Chapter 1114 Phoenix Fund
Xu Liang is very satisfied with the reaction and expressions of the audience. Pacific Fund is Hanhua's most profitable private equity fund, and it is also the trump card and Hanhua's signature that he has worked hard to build.
Only when the signboard is polished can it attract more people's attention and attract more LP investment.
Looking at the fiery eyes in the audience, Xu Liang smiled and continued to stimulate these rich men.
Press the remote control in your hand.
Several different histograms appeared on the big screen.
"Many people know that there are three top businesses of Hanhua Financial Group, venture capital, hedge funds and private equity.
You have all seen the returns of the Pacific Fund.
What everyone is seeing now is the investment and returns of the first phase of the private equity fund’s ‘Qinglong’ project.
As shown in the picture.
Qinglong Fund raised US$60 billion in the first phase and divided it into seven funds to invest in different areas such as finance, technology, Internet, and cosmetics.
Starting from December 3, 2004, to December 7, 2006, the total return was US$321.812 billion within two years.
The average return rate is 5.363 times. ”
Under Xu Liang's operation, the icons on the screen changed again.
"Since Hanhua established its first venture capital fund in 2001, as of December 2006, it has 37 different venture capital funds in 23 markets around the world, with investment areas covering various fields such as technology and the Internet.
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In the past six years, the total amount of funds raised by Hanhua Venture Capital has grown from less than US$1 million at the beginning to US$23.1 billion now.
Over the past six years, Hanhua Venture Capital has achieved a total return of US$115.274 billion, with an average return of 884%.
And it has invested in a series of world-renowned companies such as Bing, Yihaodian, Facebook, LinkedIn, Skype, Biogen Idec, Celanese, Workday, etc..."
The dazzling charts and astonishing figures tempted the greedy old nobles in the audience to drool.
money.
It's all money.
There was emotion in Blankfein's eyes.
No wonder Soros gathered a large group of people, raised hundreds of billions of dollars, and mobilized all the resources he could muster, but he was still defeated by the young people on the opposite side.
Before, he thought that the weather was a big help to him.
But now it seems that even if there is no weather, Soros will most likely be the loser in the end.
The foundation is too thick.
Mai Jinheng's eyes shone.
He decided that from now on, JP Morgan would be the closest partner of Hanhua Financial Group.
Before Xu Liang could finish speaking, someone in the audience could not help but be greedy and shouted loudly.
"Xu, everyone's time is very valuable. Let's be direct. How much money do you want to raise? We will invest."
"That's right. Everyone is very happy to cooperate with Hanhua."
"Hurry up, I can't wait."......
Looking at the eager people in the audience, Xu Liang smiled and reassured.
“Don’t worry, we have enough shares to satisfy you.
Next, Hanhua Pacific Fund and Qinglong Fund will raise US$50 billion and US$100 billion from the world respectively, and give priority to everyone present. ”
He is now open to investing in these blue-blood nobles and putting their money in Hanhua.
After getting their money, we are not afraid that they will not contribute to Hanhua.
"At the same time, in order to improve Hanhua's industrial layout, we plan to intervene in the secondary private equity market and create an S fund 'Phoenix'."
On the screen, a line of text appeared: Secondary Fund, referred to as S Fund, which is translated into Chinese as Secondary Share Transfer Fund.
The secondary private equity market is a market for purchasing corresponding private equity interests from existing limited partners (investors), and 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 during the private equity investment stage.
Someone in the audience started talking.
Hanhua has years of successful experience in private equity and hedge funds, although this time they raised more money.
No one has any doubts.
But the S Fund is different. Although Hanhua has achieved good results in the field of venture capital, it is a real novice in the S Fund market.
Whether it can be played around or not remains to be seen.
"The scale of Hanhua's S Fund will be set at US$20 billion, and the investment portfolio will include the world's highest quality unlisted Internet company assets.
Such as Facebook, YouTube, NBA Warriors in the United States, Kunlun Technology and Global Travel in China, Manchester United football team in the United Kingdom, etc. ”
Xu Liang kept a faint smile on his face. This S fund was the bait he threw out to bind these powerful people and 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 counterattack chips.
If you are too distinct from the enemy, you will be easily bombarded. Mixing with the enemy is the best way to protect yourself.
