Then, the next day, in the fund market business department of Yuhang Investment Company, in accordance with Su Yu's instructions, the news that the second fund would be sold before the National Day was released......

Zhejiang, Shenzhen, Modu, Yanjing...... Countless large investors from all over the country who pay attention to the 'Fortune Road' and the 'Yuhang No. 1' fund products began to raise funds frantically, and booked tickets overnight to rush to Yuhang, gathered near Yuhang Investment Company, and waited for the day when the fund was sold.

And many large group bosses with status and status in the local area and even in the surrounding provinces.

and people from all walks of life with strong assets and broad connections.

They also began to contact Su Yu and other core figures within 'Yuhang Investment' through the investor groups who had invested in the 'Yuhang No. 1' fund before, as introduced by friends, and wanted to get more fund investment shares on the day the new fund was put on sale.

And this time......

After the news was released, Su Yu was intensively discussing the establishment of the new fund, namely the 'Yuhang No. 2' fund, with the directors of the company's fund business department.

For example, the amount of funds to be raised, what is the approximate amount; the maximum number of shares that an investor can subscribe; How to calculate fund management fees and profit sharing, and a series of other issues.

"I think ......"

Li Meng thought about it in the internal meeting and said: "The overall fund-raising scale of the 'Yuhang No. 2' fund should not be too large, and the amount of 3 billion to 5 billion is appropriate, because the liquidity of the current market is limited after all, the volume is too large, and the net value growth is difficult. ”

"The quota of 3 billion to 5 billion can cover many investor groups."

"At the same time, the entry and exit of this amount of funds under the current market liquidity can also be completed quickly."

"The volume is too small, the coverage of the investor group is limited, even if we can make a high performance, then the expansion effect of its interest groups is not large, for our company in the accumulation of contacts, the construction of the common interest network, there is not much effect, so ...... It is better not to open a new fund. ”

"The volume is too large, and although the investor group covered is wider, it will be more difficult for us to operate."

"The key is that it is not easy to increase net worth, and the market liquidity is not sufficient."

"If the net value performance of our second fund is mediocre, it will be a huge blow to the subsequent development of our fund, and we will also lose the trust of investors."

"So, I think ......"

"Compared with the current market liquidity of 100 billion, the fundraising amount of 3 billion to 5 billion is the most appropriate."

Su Yu heard Li Meng's opinion, bowed slightly, and then turned to Yu Xiaobing from the fund market business department and asked, "Manager Yu, what do you think?" ”

Yu Xiaobing coughed lightly and said: "If you follow the concept of the unit I worked for before, as well as the vast majority of private equity institutions to open funds, then the more funds raised, the better, after all, the net value is an uncertain thing, but the basic management fee is certain." ”

"The more funds raised, the more basic management fees you will receive."

"And the more basic management fees, the more it can dilute the company's operating costs and improve the company's actual profitability."

"But this is for ordinary private equity firms......"

"Mr. Su's investment ability is something I have only seen in my life, if our company can maintain a relatively good net value growth, then the basic management fee is not particularly important to us, so ...... There is no need to focus on the growth of scale, appropriately reduce the scale, and maintain the fairly strong expectations in the minds of investors. ”

"This is more conducive to the future development of our company and more conducive to our network of interests."

"So, you agree with Manager Li, don't you?" Su Yu asked.

"Yes!" Yu Xiaobing nodded, "I always believe that public funds pursue scale effects, and private funds must always take performance as the criterion in order to go further." ”

"Okay!" Su Yu said, "Since there is a consensus of opinion, the scale of fundraising will be determined at 5 billion!" ”

"Next ......"

Su Yu paused, and then said: "Let's talk about the standard of profit sharing, the standard of fund management fees and the limit of investors' subscription shares, as well as the lock-in period and so on!" ”

"Profit sharing standards, fund management fees, etc., should be implemented according to the standards of the previous fund!" Li Meng said, "As for the limit on investors' subscription shares, in addition to the minimum subscription standard of 1 million is dead, the upper limit is set at a maximum of 10 million shares, which I think is more reasonable." ”

"Calculated according to the fundraising amount of 5 billion......"

"Even if every investor subscribes, it can cover 500 investors, which is a lot."

"If calculated according to the minimum subscription amount, it is enough to cover 5,000 investors, and this interest network is laid...... It's quite broad. ”

"As for ...... like lock-up periods"

"I think one year is the most appropriate, and at other times, unless the net value of the fund is discounted to the point of forced liquidation, or we take the initiative to settle the net value and voluntarily liquidate, it cannot be redeemed."

Su Yu pondered for a moment, didn't speak, and asked Yu Xiaobing again: "Manager Yu, what do you think?" ”

Yu Xiaobing glanced at Li Meng, thought about it, and said bluntly: "Mr. Su, when our company was established, the first fund set up, the initial amount, was only 400 million, in that case, the profit share is set after the net value is greater than 1.5, which is appropriate." ”

"But now ......"

