投資基金介紹ppt課件(2)-資料下載頁
2025-05-12 08:18本頁面
【正文】 中，有的是按照現(xiàn)有股價(jià)，計(jì)算一個(gè)平均值 。有的是雙方根據(jù)實(shí)際情況達(dá)成一個(gè)整體收購價(jià)格 。有的是大股東以股價(jià) 10%的折價(jià)轉(zhuǎn)讓自己的一部分股份?！? 38 Committed Capital of Global PE Source： Private Equity Analyst, CalPERS Unit： USD Million 39 Typical Structure of a PE Fund General Partner Limited Partner Project A Project B Holding Company C … … Private Equity Partnership Limited Partner Limited Partner Fund Manager Holding Company D Holding Company E Operating Company Banks Junk Bond Investor Bridge Loan Investor Source: FSA 40 Typical Cash Flow to PE Investor Source: EVCA 41 Differences among Funds Mutual Fund Hedge Fund Private Equity 費(fèi)用 固定管理費(fèi) 固定管理費(fèi) amp。 業(yè)績提成 固定管理費(fèi) amp。 業(yè)績提成 管理激勵 低 高 高 杠桿 基本沒有 有 有 透明度 高 低 低 流動性 高 低 低 42 Endowments ? Definitions – Endowments are legal entities founded by a donor for expressed purpose of permanently funding some activity. ? Characteristics – Focus on preserving the real purchasing power。 – May spend both current ine and principal。 – Low liquidity requirements。 – Important investors of alternative investments. 43 Types of Foundations ? Independent/CompanySponsored Foundation – On purposes for grants to charities, educational, etc. – Annual spending requirement of at least 5%, expenses excluded. ? Operating Foundation – Established for the sole purpose of funding an anization – At least 85% of current ine must be spent. ? Community Foundation – Public sponsored grantawarding anization – No spending requirements 44 Financial Assets of Household（ USA） Type of Financial Assets 1995 1998 2022 2022 Transaction accounts Certificates of deposit Savings bonds Bonds Stocks Pooled investment funds Retirement accounts 32 Cash value life insurance 3 Other managed assets 8 Other 2 Total 100 100 100 100 Financial assets as a share of total assets 42 Source: Federal Reserve System 45 戶均余額（2022，元） 結(jié)構(gòu)比例（％） 2022 2022 2022 儲蓄存款 手持現(xiàn)金 股票（與基金） 債券 外匯和期貨 保險(xiǎn)金 住房公積金 自營資產(chǎn) 房產(chǎn) 總計(jì) 100 100 100 Assets of Household（ China） 2022年數(shù)據(jù)是 6－ 8月對在上海、廣州、鄭州、長沙、成都和蘭州 6 個(gè)城市的抽樣調(diào)查。
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