My Age of Investment

After a few days.

Xia Jingxing was sitting in the office of Jinmao Tower checking the A-share market when suddenly the landline on the desk rang.

"Mr. Xia, there is a Mr. Zhao at the front desk. He said he made an appointment with you to come and visit you today."

"Bring him here!"

Within two minutes, the receptionist led a young man in his thirties into Xia Jingxing's office.

The man was wearing a suit, carrying a black briefcase, and a pair of gold-rimmed glasses. He had a square face and exuded the temperament of an old cadre all over his body.

As soon as he entered the door, the man hooked the bag on his wrist, handed it up with both hands, and shook hands with Xia Jingxing, "Mr. Xia, hello!"

"Mr. Zhao, hello!"

Xia Jingxing shook hands with the other party while looking at him.

This is the manager of the domestic securities investment fund he is looking for.

He searched for a long time, but couldn't find a suitable candidate until this person appeared.

During the period, he had contacted Wang Yawei, but unfortunately the other party did not want to "run privately" at present, but just wanted to stay in the public fund.

"Mr. Zhao, sit here!"

Xia Jingxing called Zhao Jun to sit down on the sofa, then stopped the girl at the front desk who was about to leave, and told her to go to the secretary's room to make two cups of tea.

After Zhao Jun sat down on the sofa, he exchanged glances with Xia Jingxing who was sitting across from him, and said with a smile, "Mr. Xia, you can just call me Mr. Zhao. Calling Mr. Zhao would be too embarrassing for me."

Perhaps in order to leave a good impression on Xia Jingxing, Zhao Jun was very humble.

Xia Jingxing smiled "haha", "The assistant to the president of Harvest Fund, why can't you be a boss Zhao?"

Zhao Jun waved his hand, "We are all playing small games, compared with Envision Capital, we are far behind."

The two exchanged a few words, Liu Xiaoduo knocked on the door, and walked in with tea.

Instead of being as careful as the previous few days, Liu Xiaoduo made tea in a hurry, and brought it in in a hurry.

Gently put down the tea,

After saying hello, he turned around and left, acting generously.

Xia Jingxing didn't pay much attention to Liu Xiaoduo, because his attention was all on Zhao Jun.

This is Nankai University with a bachelor's degree in mathematics and a master's degree in finance. He has worked as an analyst at the asset management department of CITIC Securities, a fund manager, research director, institutional investment director, and assistant to the president of Harvest Fund Management Company. He has rich experience and a beautiful resume.

However, these were not the highlights of his life.

The real peak will wait until Zhao Jun resigned from Harvest Fund, founded Danshuiquan Private Equity, and built the fund into a leading company in the industry with an asset management scale of 100 billion yuan.

This is also the top talent that Xia Jingxing really wants to seek!

After Liu Xiaoduo left and brought him to the door, Xia Jingxing continued to chat with Zhao Jun.

"Mr. Zhao, let's open up the sky and speak clearly. Envision Capital wants to build a securities investment fund in China to invest in A-shares.

At present, Vision Capital has initiated and established a number of funds in the United States and China, and its business covers various subdivisions of the investment industry.

Vision Capital has hedge funds in the U.S., but there are none in China. We are currently planning to make up for this deficiency. "

Zhao Jun nodded. The middleman had approached him before, saying that some big investors were planning to poach him, and they also reported the names of Envision Capital and Xia Jingxing.

Before coming here, Xia Jun checked the information of Vision Capital in detail, and knew that this investment institution has a large layout and generous spending.

He has always had the idea of ​​going out alone, but funding is a big problem, and he must be supported by a financial backer.

Otherwise, no matter how high the investment level is, it will be in vain!

So, when he heard that Xia Jingxing planned to talk to him, he agreed to meet without much hesitation.

Zhao Jun pondered for a moment and said, "President Xia, with all due respect, domestic private securities investment funds are developing slowly, and various violations are emerging one after another, and regulators have been strengthening supervision.