"If the amount of funds raised by our second fund is 5 billion, the profit share is still set at a net value greater than 1.5, which is not cost-effective for the actual interests of our company."

"After all, our company is now famous."

"Our relationship with investors is that we are in an active position, so ...... There is no need to continue to make profits. ”

"And in the current market, other private equity institutions generally start to implement profit sharing after the annual net value exceeds 1.2, or exceeds 1.3."

"I think we can emulate the general rules of the industry on the second fund."

"That is, after the annual net value exceeds 1.3, that is, the annual profit exceeds 30%, that is, to participate in the subsequent profit sharing."

"Of course, in terms of specific profit sharing, you can also set up a ladder."

"For example, if the annual profit is more than 30%, and less than 50%, the profit part that exceeds 30%, the company will take 30%; When the annual profit of the fund exceeds 50%, the company will take 50% of the profit that exceeds 50%. ”

"As for the basic management fee......"

"The setting of the first fund was very good, and it is also beneficial for us to take care of investors in this way."

"There is also the limit on investors' subscription shares, I think the upper limit of 10 million is still too much, and the upper limit of 5 million is enough, after all, our goal is to cover more investment groups, so that the interest chain can spread further."

"As for the lock-up period......"

"I have the same idea as Manager Li, and the one-year lock-up period is a universal rule."

"Well, I thought about it carefully and agreed with Manager Yu's suggestion on profit sharing." Li Meng didn't wait for Su Yu to speak, so he answered, "But I still don't think it's appropriate to subscribe to the upper limit of 5 million." ”

"How is it not appropriate?" Su Yu asked.

Li Meng pondered for a moment and replied: "5 million cash investment, for ordinary people, and even for many large households, it is indeed not a small amount of money, but our goal, in addition to these large households, there are also those business bosses and group CEOs!" ”

"The resources and connections they have at their disposal are crucial to the development of our company."

"Only by tying them to our interest chain, will our company's future development get more help, and someone will naturally solve a lot of troubles for us."

"However, if it is limited to investment amount of 5 million......

"These characters, in the face of such a small amount of money, I am afraid they will not care much, and it is difficult to form a very close relationship of interest with us."

"After all, a small amount of capital investment, even if it is several times greater, will not have a great impact on them."

"But tens of millions of funds can almost enter the threshold of interests they care about, and they can basically tie them to our boat."

"Hmm!" Su Yu smiled and said, "That makes sense." ”

Yu Xiaobing pondered for a while, and also felt that if you want to tie up these figures worth hundreds of millions, the investment limit of 5 million is indeed not enough, so he did not refute it.

Su Yu saw that the two basically had no different opinions.

So he smiled, made a final decision, and said, "Since everyone has no different opinions, let's agree according to the final result of the comprehensive discussion!" ”

"The amount of funds raised by the fund is limited to 5 billion."

"The range of investor subscription quota is limited to between 1 million and 10 million."

"The fund's basic management fee and profit share are set at ......"

"If the annual net value of the fund is less than 1, that is, the fund has a loss, the management fee will be waived; If the annual net value of the fund is greater than 1 and less than 1.2, that is, the annual profit is less than 20% and there is no loss, a management fee of 2% will be charged; If the annual net value of the fund is greater than or equal to 1.2 and less than 1.5, a management fee of 3% will be charged; If the annual net value of the fund is greater than or equal to 1.5, a management fee of 4% will be charged. ”

"And when the annual net value of the fund is greater than 1.3."

"In addition to the 4% fund management fee, a 30% profit share after the fund's annual net value is greater than 1.3 will be charged."

"And when the annual net value of the fund is greater than 1.5."

"If the excess profit of the fund exceeds 50%, the company will charge 50% of the profit share."

"The lock-up period of the fund is one year, after the subscription, the time is one year, before it can be redeemed freely within the period of open redemption, and the fund liquidation line is set at 80%, when the overall net value of the fund loses 20%, that is, the unconditional liquidation stop loss, and the company enjoys free settlement, all the authority on information disclosure."

"Agreed!" After Su Yu finished speaking, Li Meng nodded.

"Agreed!" Yu Xiaobing also nodded in response.

Subsequently, at the end of the meeting, Su Yu handed over the minutes of the meeting to the company's legal lawyer, Mr. Shao, in accordance with the rules agreed upon by everyone, and then asked him to sort out the relevant purchase contract.

Immediately afterwards, it filed and declared the new fund to the management office of the Asset Management Association.

And after all is busy......

On Thursday, September 27, when the index achieved eight consecutive yangs, the voice of the 'bull market' has begun to spread throughout the domestic investment market.

Yuhang Investment Company officially ushered in the second fund, that is, the day of the official subscription of the 'Yuhang No. 2' fund.

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