My Age of Investment

  Chapter 834 S Fund

  Under the guidance of the waiter, the guests present walked to another open space in the manor house.

  A simple stage was built there. A huge display screen was hung on the stage, hundreds of chairs were placed under the stage, and there were lights all around, so bright as daylight.

  One of the guests took their seats off the stage, and Berankfan took the microphone and walked onto the stage.

   "Everyone, before the cocktail party officially starts, let's finish the most important product promotion first! The main reason is that someone will be drunk, confused and easy to miss important information later.

  In addition, the reason why today’s reception was not arranged in the hotel, but in the manor on Long Island, was also out of consideration to protect everyone’s privacy..."

  The audience looked at the Goldman Sachs CEO who was talking lotus on the stage with smiles. They were all satisfied with the arrangement of the reception today. They were very private, and all the people in the audience were in a circle, and there were no other people waiting.

  Because most of them have family members working in the White House or in various states. Although politics and business are not separated, after all, we still have to behave and confuse the bottom layer.

  Xia Jingxing stood on the side of the stage and glanced at Mai Jinheng, who was standing beside him. The latter had no dissatisfaction with Gu Jing on his face.

  Today’s banquet was commissioned by Goldman Sachs and Morgan Stanley, and the guests from all walks of life were also invited by the two investment banks.

  He maintains a good relationship with the two investment banks. Whenever there is a business, they are handed over to the two. They never favor one another. The purpose is, of course, it serves as a check and balance.

  But there is only one host today. He handed this temporary post to Bellan Kefan, and he didn't know if the old man beside him would be unhappy.

  "Vision Capital wants to raise a new fund. Goldman Sachs was entrusted by them and found everyone present..."

   Hearing this, Mai Jinheng's face was not very good, because Berankefan directly omitted their Motors, and half of the customers in the audience were invited by Motors.

  Xia Jingxing's face was as usual, pretending that he hadn't heard him, he wouldn't be a peacemaker.

  The two investment bank CEOs are actually on the surface, and sometimes they compete with each other.

  This is actually quite good. The two are not beautiful when they are harmonious, and it is easy to get together and bargain with him.

  Of course, if the two really dare to get together and get involved, he can also switch partners at any time. A large client like him who holds a large amount of business in his hands will be held by investment banks wherever he goes.

  "The staff of Goldman Sachs has been in touch with you, and I believe that you have a preliminary understanding of the new fund to be launched by Envision Capital.

  Now we have invited Dai Lun, CEO of Envision Capital, who will give you a more detailed and comprehensive product introduction, and will also answer your various questions. "

   Under the applause and farewell, Xia Jing walked onto the stage, took the microphone that Bellan Kefan handed him, and the latter walked off the stage with a smile.

   "Lourder, you really deserve to be the CEO of Goldman Sachs. You do things like Goldman Sachs."

  Berankfan glanced at the mocking Mai Jinheng and shrugged, "What's the matter? This is Darren's arrangement. Is there any problem?"

  Mak Jinheng felt a little unhappy, but he would not fall for it. To alienate Xia Jingxing because of this incident would be equivalent to giving up the business to Goldman Sachs.

  He squeezed a professional smirk at Bellan Kefan: "I praise you for your good opening remarks, but unfortunately there is no appearance fee, and the commission is still divided equally."

  Belankfan smiled and did not speak, he actually didn't count on his old opponent to be in the middle of the game, so he could just run two sentences.

  On stage.

  Xia Jingxing's blue-blooded nobleman sitting under the viewing platform suddenly had the sense of seeing the foreigner entertaining the comprador in the TV series, but he became the foreigner who came to a foreign country to work hard.

  "Everyone, let me first introduce the development history of Envision Capital and the operation of each fund..."

  Speaking, the big screen behind Xia Jingxing lights up, and he points to the PPT pictures to start the introduction.

  "Vision Capital was established in March 2004. After nearly three years of development, our fund products have covered the complete investment chain of seeds, angels, VC, PE, secondary markets..."

  “At present, the scale of fund asset management has exceeded 10 billion U.S. dollars, and the primary market and secondary market each have 5 billion U.S. dollars..."

   "We established the earliest hedge fund Lixia, and it will end its duration and enter the liquidation period in a few months. You can take a look at its current operation."

  As soon as Xia Jingxing’s voice fell, a bar graph appeared on the screen, with a short pier and a tall pillar in the picture.

