My Age of Investment

"Daren, let's go, we've been by the window for a while, and we're going back to play chess and cards with everyone."

After the matter was settled, Peter Thiel proposed to return to the living room.

He attaches great importance to Xia Jingxing, but pays more attention to the large group of brothers around him, because he is very clear about where his influence and even wealth opportunities come from.

"Wait, let's talk to you again."

Xia Jingxing called Peter Thiel to stop. He suddenly thought of one thing, since he had already reached a cooperation with Founders Fund, why not try to cooperate with Cleary Capital.

"Okay, tell me."

Peter Thiel stopped and looked at Xia Jingxing.

"Vision Capital recently planned to set up a hedge fund with a scale of 3 billion US dollars. The target is too big and it is not convenient for market operations.

As a fund of funds platform, we want to form a sub-fund with Cleary Capital, and both you and Cleary Capital can invest part of the money in it. "

This is a good way that Xia Jingxing thought of on the spur of the moment. Cleary Capital has a good historical return and a small reputation. It is very suitable to be the backer, and it can also withstand the media's various picks and magnifying glasses.

With Clary Capital in the front, it is enough to block most of the spotlights for Vision Capital.

During the subprime mortgage crisis, people will only remember the most profitable fund managers and fund companies, but they will not remember the LPs behind them, or they don’t even know who the LPs are.

The simple understanding is that Vision Capital, as an investor, handed over part of the 3 billion US dollars to Cleary Capital for management.

Peter Thiel was shocked, "You raised $3 billion?"

This is a very large number, which is equivalent to the achievement of Clary Capital's ten-year hard work.

Xia Jingxing said with a smile: "Yes, if you are interested, you can also invest three to five billion U.S. dollars. We can invest a maximum of 1.5 billion U.S. dollars in sub-funds."

He's not going to put all the $3 billion on Peter Thiel, that would be a bit of a cover-up.

In fact, as long as Clarion Capital forms the largest fund to short subprime mortgages, it is equivalent to sucking all the firepower away.

For the remaining 1.5 billion US dollars, Vision Capital will be split into several small funds and put on a vest at the same time, so it will not be so conspicuous.

Even if unsightly journalists or cooperative investment banks find clues and expose them maliciously, Vision Capital will still not earn as much as Clary Capital.

At this time, the SEC's supervision of hedge funds was very loose, and it did not require large hedge funds to disclose asset portfolios, leverage, risk issues, etc. every quarter, which provided a good cover for their actions.

Even registration has only been required in recent years. The previous hedge funds were completely driving without a license and going on a rampage.

In recent years, the scale of hedge funds in the United States has reached more than one trillion U.S. dollars, close to two trillion U.S. dollars, and this has officially entered the SEC's regulatory attention.

After all, the US financial industry is too developed, and hedge funds are only a small branch, which is not enough compared with banks, insurance, securities, etc.

In addition, Americans advocate financial freedom and financial innovation very much, otherwise there would not be so many financial bubbles.

Peter Thiel thought about it for a while, and couldn't figure out Xia Jingxing's intentions. Was this a vest from their company?

It seems unnecessary to borrow a vest. At this time, hedge fund supervision is very loose, and it is the same as if there is no supervision.

Could it be that you want to fool yourself into investing hundreds of millions of dollars?

Xia Jingxing's operation made Peter Thiel dizzy, and the more he thought about it, the more he felt confused.

At the same time, he always feels that there is a conspiracy. Vision Capital is not a fund of funds, and will send the funds raised out of good intentions?

Seeing Peter Thiel's suspicious face, Xia Jingxing knew that the sub-fund's explanation was not convincing enough.

So he said: "Actually, we want to compete with several major investment banks on Wall Street, but we are worried that their partnership will drive up product prices, or they will suddenly stop playing.

except you,

I also plan to find a few partners, so that everyone can spread their actions and reduce costs.

Of course, the sub-funds will send our people to manage them, just borrow your name.

You don't need to worry too much, you just need to cooperate with us to complete the necessary links.

At the same time, we pay you a 2% management fee every year, but the share is gone.

In fact, you don’t need to pay anything. Regardless of whether the fund’s performance is good or bad, you will keep your income regardless of drought or flood.

If the fund's performance is poor and the loss reaches a certain level, we will liquidate the fund in advance, and it will not have any bad impact on the overall reputation of Cleary Capital.

Subtracting our sub-fund, Cleary Capital's AUM is still US$3 billion. "

Peter Thiel nodded, in this case, it makes sense.

But a new problem came up again, what kind of opponent dared to bet a big bet of 3 billion US dollars.

Xia Jingxing thought about it. Although he would definitely not be able to hide it when the time came, he still had to hold back at this time. In case Peter Thiel suddenly had an epiphany, it might disrupt his family's deployment.

So he replied: "Currently the product is being conceived, and several investment banks have to be contacted further, and the fundraising work has just begun."

Peter Thiel knew it was an excuse as soon as he heard it, and he obviously didn't want to reveal too much.

He was a little displeased. Is this the attitude of entrusting others to do things?

Then he thought that after all, it involved a huge amount of 3 billion U.S. dollars, and he had a hedge fund, so it was normal for Dylan to be cautious.

In their line of work, the water is very deep, and no one would foolishly reveal their sincerity.

In fact, he is not uncommon to know about Darren's investment trends. In recent years, Cleary Capital's performance has been tens of percent or even doubled, which is a bit of arrogance.

Thinking of this, Peter Thiel's desire to know more about it faded away.

"Well, Darren, you design the product and raise funds first, and I will discuss it with my partners."

Xia Jingxing also realized that this was an excuse. Peter Thiel basically had the final say on Clary Capital, but the Founder Fund had several partners.

"Well, let's talk about it later!"

Xia Jingxing behaved very calmly, with a look of indifference.

He wasn't afraid that Peter Thiel would follow suit after he learned that he was shorting the property market, but he was afraid that this guy would run ahead of him and go short, causing his deployment to be disrupted.

In fact, there are not one or two institutions that fished in troubled waters in the subprime mortgage crisis, but countless ones.

And he has an advantage that others do not have, that is, he dares to increase leverage and try his best to short the housing market. This is the key factor that determines whether he can make big money or small money.

In addition, timing is also a key factor.

Xia Jingxing reckoned that if he jumped in right now, the net value of the fund might plummet.

Those who dare to persevere are warriors.

If Peter Thiel is willing to let them borrow the vest, then he is not shy about showing Peter Thiel his true intentions.

As for whether he dares to follow, how much he dares to follow, and how long he dares to follow, it all depends on Peter Thiel's personal wishes.

In fact, if Peter Thiel followed and made money at the same time, Clary would become more conspicuous and better cover the Vision Capital hiding behind.

If Peter Thiel won't let them borrow the vest, then he'll have to throw out the entire $3 billion and do whatever it takes to put on the vest.

But it is impossible to leave no clues, including bank fund flow records, employees, and the most unscrupulous investment banks, all of which may reveal flaws.

His idea is true or false, the best thing is to send Clary Capital to the altar, let everyone stare at this big fish, so as to ignore them, small fish and shrimps.