My Age of Investment

Chapter 834 S Fund

Under the guidance of the waiter, the guests present walked to another open space in the manor villa.

A simple stage was set up there, a huge display screen was hung on the stage, hundreds of chairs were placed under the stage, and there were lights all around, as bright as daytime.

A number of guests took their seats off the stage one after another, and Blankfein took the microphone onto the stage.

"Everyone, before the reception officially starts, let's finish the most important product introduction meeting first! The main reason is that some people will be drunk and confused later, and it is easy to miss important information.

In addition, the reason why today's reception is not arranged at the hotel, but at the manor on Long Island is also out of consideration of protecting everyone's privacy..."

The audience in the audience looked at the CEO of Goldman Sachs with a lot of smiles on the stage. They were all satisfied with the arrangement of today's reception. It was very private, and all the people present were from the same circle, and there were no idlers.

Because most of them have family members who work in the White House or in various states. Although politics and business are not separated, after all, we still have to put on a show and fool the bottom.

Xia Jingxing stood on the side of the stage, and glanced at Mack Jinheng who was standing beside him. The latter had a calm expression on his face, and he didn't have any dissatisfaction.

He entrusted Goldman Sachs and Morgan Stanley to host today's banquet, and the guests from all walks of life were also jointly invited by the two investment banks.

He maintains a good relationship with the two investment banks. Whenever there is a business, he will hand it over to the two companies.

But there was only one host today, and he handed over this temporary position to Blankfein, and he didn't know if the old man beside him would be unhappy.

"Vision Capital is going to raise a new fund. Goldman Sachs was entrusted by them and found everyone present..."

Hearing this, Mack's complexion was not very good, because Blankfein directly omitted them from Damo, and half of the customers in the audience were invited by Damo.

Xia Jingxing's expression was normal, he pretended not to hear, he would not meddle in other affairs and act as a peacemaker.

The two investment bank CEOs are actually friendly on the surface, and sometimes they will compete with each other.

This is actually quite good. It's not beautiful for the two of them to be friendly, and it's easy to work together to bargain with him.

Of course, if the two of them really dare to join forces to do trouble, he can also change partners at any time. A big client like him who holds a lot of business will be supported by investment banks wherever he goes.

"The staff of Goldman Sachs have already contacted you, and I believe you have a preliminary understanding of the new fund that Vision Capital will launch soon.

Now we have invited Vision Capital CEO Dai Lun, he will give you a more detailed and comprehensive product introduction,

At the same time, we will also answer your various questions. "

Under applause, Xia Jing walked onto the stage, took the microphone that Blankfein handed him, and the latter walked off the stage with a smile.

"Laurd, you really deserve to be the CEO of Goldman Sachs, and you are very Goldman Sachs-like in your actions."

Blankfein glanced at the mocking Mack and shrugged, "What's the matter? This is Daren's arrangement. Is there any problem?"

Although Mack was a little unhappy, he would not be caught in the trap. To alienate Xia Jingxing because of this matter would be equivalent to handing over the business to Goldman Sachs.

He forced a professional smirk at Blankfein: "I praise you for your opening remarks, but unfortunately there is no appearance fee, we still have to share the commission equally."

Blankfein smiled and said nothing. In fact, he didn't really expect his old opponent to catch him.

on stage.

Xia Jingxing looked at the blue-blooded aristocrats sitting under the stage, why suddenly he had a sense of déjà vu as in TV dramas where foreigners entertained compradors, but he became the foreigner who came to a foreign country to work hard.

"Everyone, let me first introduce the development history of Vision Capital and the operation of each fund..."

While talking, the big screen behind Xia Jingxing lit up, and he pointed to the PPT pictures one by one, and began to introduce them.

"Vision Capital was established in March 2004. After nearly three years of development, our fund products have covered a complete investment chain including seeds, angels, VC, PE, and secondary markets..."

"At present, the asset management scale of the fund has exceeded 10 billion US dollars, and the primary market and secondary market are 5 billion US dollars each..."

"Lixia, the earliest hedge fund we established, will end its duration and enter the liquidation period in a few months. You can take a look at its current operation."

As soon as Xia Jingxing finished speaking, a column chart appeared on the screen, with a short pier and a tall pillar in the picture.

The dwarf is marked with a number, 36.25 million US dollars;

The tall pillars are also marked with numbers, 1.868 billion US dollars;

The heights of the two pillars seem to differ by dozens of times, and they are actually correct, because there is also a detailed figure next to it——5153%.

