上半年募资总额锐降七成 In the first half of the total amount of whip round RuiJiang seventy percent

　　募、投、管、退是PE/VC行业的四大环节。作为最前沿环节，募资情况在前两年行业火爆时可谓“不差钱”，但随着行业趋冷，尤其是PE回报率日趋下降甚至出现浮亏，“不差钱”变成了“特差钱”，“以前都是逼你全力找项目，现在则是发动所有力量找资金。”一位PE人士如此感叹。

offering、cast、tube、PE/VC industry back is the four links。As to the forefront of link，Whip round in the first two years of industry situation when it hot“Don't sent money”，But as the industry is cold，Especially PE rate of return is waning appear even FuKui，“Don't sent money”into“Sent money,”，“Before is forced you to find project，But now they are all forces launched for funds。”A PE people so exclamation。

　　⊙记者 赵晓琳 ○编辑 全泽源

Reporter ZhaoXiaoLin ○ edit all ⊙ zeyuan

　

　募资大缩水 Whip round big shrink

　　自2011年下半年开始，PE募资难开始有些许迹象。大约一年过后，募资的冬天似乎真正来临了，募资难成为行业普遍现象。数据显示，今年上半年行业募资总额比去年同期大幅下滑七成左右。

Since the second half of 2011 began，PE whip round began to have some difficult signs。About a year later，Whip round winter seems really coming，Whip round difficult as an industry phenomenon。Data shows，In the first half of this year from balking industry total decline than the same period last year to around seventy percent。

　　“目前PE行业募集基金难的情况的确很严重，不少机构今年募集资金同比下滑七八成，某些机构甚至更多。”北京一家中型PE机构的投资经理告诉记者，“我们目前还有基金没投完，但也正在计划募集新基金，而且我们投资部门每个人也被分配了不同额度的募资任务。以前都是逼你全力找项目，现在发动所有力量找资金。”

“Current PE industry to raise funds difficult situation it is serious，Many institutions this year to raise funds fell eighty percent compared to seven，Some institutions and even more。”A Beijing medium PE institutions investment manager, told reporters，“We currently have no funds gave up，But is also plans to raise new funds，And our investment department each of them were given a different line from balking task。Before is forced you to find project，Now all the forces launched for funds。”

　　二级市场的持续低迷，也浇灭了PE行业的火爆场面，PE募资难问题逐渐突出。

The secondary market for the downturn，Also douse the PE industry fire scenes，PE whip round difficult issues are prominent。

　　清科研究中心统计，2012年上半年共有71支可投资于中国大陆的私募股权投资基金完成募集，数量较2011年同期缩水近四成；其中披露金额的68支基金共计募集52.14亿美元，同比减少77.1%，环比减少67.6%，募集金额在过去的四年中仅超过2009年上半年，为三年来新低。与此同时，上半年新募基金平均单支募资规模仅为7667.84万美元，为2008年以来历史最低水平。

The secco research center statistics，In the first half of 2012 to 71 teams in the Chinese mainland investment of private equity funds complete collect，Number more than the same period in 2011 shrink nearly forty percent；The amount of disclosure in 68 fund raising $5.214 billion，Reduce 77.1% year-on-year，Annulus comparing reduced by 67.6%，The amount raised in the past four years just over the first half of 2009，For three year low。At the same time，New enlisting fund in the first half of the average single whip round scale to only $76.6784 million，For 2008 years history minimum。

　　具体来看，2012年上半年的新募基金中包括人民币基金68支，其中披露金额的65支募资总额为46.82亿美元，募资数量占全部新增基金数量的95.8%，募资金额占全部披露金额的89.8%，处于绝对主导地位，但在平均单支基金规模上仍不及外币基金。上半年新增外币基金3支，共计到位5.32亿美元。

Specific to see，In the first half of 2012 new enlisting fund including RMB funds in 68 cigarettes，The amount of disclosure from balking at 65 a total of 4.682 billion dollars，Whip round all the number of new fund number of 95.8%，Of all funds raised 89.8% of total amount of disclosure，In a dominant position，But in the average single fund in scale, still not as good as foreign currency fund。New foreign currency funds in the first half three cigarettes，In total 532 million dollars。