  The dwarf is marked with a number, 36.25 million US dollars;

  The tall pillar is also marked with a number, 1.868 billion US dollars;

  The height of the two pillars seems to be different by dozens of times, but it is not wrong in reality, because there is also a detailed figure next to it-5153%.

  Many people in the audience rubbed their eyes, thinking they were dazzled.

  But my eyes are almost rubbed and swollen, and there is indeed no decimal point in the middle of the series of numbers.

   Then there was an uproar in the audience, and they whispered to each other.

"Please keep quiet!"

  Xia Jingxing shouted, the crowd gradually calmed down, and then he smiled and said: "Everyone is right, less than three years, 51.53 times the rate of return, this is the first fund of Envision Capital."

  Someone in the audience asked with suspicion: "Darren, are you sure there is no statistical error? This figure is too exaggerated and hard to be convinced."

  The others did not speak, but they nodded in agreement, not very convinced that this rate of return could be achieved.

  If this is true, Buffett is a younger brother in front of you!

   "I can prove that all of this is true."

McJin-Heng came onto the stage with a smile on his face. He looked at the audience and said: "In the investment process of Lixia Fund, it has cooperated with Morgan Stanley many times and used financial leverage many times. We have detailed internal information. Record, data cannot be faked."

  Hearing this, the audience finally believed it, and immediately felt terrible, and then they couldn't help but feel a strong feeling of envy for the LP of Lixia Fund.

  In less than three years, fifty-one times the rate of return means that an investment of one million US dollars, after deducting revenue sharing and management fees, can get as much as 30 to 40 million US dollars.

  Someone took a look at Xia Jingxing who was standing on the stage with a smile, as if he felt his whole body glowing, a living **** of wealth walking in the world.

  Mai Jinheng returned to the stage and gave Belankfan a little triumphantly, feeling that he had regained his strength.

  Belankfan ignored his old opponents, he was seriously thinking about how the Lixia Fund’s horrible return rate was trained.

   Soon he guessed the truth. Some time ago, Envision Capital had asked Goldman Sachs to borrow Apple's stock.

  In that single investment, a profit of hundreds of millions of dollars was recorded.

  However, Lixia Fund’s current profit return of nearly 2 billion U.S. dollars is certainly not just a big profit from Apple’s investment, but a lot of money.

  If the speculation is true, it is a bit against the sky, it should have been winning, almost no investment loss...

The more he thinks about it, the more he feels outrageous. He is not someone who has never seen the world, but he started with tens of millions of dollars. In more than two years, he has become the number one hedge fund that has grown dozens of times like a snowball. See you again.

  Lixia Fund has a lot of cooperation with Morgan Stanley, and the one with Goldman Sachs is the other hedge fund of Vision Capital, Xiaoman Fund managed by Jiang Ping.

  Therefore, Berankefan has relatively limited knowledge of Lixia Fund.

  Now that the old man has spied a part of the truth, he immediately became interested in the Lixia Fund.

  He smiled and looked at Mai Jinheng, and said, "John, tell me about what targets Lixia Fund has invested in? How much leverage has been added?"

  Mai Jinheng’s full name is John Mike, and the transliteration or Chinese people like to call him Mai Jinheng.

  Ma Jinheng glanced at Bellan Kefan, did not forget to retaliate, smiled and said: "Sorry, Morgan Stanley is an investment bank that pays attention to brand reputation. We will not disclose the privacy of our customers to the outside world."

  Berlank vanquished his mouth, Dalun doesn't mind others, you mind a fart.

  If you don’t want to talk about it, let’s go to Darren to find out.

  Xia Jingxing is very satisfied with the audience's reaction and expression. Lixia Fund is the first fund of Envision Capital, and it is also the fund he intends to use to shape the brand image.

  Those LPs really make money by holding their thighs. This kind of opportunity may not be there in the future.

  However, the myth of “buying a fund with one million dollars and earning fifty million dollars in three years” can be passed on to attract more LPs to invest in Vision Capital.

  This is the same as "a daughter buys horse bones".

  In the Lixia Fund, he personally only holds 20% of the fund shares, and after adding the 20% excess income share, he can only get about 36% of the total profit.

  As the size of the fund expands, the rate of return will also drop. In fact, the return rate of Lixia Fund has been inferior to that of January, but when it encountered a good opportunity to short Apple, the rate of return was increased at once.

  Investment opportunities were fleeting. At that time, he didn't have time to transfer the funds in his hands. In fact, he didn't have any surplus funds in his hands, so he could only use Lixia Fund to short Apple.

  It is true that I made a little less money, but it gained a reputation and built a star hedge fund.