Many people in the audience rubbed their eyes, thinking they were delusional.

But his eyes were almost swollen, and there was indeed no decimal point in the string of numbers.

Immediately there was an uproar in the audience, and one after another whispered.

"Please keep quiet!"

Xia Jingxing yelled, and the crowd gradually quieted down. Then he smiled and said, "Everyone is right. In less than three years, the rate of return is 51.53 times. This is the first fund of Vision Capital."

Someone in the audience asked suspiciously: "Daren, are you sure you did not make a mistake in the statistics? This number is too exaggerated, and it is difficult to be convincing."

The others didn't speak, but they all nodded in agreement, not very convinced that this rate of return could be achieved.

If this is true, Buffett is a younger brother to you!

"I can attest that all of this is true."

Mack stepped onto the stage with a smile on his face. He looked at the audience and said: "During the investment process, Lixia Fund has cooperated with Morgan Stanley in many ways and used financial leverage many times. We have detailed information internally. For the record, the data cannot be faked."

Hearing this, the audience finally believed it. Immediately, they felt terrified, and then couldn't help feeling a deep sense of envy for Lixia Fund's LP.

In less than three years, the return rate of 51 times means that if you invest one million US dollars, after deducting the profit sharing and management fees, you can get as much as 30 to 40 million US dollars.

Someone took a look at Xia Jingxing who was standing on the stage smiling, as if he felt that his whole body was shining, like a God of Wealth walking in the world.

Mack returned to the stage and gave Blankfein a look, feeling a little complacent, feeling that he had won a victory.

Blankfein ignored his old opponent, and he was seriously thinking about how the Lixia Fund's terrifying rate of return was achieved.

He soon deduced the truth. Some time ago, Vision Capital asked Goldman Sachs to borrow Apple's stock.

That investment alone has brought hundreds of millions of dollars in profits into the account.

However, Lixia Fund's current profit return of nearly two billion US dollars is definitely not just a big profit from Apple's investment, but should be a lot of money.

If the speculation is true, it would be a bit against the sky. It should be winning all the time, with almost no investment losses...

The more Blankfein thought about it, the more he felt that it was outrageous. He is not someone who has seen the world, but he is still the first hedge fund that started with tens of millions of dollars and grew dozens of times like a snowball in more than two years. See you next time.

Lixia Fund has more cooperation with Morgan Stanley, and Goldman Sachs has more cooperation with another hedge fund of Vision Capital, Xiaoman Fund managed by Jiang Ping.

Therefore, Blankfein's understanding of the Lixia Fund is relatively limited.

Now the old man has spied a part of the truth, and immediately became very interested in the Lixia Fund.

He looked at Mack with a smile, and said, "John, tell me, what targets did the Lixia Fund invest in? How many times did they leverage?"

Mack's full name is John Mike, transliterated or the Chinese like to call him Mack.

Mack took a look at Blankfein, not forgetting to retaliate, and said with a smile: "Sorry, Morgan Stanley is an investment bank that pays attention to brand reputation, and we will not disclose the privacy of our clients to the outside world."

Blankfein pursed his lips, Daeron doesn't mind, but you don't mind.

It’s fine if you don’t want to talk about it, I’ll find Daelen myself to inquire later.

Xia Jingxing was very satisfied with the audience's reactions and expressions. The Lixia Fund was the first fund of Envision Capital, and it was also the fund he planned to use to build the brand image.

Those LPs really made a lot of money by hugging their thighs, and this kind of opportunity may never come back in the future.

However, the myth of "buy a fund with one million dollars and earn 50 million dollars in three years" can be passed on to attract more LPs to invest in Vision Capital.

This is the same as "a thousand pieces of gold buys a horse bone".

In the Lixia Fund, he personally only holds 20% of the fund shares, and after counting the 20% excess income share, he can only get about 36% of the total profit.

As the size of the fund increases, the rate of return will also decrease. In fact, the rate of return of the Lixia Fund has not been as good as in January, but it just encountered a good opportunity to short Apple, and the rate of return suddenly increased.

Investment opportunities were fleeting. At that time, he had no time to mobilize the funds in his hands. In fact, he did not have any spare funds in his hands. He could only use the Lixia Fund to short Apple.

I did earn less money, but I gained fame and built a star hedge fund.

