Long closed period private placement products reappearance industry insiders have different views

In recent days, , A private equity institution in Beijing filed a 10 Products with annual closure period , Attract market attention . In recent years, there have been many closed periods in 5 More than years of private placement product issuance , Some products are closed for as long as 15 year . China Securities Journal reporter found that , Investors who subscribe for such products are mostly regular customers of private equity institutions , Or some family funds .

Insiders have different views on products with a long closure period . Some people think that , A longer closure period is conducive to investors to avoid chasing up and killing down , It is also conducive to fund managers' long-term value investment ; Some people think that , Such products have great challenges to capital liquidity , At the same time, it also puts forward higher requirements for the continuous investment and research ability of fund managers and institutions .

Private placement push again 10 Year old products

China Securities News reporter learned that , Beijing Jiuyang Runquan capital ( abbreviation “ Jiuyang Runquan ”)7 One was filed in September 10 One year private equity fund products , This product is set 10 Annual closure period , No redemption during the closed period , After the closing period, an open day is set every month for redemption .

Jiuyang Runquan said , This product is set up in response to 5 month 15 Japan Shanghai Stock Exchange and asset management institution 、 Universities, etc 66 Jointly released by institutions 《 Capital market value investment and long-term investment initiatives 》 The call of . Adhere to the concept of value investment , Attach importance to fundamental analysis ; Adhere to the concept of long-term investment , Look at market fluctuations rationally ; Actively practice social responsibility , Actively serve major national development strategies ; Adhere to the correct concept of investment and performance , Establish a long-term assessment mechanism , Do not unilaterally pursue short-term performance or scale ranking ; Asset management institutions should actively improve their investment and research capabilities , Develop more products suitable for value investment and long-term investment , Meet the needs of investors .

In recent years , There are several private placement products with a long closed period , The closing period of private placement products has been refreshed repeatedly .

2020 year 9 month , Gray asset set up a 15 Products with annual closed period , according to an uncompleted statistic , This may be the product with the longest closure period on the market . Same year , Hanhe capital issued a closed period of 6 Products of .“ Now products with closed period are generally 3 Most of them are closed in ,10 The annual closure period is relatively long .” A person from the private market department told reporters .

The relevant person in charge of Jiuyang Runquan told reporters , At present, for value investors and long-term investors , The valuation level of the market has a good margin of safety . This one 10 The main strategy of one-year products is value investment , Through in-depth research , Buy bullish stocks with heavy positions , Long term holding , We hope to achieve scale growth driven by performance .

Recognize the company's investment philosophy

“ Don't worry about the raising scale of products , The fund manager of the product also followed the investment 500 Ten thousand yuan .” The relevant person in charge of Jiuyang Runquan said .

A private placement source in Shanghai said , Products with a long closed period are mainly aimed at private placement “ Boss ” Raised by myself or the company's fan customers , Therefore, the initial raising of such products will not be too difficult , This product will not enter too many channels . Hanhe capital pursues a market-oriented long-term strategy , Previously issued 6 Products with annual closed period , It is in the 3 Take advantage of the good performance of the products in the next three years .

Besides , Gray asset said , Its 15 The subscription investors of products in the closed period in are mainly regular customers , These investors have bought the products of gray assets , Recognize the company's investment philosophy , And its main investment purpose is to inherit .

The above private placement marketing department said , Generally, many funds that choose long-term closed-end products are family funds , Long term capital , Some mature investors . They don't ask for too high yields , But there will be requirements for the long-term stability of earnings , Otherwise, I don't want to lock it for so long .

There are different views in the industry

all the time , There are disputes about products with a long closed period in the fund industry .

Liu Yiqian, business director of Shanghai Securities Fund Evaluation and Research Center, said , In terms of benefits , Products with a long closed period can take coercive measures to restrict the behavior of investors , Passive long-term investment . Only long-term investment can increase the probability 、 Share the reasonable return of the market more fully . in addition , Ironing out market fluctuations through time , It is also conducive to improving investors' risk appetite , Get a risk premium . Long term investment can also dilute the short-term liquidity concerns of holders , Not only can we invest more fully , You can also properly participate in the investment in low liquidity assets , Gain benefits from low liquidity discounts , Increase the long-term income level of the Fund .

For fund managers , Li Ming, director of a private equity investment research in Beijing ( alias ) Think , Products with a long closed period are conducive to fund managers' real value discovery , For example, the innovation cycle of some pharmaceutical companies takes three years 、 Five years , Even ten years , This really requires fund managers to have a long patience to hold relevant stocks , To realize value discovery .

“ The cost of investing in long-term products that are falsified is too high , This is the core issue .” Liu Yiqian said , The demand for liquidity is unlimited , After all, everyone may face the need to change the use of funds . therefore , Investing in long-term closed-end products poses a great challenge to the liquidity of funds .

Besides , In Li Ming's view , If the fund manager or investment institution is not professional enough , The understanding of the industry is not deep 、 Not for a long time , The long-term closed-end products they manage will be a harm to investors .

Liu Yiqian reminded investors , Long term closed products have higher requirements for investors . First , Investors are required to ensure the long-term and stability of their own funds ; secondly , Risks should match , Investment should be diversified , We should be prepared for a greater risk of pullback ; Last , We should have a more comprehensive evaluation and understanding of the investment management ability and long-term stability of investment managers , After all, it will be locked in the future 10 Investment managers are required to be diligent and responsible in professional management during the year , Therefore, we should ensure long-term trust in investment managers .

Yang Wanyu