VC,PE和Hedge Fund
最近,经常听到说某某VC,某某PE等等,那这些机构之间到底有什么区别呢?
主要可以从进入阶段,与被投资企业关系,涉及金额,退出机制等方面来比较。
首先,来看看定义:
VC,Venture Capital,中文叫风险投资,创业投资
Money provided by investors to startup firms and small businesses with perceived long-term growth potential. This is a very important source of funding for startups that do not have access to capital markets. It typically entails high risk for the investor, but it has the potential for above-average returns.
Venture capital can also include managerial and technical expertise. Most venture capital comes from a group of wealthy investors, investment banks and other financial institutions that pool such investments or partnerships. This form of raising capital is popular among new companies or ventures with limited operating history, which cannot raise funds by issuing debt. The downside for entrepreneurs is that venture capitalists usually get a say in company decisions, in addition to a portion of the equity.
Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital within an owned company, make acquisitions, or to strengthen a balance sheet.
The majority of private equity consists of institutional investors and accredited investors who can commit large sums of money for long periods of time. Private equity investments often demand long holding periods to allow for a turnaround of a distressed company or a liquidity event such as an IPO or sale to a public company.
The size of the private equity market has grown steadily since the 1970s. Private equity firms will sometimes pool funds together to take very large public companies private. Many private equity firms conduct what are known as leveraged buyouts (LBOs), where large amounts of debt are issued to fund a large purchase. Private equity firms will then try to improve the financial results and prospects of the company in the hope of reselling the company to another firm or cashing out via an IPO.
An aggressively managed portfolio of investments that uses advanced investment strategies such as leveraged, long, short and derivative positions in both domestic and international markets with the goal of generating high returns (either in an absolute sense or over a specified market benchmark).
Legally, hedge funds are most often set up as private investment partnerships that are open to a limited number of investors and require a very large initial minimum investment. Investments in hedge funds are illiquid as they often require investors keep their money in the fund for at least one year.
For the most part, hedge funds (unlike mutual funds) are unregulated because they cater to sophisticated investors. In the U.S., laws require that the majority of investors in the fund be accredited. That is, they must earn a minimum amount of money annually and have a net worth of more than $1 million, along with a significant amount of investment knowledge. You can think of hedge funds as mutual funds for the super rich. They are similar to mutual funds in that investments are pooled and professionally managed, but differ in that the fund has far more flexibility in its investment strategies.
It is important to note that hedging is actually the practice of attempting to reduce risk, but the goal of most hedge funds is to maximize return on investment. The name is mostly historical, as the first hedge funds tried to hedge against the downside risk of a bear market by shorting the market (mutual funds generally can't enter into short positions as one of their primary goals). Nowadays, hedge funds use dozens of different strategies, so it isn't accurate to say that hedge funds just "hedge risk". In fact, because hedge fund managers make speculative investments, these funds can carry more risk than the overall market.
- 对冲基金是一种私募基金,但不是所有的私募基金都是对冲基金。
- 世界首家对冲基金是由金融记者Alfred W. Jones于1949年创立
- 在美国,对冲基金只对有资信的投资者开放,以避免政府直接监管
- 对冲基金大多采取有限合伙的形式,有限合伙人投资,一般合伙人负责日常管理。美国的对冲基金占世界首位,其中康州格林威治城被称为“世界对冲基金首府”
- 有限合伙人通常有最低投资门槛,锁定期,及流动性限制
- 对冲基金既收取管理费用,又参与业绩分成,最具有代表性的是“2/20”模式。业绩分成一般会参考高水位线,有时也设置最低门槛
- 对冲基金的投资活动仅被特定基金的合约规定限制,非常宽松灵活。对冲基金可以应用特殊和复杂的投资策略:卖空;期货、期权、及其它市场交易的衍生产品;对换、对换期权、及其它柜台交易的衍生合约;杠杆
- 对冲基金的投资策略是其竞争能力的核心,它对其独特的投资策略严加保护,以神秘性著称
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