2021-10-26-普华永道-中国私募股权基金调研报告2021_运营管理篇_36页_2mb

报告摘要

China Private Equity Fund Research Report 2021: Operations Management

Introduction

The report examines China's private equity and venture capital industry, which reached 12.6 trillion RMB in scale by July 2021. It faces challenges from global complexity, economic uncertainty, and stricter regulations, driving a focus on internal operational enhancements. A survey of 66 leading firms covered governance, personnel, operations, valuation, fees, and investor reporting.

Key Findings

Fund Governance

Investment Committees (IC) and Limited Partner Advisory Committees (LPAC) are common, with LPAC providing governance input on critical issues. About 30% of firms use specialized committees like risk control or valuation.
Most decisions involve GP-appointed or LP-participated members, emphasizing independence for ICs in 64% of cases.

Personnel and Organization

Investment teams dominate, comprising ~57% of staff, with some companies (20%) having higher back-office personnel. Average staff per 10 billion RMB AUM is around 4.7 people.
Digital tools and outsourcing for back-office functions are growing trends.

Operations and Technology

Over 70% use investment management systems, mostly custom-built (45%). AI and data integration aim to improve efficiency, with outsourcing expected to rise.

Valuation

Primarily internal, but 27% engage third parties for better control. Methods include reference pricing (most preferred), market multiples, and DCF; valuation accuracy depends on company stage and data availability.