A Case Study On The Establishment And Operation Performance Of ZKC Limited Partnership Private Equity Fund

Private equity funds have become an important investment channel in the market economy,but also an important way of financing.Limited partnership private equity fund is generally composed of a general partner and a number of limited partners,operating in the form of a limited partnership.More and more social capital choose to join the limited partnership private equity fund.Limited partnership has become an important organizational form of private equity fund.In this paper,ZKC Limited Partnership Private Equity Fund(ZKC Fund)is selected.First of all,for the limited partners of the Fund,ZKC Fund is an investment method with high investment return expectations.Its goal is usually to obtain investment income rather than to obtain the real equity,participate in the operation of the invested entity.Second,for the general partners in the ZKC fund,its contribution share is very small,mainly in order to obtain management income.In addition,it is an ideal way to obtain financing through the fund for the invested parties in the fund.Most of the investors in the ZKC fund are small and medium-sized enterprises or high-tech enterprises in the front end of the development,the fund can bring funds to these enterprises with good prospects for development.Finally,state-owned capital accounts for a large share of investment funds in ZKC funds,which belongs to state-owned capital-oriented funds.This is due to the "limited liability" in the limited partnership,which is conducive to reducing the risk of private equity funds,reducing investment management costs,attracting a large proportion of the participation of state-owned capital.At the same time,the state-owned capital also guides the social capital flow to the state-supported industries through the fund as the carrier.Thus it can be seen that the selection of this case has certain theoretical and practical significance.The research object of this paper is the performance of ZKC fund.Through the study of the performance,this paper expounds the advantages and risks of the establishment and operation of the fund limited partnership system.The conclusion that limited partnership is an ideal form of private equity fund will bring enlightenment to the development of private equity fund of limited partnership in the future.This paper is divided into four parts.The first part is a description of the background of the research topic,the limited partnership private equity fund at home and abroad related theories and a brief description of the framework of the article.The second part is the introduction of the case.The first part is the description of the current situation of the fund market and the development trend of the limited partnership private equity fund.Secondly,the introduction of the case of the target fund company.The last part is the case study on the operation of the fund,including the description and summary of the selection of target enterprises in the fund.The third part is the case analysis part,expounds the ZKC fund foundation motive,and unifies the ZKC fund foundation motive,through the fund company financial data,the investment feedback data and so on uses the qualitative and quantitative method.By analyzing the motivation,performance and risk of the establishment of the fund,the impact of limited partnership on the performance of the fund is evaluated.The fourth part is case enlightenment.Through the above discussion and analysis,this paper summarizes the enlightenment of this case to the private equity fund of limited partnership in our country,taking the future direction of improvement and development of limited partnership as the research aim,and based on the current situation.Some suggestions are put forward to improve the limited partnership system in China.