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hong kong wholesale gold jewelry stores From a narrow perspective, analysis of different points, the main difference between Angel Investment (Angel), VC (Venture Capital) and PE (Private Equity) is the different stage of investment intervention.
(1) Angel investment mainly invests in early startups;
(2) VC investment in mid -term high -speed development startups;
(3) mature enterprises that are about to be listed or merged.
can be said to be the disk of VC's investment in angels, PE connected to VC disks, and IPO (listing) to pick up the PE disk.
The differences in the investment phase determine the different characteristics of them:
1. Investment strategy
(1) Angel investment investment is mainly regarded as people, and the founders largely determine the quality of the project. Early projects are often just an IDEA, which cannot be fully relying on the actual operation to test the accuracy of the business model. Angel investors can only judge based on the degree of reliability of the founder and the understanding of the industry. I often hear a angel investment big man and entrepreneur talked for 3 hours. The last table said, "You are reliable, I invested this project!" Although it is exaggerated, "knowledge" is indeed an angel investor. A very important consideration in decision -making.
Angel investment amount generally ranges from hundreds of thousands to millions. The specific quota needs to invest in proportion according to the project valuation of the project negotiated by the investors and the founder.
(2) VC investment requires a comprehensive consideration of the project founding team and business data. Since the project of the VC stage is operated for a period of time after getting an angel investment, it can be partially verified through the operating data. At this time VC investors will make final investment decisions based on industry analysis, competitive advantages and barriers, founding team matching, business data, and upstream and downstream industries.
The investment amount ranges from one million to hundreds of millions.
(3) PE investment facing mature companies and mature markets has higher requirements for investors' industry resources. In terms of investment strategies, companies that have the potential to be listed or have the possibility of mergers and acquisitions are often found based on industry analysis. After successful entry, with the resource advantages of PE companies, they support the listing or acquired by the investing enterprise to achieve withdrawal and obtain high returns.
The investment amount started tens of millions, as most as billions.
2, source of funds
Angel investment was initially some high -net -worth individuals, such as Xu Xiaoping, Lei Jun, and Cai Wensheng, who were active in the industry very early. Driven by the atmosphere of "mass entrepreneurship and innovation" in recent years, a large number of angel investment funds have emerged, and the market has gradually improved. Gradually, there are also large VCs and PE funds involved in the investment stage of angels.
VC and PE have a long development time, rich sources of funds, high net worth individuals, professional risk funds, leverage mergers and acquisitions funds, strategic investors, pension funds, insurance companies.
The operating model of the Domestic Fund in Domestic Fund adopts a partnership, which is composed of GP and LP. GP (General Partner) is responsible for fund operation and investment decision -making to earn management fees and small parts. Fund management decisions, but enjoy most of the fund's benefits.
3, risk and return
Angel investment is undoubtedly the highest "return of a single project". Early project valuations are low. Once the project becomes a unicorn, a hundred and thousands of times can be realized. If the project does not have 5 times or 10 times the return in the case, it is embarrassed to take it out to say to his peers. But the corresponding risk is also very high. For example, angel investors invested 10 projects a year, and 9 of them were out of return. They only made a hundred times the income from the successful project to make up for 9 losses. This situation also occurred from time to time.
VC and PE investment As the company's valuation continues to rise, the lower the return of a single item, and the probability of successful investment is much higher than the angel investment.
PS: Let's talk about their similarities. From a broad perspective, angel investment, VC and PE are all private equity investment (English expression is also Private Equity)
) "There are two meanings:
(1) The way to prepare funds must be raised non -public. Because private equity investment risks are quite large and the capital recovery period is long, it has very high requirements for investors' capital strength and risk tolerance ability, so we cannot publicize it to ordinary people.
(2) Investment assets are non -publicly issued company equity. Through the high -speed growth of the target company, it earns high returns to equity value -added.
From the perspective of the entire financial market, private equity investment is only a form of "alternative investment ()", and it can also be understood as non -mainstream investment. According to data from the Securities Investment Fund Industry Association, as of the end of April 2017, there were more than 21,000 private equity
semi precious stones jewelry wholesale Angel (Angel) is a form of equity capital investment. It refers to the original project or small startup with rich personal capital to assist with special technology or unique concepts to conduct a one -time investment in one -time. Venture Capital is referred to as VC, which is actually more appropriate to translate it into a venture capital investment. According to the definition of the United States National Investment Association, venture capital is a kind of equity capital among the emerging, rapidly developing and rapidly competitive potential companies invested by professional financialists. PE investment is Private Equity, referred to as PE. Domestic translation of PE into a narrow equity investment, that is, "private equity investment" refers to an investment method that invests in non -listed equity or listed companies' non -public transaction equity.
