A total of 39 market-oriented master funds have been disclosed, with an accumulated scale of 43.1 billion yuan
As of June 2019, China has disclosed 1847 sub funds and projects invested by the market-oriented master fund, with a total investment amount of 362.018 billion yuan. The asset allocation mode is equity investment + direct investment + PE secondary market, and the investment fields are mainly concentrated in big health industry and new generation information technology
Most of the market-oriented master funds interviewed said that the withdrawal of the sub funds was not smooth, the delay was serious, and the exit pressure continued to escalate
Among the market-oriented master funds interviewed, 50% of the market-oriented master funds have accumulated DPI of 0, and 54.55% of the market-oriented master funds have an investment return multiple of 1-2 times
The participants of the market-oriented master fund are increasingly diversified, and traditional direct investment in private institutions and securities companies is trying to test the jellyfish fund
With the continuous improvement of private equity investment industry, the market-oriented master fund has gradually transformed into an era of intensive cultivation
With the rise of s fund, the promotion of the registration system of science and technology innovation board and the broadening of exit channels, the market-oriented master fund will usher in a new harvest period
The stability of the fund structure of the market-oriented master fund still needs to be improved, and the fund-raising difficulty is encountered
Due to the restrictions of multi-layer nesting, the operation of market-oriented master fund has been impacted
Although the tax system has been improved, it has not yet benefited the market-oriented master fund
The pace of internationalization of China’s financial market has accelerated, and foreign master funds have begun to enter and carve up the “cake”
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