杨佼

YangJiao

　　[ 募资难主要是因为两个方面的原因，一是行业缺乏自律。二是全球经济持续下行，PE行业暴利时代已经结束了，高额回报难以持续，二级市场持续低迷，投资人持谨慎观望心态 ] [need to recapitalise difficult mainly because two reasons,One is the industry lack of self-discipline.The second is global economy continued to descending,PE industry profits era is over,High returns unsustainable,The secondary market continued downturn,Investors cautious wait-and-see attitude]

　　“今年是PE环境相对比较糟糕的一年，募资、投资、退出渠道，都比较困难，大家都很怀念2010年。”对于PE行业来说，今年的日子有些艰难。

"This year is PE environment is relatively bad years,Need to recapitalise/investment/Exit channel,Are more difficult,We are very yearn for 2010 years."For PE for industry,This year's day some difficult.

　　随着今年宏观经济和资本市场的变化，以往带来丰厚投资回报的好时代，已经渐渐远去。而全球范围内IPO节奏的放缓，投资退出也越发困难。在此背景下，今年以来，PE机构募资大幅下滑超过七成。

As this year macro economy and the change of the capital market,Bring rich past return on investment of good times,Has faded away.And global slowdown in IPO rhythm,Investment exit more difficult.In this context,Since this year,PE institutions need to recapitalise greatly fell more than seventy percent.

　　而业内人士普遍表示，由于募资困难，PE行业洗牌已经开始，今后一两年将更加激烈，而洗牌也将会带来募资、投资、退出等模式的深刻调整。

But the personage inside course of study general said,Due to the need to recapitalise difficult,PE industry reshuffle has started,A year or two in the future will be more intense,And shuffle also will bring the need to recapitalise/investment/Quit, as a model to deep adjustment.

　　

募资困境 Need to recapitalise dilemma

　　实际上，自2011年下半年开始，PE募资困难便已开始出现。而一年时间过去了，募资的寒冬已经成为事实。有数据显示，今年前七个多月，PE全行业募资金额只有去年全年的18%左右，上半年也比去年同期大幅下降七成以上。

In fact,Since the second half of 2011 began,PE need to recapitalise difficulty that he has started to appear.A year passed,The need to recapitalise winter has become a reality.Data show,In the first seven months,PE the industry offering capital amount only about 18% of last year,In the first half is better than the same period last year dropped substantially more than seventy percent.

　　清科统计数据显示，今年上半年，共有71只可投资于中国内地的私募股权投资基金完成募集，同比缩水近四成；其中68只披露了金额的基金共募集52.14亿美元，同比减少77.1%，环比减少67.6%，为三年来新低。此外，上半年新募基金平均募资规模仅为7667.84万美元，为2008年以来最低水平。

Qing department statistics show,In the first half of this year,A total of 71 can only be used to invest in the mainland's private equity investment fund raising finish,Nearly forty percent year-on-year shrink;Only 68 of them revealed that the amount of funds raised a total of $5.214 billion,Reduced by 77.1% year-on-year,Link reduced by 67.6%,For three year low.In addition,New public enlisting fund in the first half of the average need to recapitalise scale only $76.6784 million,For 2008 years the lowest level.

　　据投中集团探究数据，截至目前，完成募资的私募股权基金为40只，募资金额92亿美元。而去年全年，共有503只基金完成募资，募资金额多达500亿美元。基金数量和金额双双大幅下降。

According to hit group explore data,So far,Complete the need to recapitalise private equity fund is 40 only,Offering capital amount of $9.2 billion.And last year,A total of 503 fund need to recapitalise finish,Offering funds as much as $50 billion.Fund quantity and amount both plunged.

　　而具体来看，人民币基金和美元基金去年分别募资348亿、44亿美元，而今年到目前为止则仅有72亿、18亿美元。

And specific to see,RMB fund and the dollar funds last year need to recapitalise 34.8 billion respectively/4.4 billion dollars,But so far this year is only 7.2 billion/1.8 billion dollars.

　　在募资困难的同时，投资规模锐减、募投项目退出困难等情况也伴随出现。

In the need to recapitalise difficult at the same time,Decrease investment scale/Offering for project exit difficult cases is also appear with.

　　据深圳创投集团靳海涛介绍，截至目前，私募股权基金投资数量同比下降了48.6%，投资金额下降了63%，基本跌回 2010年全年平均水平。“有一些股东或者是LP，他们已经有推迟或者放弃出资的愿望。”他说。

According to the shenzhen venture group JinHaiTao is introduced,So far,Private equity fund investment quantity a 48.6% decline from a year earlier,The amount of investment fell 63%,Basic fell back to the year 2010, average level."There are some shareholders or LP,They have put off or give up the desire of the capital contribution."He said.

