Our reporter Wang Ning

　　At a time when the scale of private equity management is about to reach the 20 trillion yuan mark, the profitability of private equity funds has declined.

Since the beginning of this year, most of the related products of private equity have experienced a large drawdown.

Among them, many head private equity companies are also difficult to survive alone.

According to the latest statistics from a third party, a reporter from "Securities Daily" shows that as of now, there are 1,259 private equity products in the whole market that have yielded less than -20% since their establishment.

Among them, 745 products have yields between -20% and -30%, close to the liquidation line, and 514 products have yields below -30%.

　　Among the tens of billions of dollars in private placements, only 11 private placements had positive returns during the year, accounting for barely over 10%. Correspondingly, there were more than 83 private placements with tens of billions of yuan that had negative returns during the year.

At the same time, there were 9 liquidation funds in total during the year, 8 of which belonged to early liquidation.

　　On the one hand, the tens of billions of yuan-level private equity camps continue to expand, and the management scale of the entire market is also increasing simultaneously; on the other hand, the active earning ability of private equity managers is declining.

A number of respondents told the Securities Daily reporter that the main reason for the decline in the profitability of private placements during the year was the large fluctuations in the A-share market, the increase in investment differences, the intensification of capital games, and the lack of obvious investment opportunities.

However, the position adjustment has been carried out, and the sector has been rearranged, and the investment foundation for the whole year has been prepared.

　　There are products

　　No winding-up line

　　Since the beginning of this year, the A-share market has fluctuated greatly, and the overall returns of private equity funds have retreated to varying degrees.

　　Several tens of billions of private equity related persons told the "Securities Daily" reporter that the rate of return of private equity funds since its establishment can be lower than -30%. There is a large pullback.

　　An unnamed 10-billion-dollar private equity person introduced to reporters that before the establishment of private equity funds, there are clear requirements for the liquidation line, and there are clear requirements on the terms of contracts signed with customers, but the needs of investors are often diversified. .

Some investors who pursue high returns and have high demand flexibility do not require a liquidation line for private equity fund products, and some even explicitly require that no liquidation line be set.

　　Based on this, the reporter verified with a number of private equity and quantitative strategy private equity managers. They generally said that this kind of phenomenon is true, and private equity funds that have not set a liquidation line will not easily have the embarrassing situation of passive liquidation.

　　"Judging from the income situation of nearly 1,260 private equity funds since their establishment, products that remain between -20% and -30% can be judged to be close to the red line of liquidation, but products below -30% can be judged to be unset. The liquidation line." A private equity person in Shenzhen told the "Securities Daily" reporter.

　　It is worth mentioning that among the 514 products with a yield of less than -30%, there are 128 products with a yield of less than -50%, and many products ranked at the bottom even have a yield of -80% and -90%. the following.

　　Ten-billion-dollar private placement

　　Average return for the year is negative

　　The latest data released by the China Asset Management Association shows that the scale of China's private equity industry is 19.76 trillion yuan, just one step away from the 20 trillion yuan mark.

According to the latest data from Private Equity Pai Pai.com, there are currently 113 securities private placements in the tens of billions of dollars, and 94 are showing performance.

　　It can be seen from the expansion of the management scale and the number of top private placements that the private placement industry is in a period of rapid development.

　　Entering 2022, the profitability of private equity funds has declined, especially the profitability of tens of billions of dollars in private equity, which has reached the lowest level in history.

According to the latest data from Private Equity Pai Pai.com, in January this year, new recruits including Jingan Investment, Zhanhong Investment, Yuanxin Investment, Wangzheng Assets, and Huaruan New Power became private equity of 10 billion yuan.

The average return of the 94 private equity companies with performance shows was -4.32% during the year, and only 11 private equity companies with positive performance of 10 billion yuan, accounting for only 11%, only Minority Investment, Qianxiang Assets, Bridgewater (China) Investments, Kuanyuan Assets, Heiyi Assets, Hesheng Assets, etc. achieved positive returns, and up to 89% of the 10-billion-dollar private placements suffered losses.

Among them, 35 private placements of 10 billion yuan fell by more than 5%, 7 private placements of 10 billion yuan fell by more than 10%, and the largest decline was close to 15%.

From the perspective of strategy classification, most of the 10-billion-dollar private placements with the highest returns during the year are mainly bond and futures strategies, and the minority is the only representative of long stocks, and the annual return ranks first with 4.59%.

　　Chen Wen, fund manager of Gecko Capital, told the "Securities Daily" reporter that the A-share market experienced a major correction during the year, mainly due to the transmission of risks in overseas markets. As a result, the differences in the A-share market have increased, and the capital game has intensified. Previously, the track-stock holding group funds began to disintegrate, and the new mainline market has not yet reached an agreement, especially the sectors that had excess returns last year took turns leading the decline.

　　Zheng Wei, manager of Hongdao Investment Fund, told reporters that since the beginning of this year, A-shares have fallen sharply. On the one hand, the market expects the Fed to raise interest rates and the global liquidity contraction brings pressure on emerging markets to adjust; on the other hand, in recent years Growth stocks have risen too high, and investment on the track is crowded.

In addition, residents' savings and moving efforts have declined, and institutional new funds are insufficient.

　　10 billion yuan private placement during the year

　　Liquidation of 9 products

　　Although the A-share market has fluctuated during the year and the profitability of private placements has declined, top private placements are still looking forward to future investment opportunities.

A number of private equity sources told reporters that they have now adjusted their positions, re-examined the valuation of relevant sectors and individual stocks, and actively seized new tracks and investment opportunities.

　　"In the short term, the risk appetite of the A-share market is still low, and funds will flow to low-valued sectors." Chen Wen said that this year's A-share market will not be a repeat of last year, and the stock price will return to fundamentals.

Focus on the new infrastructure direction that not only expands short-term demand, but also enhances kinetic energy, especially the transformation of new power grids represented by UHV under the "dual carbon" strategy, and the digital economy closely related to industrial upgrading.

"We have now controlled our positions, paid attention to the valuation of the target, looked for targets with good fundamentals and performance support, and patiently waited for the market sentiment to repair and reverse."

　　"After the short-term rapid correction and clearing of growth stocks, military industry, new energy, semiconductors, Xinchuang, etc. that really have long-term growth space may have a greater chance of rebound. In the future, a more balanced sector will be deployed. For position control, the early stage has been Some adjustments have been made, and the investment sentiment has turned to optimism." Zheng Wei said that he is optimistic about the opportunities brought by stable growth to the capital market in the future.

For example, infrastructure and new energy sectors with relatively loose liquidity.

　　Since the beginning of this year, the number of 10-billion-dollar private equity funds has reached 292, and there are 9 liquidation funds.

Of these, 8 belong to early liquidation.

At the same time that public funds have started the "crazy self-purchasing" model, private equity is not far behind.

According to incomplete statistics from PE Pai Pai.com, in January, 8 private equity firms worth 10 billion yuan and 2 medium-sized private equity firms made self-purchases, with a total amount exceeding 1 billion yuan.

　　In addition to self-purchased products, private equity has not relaxed in activities such as filing, new listing and fixed increase, which has laid a good foundation for preparing for the Year of the Tiger market.

Relevant data shows that in January, securities private equity managers participated in 54,338 new allocations, invested 4.359 billion yuan, participated in fixed increase allocations 68 times, and invested 2.107 billion yuan; billion.

(Securities Daily)