　　值得注意的是，除了PE机构自身主动募资难，为GP（普通合伙人）和LP（有限合伙人）牵线搭桥的重要媒介商业银行也开始明显感到募资困难。浦发银行(600000,股吧)直接股权基金业务部公司及投资银行总经理刘梅日前表示，如何让客户在短期之内接受这项利益诱人但风险也很高的长期投资产品，说服客户的难度越来越大。毕竟PE的投资收益开始越来越不理想。

Note the，In addition to PE institutions and their own whip round difficult，For GP（General partner）And LP（Limited partners）Matchmaking important media commercial Banks are obviously felt difficult start from balking。Shanghai pudong development bank(600000,Shares it)Direct equity fund sales companies and investment bank general manager liu mei said yesterday，How to let the customer in in the short term accept the interests but attractive a high risk of long-term investment products，To convince customers increasingly difficult。After all PE investment returns are becoming more and more is not ideal。

　

　为何“差钱” why“Sent money”

　　笼统来看，大部分PE界人士将募资环节的遇冷归因于大环境下不甚乐观的经济形势，当前世界经济复苏乏力、中国经济增长放缓，投资人对市场持谨慎观望态度，从而导致机构募资难度加大、平均单笔募资规模偏小。

General to see，Most of the PE circles will whip round the link to encounter cold environment: this is an economic situation，The current world economic recovery lack of power、China's economic growth，Investors to market to be cautious and reserved，Leading to institutions increased difficulties of whip round、Average single pen whip round the small scale。

　　但也有多位PE业内人士认为这与中国目前的LP市场的组成有很大程度上的关系。

But there are also many PE industry insiders think it with China's current LP the composition of the market have largely the relationship。

　　据清科集团CEO倪正东介绍，截至2012年上半年清科数据库中收录的LP共5887家，披露可投资总额共计7830.23亿美元。从数量上来看，本土LP约4800家，占比81.5%；外资LP约1046家，占比17.8%；合资LP约43家，占比0.7%。但从可投资本量上来看，本土LP可投资本量为1501亿美元，占比19.2%；外资LP可投资本量6301亿美元，占比80.5%，合资LP可投资本量27.12亿美元，占比0.3%。

According to the secco group CEO NiZhengDong introduced，By the first half of 2012, included in the clear database LP 5887 home，Disclosure can the total amount of investment that comes to $783.023 billion。From the number and see，Local LP of about 4800 homes，More than 81.5% of；Foreign capital LP of about 1046 homes，More than 17.8% of；Joint ventures LP about 43 home，More than 0.7% of。But from this quantity can be investment to see，This amount can be local LP investment for $150.1 billion，More than 19.2% of；Foreign capital LP to invest $630.1 billion this amount，More than 80.5% of，Joint ventures LP to invest $2.712 billion this amount，More than 0.3% of。

　　目前，国内本土中小PE/VC机构数目众多。在采访中，有高净值LP占比较高的投资机构负责人告诉记者，新基金募资目前的确困难。“江浙民企作为LP，出资2000万至1亿元，对我们而言，已经是优质LP，高净值个人出资500百左右已经很好了，是大客户。”

At present，Local small and medium-sized domestic PE/VC institutions number many。In the interview，Have high net worth LP of higher investment agency chief told reporters，The new fund whip round is difficult。“The jiangsu and zhejiang corporation as LP，Fund of 20 million to 100 million yuan，All of us，Is the high quality LP，High net worth individuals paid 50000 or so have a good idea，Is big customers。”

　　中华股权投资协会总监国立波认为，社会流动性资金减少是目前PE募资减少的主要原因。今年上半年行业募资总额比去年同期大幅下滑七成左右，并不是大量资本从该行业流出，而是社会上个人所持有可投资本不能持续供应。

The equity investment association director national wave think，Social mobility is less money now PE whip round reduce main reasons。In the first half of this year from balking industry total decline than the same period last year to around seventy percent，And not a lot of capital outflow from the industry，But the society can not hold individuals continue to supply the investment。

　　“一方面，大部分个人LP拥有自己的实业，在目前银根收紧的环境中，个人LP自然会留更多资金用有企业经营周转；另一方面，大多数个人LP的可支配投资资本量是一定的，大部分在前年甚至去年，在能看到PE/VC回报率非常诱人的时候已经投出去了。也就是说，个人LP资金量有限，而机构LP的资金难拿到，是目前募资难的两大主要原因。”国立波进一步解释。