Xu Liang pressed the PPT controller in his hand and released the financial reports of each company.
"You can take a look at Facebook's financial report. It is expected that Facebook will achieve full profitability around the middle of this year, and then the IPO plan will be launched..."
“Youtube’s losses are relatively large, but its user growth rate is catching up with Facebook’s, and its potential is endless...”
"Kunlun Technology will prepare to go public this year, with a target market value of US$10 billion..."
"The Warriors have won the NBA championship for three consecutive years and are the second NBA dynasty in the new century after the Lakers..."
The audience in the audience looked at the pictures on the screen seriously and listened to Xu Liang's introduction.
They have heard of these companies, and they are indeed very high-quality companies.
Xu Liang said with a smile: "Everyone here is a wealthy man, and many of them are from famous families that have been passed down for hundreds of years.
If you want to achieve wealth preservation, appreciation and inheritance, global asset allocation is essential because it can withstand various risks such as financial crises and industry declines. ”
Everyone smiled when they heard this. Everyone has been doing this for hundreds of years.
Have allocated assets outside the United States or invested in some industries.
Foreigners actually understand the principle behind the cunning rabbit’s three burrows.
Xu Liang continued: "Several projects selected by this S fund basically have clear IPO plans, and the exit channel is very smooth.
Moreover, these Internet companies have not yet been listed, so there is a lot of room for investment appreciation. At the same time, these companies have grown and invested, and investment risks have been reduced to a minimum.
The success of Yahoo, Google, and Amazon is enough to prove to the outside world that investing in them before they are listed is definitely a good business, because the return rate can often be dozens or hundreds of times. ”
Xu Liang was blown away by the news.
In fact, he knew it in his heart.
The real value here is Facebook and Kunlun Technology.
It is precisely because of the value that he wants to find more protective umbrellas for the two companies.
Otherwise, once the "sweater war" starts, you will be the unlucky one.
And by pulling the blue-blood nobles onto the chariot, Kunlun Technology can enter the US market more smoothly.
The rest of Global Travel, the Warriors, Manchester United, and YouTube are indeed high-quality.
But the most delicious part has been bitten off by him, and the rest is like worthless parts. If you are willing to wait for a long time, you may still gain something.
Such as Manchester United.
With Kaká and Cristiano Ronaldo, Manchester United is making rapid progress in the Premier League, FA Cup and Champions League. The Premier League dominates the top spot.
The Champions League is the top four, and defending the title has a huge advantage.
But the subprime mortgage crisis was about to begin. Before old Europe could get out of the subprime mortgage crisis, "poof", it fell into the European debt crisis again.
The European debt crisis has finally passed, and Sir Alex, the soul of Manchester United, has also retired.
Xu Liang knew very well what the Red Devils would be without Sir Alex Ferguson.
He's also not sure he can find a suitable replacement.
Therefore, by exchanging a certain amount of shares in advance, you can obtain sufficient liquidity and invest in projects with higher returns, while also diversifying risks.
The same goes for the NBA Warriors.
Although he has always emphasized the protection of Yao Ming and limited his playing time.
But he can't control China's side.
Dayao, who has low endurance attributes, could retire later than his previous life, but it would only be a few years later.
Without Dayao, the NBA has little investment value.
Not to mention the lunatic Morey.
Exit now while the momentum is good.
Oil pipes are destined to lose money in the long term, and most people cannot afford them.
Although global tourism looks good in the long term, it will immediately encounter two huge pitfalls: subprime mortgages and European debt.
Less than ten years after we climbed out, we were hit by the COVID-19 crisis, which was an even bigger hole.
Tourism is not a high-growth industry.
Plus Universal Studios, a high-investment project.
Xu Liang also wanted to take the opportunity to cash out part of his equity.
In addition, he is also planning to invest in some venture capital projects with low potential invested by Hanhua.
These investments are all put into a portfolio, and each has its own profit and loss. Even if the rate of return is not high, it will not result in a loss.
If he really makes a loss and offends these powerful people, he will probably hate him to death.
He does not dare to be so shady for the time being. He needs to unite more American compradors and use these people to protect himself. At the same time, he can also gain some convenience by poaching capitalist corners in the United States.