  Looking at the fiery eyes on the stage, Xia Jingxing knew that a good opportunity for Envision Capital to expand was here.

   “Next, in order to improve the industrial layout, Envision Capital plans to intervene in the secondary private equity market to create an S fund.”

  On the screen, there appeared a line of text Secondaryfund, referred to as S Fund, which was translated into Chinese as a second-hand share transfer fund.

  Private equity secondary market is a market for purchasing corresponding private equity rights and interests from existing limited partners (investors), which is composed of a large number of sellers, buyers and intermediaries.

  The “secondary market” referred to here is not the secondary market for traditional stock investment, but the secondary transfer market in the private equity investment stage.

  Some people in the audience frowned, even though they already knew that Envision Capital would launch S funds next, they always felt that they were not as attractive as hedge funds.

  Xia Jingxing seemed to know the thoughts of these people, and said with a smile: "Everyone, Vision Capital only raised a new hedge fund last year, and there is no idea of ​​raising it again in the short term.

  However, if we want to raise in the future, we will give priority to old customers. "

  Hearing this, someone finally stretched out his frowning brows.

  "The scale of Envision Capital’s S Fund will be set at 3 billion U.S. dollars, and the investment portfolio will include the world’s best quality unlisted Internet company assets, such as Facebook and YouTube in the United States, China’s Hainei.com, Ari, etc."

  Xia Jingxing kept a faint smile on his face. This S-fund was the bait he threw out to bind the powerful and powerful and let everyone form a community of interests.

  In addition to American companies in his investment portfolio, he also deliberately selected Chinese companies in order to increase some counter-bargaining chips.

  After the sweater war started, more than 50,000 American companies jointly signed a letter to the White House requesting the removal of tariffs because they have major economic interests in China.

  If you are too clear from the enemy, you are easily bombarded, and you confuse with the enemy are the best way to protect yourself.

  Xia Jingxing pressed the PPT controller in his hand and released the financial reports of each company.

  "You can look at Facebook’s financial report. It is estimated that around the middle of this year, Facebook will achieve full profitability, and then the IPO plan will be launched..."

   "The oil pipeline has a relatively large loss, but the user growth rate is catching up with Facebook, and the potential is endless..."

  "Ari is expected to be listed this year, with a target market value of 10 billion U.S. dollars..."

   "Hainai.com is not to mention, it is China's Facebook, which completely replicates the successful model of Facebook..."

  The audience under the stage looked at the pictures on the screen seriously and listened to Xia Jingxing's introduction.

  The reason why they are sitting here today is that apart from the strong recommendation of Goldman Sachs and Morgan Stanley, the assets of the world's best unlisted Internet companies are also an important factor that attracts them.

  Xia Jingxing smiled and said: "Everyone here is a wealth of wealthy people, and many of them are famous families who have passed on for hundreds of years.

  To achieve wealth preservation, appreciation and inheritance, global asset allocation is essential, because it can withstand various risks such as financial crises, industry decline, and so on. "

  Most of the people in the audience are nodding, because they do just that. They have allocated assets outside the United States or invested in some industries. Foreigners actually understand the truth about the Three Caves of the Rabbit.

  Xia Jingxing said with a smile: “In addition, the several projects selected by this S fund basically have clear IPO plans, and the exit channel is very smooth.

  Furthermore, these Internet companies have not yet been listed, and there is a lot of room for appreciation in investment. At the same time, these companies have grown and expanded, and investment risks have been minimized.

  The success of Yahoo, Google, and Amazon is enough to prove to the outside world that investing in them at the unlisted stage is definitely a good business, because it is often tens of times, hundreds of times the rate of return. "

  Xia Jingxing noticed that everyone in the audience was staring at him intently. He didn't feel nervous, but his smile remained unchanged, and he planned to continue to fool around.

  The high-quality portfolio he recommended today is indeed high-quality, but the most delicious part has been bitten off by him, and the rest is just like a chicken rib. If you are willing to wait for a long time, there may be some gains.

  For example, Ari, when it went public in 2007, was so bullish, then the stock price plummeted, and when it was delisted, it had already fallen below the issue price.

  The valuation of Facebook has reached 25 billion US dollars. If it can reach a market value of 100 billion US dollars, it will have a 4 times return, which is quite ideal.

  Oil pipes are destined to lose money for a long time, and most people can’t afford it.

Xia Jingxing is not very optimistic about the future of   Hainet. If you follow the path of Renren.com, it is destined to be another pit.

