A Private Equity Fund Company Equity Investment Exit Channel Research

Private equity fund is a fund that is raised in the form of non-public funds,to invest in different types of enterprises in different development stages,and from which to obtain benefits.At of the end of 2014,China's private equity investment institutions have more than8000,becoming a new force in the era of equity investment.Private equity fund's investment is a long-term activity,its process includes four steps:looking for the project and preliminary assessment,due diligence,design investment and transaction architecture management,as well as the project exit.And the last part of the project as the exit of private equity investment fund,determines the investment recovery,private equity funds and private equity fund investment,so it is the key link of the private equity invesment funds.Therefore,this paper decided to study the withdrawal of private equity investment.Generally speaking,the exit channels of private equity funds,including IPO exit,mergers and acquisitions exit,repurchase exit and bankruptcy liquidation exit four models.According to the research center of statistical data and investigation on the status of the exit from 2008 to 2016 domestic private equity fund,we can see that the exit of private equity funds in China has several problems: first,from the single channel,the withdrawal of IPO is dependent on a large,easily affected by the policy,the withdrawal of risk;Second,exit mode homogenization.Most concentrated in the IPO exit,with the price of Pre-IPO project cost increase,one or two market arbitrage space becomes small,exit income greatly reduced.I as a private practitioner,the agency also faces the same problem,so decide to study a new exit mode to solve the current exit dilemma.Through the study of history from the developed countries such as the US and Europe private equity fund,I found the exit of mergrs and acquisitions can get rid of dependence on IPO exit,but acquiring greater uncertainty and low income.So,think of the current mergers and acquisitions needs of listed companies,I creatively put forward the mode of operation of“PE+listed companies”,and this mode of proces design and try to use specific.In the actual case,private equity fund company A and listed companies Taiji Gufen used the “PE+listed companies” mode,completed the acquisition of Runjin culture.Though not completely quit,but it is estimated that,the private equity fund will profit from 51 million430 thousand yuan.Through this practice,I have verified the feasibility of the “PE+listedcompanies” mode,which provides some reference for the development of private equity fund in our country.