“On the one hand，Most of the individual LP have their own industry，Monetary tightening in the current environment，Personal LP will stay with more money nature have enterprise business flow；On the other hand，Most of the investment capital disposable personal LP quantity is certain，Most in the year before and even last year，In can see PE/VC attractive returns have cast out。That is，Personal LP financing volume limited，And institutions of the LP funds hard to get it，Is the whip round two of the main reason to。”National wave further explanation。

　　值得提出的是，根据清科研究中心2012年第二季度对数百名LP调研结果显示，多数LP在未来3-5年依然看好中国VC/PE 市场，将提升对创投暨私募股权投资配比。

It is worth mentioning is，According to the research center, second quarter 2012 to hundreds of LP research results are shown，Most LP in the next three to five years is still bullish on the Chinese VC/PE market，Will ascend to the intricacies of venture capital and private equity ratio。

　

　怎样“来钱” how“To money”

　　在目前国内外宏观经济及资本市场的运行状态下，短期内资本流动性难以大幅释放，投资者仍将采取谨慎的投资策略。短期内，由发起主体主要出资或者由基石投资者占主要份额的基金，仍将是基金募资市场的主流。

At home and abroad in macroeconomic and capital market operation conditions，The short term capital to release liquidity significantly，Investors will still take the cautious investment strategy。Short term，The main subject or by the capital contribution by cornerstone investors accounted for main share of funds，Will still be fund whip round the mainstream market。

　

　募资难题该如何破解？ Whip round the problem how to crack？

　　“PE募资难要缓解，我国机构LP队伍仍需扩充。”倪正东认为。

“PE whip round difficult to ease，China's institutional LP still need to expand team。”NiZhengDong think。

　　一直以来在境外典型的LP如商业银行、资产管理公司和信托等机构，在国内仍存在种种限制，很难参与股权投资。而国外LP市场上占比较大的大学及其基金会、家族基金、公共养老基金、捐赠基金等，在国内的LP市场几乎没有。

Since the typical LP in overseas such as commercial Banks、Asset management companies and institutions such as the trust，In China there are still possibilities，It is difficult to participate in equity investment。The foreign market more of LP of the university and its foundation、Family fund、Public pension funds、Donated funds，In the domestic market of LP almost there。

　　日前，中国保监会发布《关于保险资金投资股权和不动产有关问题的通知》，险资投资PE的门槛进一步放宽，投资范围进一步扩大，似乎给国内PE行业募资引入一股“活水”。

a，Issued by the China insurance regulatory commission《About insurance fund investment in real estate and equity of the relevant questions of the notice》，Risk information of PE investment threshold further relax，The investment scope further expanded，Seems to give domestic PE industry whip round, introduced a shares“Living water”。

　　但不少接触过险资的PE机构却表示，实际上险资投资PE已经开闸接近两年，一直以来险资的钱不太容易拿。

But a lot of contact with risk of PE institutions (but said，In fact risks endowment investment PE has actually meet in the past two years，The money has been risks information is not so easy to take。

　　8月3日，深创投董事长靳海涛也对记者表示，深创投募资没那么难，但整个行业各个环节都开始觉得难做了。对于引进险资，他表示目前还没有，但“也很想拿到”。

August 3,，The chairman JinHaiTao also deep venture to reporters，Deep venture whip round not so difficult，But the industry each tache began to feel difficult。To introduce risk information，He said no，but“Also want to get”。

　　目前公开披露的参与PE投资的保险机构只有中国人寿(601628,股吧)一家。据披露，中国人寿在2011年签署两项PE投资承诺，15亿元人民币投资弘毅二期人民币基金，5亿元投资渤海产业投资基金。

At present the participation of the public disclosure of the PE investment insurance institutions only China life(601628,Shares it)a。According to the disclosure，China life in 2011 signing of two PE investment commitment，1.5 billion yuan RMB investment hongyi phase ii RMB funds，500 million yuan investment bohai industrial investment funds。

　　有机构负责人对记者表示，保险资金尤其是寿险类资金的投资周期往往长达十几年，符合PE投资长周期要求，是PE机构优质的LP。但保险机构对资金的稳定性方面非常谨慎，审批和社保基金差不多，甚至更严格。

