My Age of Investment

  Chapter 530 Evergreen Fund (seeking monthly ticket)

  A few days later.

  Xia Jingxing was sitting in the office of Jinmao Building, checking the A-share market, when suddenly the landline on the desk rang.

   "Mr. Xia, there is a Mr. Zhao at the front desk. He said that he has made an appointment with you to come and visit you today."

   "Bring him here!"

  In two minutes, the front desk led a young man in his thirties into Xia Jingxing’s office.

  The man is wearing a suit, carrying a black briefcase, and wearing a pair of gold-rimmed glasses. His face is square, and his whole body reveals the temperament of an old cadre.

  As soon as he entered the door, the man hooked the bag on his wrist, handed it up, and shook hands with Xia Jingxing, "Hello, President Xia!"

  "Mr. Zhao, hello!"

  Xia Jingxing shook hands with the other party while looking at the other party.

  This is the manager of the domestic securities investment fund he is looking for.

  He searched for a long time, but never found a suitable candidate until this one appeared.

During the    period, he had contacted Wang Yawei, but unfortunately the other party currently does not want to "run privately", but only wants to stay in the public fund.

   "Mr. Zhao, sit here!"

  Xia Jingxing greeted Zhao Jun to sit down on the sofa, then stopped the little girl at the front desk who was about to leave, and told the other party to inform the secretary's room to make two cups of tea.

  After Zhao Jun sat down on the sofa, he glanced at Xia Jingxing who was sitting across from him, and smiled and said, “Mr. Xia, you can just call me Mr. Zhao. Calling Mr. Zhao would be too shameful for me.”

  Perhaps to make a good impression on Xia Jingxing, Zhao Jun behaved very humble.

  Xia Jingxing smiled "Haha", "As an assistant to the president of Harvest Fund, how can I not be a manager Zhao?"

  Zhao Jun waved his hand, "We are all small gangsters. Compared with Envision Capital, we are far behind."

  The two exchanged a few words, Liu Xiaoduo knocked on the door and walked in with tea.

  No longer as cautiously as the previous few days, Liu Xiaoduo made the tea smoothly, and then brought it in smoothly.

  Gently put down the tea, greeted him, turned and left, behaving generously.

  Xia Jingxing did not pay much attention to Liu Xiaoduo, because his attention was all on Zhao Jun.

  This is a Bachelor of Mathematics and Master of Finance from Nankai University. He has served as an analyst in the Asset Management Department of CITIC Securities, a fund manager of Harvest Fund Management Company, a research director, an institutional investment director, and an assistant to the president. He has rich experience and a beautiful resume.

  However, this is not the highlight of his life.

  The real pinnacle was to wait until Zhao Jun resigned from Harvest Fund, founded Danshuiquan Private Equity, and built the fund into a leading company in the industry with a scale of 100 billion yuan in asset management.

  This is also the top talent Xia Jingxing really wants to seek!

  After Liu Xiaoduo left and brought him to the door, Xia Jingxing continued to chat with Zhao Jun.

   "Mr. Zhao, let’s just open the skylight to speak up. Envision Capital wants to establish a domestic securities investment fund to invest in A shares.

  Currently, Envision Capital has initiated the establishment of multiple funds in the United States and China, and its business covers various segments of the investment industry.

  Vision Capital has hedge funds in the United States, but there are none in China. We are currently planning to make up for this shortcoming. "

  Zhao Jun nodded. The middleman had looked for him before and said that some investment crocodile planned to dig him, and also reported the names of Envision Capital and Xia Jingxing.

  Before coming, Zhao Jun checked the information of Envision Capital in detail and knew that this investment institution has a large layout and is generous.

  He has always had the idea of ​​going it alone, but funding is a big problem, and a funder must support him.

  Otherwise, no matter how high the level of investment is, it will be useless!

  So, when he heard that Xia Jingxing was going to talk to him, he agreed to meet with almost no hesitation.