　　IPO发行节奏放缓和数量减少，导致PE通过IPO退出的数量锐减。据普华永道和安永数据，今年上半年，A股 IPO共计105宗，同比下降38%；全球则为402宗，同比减少41%。今年上半年，仅有一家中国企业赴美IPO。“今年上半年通过IPO退出的数量比去年下降了50%左右。”靳海涛称。

IPO issuance rhythm slow and quantity to reduce,Lead to PE through the IPO of exit dropped drastically.According to the pricewaterhousecoopers and ernst &young data,In the first half of this year,A total of 105 cases of IPO shares,38% year-on-year drop;The global is 402 cases,Reduced by 41% year-on-year.In the first half of this year,Only a Chinese enterprise to IPO."In the first half of this year through the IPO exit quantity about 50% lower than last year."JinHaiTao says.

　　而这种情况可能还将持续。招商证券(600999,股吧)总裁谢文利认为，从目前的情况来看，A股全年IPO数量很难超过160家。

And this situation may also will continue.China merchants securities(600999,guba)President XieWenLi think,According to the current situation,A shares the IPO quantity is difficult to more than 160.

　

　洗牌来临 Shuffle coming

　　在基石资本总经理陈延立看来，募资难主要是因为两个方面的原因，一是行业缺乏自律。前几年行业高峰期，大量资金和机构涌入PE行业，出现了哄抢项目的情况，导致一些项目估值极度偏高，募资时又向投资人许以高额投资回报。结果并未达到投资预期，即便上市投资回报也很低甚至亏钱。

In the foundation capital general manager ChenYanLi looks,Need to recapitalise difficult mainly because two reasons,One is the industry lack of self-discipline.Before a few years industry peak,A lot of money and institutions into PE industry,Appeared plunder program,Lead to some project valuation extreme is on the high side,When need to recapitalise again to investors XuYi high returns on their investment.The results did not achieve expected investment,Even if listed return on investment is also very low or even lost money.

　　“抢项目的结果就是很多项目投资回报率不高，失去投资人的信任甚至退出，在这种背景下，募资自然比较困难。”陈延立说。

"The results of the project is a lot of project investment rate of return is not high,Lose the trust of investors or even leave,In this context,Need to recapitalise natural more difficult."ChenYanLi said.

　　而深圳创投公会常务副会长王守仁更是指出，目前PE行业紧缩期更多缘于自身问题。不少机构打着PE旗号，利用有限合伙制的漏洞，哄抬价格、哄抢项目甚至非法集资，外界对PE的评价一落千丈。

And shenzhen venture capital association executive vice President WangShouRen is pointed out,At present PE industry crunch period more because their own problems.Many institutions under the flag of PE,Use of the limited partnership vulnerabilities,Bull campaign/Plunder projects, or even illegal financing,The outside world for PE evaluation suffer a disastrous decline.

　　而另一方面，全球经济持续下行，PE行业暴利时代已经结束了，高额回报难以持续，二级市场持续低迷，投资人持谨慎观望心态。据投中集团数据，美元基金2011年的投资回报率近8倍，而今年二季度出现负数。人民币基金IPO平均退出回报率从最高峰时的10倍以上下降到目前的3倍左右。

And on the other hand,The global economy continued to descending,PE industry profits era is over,High returns unsustainable,The secondary market continued downturn,Investors cautious wait-and-see attitude.According to hit group data,Dollar fund 2011 return on investment nearly 8 times,And in the second quarter of this year appear negative.RMB funds IPO average exit from the highest rate of return on the 10 times more down to the present three times the left and right sides.

　　陈延立透露，很多投资人也不是没有钱，而是普遍对市场心存担忧，并且把股权投资等同为二级市场了，使得他们的投资意愿进一步下降。

ChenYanLi revealed,Many investors also have no money,But generally the market be worry,And the equity investment for the equal to the secondary market,To make their investment will further decline.

　　而多位PE界人士均认为，募资困难与中国LP市场的组成有很大程度上的关系。美元私募股权基金50%都是机构投资者，而目前中国市场LP以散户、富人为主，而机构投资者太少，难以支撑市场。

And many PE circles all think,Need to recapitalise difficulties and China LP the composition of the market have largely relationship.Dollars private equity fund 50% is institutional investors,And the Chinese market at present LP to retail investors/Rich give priority to,And institutional investors too little,Difficult to support the market.

