Over the past few years , With the domestic family office （ abbreviation “ Home Office ”） And ultra high net worth individuals LP The pace of evolution has accelerated , Blind pool funds with poor investment performance in the past are similar to LP The trust and care between them are becoming weaker and weaker , The blind pool fund gradually “ Fall out of favor ”.
By contrast ,“ What you see is what you get ”、“ Exit time is short ” The special fund has been supported by more and more home offices and ultra-high net worth individuals LP The pursuit of .
However , Is the special fund really as beautiful as it seems ？
01 “ Fall out of favor ” Blind pool fund
A few years ago , A single domestic office has invested in a well-known VC fund . In this fund portfolio , After several years of development, a star project , Valuation soared more than ten times . here , The office hopes GP Exit in time and cash back .
however , The GP Not inclined to rush out , But hope to hold for a long time and win high returns in the future , So I tried my best to appease LP： Don't worry , By the end of this year, the market value of the enterprise will reach 2000 Billion , Within three years 5000 Billion .
result , soon , Project valuation “ Drop and fall ”.“ As LP, I feel very weak at this time .” Fengcheng, the investment director of the office, said reluctantly .
“ Because the tax on the reduction of the primary market is very heavy , If the enterprise IPO Then exit from the secondary market , There is basically no tax .GP Both take the maximization of their own interests as the starting point , It's hard to really LP consider .” Feng Cheng said ,“ Traditional GP-LP Relationship , Can't really solve the trust problem . When raising money ,GP They often say how to be diligent , I wish I could show you my heart ; This is not the case .”
The frequent occurrence of such events , Give Way LP The trust relationship with the blind pool fund is becoming more and more fragile .
therefore , stay GP Against the background of overall fund-raising difficulties , some LP By “ Backward force ” Become more ruthless , Even once LP Requiring the blind pool fund to sign a gambling agreement “ A strange sight ”,“ It's out of line , explain LP There is no sense of security for the principal .” Zhangmingfang, head of investment of a joint family office, said .
Veteran observation in employment ,LP There are three core reasons for forming a fragile trust relationship with blind pool funds ：
First of all , In the early stage of the domestic private equity market , The primary market competition is not fierce , There are plenty of arbitrage opportunities , Therefore, the overall income of the blind pool fund is high . Some funds are smaller , Just hit a super project , It will greatly increase the performance of the whole fund .
Blind pool fund in order to obtain LP Trust and financing , Often take the highest performance in history for self marketing .“ Not professional enough GP, in order to ‘ Fraudulent marriage ’, They even exaggerate their own performance , Lead to LP Hold high expectations .” Fan Feng said .
However , The drawback of this approach is , It's easy to make people LP Produce a kind of “ Wrong understanding ”—— Past performance can lead to future performance .
second , In recent years , Primary market GP Open the “ Horse racing enclosure ” Pattern , One of the most typical is the head white horse fund , The phenomenon of over raising occurs frequently , Often tens of billions of dollars .
Under the huge pressure of the head Fund , Many small and medium-sized funds inevitably panic , In order to avoid the fierce competition “ Left behind ”, Many institutions have blindly expanded their scale , As a result, the scale of the fund has far exceeded its own management ability , This also causes the investment pressure of the investment team to be far greater than the fundraising pressure , It can easily lead to the deformation of investment action ： When quality projects are scarce , In order to compete for high-quality projects, we have to bid up the valuation , Or to achieve investment KPI, Continuously lower their own investment standards , More and more loose . Final result , That is, the yield of the whole fund is amortized .
Third , In the past , Many domestic ultra-high net worth individuals and family offices LP be in 1.0 Stage , Insufficient professional investment capacity , Investment philosophy and mentality are not mature , Often have “ Come in, come out ” The psychological . even to the extent that , Some families do LP Blind pursuit of star managers .
therefore , In the blind pool fund and LP In case of immaturity , Both are fast “ Love and marriage ”.“ Get married ” After the discovery , There are so many differences and conflicts between the two sides .
“LP‘ Premarital ’ High expectations ,‘ After marriage ’ Find that the return is far less than expected .” Fan Feng said ,“ Plus the inability of both parties to reconcile marriage , Even the dialogue mechanism fails ,LP There is a ‘ Be deceived ’ The feeling of , Gradually, from the past love for blind pool fund to dislike , So they blame each other , We lost trust .”