Have orgnaization controller told reporters，Insurance funds especially life insurance of capital investment cycle often such as long as ten years，Accord with PE investment long cycle requirements，Is the high quality PE institutions LP。But the insurance organization of the stability of money very carefully，The examination and approval and the social security fund almost，Even more strict。

　　除了保险资金之外，PE市场还需要更多的“源头活水”，政府引导基金也是众多PE/VC机构目前追逐的对象。

In addition to the insurance money away，PE market still need more“origin”，Government guide fund is also many PE/VC agency at present the object of Angle。

　　“获取政府引导基金注资的好处显而易见。通过政府信用，可以吸引民间资本、国外资本进入创业投资领域，同时也可以通过在引导基金运作机制中设计相应的让利机制，吸引保险资金、社保资金等机构投资者的资金进入投资领域，降低其资本风险。”北京市创业引导基金负责人、北京市产业研究中心主任张一平对记者表示，

“Get the benefits of government guiding fund capital injection is obvious。Through the government credit，Can attract private capital、Foreign capital into venture investment fields，At the same time also can pass in fund operation mechanism is designed in the lead of the corresponding mechanism of profits，Attract insurance funds、Social security funds, funds of institutional investors in the area of investment，Reduce its capital risk。”Beijing business guide of fund、Beijing industry research center director ZhangYiPing told reporters，

　　据他介绍，北京市引导基金在选择创投机构是非常严格的。“公开评选、公示。我们按照专家组的评价、状况来用专家组的评价打分顺序在网上进行公开、公示，在公示之后由引导基金办，按照专家组的打分顺序批准设定，与前几名投资机构共同合作。”

According to he introduced，Beijing guide fund in the choice of venture body is very strict。“Public selection、public。We according to the evaluation expert、Condition of the evaluation of the expert group to use scores in public order online、public，In public after the guide funds do，According to the expert group scoring order set approval，And the top investment organizations to cooperate。”

　　“在具体操作上，是与各个合作的子基金共同合作设立投资类的有限责任公司，并由中心派出董事。我方派出董事进行授权可以行使一票否决权。”张一平进一步对记者介绍道。而这也是令很多机构希望拿到政府引导基金却望而却步的原因之一。

“The concrete operation，With all the cooperation is the son cooperate in setting up the fund penetration of limited liability company，And sent by the center director。We sent director may exercise the authorized exercise a veto with only one vote。”ZhangYiPing further said to reporters。And this is also make many agencies hope to get the government guidance fund is one of the reasons the prohibitive。

　　在众多政府引导基金中，目前部分已经开始了市场化FOF（母基金）尝试，比如苏州工业园区引导基金（苏州创投）、浦东新区引导基金（浦东科投）、成都高新区引导基金（银科创投）等，均采取了较市场化的运作模式。虽然在一些权利方面要求少一些，但他们对机构专业性的高标准也使得机构拿钱不易。

In numerous government guidance funds，Currently, some had already begun FOF market（Mother fund）Try to，Such as suzhou industrial park guide fund（Suzhou venture）、Pudong new area guide fund（Pudong branch for）、Chengdu high-tech zone guide fund（Silver families venture）etc，All take a market-oriented operation mode。Although in some rights demand less，But they also made a high standard of professional organization institutions take money not easily。

　　苏州创投集团总裁林向红在日前在北京一次行业论坛上对记者表示，“目前选择GP相对来讲更偏重中早期投资，我们90%都会投资中早期的基金。”

Suzhou venture group President LinXiangGong in Beijing recently in an industry on the BBS to reporters，“Now choose GP relatively early in more emphasis on investment，We will be in the 90% early investment fund。”

　　而浦东科创基金管理人应迪生告诉记者，浦东科创是市场化模式运行，基金是有回报率要求的，因此选择GP的标准会随着行业的情况而调整。目前已经投了17家基金，考虑到投资半径，主要投资上海机构。

And pudong kechuang fund managers should have told reporters，Pudong win the market is mode，The fund is a return of the request，So choose the standard of the industry as the GP and adjustment of the situation。At present has pitched 17 home fund，Considering the investment radius，The main investment Shanghai institutions。