My Age of Investment

After a few days.

Vision Capital Silicon Valley office.

Under the leadership of Liu Xiaoduo, Abel knocked on the door and walked into a luxuriously decorated independent office.

Looking at the boss who was sitting on the chair quietly reading the documents, Abel said respectfully, "Daren, I'm very sorry, I was delayed for a day due to unforeseen circumstances, which caused me to be late returning to the United States."

Xia Jingxing raised his head, nodded on the sofa opposite the desk, "Sit down".

Then he said to Liu Xiaoduo who was about to leave: "Go get a cup of coffee."

Liu Xiaoduo nodded and left quickly.

Xia Jingxing got up, walked towards the sofa, looked at Abel who hadn't sat down, and waved his hand, "Sit down, did something happen in Hong Kong?"

After Xia Jingxing sat down first, Abel sat down with him, and said with a smile, "It's nothing. I was introduced by a friend and chatted with people from Huiyuan Juice Group."

Abel is currently in charge of two funds, FOF Fund Chushu and PE Fund Liqiu, and spends most of his working hours in Hong Kong.

Xia Jingxing was not surprised. Envision Capital had already established a certain reputation in the mainland and Hong Kong, and it was normal to come into contact with projects such as Huiyuan Juice.

Moreover, Huiyuan Juice has been developing for more than ten years now, and has a great reputation. It should be listed soon, right? Ordinary small households cannot afford to vote.

"After the contact, what do you think?" Xia Jingxing asked.

"Chaos, quite a mess!"

Abel explained: "The chaos I'm talking about here means that the management is chaotic, and the atmosphere of the family business is too strong."

Xia Jingxing smiled lightly, Abel still had some discernment, and he saw the company's problems at a glance.

"Then do you think it's necessary to invest?" Xia Jingxing wanted to test Abel, and looked at the latter with a smile.

"This should be the last round of financing before Huiyuan Juice's listing. At the end of this year or early next year, this company will be listed on the Hong Kong Stock Exchange."

Abbott paused, and then said: "My opinion is to make an investment, but the holding time should not be too long, one or two years is enough, it is only used as a pre-IPO arbitrage.

In the long run, the company's backward management model must not adapt to the increasingly competitive beverage industry. "

Xia Jingxing nodded. Huiyuan Juice went into decline within a few years after its listing. First, it failed to sell itself to Coca-Cola amidst strong opposition, and then the management made repeated mistakes in decision-making, and a national beverage completely slipped into the abyss of debt.

Before his rebirth, his trading had already been suspended and he was about to be delisted.

The reason behind this is that the pattern, vision, and methods of the first generation of private entrepreneurs are behind the times. Zhu Xinli is only the first to fall. In the future, real estate, home appliances and other booming industries will lose their development dividends, and there will be more entrepreneurs Abandoned by the times.

Business competition is like this, like sailing against the current, if you don't advance, you will retreat.

"Okay, if you think it's good, just vote!"

Xia Jingxing thought for a while, and then asked, "Pre-IPO financing is a fat piece of meat. PE funds with connections and incompetence are all eyeing this business. How did you get online with Huiyuan Juice?"

Pre-IPO refers to the investment in companies with listing expectations and mature listing conditions to help companies go public. Invested companies generally have good profitability and listing scale. The way to exit is to directly sell the stocks it holds in the stock market after the company goes public.

Because there is a lot of room for premium in the primary and secondary markets, and the daily limit of new shares goes public as soon as they are listed, there is a lot of room for arbitrage, especially for A-shares.

But this kind of opportunity, prospective listed companies will only give related accounts who have the ability to help them go public, such as the fund founders who have worked in the China Securities Regulatory Commission and the China Banking Regulatory Commission.

Don't think about it for retail investors, they can only play and play.

Abel briefly explained to the boss that in recent years, he has made many friends in Hong Kong and is kind to others everywhere, and then the broker recommended Huiyuan Juice to him.

Of course, they only obtained a small part of the investment share, and France Danone and Warburg Pincus obtained the bulk.

With such an explanation, Xia Jingxing immediately understood,

It's just a sip of soup, and it's not their turn to eat the meat.

Seeing Xia Jingxing's sudden silence, Abel thought the boss didn't like it, and comforted him, "Dai Lun, don't worry about it too much. In the end, our fund is not big, and we are not well-known in the world, and we don't have any well-known cases."

Xia Jingxing had a strange expression, and glanced at Abel, he didn't mean that!

But what Abel said was also true.

At present, Vision Capital, VC funds and hedge funds are flying together, and the most stretched is the PE fund.

Don't say that compared with Blackstone and KKR, which are the ceiling of the industry, even many PE funds of average size can't compare.

