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GP whip round increased difficulties of fund team expansion slowing the pace

Enhanced network-in 2012, the Chinese VC/PE market cooling fast, whip round, investment, exit scale into the lowlands, industry is facing depth adjustment. In this situation, the fund whip round gradually increasing difficulty, the fund management organ from balking strategy also some adjustment. A few days ago, ChinaVenture hit against China group VC/PE market is active fund managers (GP) carries on the investigation and study, and introduction of the 2012 China VC/PE investors research report.

The report shows that in 2012, most domestic GP are or will be questioned to raise new funds, to whip round the difficulty, investors generally think whip round the difficulty will be different levels of growth; For the fund to currency, whether domestic or foreign institutions, choose "the yuan to the dollar will raise funds have" of the GP than the highest, and the "double money fund" strategy has already gradually into the mainstream. In the fund management team, compared with last year, generally slow pace of expansion GP, although there are still more than half investment agency plan or are recruiting new members, but its recruitment in 10 people are under the number.

Whip round strategy: double money fund becomes mainstream fund investment cycle overall extended

According to ChinaVenture hit group research results, and more than 60% are or will be interviewed GP in 2012 to raise new funds, and another 20% said in a recent years GP already completed the new fund raising. For future raise fund new currency, the future will also whip round RMB fund to $and the fund account for more than the highest GP, whether from the Chinese mainland companies or foreign institutions hold this view investment per capita, accounting for more than 37.9%; Only RMB fund to raise the said investors accounted for more than 34.5%; And said it will raise fund of respondents accounted for $ratio is 20.7%. Foreign institutions from for future whip round to see the choice of currency fund, fund management currency fusion of trend obviously, more currency fund strategies, will become the mainstream of the fund investment agency management mode, and the overseas institutions boundaries also will more and more vague.

For future new whip round the fund investment cycle, the research results and the last survey appear larger than distinction, choose fund investment cycle in 5 to 7 years, about 5 years and seven to 10 years than the GP accounted for 32.2%, 25.8% and 12.9% respectively, sum reached 71.0%, and in the last survey, the choice of fund cycle in 5 years and five years or more than 40% of GP only, and most investors tend to fund investment cycle in less than 5 years. GP intends to whip round the extension of fund cycle, further verified China VC/PE in early stage of the transfer of the investment to the trend, show investors experienced PE market after the flashy, more inclined to take "turns to become" investment strategy.

For future RMB Fund raising Funds, high net worth individuals, private enterprise, Fund of Funds is the most popular GP group LP, all have more than 60% above the investors chose polled LP type. Among them, high net worth individuals is still the most popular GP welcome LP group, also side which reflects the LP market institutional investors are lack of state. Because the local government to promote PE development positive attitude, and guide the fund is still an important force of LP market, as the source of funds GP reached 46%. For social security funds and insurance companies and other typical of the institutional investors, for policy limitation, investment threshold remained high, therefore, for most GP speaking, these institutions are still difficult to become mainstream sources of funding.

Whip round expected: whip round difficulty has increased LP default still incidental phenomenon

For the next year to fund whip round the difficulty, most said that will grow somewhat GP, think whip round the difficulty will greatly small increase and the growth of the GP accounted for more than 44.8% and 24.1%, respectively, think whip round the same difficulty for 17.2%, and another 10.3% said they think should be based on the future situation to do judgment, only 3.4% think whip round the difficulty will be reduced. Future fund whip round more difficult, and VC/PE market overall cooling, especially secondary market exit returns decline have direct connection, and this one judge, will also GP future whip round strategy, investment strategy and team have an important impact on the scale of adjustment.

For the future market situation slightly pessimistic, in addition to whip round the difficulty increases, commitment under the mode of investment fund LP default problem, also become the industry hotspot discussion. However, according to the survey results, the attitude of the problem still this GP show optimism, 41.4% of respondents thought default phenomenon continued existence, but all belong to an accidental phenomenon; 34.5% said that phenomenon to breach GP increase, but will not affect overall market operation; 13.8% of respondents thought should be based on the future situation to do judgment, only 10.3% think that breach will appear in large Numbers.

Management team: most GP steadily for expansion is still after demand growth management personnel

For the fund management team, most agencies still have expansion plan, plan expansion team size and is currently recruiting new members of the GP than 38.7% and 35.5% respectively, better than 74.2%. However, the rate of decline in the last year, and the uncertain attitude and clearly not expand the GP team is relative increase, reached 25.8%. Visible, are cooling market the situation has to have an impact on the pace of GP expansion. For the team to expansion organization, its scale expansion generally smaller, more than 90% surveyed said their future in a GP team scale expansion (not including administration, PR and support department) in 10 people below.

In the position of expansion team in distribution, cast grinds personnel recruitment is the main aim of the organization, 61.8% said plans for a senior investment manager GP or investment manager, 50.0% said agency plans to recruit analysts or researcher interviewed 29.4% of vice presidency have GP recruitment needs, in addition, said after the vote, management for GP audit, law and other position demand is widespread. And GP to partner or managing director and other senior management personnel demand is not very common, only about 10% of the respondents have this kind of position recruitment requirements.

It is worth noting that, GP for cast of the management personnel after demand has increased in the last year, after the previous 1-2 years after the large-scale investment, investment institutions are holding a large enterprise, therefore also started to increase the strength of management after the vote.

Hits:  UpdateTime:2012-06-13 11:23:02  【Printing】  【Close
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