At present, there are no specific conditions stipulated by laws and regulations. Roughly: 1, with very rich experience in a certain investment field (such as stocks, futures, foreign exchange, gold, etc.). ), it is best to make a long-term stable profit. 2. Make a description, including fund raising, investment, sharing and risk control. There are a group of rich people who support you, and they provide you with the funds of the scale you want. 4. There is a research team that closely follows the changes of the market and makes plans. Have an accurate and strict system, so that your plan can be really implemented. 6. Since private placement is in a gray area, it should be able to solve some unexpected troubles. Start small, do what you can, and be low-key and rigorous. The organizational form of private equity fund is 1, and the corporate private equity fund has a complete corporate structure and its operation is more formal and standardized. At present, it is convenient to set up private equity funds (such as "certain investment company") in China. Semi-open private equity funds can also operate conveniently in a flexible way, and their investment strategies can be more flexible without strict approval and supervision. For example: (1) set up an "investment company" whose business scope includes securities investment; (2) The number of shareholders of the "investment company" should be small, and the investment amount should be relatively large, which not only ensures the nature of private placement, but also has a large scale of funds; (3) The funds of the "investment company" are managed by the fund manager. According to international practice, managers charge fund management fees and interest incentive fees to enter the operating costs of "investment companies"; (4) The registered capital of the "investment company" is re-registered once a year at a specific time, and nominal capital increase and share expansion or capital reduction and share reduction are carried out. If necessary, investors can redeem their capital contribution at a specific time every year, and at other times, investors can transfer their shares by agreement or trade in the OTC market. "Investment company" is essentially a private equity fund of enterprises, which can be raised at any time, but only redeemed once a year. However, corporate private equity funds have a disadvantage, that is, there is repeated taxation. The ways to overcome the shortcomings are: (1) register private equity funds in tax havens such as Cayman and Bermuda; (2) Register the enterprise private equity fund as a high-tech enterprise (which can enjoy many preferential treatments) and register it in a place with relatively favorable tax; (3) Backdoor, that is, in the establishment and operation of the fund, joint or acquisition of an enterprise (preferably a non-listed company) that can enjoy tax incentives, and take this as a carrier. 2. The organizational structure of contractual funds is relatively simple. The specific methods can be as follows: (1) The securities company acts as the manager of the fund and chooses a bank as the custodian; (2) raise a certain amount to start operation, open it once a month, announce the net value of the fund to the fund holders, and handle a fund redemption; (3) In order to attract fund investors, the handling fee should be reduced as much as possible. As fund managers, securities companies charge a certain management fee according to their performance. Its advantage is that it can avoid double taxation, but its disadvantage is that it is difficult to avoid the approval and supervision of the securities management department in the process of establishment and operation. 3. Virtual virtual private equity funds seem to be entrusted with financial management on the surface, but actually operate in the form of funds. For example, when a virtual private equity fund is set up and raised, on the surface, a trust financing agreement is signed with each customer, but these trust financing accounts are combined to operate as a fund, and when purchasing and redeeming fund shares, they are settled according to the net value of the fund. Specific measures can be as follows: (1) Each fund holder opens a sub-account in his own name; (2) The fund holders * * * jointly contribute to form the main account; (3) As the manager of the fund, the securities company manages all accounts in a unified way, and all accounts calculate the net value of fund shares in a unified way; (4) The securities company tries to make the actual market value of each account equal to the market value calculated according to the net value of fund shares. If they are not equal, the balance will be transferred by the fund difference between the main account and the sub-account at the time of redemption. The advantage of virtual mode is that it can avoid the approval and supervision of the securities management department on the establishment and operation of funds, and it is flexible to set up and avoid repeated taxation. The disadvantage is that it has not got rid of the shackles of entrusted financial management, fund raising needs to be further standardized, fund operation is still supervised by the securities management department, and there is a lack of development advantages in fund scale expansion. 4. Portfolio In order to give full play to the advantages of the above three organizational forms, a fund portfolio can be set up to combine several organizational forms. There are four types of mutual funds: (1) company and virtual combination; (2) the combination of company and contract; (3) the combination of contract and virtuality; (4) Combination of corporatization, contract and virtualization.
Hope to adopt