In the financial industry, to measure the quality of a fund is to look at the case and the rate of return, and their PE fund has almost done nothing, just acquired Android and invested in Ali.

Ten years later, it may become famous because of these two investments, but not now, the fund is almost an empty shell.

This is not allowed!

Xia Jingxing said in his heart that he is a man who aspires to become the king of PE.

The upper limit of the asset management scale of VC funds and hedge funds is obvious. In fact, PE funds are the real asset management giants, and they exist in the financial field.

According to the data at the time of his rebirth, Blackstone’s asset management scale was as high as 600 billion U.S. dollars, KKR also had more than 200 billion U.S. dollars, the VC king Sequoia Capital had only a few billion U.S. dollars, the hedge fund king Bridgewater Fund had more than 100 billion U.S. dollars, and the rest of the world’s ten None of the big hedge funds has reached a management scale of 100 billion U.S. dollars.

Through these, we can see the gap between various funds. Because PE funds are involved in leveraged buyouts, they often engage in acquisitions that have caused a global sensation, and their industrial influence is stronger.

However, VC funds and hedge funds only engage in minority equity investment and stock and financial derivative transactions in the primary and secondary markets, and their influence has always been a bit weaker.

Xia Jingxing glanced at Abel. He appointed him to work in Hong Kong. He gave the person and the office, but he didn't give the money.

To engage in large-scale acquisitions, the money that needs to be spent is not a small number.

His original intention was to develop VC funds and hedge funds first, and then pull in the slow-growing PE funds after making money.

It's not that he doesn't plan to develop PE funds, but he pays attention to the order.

According to his current asset scale, it is not a good choice to invest in PE funds.

Thinking of this, he felt that it was necessary to talk about his dream with Abel, lest the other party think that he did not value PE funds.

"Duck neck, do you think I don't take you too seriously?"

Abel shook his head again and again, "Absolutely not! Our first PE fund is as high as US$800 million, which is already a very good fund in the industry, and this is just the beginning.

When our return on investment is gradually reflected, I believe that the fund's scale and development prospects will reach a new level.

Of course, our fund invests nearly 90% of its funds in one project of Ahri, um...er..."

Abel considered the language for a while, and thought he had found the most suitable words, before he said: "The position is still a bit heavy, which may affect the performance time of our performance."

Xia Jingxing smiled. The jobs he assigned to Abel were all routine work, managing the fund of funds and the PE fund that had almost been emptied of bullets.

Of course, he also gave Abel a certain amount of investment authority, not much, just 800 million US dollars to invest the remaining 3.4 million US dollars.

Abel was very cautious, and after a full year of aiming, he was finally ready to pull the trigger.

If this investment is successful, it may be the first project of the Liqiu Fund to exit and see returns.

From this, it can be seen that Abel is also a fund manager who has ideas and is unwilling to lie flat.

After guessing this, Xia Jingxing replied with a smile: "Not only you, many people in the company, but also many friends around me seriously underestimated my determination to make the PE fund bigger and stronger."

Abel laughed along, but didn't answer.

Xia Jingxing sighed, "Many friends around me once advised me that I have earned so much money that I would never spend it in my lifetime, why not do something that benefits the country and the people, such as investing in the chip industry."

Abel rolled his eyes, "Invest in chips in China? To the extent that the industry is rising?"

Then he shook his head and said, "The foundation is too poor. From the upstream semiconductor materials and equipment, to the three key links of midstream design, manufacturing, packaging and testing, and then to the downstream application fields including consumer electronics, automobiles, communications, etc., all have to be well planned. Only then will it work.

To play such a big game of chess, it's not that I look down on you, boss, maybe you have to gamble all your wealth.

And you can't quit halfway, once you quit, all the previous investment will be in vain.

This cultivation process will be very painful and difficult, and it will take at least ten years or more.

Besides, Western countries have been imposing technological blockades on China. If you want to invest in the chip industry in China, it is not so difficult.

With this time, is it not good to invest in technology companies such as Ali, Baidu, Google, and Tesla? "

Xia Jingxing nodded lightly, "It is indeed very difficult, but if it is done successfully, the benefits will also be huge."

"Okay, let's not talk about this, let's talk about the second PE fund!"

Abel's eyes widened, "Second issue?"

"right!"

Xia Jingxing smiled, "The second fund is a real leveraged buyout fund."

Abel was overjoyed immediately, this was really a shotgun change, he was almost suffocated this year, his daily life was as dull as water, and he seriously lacked stimulation.

When he chose to join Envision Capital, a start-up company, he also had the ambition to achieve a big career.

Listening to the tone of the boss now, are you finally going to vigorously develop their PE funds?

The more Abel thought about it, the more excited he became, his hands trembled a little, and he clenched his fists vigorously, thinking that he must seize this good opportunity to perform.