After all, everyone is a community of interests. Providing convenience to him is to provide convenience for the powerful's own investment.
"The situation of S Fund is roughly like this. If you have any questions, you can ask them now and I will answer them one by one."
Xu Liang looked at the audience and guessed that these people must have a lot of problems.
After all, a large amount of money needs to be invested. Except for some business families, most political families really don't have much money.
Moreover, the threshold set by S Fund is not low, with investment starting from at least US$5 million.
Civil servants like Ao Guanhai, who have thin blue blood and are essentially middle-class people, really can't afford so much money.
It was only after he became the commander-in-chief that Ao Guanhai transformed from a middle-class person who struggled to pay off his college loans to a wealthy man who spent tens of millions of dollars to buy a seaside resort estate.
The annual salary of the commander-in-chief of the United States is only US$200,000. Many people question that Ao Guanhai made a lot of money during his tenure.
In fact, there is no need to question it at all.
As the most dangerous 'boss' in the world, he is easily beaten up. If there is no money to make, who the hell wants to be the leader?
Not to mention anything else, in order to make profits for himself, Xu Liang has donated more than 10 million US dollars to charity funds under Ao Guanhai's "Jian Nei" in the past few years.
"Xu, S funds are divided into two categories: one type of transaction target is the fund shares held by private equity investors;
Another type of transaction object is the equity of the target company that the private equity fund has invested in, including common stocks, preferred stocks, convertible bonds, shareholder loans, etc.
I wonder which category Hanhua’s S Fund belongs to? ”
"The first category is to purchase fund shares."
Xu Liang said quickly.
He had already planned that he would not sell equity, only fund shares.
In this way, funds within funds make Hanhua's LP as complex as possible.
Only by making the ingredients more complicated will it be easier for Hanhua to cause trouble, otherwise it will be easy to be attacked.
As for the second category, I’ll talk about it later. One bite won’t make you fat.
Let’s start with the first category first and wait until we get results.
It’s much easier when doing the second category.
"S Fund is the buyer, then who is the seller?"
someone asked again.
"The PE fund under Hanhua and the venture capital department under Hongyan."
Xu Liang didn't hide it, and he couldn't hide it.
The audience was in an uproar, this was a bit abnormal.
Take the operation model of S Fund as an example.
A few years ago, Zhang San invested in a private equity fund, Hanhua, and became a limited partner LP of the fund.
Recently, Zhang San's company has been experiencing tight cash flow and is in urgent need of capital turnover.
Zhang San can't wait for Hanhua's investment company Ali to go public. He hopes to sell his private equity fund shares as soon as possible to withdraw funds.
Li Si is the manager of Fund No. 1. The fund she manages specializes in acquiring private equity fund shares from other investors.
So Li Si approached Zhang San, and the two parties hit it off immediately. Zhang San sold all the fund shares he held to No. 1 Fund, and No. 1 Fund gave the corresponding money to Zhang San.
Then, No. 1 Fund replaced Zhang San and became Hanhua's new limited partner.
For example, the No. 1 fund managed by Li Si specializes in acquiring 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 greatly alleviated the liquidity problem of private equity funds.
If an LP is short of money and wants to exit a certain project when the fund duration is up, they can approach S Fund to take over the project without having to wait until the investment project is listed or the fund duration ends.
But Xu Liang does not have these problems. He created the S Fund to take over his own business.
After the audience calmed down, Xu Liang explained:
"Hanhua PE Fund and the equity holdings of various Internet companies held by Hongyan are owned by another group of LPs.
The S fund that Hanhua is currently establishing is owned by the LPs present.
These are two different batches of LP, why can't they be traded?
Of course, I am also one of the LPs of PE funds and Hongyan.
As a sensitive person, I will avoid it.
At the same time, Goldman Sachs and Morgan Stanley will be hired as financial advisors for the entire transaction process, and an independent third party will be hired to conduct audits, ensuring absolute openness and transparency. ”
Hearing this, the faces of the audience brightened slightly.
We admit that you are a financial authority and a big shot in the investment field, and the funds under Hanhua are also very attractive, but you cannot fool us into thinking we are fools.
But a new problem arises again. Funds within funds are suspected of being charged multiple times?
(End of chapter)