  However, these investments are all kneaded in a combination, each has a profit and loss, even if the rate of return is not high, it will not be a loss.

  I really made a loss. If I offend this group of rich and powerful people, I will probably hate him to death.

  He does not dare to be so hacky for the time being. He should unite more American compradors and use these people to protect himself. At the same time, he can also get some convenience in digging the corner of capitalism in the United States.

  After all, everyone is a community of interests, and to provide convenience for him is to provide convenience for the rich and powerful to make their own investments.

   "The situation of the S Fund is roughly like this. If you have any questions, you can raise them now, and I will answer them one by one."

  Xia Jingxing looked at the audience. He guessed that these people must have a lot of problems. After all, they have to invest a lot of money. Except for some business families, the average political family really doesn't have much money.

  Because the threshold set by the S fund is not low, the investment starts at least 5 million US dollars.

  With thin blue blood like Oguanhai, it’s just that middle-class civil servants really can’t afford so much money.

  It was only after becoming the leader that Oguanhai changed from a middle class who struggled to repay college loans and became a rich man who spent tens of millions of dollars to buy a seaside resort manor.

  The annual salary of the U.S. chief is only 200,000 US dollars. Many people doubt that Oguanhai has made a lot of money in office.

  After Xia Jingxing finished speaking, someone stood up and said: “Dalun, S funds are divided into two categories: the first type of transaction is fund shares held by private equity fund investors;

  The subject of another type of transaction is the equity of the target company that the private equity fund has invested in, including common stocks, preferred stocks, convertible bonds, shareholder loans, and so on.

  I don’t know what kind of S-funds of Envision Capital belong to? "

   "The first type is to buy fund shares." Xia Jingxing quickly replied. He had already calculated that he would not sell equity but only sell fund shares. In this way, the more complicated the LP of Vision Capital, the better.

  Originally, Vision Capital had only hedge funds with external LPs. With the establishment of S funds, VC and PE funds will also start to have external LPs.

  In the future, Vision Capital will no longer be special, and it will no longer be a semi-asset management and semi-family office, but has become a thorough asset management company.

  Only by making the composition a little more complicated, will it be more convenient for Vision Capital to engage in trouble, otherwise it will be easy to be hit.

   "S Fund is the buyer, who is the seller?" Someone asked Xia Jingxing again.

  "Another PE fund of Envision Capital." Xia Jingxing did not conceal it, nor can it conceal it.

   There was an uproar in the audience, this is a bit abnormal!

  Take the operation model of the S fund as an example.

  A few years ago, Li Lei invested in a private equity fund, Vision Capital, and became the limited partner LP of the fund.

  Recently, Li Lei’s cash flow is tight and it is in urgent need of capital turnover.

  Li Lei can’t wait until Ari, the company invested by Vision Capital, is listed. He hopes to sell his private equity fund shares as soon as possible and withdraw funds.

  Han Meimei is the manager of Xianyu Fund. The fund she manages specializes in acquiring private equity fund shares from other investors.

   So Li Lei approached Han Meimei, and the two hit it off. Li Lei sold all the fund shares he held to Xianyu Fund, and Xianyu Fund gave the corresponding money to Li Lei.

   Then, Xianyu Fund replaced Li Lei and became the new limited partner of Envision Capital.

  Like the idle fish fund managed by Han Meimei, which specializes in purchasing alternative asset fund shares from other investors. This is the S fund, which buys and sells second-hand goods.

The emergence of   S funds has alleviated the liquidity problem of private equity funds.

  LP is short of money, and when the duration of the fund is to rush out of a project, you can find the S fund to take over. You don't have to wait until the investment project is listed or the fund's duration ends.

  But Xia Jingxing does not have these problems. He came up with the S Fund to take his own offer.

  It’s just a bit weird that generally the buyer and seller are two independent companies.

After the audience calmed down, Xia Jingxing explained: "The equity of the Internet companies held by that PE fund is owned by another group of LPs.

  The S fund that is to be established at the moment is owned by the LPs present here.

  These are two different batches of LPs, why can’t they be traded?

  Of course, I am also one of the LPs of PE funds.

  As a sensitive person, I will avoid it.

  At the same time, the entire transaction process will hire Goldman Sachs and Morgan Stanley as financial advisers, and will also hire an independent third party to conduct audits, which will be absolutely open and transparent. "

  Hearing this, the audience in the audience looked slightly awkward, and almost mistakenly thought that Darren Xia had fooled them as fools.

  The new problem is here again. It looks like a fund of funds, there are multiple charges suspected?

  (End of this chapter)