  Zhao Jun pondered for a moment, and said, “Mr. Xia, with all due respect, the development of domestic private equity investment funds has been slow, and various irregularities have emerged one after another. Regulators have been strengthening supervision.

  Compared with the mature financial trading market in the United States, domestic private equity funds are more difficult to do, but even more difficult to do well. "

  Xia Jingxing nodded, and the other party was telling the truth. At present, private equity funds that take risks are not doing well.

  And the operation is honest, not to mention the slow performance, but also easy to step on the pit.

  If you don’t want to step on the pit, then take the risk.

  In the final analysis, there is still a lot of muddy water!

   "Well, the environment is like this, the market is too noisy."

  Xia Jingxing leaned on the sofa and smiled and said, “However, what we advocate is value investment. We are not eager for success or seeking short-term returns. No matter how much noise and irregular behavior in the market, it has nothing to do with us.”

  Zhao Jun frowned, "Mr. Xia, are you sure you are making long-term investment and not pursuing short-term profit?"

  Xia Jingxing looked calm, “Of course, the investment philosophy of Envision Capital’s entire investment platform is to find companies with great prospects, hold their shares for a long time, go through the cycle, and share the dividends of the development of the times.”

  Zhao Jun scratched his head. This kind of investment philosophy seems to be that of the old man. It sounds very impressive, but it is difficult to operate in practice.

   "Mr. Xia, what is the duration of the fund you plan to set up?"

  Xia Jingxing pointed a finger.

  Zhao Jun’s smile stopped abruptly, "One year?"

   "Hold it all the time and withdraw indefinitely."

  Zhao Jun understood immediately and grinned, "Evergreen Fund!

  I have heard of such funds in foreign countries, but they are rare in China, or I have never seen them at all. "

  Xia Jingxing smiled, "With a fixed-duration fund, we have been repeating the process of buying and selling projects.

for example:

  An investment institution invested in a company, invested for four or five years, raised a second fund after selling it, bought the company back three years later, held it for another four or five years and sold it again.

  Each time I held it, I made about five or six times the profit, but missed so many times in the middle, so in fact, it may be fifty times the return, but only realized twenty times.

  I did not enjoy the huge return brought by long-term compound interest. "

  Zhao Jun nodded, he understood the reason, but he also had doubts.

   So he asked again: "Mr. Xia, if you want to raise this kind of evergreen fund, GP has to buy a lot of fund shares, right?"

Xia Jingxing said lightly, “Yes, generally GP buys 1%-2% of fund shares. Evergreen Fund GP needs to buy 8%, 10%, or even more, so as to achieve the effect of deep bundling. Otherwise, what should investors do? trust you?"

  He remembers that in the previous life, Capital raised a 28-year-old fund. The LPs behind the scenes are all American charity funds, university endowments and family trusts, which are very affordable in terms of time.

  Ari, Penguin, Google, Facebook... This kind of company that has maintained rapid growth for more than ten or twenty years has given a vivid lesson to the investment community and has also changed many inherent and outdated investment ideas.

"That……"

  Zhao Jun hesitated for a moment, and simply pointed out: "Envision Capital has only been established for one or two years, and there is no previous performance return. The investor is so assured that he dare to play this infinite game?"

  Xia Jingxing shrugged, "Because we as GP bought a lot of fund shares, much more than the industry average."

  In this way, Zhao Jun immediately realized that if Envision Capital dared to bet 20% or more by himself, combined with the return rate in the past one or two years, customers would still dare to call with a high probability.

  As for all his own money, Zhao Jun hasn't thought about it. How inadequate (with confidence) can this be done?

  The word Evergreen Fund kept chanting in his heart, and Zhao Jun asked again: "Then what is the scale of management of this fund?"

  Xia Jingxing smiled and said: "The first phase is 1 billion yuan! Additional items will be added later depending on the development."

  Zhao Jun lightly nodded his head, this amount is not small, and if he is in charge, it will not bury his talents.

   "President Xia, can I make a request?"

  (End of this chapter)