Global PE secondary market has grown rapidly in recent years and has unlimited potential. Among them, in the 37 years from 1982 to 2019, the global PE secondary market has seen three major jumps. It is estimated that by 2019, the transaction volume of the global PE secondary market will exceed 80000 US dollars.
Extra-category Research Institute summarizes all private equity and venture capital funds announced by the China Fund Association. Judging from the best exit period 5-10 years after the fund is established, has become the "best hit area" for second-hand share trading from 2019 to 2023. The proportion of second-hand share funds that can be tradable in the market are 15.9%, 30.9%, 52.8%, 75.7% and 89.5%, respectively.
is expected to be the first to be a new wave of PE secondary market transactions in in the next five years. Now is the perfect time for LP and GP to start discussing S share trading, which is also the background of this S share special meeting.
On June 27, 2019, under the guidance of the Shanghai Venture Capital Industry Association, Shanghai Science and Technology Venture Capital Group and Shanghai Innovation Investment Center jointly held the third "Show Output LP LINK" series of activities in Shanghai Hongqiao Fund Town - "Show Output LP LINK·S Share Shanghai Special Meeting" . This special session is hosted by Shanghai Qitoujia Club, and the sponsor is Shangfeng Consulting.
The institutions LPs participating in the "Science and Technology Venture Capital LINK•S Share Shanghai Special Conference" include 322 different types of The GPs at the conference were 310 founding partners and their teams from Entrepreneurship Relay Group, Shangchuang Micro, Zhizhuo Capital and Atom Venture Capital.
event includes association leaders , organizers speeches , co-organizers speeches , sponsors speeches , sponsors speeches , guests introduce , GP roadshow , tea break and dinner and other major links.
President of Shanghai Venture Capital Industry Association Wang Pingao
At the beginning of the event, President of Shanghai Venture Capital Industry Association Wang Pingao took the stage to deliver a speech. He said that S Fund is a must-see in the private equity industry, and reminded everyone not to over-expect the Science and Technology Innovation Board, but to conduct multiple explorations to build an industry ecosystem.
Shanghai Science and Technology Venture Capital Group Deputy General Manager Zhu Min
Shanghai Science and Technology Venture Capital Group Deputy General Manager Zhu Min shared the current situation and trends of industry fundraising with the guests on site, emphasizing the importance of building a long-term system.
Extra-category founder Sun Ce
Subsequently, Extra-category founder Sun Ce shared his mature experience in overseas PE secondary market transactions and left three topics for the on-site guests: valuation logic and standards of share valuation funds, Vintage year of share transfer funds, and multi-trading model design of share shares.
Investment Director of Shanghai Double Innovation Investment Center Geely
Then Investment Director of Shanghai Double Innovation Investment Center Geely introduced the overview of Shanghai Hongqiao Fund Town and Shanghai Qitoujia Club, and showed its many special services and advantages based on specific cases.
Shangfeng Consulting CEO Yin Weilin
From Shangfeng Consulting CEO Yin Weilin interpreted the pain points of institutional post-investment management and exit. The content he shared was mentioned by many LPs in the subsequent links, leaving a deep impression on the guests on the scene.
1 and second rows are: Zhao Liang, Liu Chunsong, Feng Yi, Wang Xiaolei
During the roadshow session, the four GPs had in-depth exchanges with the on-site LPs on investment strategies, management teams, fund performance and project performance. Zhizhuo Capital Management Partner Zhao Liang emphasized that institutions focus on the three major elements of "demand, supply, and team" in the investment process, and pursue the effective combination of invariants and variables.
Entrepreneurship Relay Partner Liu Chunsong shared many investment cases and said that the secret of risk control lies in long-term monitoring and observation of investment portfolio projects, and adopting flexible and maneuverable exit strategies for projects with different performance.
Feng Yi-, founding partner of Atom Venture Capital, shared the special investment strategies of institutions "people, life, guards, and heaven". In addition to displaying high-quality funds, they are also blunt in the problems and challenges encountered by institutions. Wang Xiaolei, innovative micro-management partner at
, briefly introduced the institutional team and strategies, conducted in-depth sharing on projects that have been invested, and was full of confidence in the revenue potential of projects that have been invested.
In the relaxed tea break exchange session, the LP and GP also had more in-depth communication on site. Combined with the Q&A in the roadshow session, we can understand the preferences and thoughts of different LPs for second-hand share trading.
1 and second rows are: Xia Xin, Ju Ming, Zheng Yunlin, Wang Liqian, Fan Chenchao, Gaoyuan
For institutions that transfer second-hand shares and raise new funds at the same time, Datang Yuanyi Managing Director Xia Xin is more concerned about whether the transferred fund shares are bundled with the new fund being raised, and whether GP will force the buyer to invest in the next new fund. In addition, he also had an exchange with the GP on the spot on the reasons for the transfer of second-hand shares, the specific time period, and whether the price was negotiable.
Shanghai Science and Technology Venture Capital Group General Manager Ju Ming and Guangzhuhe Investment founding partner Zheng Yunlin also expressed concern about whether it can bargain and whether it can tie the new fund. Wang Liqian, assistant director of Chunshi Capital, is more concerned about track issues and hopes to learn about the fund's investment ratio in different fields. In addition, Fan Chenchao, managing director of Yuanhe Chenkun, and Gao Yuan, vice president of Heisheng Holdings, have paid more attention to the execution methods and strategies of GP in the S share transfer process.
When faced with questions from multiple LPs, GPs answered as detailed as possible, and said that details involving technical issues can be negotiated and discussed.
Ju Ming, General Manager of the Fund Management Department of Shanghai Science and Technology Venture Capital Group,
After the roadshow, Ju Ming , General Manager of the Fund Management Department of Shanghai Science and Technology Venture Capital Group, shared his experience on second-hand share transfer with everyone, and said that he will continue to pay attention to the second-hand share transfer market in the future. After the meeting, some of the guests attended the dinner together. During the nearly 3-hour dinner, LP and GP had a more in-depth exchange.
This event is the largest number of guests since the "LP LINK" series of special meetings held. The ratio of LP to GP to participate exceeds 5:1. Not only did it receive guidance from the Shanghai Venture Capital Industry Association, but it was also fortunate to invite the leaders of the Shanghai Development and Reform Commission to participate.
will continue to work hard in the future, hold more theme-type activities, and reduce the noise of primary market investment through more vertical, accurate and efficient small-scale activity exchanges, so as to make the connection between powerful LPs and GPs more efficient.
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Excerpt is a new media platform for research in Chinese institutions. It regularly launches LP dynamic lists and in-depth analysis articles, holds multi-type LP offline forums and summits to reduce the information noise of private equity investment funds.
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