Compared with the mature financial trading market in the United States, it is difficult for domestic private equity funds to do so, and it is even more difficult to do well. "

Xia Jingxing nodded. What the other party said was also true. Private equity funds that don't take risks are not doing very well.

And those who operate honestly, not to mention slow results, are also easy to step on the pit.

If you don't want to step on a pit, you have to take risks.

In the final analysis, it is still Shui Hun Wang Ba Duo!

"Well, the general environment is like this, and the market is too noisy."

Xia Jingxing leaned on the sofa and said with a smile: "However, what we advocate is value investing. We don't rush for success, and we don't pursue short-term returns. Even if there are more noises and irregular behaviors in the market, it has nothing to do with us."

Zhao Jun frowned, "Mr. Xia, are you sure you are making long-term investments and not pursuing short-term profits?"

Xia Jingxing looked calm, "Of course, the investment philosophy of the entire investment platform of Vision Capital is to find companies with great prospects, hold their shares for a long time, go through cycles, and share the dividends of the development of the times."

Zhao Jun scratched his head. This kind of investment philosophy seems to be the old man's set. It sounds really good, but it is difficult to operate in practice.

"Mr. Xia, how long is the duration of the fund you plan to set up?"

Xia Jingxing gestured a finger.

Zhao Jun's smile stopped abruptly, "One year?"

"The kind that has been held and withdrawn indefinitely."

Jun Zhao understood immediately, and grinned, "Evergreen Fund!

I have heard that there are such funds abroad, but they are rare in China, or I have never seen them at all. "

Xia Jingxing smiled, "Funds with a fixed duration have been repeating the process of buying and selling projects.

for example:

An investment institution once invested in a company, invested in it for four or five years, sold it and raised a second fund, bought the company back three years later, held it for another four or five years and then sold it.

Every time I hold it, I earn about five or six times, but I miss a few times in the middle, so I may actually earn fifty times, but I only realized twenty times.

Did not enjoy the huge return brought by long-term compound interest. "

Zhao Jun nodded, he understood the truth, but he also had doubts.

So he asked again: "Mr. Xia, if this kind of evergreen fund wants to raise, the GP will have to buy a lot of fund shares, right?"

Xia Jingxing said indifferently, "Yes, it is usually enough for GPs to buy 1%-2% of the fund shares, and Evergreen Fund GPs need to buy 8%, 10%, or even more, so as to achieve the effect of deep bundling. Otherwise, why should investors trust you?"

He remembered that in his previous life, Today Capital raised a fund with a duration of 28 years. The LPs behind the scenes were all American charitable funds, university endowment funds and family trusts, which was very time-consuming.

Ari, Penguin, Google, Facebook... Such companies that have maintained rapid growth for more than ten or twenty years have taught the investment community a vivid lesson, and have also changed many inherent and outdated investment ideas.

"That……"

Zhao Jun hesitated for a moment, and said straightforwardly: "Vision Capital has only been established for a year or two, and there is no past performance return. The investor is so relieved, dare to play this infinite game?"

Xia Jingxing shrugged, "Because we bought a lot of fund shares as a GP, much more than the industry average."

Having said that, Zhao Jun immediately realized that if Vision Capital dared to bet 20% or more by itself, combined with the rate of return in the past one or two years, the client would most likely dare to call the bet.

As for all of his own money, Mr. Zhao has not thought about it. It takes a lot of lack of insight (confidence) to do it?

Keeping thinking about the word Evergreen Fund, Zhao Jun asked again: "Then what is the management scale of this fund?"

Xia Jingxing said with a smile: "The first phase is 1 billion RMB! More will be added later depending on the development situation."

Zhao Jun nodded his head lightly, this amount is not too small, if he is in charge, it will not be regarded as burying his talent.

"President Xia, can I make a request?"

Dear, click to enter and give a good review. The higher the score, the faster the update. It is said that those who gave the new full score found a beautiful wife in the end! The new version of the mobile station upgrade address:, data and bookmarks are synchronized with the computer station, no ads Fresh reading!