The projects in the seed period often have only one IDEA and initial team (some only one or two founders). Can IDEA be converted into a Make Sense's Business? For a period of attempt, various assumptions behind the IDEA verify the real feasible direction. In the process, the direction and content of the project may face adjustment at any time, and the project has no history, the second lack of continuity. The only stable and the reference for investors is the team (and it is mainly founder), so the seedling period Investment is mainly regarded as people. People are extremely complicated. If you want to judge a person, you must understand him and deal with him. Because this process depends on a lot of experience and intuition, it is difficult to analyze rational analysis. Therefore, it is generally individual investors to perform this task and make this decision. This is also the origin of the title of "Angel". In addition, because the amount of funds required for attempts and exploration is generally not too much, individual investors can afford it, and the earlier the project, the greater the risk, so the amount of angel investment is generally less Essence
The growth period does not seem to be recognized. My personal understanding is that when a project has experienced the exploration of the seed period and explored a large feasibility path, it enters the growth stage. It can be said that the seedling period is to talk about the soldiers on the paper, and the growth period has been practiced, and I see hope from the market response. After the enterprise enters the growth period, the strategy is basically formed, and it is ready to invest in resources (of which funds are key resources) to achieve this strategy. At this time, it can be counted as VC. Therefore, VC is an investment that supports enterprises to implement strategy after the initial formation of corporate strategy. At this time, the company has just achieved some achievements in the market, or has seen some successful signs, but the company's own resources are not enough to support it and need to introduce external resources. For investors, the critical assumptions implied by the corporate strategy have been verified through the market. At this time, the project can be rationally analyzed and can be relatively accurate to evaluate the risks facing. This is the basis of institutional investment, that is, the actual investor can entrust professional investors to operate and supervise investors, thereby generating entrustment -agency relationships in the investment field; on the other hand, enterprises need to need at this stage to need The amount of funds is relatively large. If it is invested by individual investors, it will be difficult to disperse risks, so the institutionalization of investment will also become inevitable. Therefore, VC generally implements an institutional operation in a fund, and the investment is generally tens of millions.
usually means that PE refers to the funds of the mature project. At this time, the enterprise has achieved a certain degree of success in the market. Through stable operations, the enterprise has been able to sustain economic resources through the market, and has achieved a certain market position. In the short term, it will no longer face the problem of survival. At this time, the demand for corporate financing is relatively diversified. Some are to regulate listing, some are to implement mergers and acquisitions for industrial integration, and some may be extended business lines. But they all have a common feature, that is, the purpose of enterprises to make PE financing is to go to higher steps. For investors, at this time, the enterprise itself has more economic resources. Although the amount of investment is generally large (the enterprise can be resolved by its own accumulation or bank loan), it can be resolved by itself). It can lock the risk of investment within a certain range, so the risk is more controllable. PE investors expect higher returns in a short time. On the other hand, at this time, the enterprise is "not bad money" in a sense, and financing is often focused on long -term strategy or industrial resource integration. Therefore, investors will require investors not only to pay for money, but also have a certain industrial background or other resources. , To assist companies to successfully complete their goals. If the angel is fighting, VC is judging, then PE is the resources.
The last supplement is that although the nature of Angel/VC/PE has just been distinguished, in practice, there is no strict boundary between the three. Especially in the domestic VC, many of them do PE work. Of course, with the increase of funds and competition and the development of the capital market in recent years, the environment of early domestic project financing has been rapidly improving, and the degree of professionalism of various types of funds is also increasing.
wholesale gold body jewelry Broad PE (Private Equity Investment Fund) includes VC (venture capital). Narrow PE does not include VC. Investment of narrow PE will appear after VC withdraw from the entrepreneurial period of the enterprise and invest in enterprises that are invested in the Pre-IPO period (that is, before the listing). The investment scale is larger, more stable, and the stock price is higher; while VC's investment scale, high risk, uncertain factors, and cheaper equity are cheaper.
and VC and angel investment are the following differences:
The investment amount is different. The investment amount of VC is more than 10 million yuan, and there are also several joint investment of hundreds of millions of yuan; and the amount of angel investment ranges between hundreds of thousands and millions. Essence
different investment phases. Angel investment refers to the first batch of investors of the enterprise. It is a disposable early investment. The invested enterprise has not yet matured business plans, teams, and business models; VC investment is that companies with more mature business plans and profit models already have relatively mature business plans and profit models. Essence
The intervention method is different. VC generally does not participate in company management after providing investment funds, so the requirements for the business team of the enterprise are also high. In addition to providing funds, angel investment will also participate in corporate management, and how to create enterprises will provide more experience and methods.
above is the conceptual VC, PE and angel investment. However, in the actual financial trading market, because the PE business and VC projects have taken each other's domains, the distinction between the two has become increasingly blurred. Many research experts published papers to achieve VC and PE tables to VC/PE.
wholesale jewelry display cases From a narrow perspective, the main difference between angel investment, VC and PE is the different stage of investment intervention.
(1) Angel investment mainly invests in early startups;
(2) VC investment in mid -term high -speed development startups;
(3) mature enterprises that are about to be listed or merged.
can be said to be the disk of VC's investment in angels, PE connected to VC disks, and IPO (listing) to pick up the PE disk.
watch faces for jewelry making wholesale Risk investment funds, also known as entrepreneurial funds, are a new type of investment institution in the world today. It absorbs the funds of institutions and individuals in a certain way, and invests in small and medium -sized enterprises and emerging enterprises, especially high -tech enterprises that do not have listed qualifications.
private equity (referred to as "PE") in China is usually called private equity investment. From the perspective of investment methods, according to foreign -related research institutions, it refers Investment, in the process of transaction implementation, has attached a future withdrawal mechanism, that is, through the methods of listing, mergers and acquisitions, or management repurchase, the sale of shares is profitable.
Angel investment is a form of equity capital investment. This word stems from Broadway in New York and was first used in the United States in 1978. Refers to people with a certain amount of net wealth and early direct investment in startups with great development potential. It is a spontaneous and decentralized folk investment. These investors are called "investment angels". Capital used for investment is called "angel capital".