Insurance PE Starts A Slow Progress One Year
In September last year, the China Insurance Regulatory Commission issued the "
Insurance
The Interim Measures for capital investment equity "(hereinafter referred to as" Interim Measures ") formally release insurance funds to participate in private equity financing of unlisted enterprises.
However, after a year after regulators released investment in insurance funds, venture capital came in with huge amounts of money, but the progress was not smooth enough for PE.
Statistics show that as of the end of 2010, the total assets of the insurance industry will exceed 5 trillion yuan. According to the requirements of 5% of the total assets of the company at the end of last quarter, the insurance fund's investment in PE will exceed 250 billion yuan.
In a rough calculation, only one Chinese life group can invest PE funds up to 88 billion 800 million yuan, and the scale of investment for Ping An, Tai Bao and PICC is over 20 billion yuan.
The huge scale of funds is exhilarating. However, for most of the insurance funds, because of the harsh investment standards and other reasons, it is hard to get rid of the huge sum of money, but even the problem of "no rice under the pot".
The Interim Measures provide detailed rules for insurance companies' investment strategies.
Due to the consideration of risk prevention and control and guaranteed return, the equity of direct investment in unlisted companies is clearly defined.
Finance
Enterprises and the insurance business related to pension, medical, automotive services and other enterprises.
Under strict supervision and risk control, insurance companies are highly consistent in their direct investment strategies, and tend to mature businesses in consumer goods, infrastructure construction, energy, manufacturing, medical and other industries. Investment patterns are mostly pre IPO or merger related investments.
In the field of indirect investment, that is, the investment of PE fund, the insurance fund is very rare.
For insurance companies to invest in the PE fund, the Interim Measures are quite strict. They not only define the rigid indicators such as the registered capital of the fund management company and the balance of management funds, but also explicitly require that they should not invest in venture capital or venture capital funds, nor invest in the establishment or equity participation of investment institutions.
According to this criterion, there are few funds available to insurance companies in the domestic PE market.
According to ChinaVenture's investment group statistics, only China Life Group and Ping An group have invested two funds respectively, all of which are industrial funds with government background.
At present, there is no pure market PE fund can get the favor of insurance companies.
Chen Shiyou, managing director of CIC's direct investment department, appealed to open insurance companies to invest in PE.
"Although the relevant regulations have been introduced last year, the relevant implementation details and procedures have not yet been solved. In fact, there is also demand for asset allocation in China, like foreign insurance companies, and insurance companies are also calling on the CIRC to make policies faster."
In addition, the lack of professionals and teams has always been one of the main bottlenecks hindering the participation of insurance companies in PE investment.
Ping An and Guo Shi have already set up a special equity investment platform under the banner, but other insurance companies are mostly using Asset Management Co as a platform to form an equity investment team.
ChinaVenture Group believes that after one year of opening the gate, insurance funds will be available.
PE
Investment progress is still relatively slow, mainly due to the uncertainty of regulatory policy.
It is understood that before the insurance company's equity investment must be "one matter, one discussion", one by one submitted to the CIRC for approval and record, resulting in investment efficiency has been greatly affected.
The investment of insurance funds has been limited for one year. At present, the impact on the PE market is limited.
According to ChinaVenture's analysis, but because of its direct investment and indirect investment, there are still many restrictions on the industry and scale. Therefore, it has no substantive impact on the competition pattern of the domestic PE industry.
However, ChinaVenture group also pointed out that, with reference to the trend of policy supervision of securities companies participating in PE investment in recent years, the pace of insurance funds' participation in PE is gradually accelerating, and it is possible to release insurance companies for PE fund collection in the next 2 to 3 years.
Whether the huge insurance capital will occupy a place in the domestic PE industry will depend on the marketization factors such as the decision-making mechanism, investment efficiency, wind control level and team motivation.
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