Actually , Although most blind pool funds follow “ Customer is God ” Idea , But actually ,LP Often not “ Make no exception ”. Most blind pool funds prefer to have Long Money Institutionalization of characteristics LP, For example, social security fund 、 Industrial funds 、 Pension funds 、 Endowment fund, etc . generally , Such institutionalization LP More stable contribution , The expected return is not as good as the home office LP high .
“GP Long term personal service LP It's very tired , Communication and time costs are high ,” Chen Chen, founding partner of a joint venture office, said ,“ therefore , many GP Will focus on institutionalization LP On .”
future , Blind pool fund and home office LP What is the relationship between ？
According to zhangmingfang , Domestic office LP It has been several years since we invested in blind pool funds , And mastered certain experience and methods , The future will be more “ be very choosy ” Blind pool fund . It means , In the future, only the blind pool foundation with excellent performance will be run by the family LP Long term holding .“ If the blind pool fund has no strong endorsement or excellent performance , The home office will no longer take the initiative easily .” Zhangmingfang said .
02 “ Favour ” Special fund
Compared to blind pool funds , More and more family offices LP And high net worth people increasingly favor special funds .
A long time ago , The performance returns of only limited head blind pool funds and vertical blind pool funds in the domestic primary market , Meet or exceed LP The expected , The return on investment of most blind pool funds can not make LP Satisfied . meanwhile , The cycle of blind pool fund is long , Usually it is 5-10 Different years , The threshold of starting investment is high , Some initial investment amounts are in 3000-5000 All the above .
“ The home office thinks , Instead of handing over the funds to the blind pool fund, I am afraid all day , It is better to be a transfer fund ,” Chen Chen said .
Compared to blind pool funds , Special fund “ What you see is what you get ”, Only a lower management fee ; The investment period is flexible , Investment liquidity is also higher ; meanwhile , Special funds rarely have early projects , Most of them are mid-term and mid late stage projects ;
Compared to blind pool funds , Of the underlying projects of the special fund IPO Time has certain expectations ,LP It takes less time to get a return on investment ;
meanwhile , Most families do LP Not content to just do “ Passive ” management , Instead, I hope to acquire the ability to judge projects and control risks , And the special fund can just meet the needs of the home office LP The appeal of .
therefore , Many families run LP More and more special funds . For some families LP for , Even if the special fund invested may have risks in the future , They are also willing to take the risk .
therefore , In the current majority GP Against the background of fund-raising difficulties , In order to raise money , many GP Begin to cater to LP Like , Turn the star projects in the portfolio into special funds , Recommended for LP. even to the extent that , Some head white horse funds have also set up special personnel to manage the fund-raising of special funds .
03 Be alert to the risks of special funds
Although blind pools spread the risk , But many high net worth individuals or home run LP Still unwilling to accept , The root cause is “ Dissatisfied with the performance of the blind pool fund ”. therefore , More and more family offices LP Start to invest its own funds in special funds or direct investment .
However , Special funds may just look beautiful “ Flowers in the mirror ”. After all , High returns often mean high risks , And what seems beautiful B Noodles , There are also huge risks ：
First of all , The time to market cannot be determined ;
second , After the company goes public , The reduction and withdrawal time cannot be determined ;
Third , After the enterprise enters the capital market , The valuation is uncertain .
Actually , Invest in special funds , It is a great test of investors' cognition and judgment , However, many home offices do not have mature direct investment judgment ability . For high-quality special funds , There is often a short time window , Its share is also extremely difficult to grab , This is for home LP for , It is also a fatal problem .
What's more? , Some special funds were very popular at that time , It often turns out that “ On the feather ”.“ With the rapid change of China's investment cycle , A large number of special funds will not have any liquidity ,LP You can't quit .” An investor of a joint venture office Monica call .
According to the Snowball user “XX Fighting fish Fund victims ” In snowball 2021 At the end of the year ,2018 year 5 month ,XXX Wealth management institutions recommend a special fund to domestic investors , The bottom of the fund is actually a special fund —— Fighting fish , The fund acts as LP With 17 With a valuation of US $billion, the company undertook a certain head VC Organization owned Betta （ quasi Nash Dak listed ） Some old stocks , From the VC The organization actively manages ,2020 At the end of the year, the cost of the fund's ticket distribution was 11-14 Yuan per share , And a wealth management institution paid the management fee and Carry To the VC Institutions .
