Chapter 734 Six Funds
“Mom, sister-in-law, someone is so thin-skinned that you can’t let others talk about it even though you are so big.”
“Xu Meng….”
< br>Xu Liang shouted angrily.
“Mom, sister-in-law, protect me.”
The little girl shouted loudly, just like summoning Ultraman, without any fear.
Looking at the eager mother and the glaring daughter-in-law.
"Well, if you can't afford to offend him, can't you afford to hide?"
Xu Dalang twisted his face and turned around to find his father.
In the activity room of the villa, Xu Yongpei was playing chess with Zhou Hongyun, the head of Xu Liang’s medical team.
Watch him come in.
"Mr. Xu."
Zhou Hongyun quickly stood up to say hello.
Waving at him, indicating that there was no need to be polite.
I sat down on the small horse next to me.
Father Xu glanced at him, "Aren't you chatting with them in the living room? Why did you come here?"
"I miss you, come and see."
"Come on. , I don’t know about you yet? You must have been trained. Before Xiaoyang gave birth to the child, your mother would definitely not treat you well.”
“You already knew the feelings?”
"I warned you before, but you refused to listen. You insisted on getting in front of them. Now you are at a disadvantage. Do you know to find your father?"
"Yeah, why didn't I listen to you before?"
As he said that, he pulled the chessboard across the board.
“Hey, what are you doing? I’m winning right now.”
Xu Yongpei quit.
“For my sake, Lao Zhou will definitely not go with you, let’s do it.”
"You're such a stinky chess player, you have the nerve to play with me?"
"Comrade Lao Xu, you have to make a draft even if you're bragging. You're a stinky chess player, and you may not be able to win even if I give you a chariot, horse, and cannon." "
Neither of them would admit defeat, and they quickly fought together.
Happy time is always short.
After New Year’s Day, Xu Liang resumed his busy life.
The annual reports of each of its companies are waiting for his review. Although he does not attend the company's annual meeting, online video conferences are indispensable.
So the period from New Year's Day to Spring Festival is his busiest time of the year.
“Here.”
Jiang Xiaoyang handed over a stack of documents.
“Income statements of several funds due by the company this year.”
Xu Liang took it.
There are 6 funds that will expire at the end of 2004.
Mars 1, 5, 6, 7 Fund.
Indian Ocean 1 Fund.
Qinglong No. 2 Fund.
Mars 1 Fund raised 1.5 billion Chinese dollars, with medical equipment and biopharmaceuticals as its main investment directions.
Mars 5 Fund is headed by Chen Shijun and raised US$180 million.
Skype, MySpace, LinkedIn, etc. are all owned by him.
The Mars 6 Fund was originally in charge of Liu Zhiping.
Later, after he moved to Fund No. 8, which had a larger amount of capital, Xu Liang poached Shen Nopeng.
The former No. 6 Fund managed $170 million in assets.
It owns Anta, Hua Xia Bank, Datong Petrochemical and other enterprises.
After Shen Nanpeng took office, Xu Liang allocated him US$1.5 billion.
This guy is really awesome.
In just a few months, I invested in companies with good potential such as Home Inns, Hanting Hotels, Ecovacs, Dongyi Risheng, and Yezhifeng.
Duan Yongping was originally responsible for Mars 7, which raised US$100 million. It owns ASOS, a vertical e-commerce company focusing on clothing and cosmetics, and Edmonds, a vertical e-commerce company for automobiles, among others.
Among the four funds, the Mars 5 Fund managed by Chen Shijun is the most profitable. Among other things, the company made a huge profit just from the Skype transaction.
Currently, eBay has officially signed an acquisition agreement with Skype to acquire all shares of Skype for US$3.1 billion.
After this calculation, the Mars 5 Fund, which holds 23% of the shares, earned US$713 million.
The return rate of nearly 100 times has become the signature case of Hanhua North America Venture Capital Department so far.
Plus LinkedIn, MySpace, big data company Palantir, Yelp similar to Dianping, etc.
It has been two years since the establishment of Fund No. 5.
Although no company has been listed yet, it has invested in more than 20 companies so far, and has withdrawn from 3 companies. The most famous case is Skype.
Four investments failed.
Most of the remaining companies have been increased in value before.
Although this is difficult to measure, the return on Skype alone has increased Mars 5’s return rate to 200% per year.
It is already at the top level in the venture capital industry.
“One billion U.S. dollars, Lao Chen has applied for so much money?”
Jiang Xiaoyang said: “I have communicated with Chen Shijun, and he said that the Internet is becoming more and more popular among venture capital companies. Often several companies bid for a project.
In the past, a start-up company could get 10% of the A-round shares for only two to three million US dollars. Now, there is still competition for 5%.
So he needs more funds.
And he also wants to invest in the C and D rounds of some top projects, which requires more money. "
Xu Liang nodded.
"Now not only American Internet companies are popular, but also domestic Internet start-ups, and the competition will become more and more fierce in the future. By next year, maybe there will be more funds than the company. ”
"The United States has released a lot of money, and there is too much hot money in the market." Jiang Xiaoyang couldn't help but said.
The Federal Reserve has lowered the federal reserve interest rate to an unprecedented level of about 1%. No one will be stupid enough to deposit money in banks or buy treasury bonds.
