| Private Equity Fund (PE), stands for the fund raised non-publicly by specificinvestors and targeted for the enterprises unlisted in the market. Since1998, China’sPE industry has undergone3rounds of development. A new round of rapiddevelopment has come into form with the strong resurrection of China’s economy andthe establishment of the Growth Enterprise Market since1999.With the development of PE industry, the market for PE investors also comesinto a stage of rapid development. As a critical source of LP, the fund of funds comesinto being and develops in China, especially atfer the entrance of national socialsecurity fund, local guild fund and some large groups into PE market. However, thefund of funds in China is still at a nascent stage. A lot of problems exist. Oncomparison, the foreign PE industry has undergone more than30years’ developmentand comes into maturity. Therefore, it is of high theoretical and realistic meaning tostudy the development of fund of funds at home and abroad, analyze the existingproblems, predicting the trend of future development.The thesis is divided into5chapters. The first chapter introduces the researchbackground, main content and meaning of the thesis. The second chapter focuses onthe development of PE, introduces the definition, nature and cultural connotation ofPE as well as the history and status quo of its development at China. The third chapterconcentrates on the development of fund of funds at China, studies and gives thedefinition and characteristics of fund of funds and its history and status quo bothinternationally and locally as well as the constitution and operation of RMB LP. Thefourth chapters studies the problems during the development of fund of funds, analyzes the key issues existed in China’s fund of funds industry and enumerates thepossible risks and control elements in the investment of fund of funds. The fitfhchapter looks into the future of fund of funds, gives my personal suggestions andpredictions of the fund of funds industry. |
PDF Full Text Request