　　业内的一个共识是，在投资退出、回报的压力下，募资困难将导致行业“洗牌”，未达到预期收益的PE机构将在市场竞争中处于不利地位，募资、投资均面临挑战，甚至遭遇市场淘汰。在洗牌过程中必须淘汰一些LP，而募资难也成了洗牌的一个副作用。

The industry is a consensus,In the investment exit/Under the pressure of return,Need to recapitalise the difficulties will lead to industry"shuffle",Failing to meet the expected earnings PE organizations will in market competition at a disadvantage,Need to recapitalise/Investment are facing challenges,Even encounter market selection.In the shuffle process must be eliminated some LP,And the need to recapitalise difficult to shuffle also became one of the side effects.

　　“行业洗牌从去年年中开始，到现在差不多是一年时间，目前还是初级阶段。这种情况可能还要持续一两年，程度也会更加激烈。”深圳达晨创投董事长刘昼说。

"Industry reshuffle since last year,To now is almost a year,At present or primary stage.This kind of situation is likely to continue for one or two years,Degree also will be more intense."Shenzhen of morning vc chairman liu day said.

　　格局调整 Pattern adjustment

　　多位业内人士认为随着行业洗牌的加剧，中国的PE行业将出现募资、经营、退出等多方面的深刻调整。而解决募资难的问题，首先要保证投资回报率，并做好各项服务。而要实现较好的投资回报率，则要回归项目成长性的投资本原。

Many the personage inside course of study thinks along with the aggravation of the industry reshuffle,China's PE industry will appear need to recapitalise/business/From many aspects such as deep adjustment.To solve the need to recapitalise the difficult question,First of all to ensure the rate of return on investment,And make each service.And to achieve a better return on investment,The project will return to growth of investment primitive.

　　刘昼认为，目前，PE机构的投资主要来自企业IPO之后的一二级市场的差价。但随着差价的越来越小，这种模式将难以为继，因此，要保证投资回报率，就要满足专业性的要求，并通过投中早期项目，挣成长性的钱。

Liu day think,At present,PE sector investment mainly from enterprise after the IPO 12 market spread.But as the spread of more and more small,This model would be difficult,therefore,To ensure that the rate of return on investment,To meet the requirements of the professional,And through the hit early project,Earn money growth.

　　陈延立则认为，这次洗牌会影响行业的投资格局，各个机构的投资策略也会更加细化，一些机构可能只专注于某个行业，更多地投资精品项目。行业的浮躁心态也会变得谨慎，不会动辄以十几倍的回报率去抢项目。

ChenYanLi argue that,The shuffle the deck will affect the industry investment structure,Each institution investment strategy will be a more refined,Some institutions may focus on a specific industry,More investment products project.Industry impetuous mentality will become cautious,Will not easily to more than ten times the rate of return to rob the project.

　　实际上，目前，多数PE机构的投资策略已经变得谨慎。本报记者从深圳多家PE公司了解到具有稳定成长性、抗周期的健康医疗、大众消费、食品等行业，成为其共同青睐的领域。

In fact,At present,Most of the PE institution investment strategy has become cautious.Our reporter from shenzhen several PE company to know has the stable growth/Resistance to cycle health care/Mass consumption/Food industries,Become their common favour field.

　　亦有业内人士认为，要解决募资难，还需要发展更多的机构投资者。“如果中国什么时候GP管理的基金有40%以上来自于机构，那这个行业的成熟度就相对比较高了，就不会像现在这样大起大落了。”他说。

There is also the personage inside course of study thinks,To solve the need to recapitalise difficult,Also need to develop more institutional investors."If China when GP management of the fund more than 40% from the organization,The industry's maturity is relatively high,Won't like now such a dramatic ups and downs."He said.

　　而在退出渠道方面，并购开始成为更多的 PE考虑方向。清科数据显示，今年上半年，IPO依然是PE的主要退出方式。上半年，中国创业投资及私募股权投资共实现212笔退出，有VC/PE背景的IPO企业 67家、退出交易174笔，但占比有所下降，以股权转让和并购退出的则为26笔，比去年前11个月的6笔大幅增长。而深圳多家PE机构也表示，今后将会更多地考虑以并购方式退出。

And in the exit channels,M&a has become more PE consider direction.Qing department data display,In the first half of this year,IPO is still the main exit way PE.In the first half of,China's venture capital and private equity investment realized a total of 212 pen exit,A VC/PE background IPO 67 enterprises/Get out of the trade 174 pen,But than of decline,With equity transfer and mergers and acquisitions exit, and pen,Than the first 11 months of last year 6 pen sharp increase.And shenzhen several PE agency also said,The future will be more consideration by m&a exit.