However , Betta's share price was at 2021 year 2 month 16 Daily reach 18.25 dollar , About half a year later 2021 year 7 month 6 Daily reach 6.7 dollar , The management team of the wealth management institution has never made reasonable and effective selling or closing protection LP The rights and interests of , Even in the face of LP ' “ Insufficient turnover during the period ”, Eventually lead to LP Suffered heavy losses .
“ The essence of a fund is portfolio diversification , And the special fund is 100% concentrated . Invest rashly , To blog a project that sounds beautiful , Almost ‘ Narrow escape ’,” Fan Feng said ,“ Let's make a bet ,5-7 After year , Many special funds will not have good results .”
In fan Feng's opinion , At present, the domestic and foreign capital markets fluctuate greatly , Valuation inversion in primary and secondary markets occurs frequently , Even some enterprises are influenced by policies and other factors , Unable to go public as expected ,LP What's more, quit .
“ Many people like ‘ Unilateral rise ”, But has not experienced a decline . Only investors who have experienced rising and falling are more rational .” FanFeng thinks ,“ It's like a person , From small to large, I have been reading all the way , Encounter setbacks after entering the society , It's easy to fall down .”
You bet , The extreme of special funds “ focus ”, It means that the probability of extreme risk is greatly increased . in fact , Many extremes have already occurred , For example, in “ Double reduction policy ” Before promulgation , Yes LP Chasing a special fund to invest in an online education enterprise , result “ Double subtraction ” after , The enterprise laid off workers on a large scale , The enterprise is unable to go public for a long time , Investors who are chasing high prices are also unable to exit , Can only “ At a loss, the foundation fell ”.
What's more? , The home office with insufficient cognition of the special fund LP, It may also fall into GP Of “ Moral trap ” in .
once , Famous GP Wang Fang, the investment director of the single office, recommended a special fund , And described the special fund as very promising . However , After investigation, Wang Fang found that this was not the case .“ This is a project that will die soon , There are no investors in the whole market ,” Wang Fang said ,“ Home Office LP We must strictly investigate the source of special funds , alert GP Moral hazard .”
In Europe and the United States , European and American companies that have experienced hundreds of years of development , Still cautious about direct investment .“ After all ,A-C Round stage of growth enterprise investment , It requires professional research and judgment , It also requires a relatively large amount of funds ,LP Direct investment is not the optimal solution ,” Qingyang said .
Actually , stay 《 New wisdom at home 》 It seems , Venture capital is a game that needs human resources to cover projects , Only by investing a certain amount of manpower can we cover good projects . An investor invests in a good project , If it's just accidental “ Winning the lottery ” Like success , It is easy to form an illusion , There is still a high probability of losing money in the future .
But if luck is excluded , When a company invests in a special fund , It means according to the specialty GP The logic of investment .“ However , Can really follow GP Logical allocation of personnel and home office of investment logic LP, Rarely .” Fan Feng said .
that , Home Office LP How to avoid the risk of special funds ？ Wang Fang combines her own investment experience in home run enterprises , Two suggestions are also given ：
First , Project sources , Find a way to work closely with yourself 、 Trustworthy GP.
second , Project selection , Do not blindly pursue star projects in the later stage , The future development prospect of the industry in which you can choose is large 、 Projects at an early stage , such LP We can win high growth and high income in the future by investing less money . future , Even if the special fund fails , The loss to the home office will not be too great .
Blind pool “ Fall out of favor ”, special “ Favour ”, This is unique to the domestic market “ A strange sight ”, Its essence is nothing more than LP-GP Lack of trust .
“ Whether it is a blind pool or a special project ,LP The legal role of has not changed . Want to change this strange phenomenon , Only by effectively restoring and rebuilding the trust relationship between the two sides .” Fan Feng said .
You bet , only LP-GP Return to the source , More rational and mature , The ecology of the domestic primary market can be more mature and perfect .
（ notes ： The above names are pseudonyms .）
（《 New wisdom at home 》 remind ： The contents and opinions are for reference only , Does not constitute any investment proposal .）
This article is from WeChat official account. “ New wisdom at home ”（ID：foinsight）, author ：foinsight,36 Krypton authorized release .