Looking at the fiery eyes in the audience, Xia Jingxing knew that a good opportunity for Envision Capital to expand had come.

"Next, in order to improve the industrial layout, Vision Capital plans to intervene in the private equity secondary market and create an S fund."

On the screen, a line of words fund appeared, referred to as S Fund, and translated into Chinese as Second-hand Share Transfer Fund.

The private equity secondary market is a market for purchasing corresponding private equity interests from existing limited partners (investors), and is composed of a large number of sellers, buyers, and intermediaries.

The "secondary market" referred to here is not the secondary market for traditional stock investment, but the secondary transfer market for private equity investment.

Some people in the audience frowned. Although they knew that Vision Capital would launch an S fund next, they always felt that it was not as attractive as a hedge fund.

Xia Jingxing seemed to know what this group of people were thinking, and said with a smile: "Everyone, Envision Capital only raised a new hedge fund last year, and has no plans to raise another hedge fund in the short term.

However, if we want to recruit in the future, we will give priority to old customers. "

Hearing this, someone finally relaxed his frowning brows.

"The size of Vision Capital's S Fund will be set at US$3 billion, and the investment portfolio will include the assets of the world's best unlisted Internet companies, such as Facebook and Youtube in the United States, Hainei and Ali in China, etc."

Xia Jingxing kept a faint smile on his face. This S fund was the bait he threw out to bind these powerful people and let everyone form a community of interests.

In the investment portfolio, in addition to American companies, he also deliberately selected Chinese companies in order to increase some countermeasures.

After the sweater war broke out, more than 50,000 American companies jointly signed a letter to the White House requesting the removal of tariffs because they have major economic interests in China.

If you are too distinct from the enemy army, you will be easily bombarded, and mixing with the enemy army is the best way to protect yourself.

Xia Jingxing pressed the PPT controller in his hand and released the financial reports of each company.

"Everyone can take a look at Facebook's financial report. It is estimated that around the middle of this year, Facebook will achieve full profitability, and then it will launch the IPO plan..."

"Youtube has a relatively large loss, but the growth rate of users is catching up with Facebook, and the potential is endless..."

"Ari is expected to go public this year, with a target market value of US$10 billion..."

"Needless to mention, Hainei.com is China's Facebook, completely copying Facebook's successful model..."

The audience in the audience looked at the pictures on the screen seriously and listened to Xia Jingxing's introduction.

The reason why they are here today is not only the strong recommendation of Goldman Sachs and Morgan Stanley, but also the assets of the world's best unlisted Internet companies are also an important factor that attracts them.

Xia Jingxing said with a smile: "Everyone here is rich and powerful, and many of them are famous families that have been passed down for hundreds of years.

If you want to achieve wealth preservation, appreciation and inheritance, global asset allocation is essential, because it can resist various risks such as financial crisis and industry decline. "

Most people in the audience are nodding, because that's what they do, they have allocated assets outside the United States, or invested in some industries. Foreigners actually understand the principle of the cunning rabbit and three caves.

Xia Jingxing said with a smile: "In addition, the few projects selected by this S fund basically have a clear IPO plan, and the exit channel is very smooth.

Furthermore, these Internet companies have not yet been listed, so there is a lot of room for investment appreciation. At the same time, these companies have grown and grown, and investment risks have been reduced to a minimum.

The success of Yahoo, Google, and Amazon is enough to prove to the outside world that investing in them at the unlisted stage is definitely a good business, because the rate of return can easily be tens or hundreds of times. "

Xia Jingxing noticed that everyone in the audience was staring at him intently. He didn't feel nervous, but his smile remained the same, and he planned to continue fooling around.

The investment portfolio he recommends today is of high quality and it is indeed high quality, but he has already bitten off the most delicious parts, leaving the rest as tasteless. If you are willing to wait for a long time, there may be some gains.

For example, Ari was very bullish when it went public in 2007, but its stock price plummeted, and it fell below the issue price when it was delisted.

Facebook’s valuation has reached as high as 25 billion U.S. dollars. If it can reach a market value of 100 billion U.S. dollars when it goes public, it will have a 4-fold return, which is quite ideal.

Oil pipes are destined to lose money for a long time, and most people can't afford them.

Xia Jingxing is also not very optimistic about the future of Haineiwang. If he follows the path of Renren.com, he is doomed to be another pitfall.

However, these investments are all combined in one portfolio, each has its own profit and loss, and even if the rate of return is not high, it will not cause a loss.

