Port communication港信通-今天给大家介绍关于私募股权基金常见的误解，Let’s learn together! Private equity fund is a very broad concept，Used to refer to an investment in any kind of equity asset that cannot be freely traded on the stock market.。Passive institutional investors may invest in private equity funds，Then it is handed over to a private equity investment company to manage and invest in the target company.。
Private equity investments can be divided into the following categories：leveraged buyout、venture capital、growth capital、Angel and mezzanine financing and other forms。Private equity investment funds generally control the management of the companies they invest in，And often introduce new management teams to increase the company's value。The growth process of any company，It can't all be smooth sailing。
The biggest resource that a company often lacks during its growth is capital.(Once you have funds, you can purchase other resources，Such as equipment，Talent，Technology, etc.)。Those large companies that have successfully been listed and circulated in the secondary market，Funds needed can be raised through operations in the stock and bond markets。
But there are also many companies in the start-up and growth stages or still in the primary market.，So at this stage，Private equity investment can fill this channel gap，Give these companies the capital they need。Common misunderstandings about private equity investment 1. Private equity investment returns are higher Private equity investment gives many people the impression that the returns are extremely high，It's like a money printing machine。There are several reasons for this feeling。
First of all, if there is a unicorn-level company that finally goes public，or be acquired，and was given an eye-catching valuation.，Then the private equity fund managers who invested in these companies would suddenly become the darlings of major media outlets.。Understand the return on investment of private equity，Need to compare average or median returns，Instead of just focusing on the most successful cases。
If compared with the average return，Only venture capital in private equity(VC)investment returns better than those of the S&P 500，And acquisitions(BO)Private equity returns are no better than secondary market returns。If the leverage ratio in private equity investment is removed，then its risk-adjusted investment return will be worse。
- Private equity is an asset type(Asset Class)Classify private equity as an asset type，It's a very clever marketing technique。When many institutions allocate the funds they manage,，Markovich's "Modern Portfolio Theory"(Modern Portfolio Theory)diversified dispersion based on。
Private equity as an alternative asset(Alternative)one of，Naturally, it should have a place in the asset allocation of all investors.。Can private equity be counted as an asset type?，If private equity as an asset type is included in an investor’s asset allocation，So which private equity fund to invest in is crucial。
To get good returns from private equity investments，Investors need to do：The ability to select the really good managers from among thousands of private equity fund managers，and invest in the fund at a reasonable price。3.The bigger the private equity fund, the better Some investors who are not familiar with private equity funds，When investing in funds, follow the reputation of the fund company。
For example, those big companies that are well-known in the industry，like redwood，Bain，KKR，Blackstone and others are sought after by many investors.。And these well-known companies，Multiple funds will also be issued continuously，For example, the private equity fund issued by Bain Capital has its eighth issue.，Issue 9，etc.。As long as there are investors willing to invest，Then the fund company can continue to distribute。The problem is，The larger the fund，The returns they provide to investors tend to be worse。
When private equity funds grow in size，its intrinsic rate of return(IRR)also dropped all the way。The main reason for this is，The returns of private equity funds largely depend on the individual capabilities of the fund manager。The problem is，Everyone only has 24 hours a day。
一个再天才的基港信通-，If you need to manage several funds，Each fund has to screen hundreds or thousands of investment targets.，He will definitely be able to spend less time on each investment case。Investors who invest according to the size of private equity funds，It is very likely that you will come home disappointed in the end.。If you still want to know more about this aspect，Welcome to consult Hong Kong Xintong at any time!
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