Winter spawned PE shuffle three challenges to change the line of life and death

bid farewell to the initial profiteering era, VC/PE industry began to shuffle". 3 years ago, because the gem open, clear annual meeting of the crowd, PE became the capital market’s most eye-catching vocabulary. 3 years later, in the recently held annual meeting of the Qing, the participants are still numerous, but more exposed is anxiety and confusion. For the VC/PE industry as a whole, in this winter live, perhaps more difficult than imagined.


LP of the

institution of law of the jungle

two market decline in the rate of return on investment, a direct impact on the raising of VC/PE.

clear research center statistics show that 311 fund this year to disclose the amount of funds raised $22 billion 118 million, a significant decline compared to last year’s $38 billion 857 million, the average size of a single fund is a record low.

when the two market wealth effect began to disappear, the venture capital era has come to an end, LP who do not want to take the money out to vote for GP, many small and medium funds will be closed." Liu Zhouru, chairman of the morning of venture capital is to express the market expectations for next year.

3 years after the

gem open, mainly personal LP have through the "capital investment to enjoy the feast", in the current environment, they tend to be secured. This is for the GP, is not a good news. "The future of LP institutions will become the trend of China Development Bank, insurance, social security funds will become the main direction of the future of GP fund. But not all GP can get the money. This is bound to have a tragic ‘trade-offs’." Liu Tian admitted.

, according to Liu Zhou introduction, the morning of venture capital has begun to contact the agency LP. "CDB and some venture capital we have contact, talk about the good, the next few new funds may choose these institutions LP." Talking about cooperation with the agency LP, Liu day admitted that is not simple. For example, these LP requirements, the scale of the fund had to be more than 5 billion management, the scale of investment to reach a total of 3 billion. For most VC/PE, this is an impossible number.

show a clear research center statistics, as of the three quarter of 2012, China VC/PE market has a total of 7018 LP, wealthy families and individuals LP a total of 3516, accounting for 50.1% of the total number of LP enterprises; secondly, LP total of 1210, accounting for 17.2%; government agencies, government guidance funds and Asset Management Co LP reached 579. Accounted for 8.2%.

worth mentioning is that some listed companies seem to prefer to invest money in the VC/PE market.

as of the three quarter of 2012, a total of LP listed companies in, located in the stock exchange of 13. The A stock market as an example, this year has had snow Dillon investment investment > Beijing passing by

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