If he really made a loss and offended these powerful people, he would probably hate him to death.

For the time being, he doesn't dare to be so black-handed. He needs to unite more American compradors and use these people to protect himself. At the same time, he can gain some convenience by digging corners of capitalism in the United States.

After all, everyone is a community of interests, and providing convenience for him is providing convenience for the investment of the rich and powerful.

"The situation of the S Fund is roughly like this. If you have any questions, you can ask them now, and I will answer them one by one."

Xia Jingxing looked at the audience, he guessed that these people must have a lot of problems, after all, they have to invest a lot of money, except for some business families, the general political families really don't have much money.

Because the threshold set by the S Fund is not low, the investment should start from at least US$5 million.

Civil servants like Ao Guanhai with thin blue blood who are only middle class really can't afford so much money.

It was only after he became the general later that Ao Guanhai transformed from a middle-class man who struggled to repay his college loans to a rich man who spent tens of millions of dollars to buy a seaside resort.

The annual salary of the President of the United States is only 200,000 US dollars. Many people questioned that Ao Guanhai made a lot of money in his tenure.

Xia Jingxing had just finished speaking when someone stood up and said, "Dai Lun, there are two types of S funds: one type of transaction target is the fund shares held by private equity fund investors;

Another type of transaction target is the equity of the target company that the private equity fund has invested in, including ordinary shares, preferred shares, convertible bonds, shareholder loans, etc.

I don't know which category the S fund of Vision Capital belongs to? "

"The first category is to buy fund shares." Xia Jingxing replied quickly. He had already made up his mind that he would not sell equity, but only sell fund shares. In this way, the fund-of-funds would make Vision Capital's LP as complicated as possible.

Originally, only hedge funds in Vision Capital had external LPs. With the establishment of the S Fund, VC and PE funds will also start to have external LPs.

In the future, Vision Capital will no longer be special, nor will it be a semi-asset management and semi-family office, but will become a complete asset management company.

Only by making the ingredients more complicated will it be easier for Vision Capital to make troubles, otherwise it will be easy to be hit.

"S Fund is the buyer, so who is the seller?" Someone asked Xia Jingxing again.

"Another PE fund of Vision Capital." Xia Jingxing didn't hide it, and he couldn't hide it.

There was an uproar in the audience, which is a bit abnormal!

Take the operation mode of the S Fund as an example.

A few years ago, Li Lei invested in Vision Capital, a private equity fund, and became the limited partner LP of the fund.

Recently, Li Lei's company has a tight cash flow and is in urgent need of capital turnover.

Li Lei can't wait for the listing of Ali, a company invested by Vision Capital, and he hopes to sell his private equity fund shares as soon as possible to withdraw funds.

Han Meimei is the manager of Xianyu Fund. The fund she manages specializes in acquiring private equity fund shares from other investors.

So Li Lei approached Han Meimei, and the two hit it off immediately. Li Lei sold all the fund shares he held to Xianyu Fund, and Xianyu Fund gave the corresponding money to Li Lei.

Then, Xianyu Fund replaced Li Lei as the new limited partner of Vision Capital.

Xianyu Fund, managed by Han Meimei, specializes in buying shares of alternative asset funds from other investors. This is the S Fund, which buys and sells second-hand goods.

The emergence of S funds has alleviated the liquidity problem of private equity funds.

LPs are short of money, and when the duration of the fund expires and they are eager to withdraw from a certain project, they can find S Fund to take over the offer, without waiting for the investment project to be listed or the duration of the fund to end.

But Xia Jingxing didn't have these problems, he created the S Fund to take over his business.

It's just a little weird that the general buyer and seller are two independent companies.

After the audience quieted down, Xia Jingxing explained: "The equity of each Internet company held by that PE fund is owned by another group of LPs.

The S fund that Envision Cost will establish right now is owned by the LPs present here.

These are two different batches of LPs, why can't they be traded?

Of course, I am also one of the LPs of PE funds.

As a sensitive person, I will avoid it.

At the same time, the entire transaction process will hire Goldman Sachs and Morgan Stanley as financial advisors, and will also hire an independent third party to conduct audits, which will be absolutely open and transparent. "

Hearing this, the audience in the audience turned pale, and almost mistakenly thought that Dai Lun Xia had fooled them for fools.

Then a new problem comes again. It seems that the fund-in-fund is suspected of charging multiple times?