The rolling torrent has basically entered the capital market.
The flooding has profoundly affected the global business landscape.
“We can’t change the general trend. What Hanhua has to do is to make money along with this general trend.” Xu Liangdao.
Jiang Xiaoyang nodded in agreement.
“Lu Bingyun applied for a venture capital quota of US$800 million for Fund No. 1. I feel it is a bit high.
The domestic biopharmaceutical and medical equipment industries are still in their infancy. U.S. dollars may not be able to be invested
Moreover, she has managed Fund No. 1 for two years, and her investment return rate is only 38%, which is barely up to the industry average.
It makes me somewhat doubt her ability. .”
Xu Liang looked at the information on Fund No. 1.
In the two years since Lu Bingyun took over Fund No. 1, he has invested in 13 companies, plus the companies accumulated by Fund No. 1 before.
Manage a total of 23 medical, biopharmaceutical, and medical equipment companies.
There are currently three companies listed.
Investment failed to nothing.
After all, medical, biomedical and medical equipment companies, not the Internet, are mostly supported by physical assets.
Similarly, this type of company cannot obtain as high a valuation as Internet companies.
“Have you talked to Lu Bingyun?”
“Of course, she is interested in those large domestic pharmaceutical companies that have not yet been listed on the market, such as Huadong Medicine, Xiu Xiu Pharmaceutical, etc.”
“Is she sure she can get the shares of these companies?”
"Of course it is inevitable to borrow the company's energy and your reputation as a world-class rich man."
With Xu Liang's current status, if he is a shareholder of a company, he will naturally endorse the stock. .
Stocks invested by large institutions will naturally make investors more trustworthy.
“What do you think?”
“Originally I planned to refuse. Although these large pharmaceutical companies are good, their growth potential is far less than that of start-ups. However, after acquiring Delong , the company will enter investment banking business
These large enterprises will become the cornerstone of our investment banking business. ”
For investment banks, a company’s listing will bring a wave of benefits. In the future, the company’s issuance of bonds, buying and selling of call options, capital increase and share expansion, mergers and acquisitions, and financing are all inseparable from investment banks.
It can be said that every large enterprise is the business guarantee of investment banks.
"Then promise her, it will only cost 800 million US dollars."
And Lu Bingyun is a very good fund manager. ”
"You think so highly of her?" Jiang Xiaoyang asked.
Xu Liang nodded affirmatively and smiled.
“Although her two-year average return on investment is only 38%, slightly higher than the industry average.
But don’t forget that those who are good at fighting will not achieve great results.
In the investment industry, people who can maintain stable profits are very rare.
The reason why you think she is not outstanding is just because she was influenced by Hanhua itself.
If you take out the funds that I am responsible for from Hanhua, and then review the return rates of all the remaining funds in Hanhua, you will find that Lu Bingyun is doing very well. "
Jiang Xiaoyang was stunned for a moment, and after thinking for a while, he woke up in time.
"I seem to be really influenced by you. ”
“This is normal. It is human nature to focus on those who are more successful.
You look at my super high returns of 500% or even 1,000% a year every day. After a long time, you will naturally feel that 38% is not high.
But in fact, this number is already excellent. "
Jiang Xiaoyang nodded and looked at the man in front of him.
"People say that 'when young people are successful, they will be rampant'. In just a few years, he has made money that others cannot make in several lifetimes. Money, how can you still be so sober? "
Xu Liang's face showed pride, "Because of your man, I am a genius! ”
He is almost seventy years old in his two lifetimes. He has experienced so many ups and downs, and his state of mind has been polished to the point where he remains calm even if the mountain collapses. At least he still has a basic composure.
And he is also very clear about the reasons for his current success.
Naturally, I won’t be stupid and arrogant.
But when it’s time to blow your pussy in front of your own woman, you still have to blow it.
“Hey, I knew you would say that.”
Although he said he was disgusted, Jiang Xiaoyang's eyes showed a hint of admiration.
She is also a daughter of a wealthy family. If Xu Liang's light was not too dazzling, how could she have wronged herself and turned a blind eye to the man's philandering?
Xu Liang did the math and found four funds.
Fund No. 1 is US$800 million, Fund No.5 is US$1 billion, Fund No.6 is US$1.5 billion, and Fund No.7 is US$100 million.
Hanhua Venture Capital will need to raise a total of US$3.4 billion in 2005.
In comparison, the four funds of Hanhua Venture Capital made US$1.29 billion in two years, with an average return rate of 38.9 times.
The main reason is that Skype suddenly increased the overall return rate.
After deducting 15% of long-term capital gains tax and some miscellaneous expenses, 15% of fund dividends, and 50% of investor dividends.
Hanhua Venture Capital’s total net profit was US$462 million.
Compared with other venture capital companies, the profits are still quite high.
However, it is still far behind Sequoia and Kleiner Perkins Caufield & Byers.
This year they have earned no less than US$1.5 billion from Google's listing alone, and not all of the stocks they hold have been sold because Google is still in the listing lock-up period.
Once the lock-in period is over, based on Google’s current expanding market value, they will be able to earn another billion.
It makes people drool.
(End of this chapter)