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Private Equity Funds Means to Exit the Localization of Research

Author: ZhangJingNa
Tutor: ShiHuiRong
School: Southwest University of Political Science
Course: Civil and Commercial Law
Keywords: Private equity investment fund Exit Approaches Feasibility
CLC: F832.51
Type: Master's thesis
Year: 2011
Downloads: 190
Quote: 0
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Abstract

The ideal mode of operation of private equity funds: some extremely wealthy individuals or group does not open a lot of capital by way of equity injection into the enterprise or company in an unlisted but its very promising, auxiliary or promote its development, after its successful listing of the equity they have sold in the secondary market again after the recovery of capital looking for investment objectives. Although this is only exit way to a private equity fund investors, but also be able to fully shows aimed at cost recovery while investors get a certain amount of revenue. That being the case, a private equity investment fund investors before the injection of funds to the investment objectives, must consider the best way to target when the company is expected to reach bilateral investment agreement of its own capital recovery, as well as the target company has not reached a bilateral investment agreement expected, how to be able to play it safe. This involves the exit channels for private equity investment funds. From a macro point of view, there are four international private equity investment fund exit practice: publicly traded, mergers and acquisitions, management buy-back, bankruptcy and liquidation; its exit ways from a micro perspective is reflected in the terms of the investment contract signed by both parties , such as foreclosure, hosting, pledges of shares, voting rights proxy. Although private equity investment funds in China, you need to run on the level of Chinese laws, regulations and policies, in accordance with China's national conditions, but based on the international mobility of capital, the international background of the large international private equity fund investors, private equity funds the international still need to follow the basic rules of the game. So, when we discuss the private equity funds to exit routes localization must be closely linked international factors. The innovation of this paper is that the whole story of the investigation of private equity funds to exit pathway throughout the entire investment process, covering the early exploratory phase of the investors in the target company qualified investment conditions on the substance of the negotiations stage and the exit stage investment is completed . Investors, without exception, no matter at what stage will ensure that they can secure exit the target company in the future as the center of gravity. In addition to the introduction and conclusion, the private equity investment fund exit localization study is divided into six parts. First of all, the first part through the introduction of a general theory of the private equity investment fund, making the reader can clear positioning of private equity investment fund in this article; Secondly, the second part of its localization in China on the development status of the private equity investment fund inevitability, and thus perfect the importance of the local exit mechanism, ultimately pointing to the significance of this study; Furthermore, the third part through the macro and micro analysis of the rules of the game in the international private equity exit pathways to guide the fourth part of the international After the passage exit pathways of local Chinese Feasibility analysis and demonstration; fifth part of private equity investment fund local development limitations dig out private equity funds need to consider the problem of localization; Finally, the sixth part of the private equity investment fund localization made little suggestions to the exit of private equity investment funds practice development pathway localization helpful.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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