Personal investment in New Third Board funds Need to achieve the key points of "four looks"

The New Third Board market has high entry requirements for individual investors, including the market value of securities assets500Over 10000 yuan“2Many investors are discouraged by having more than years of experience in securities investment or having a background in finance and other related fields. However, these investors can also consider participating by purchasing New Third Board fund products. According to the reporter's understanding, most of these private equity products are100Starting from 10000 yuan, compared to500The mandatory requirement of ten thousand yuan has been significantly reduced; At the same time, the investment research ability and professional level of product managers are also superior to ordinary investors, so purchasing fund products invested in the New Third Board market is also a good way.
According to the New Third Board Express, as of now, there are approximately3000The fund products with only the concept of the New Third Board have different management institutions, fund sizes, investment strategies, duration, and exit methods, which is dazzling. So, how should investors choose New Third Board funds? Overall, we need to achieve the "four looks".
Take a look at the investment and research capabilities of the institution. Unlike investing in private equity funds in the secondary market, the managers of New Third Board fund products no longer have a highly concentrated weight in investment returns, so the strength of the entire investment research team is more important. This investment research strength includes investment experience, investment strategies, and industry resources. Investors should pay attention to the industry ranking of institutions, the status of products issued in the early stage, and the reputation of buyers. Good industry resources include the brokerage resources required by institutions to obtain good projects, as well as the listed company resources required for project exit.
Look at the investment scope of the product. At present, the investment scope of the New Third Board Fund includes3On one hand, there are two aspects to it: firstly, the equity of the company to be listed, which is relatively cheap in price and has a higher profit and exit return. However, the exit time is long and the fund has a longer duration; The second is the private placement of listed companies, which has moderate returns and exit times, but requires institutions to have strong bargaining power, and good projects also require industry resources to be obtained; The third is the stocks circulating in the market, which have good liquidity and a short exit time. However, high-quality stocks have higher prices and greater volatility, and the net value of the fund is unstable. Therefore, when choosing a fund, investors need to consider their own requirements for investment period and expected returns, in order to choose products with different focuses.
Look at the liquidity of the product three times. The duration of the New Third Board Fund varies depending on the investment focus, generally1.5Year to4.5Years vary, and most products are not allowed to be withdrawn midway. It is necessary to wait for the full distribution of profits from the invested projects before proceeding with fund liquidation. Therefore, investors need to choose products with an appropriate duration based on their own fund usage. It should be noted that the term setting and venture capital investment of the New Third Board funds（VC）Equity investment（PE）Institutions are similar, including duration and extension. For example“2+1”Year refers to the planned duration of this fund2Year; If all projects have been allocated before the expiration date, the fund can be terminated in advance; After the expiration, the fund manager can also extend it according to the actual situation1Year.
Look at the rate of the fund. At present, there are two forms of existence for New Third Board funds: limited partnership enterprises and contractual funds, the latter accounting for the vast majority of the market. The fee structure of contractual New Third Board funds is generally consistent with other securities private equity funds, except for1%In addition to the subscription fee, it also includes management fees, custody fees, operational service fees, and floating performance compensation. Specifically, the management fee is collected by the fund manager and is generally1%to2%; The custody fee and operation service fee are collected by the custody brokerage, generally lower than0.5%; Floating performance returns are collected by fund management and are generally excess returns20%. For investors, the level of fund fees is also a factor to consider.

According to the New Third Board Express, as of now, there are approximately3000The fund products with only the concept of the New Third Board have different management institutions, fund sizes, investment strategies, duration, and exit methods, which is dazzling.

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