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Block chain private fund allocation
Publish: 2021-05-04 22:07:25
1. There is a premium in China, about 120000 today. Yes, bitcoin is 120000. Many people in the instry all over the world predict that bitcoin will reach 100000 US dollars by the end of 2018! We'll see.
2. The right of this article has been authenticated through blockchain technology, and any form of adaptation and ing is prohibited. Violators will be investigated for legal responsibility "
speaking of China and Japan, they have a deep origin. In the Tang Dynasty of China, there were very frequent exchanges between the two countries. There is also a saying that the Japanese were born by Xu Fu, who was sent by Qin Shihuang to look for the elixir of immortality, and 100 boys and girls. Of course, this has not been confirmed. But it is undeniable that Japanese characters are deeply influenced by China. In fact, it is formed by the evolution of Chinese characters. Some of them have the same pronunciation and usage as Chinese characters. Not only that, but also some Japanese surnames are related to China
there are many surnames in our country, and three of them are often misunderstood as Japanese surnames. Those are the three surnames of Dongye, Duanmu and Xinyuan. But it's not the case. It's an ancient surname in China 3000 years ago. About the history of these three surnames, listen to Xiaobian slowly. Since the three emperors and five emperors, many tribes in China have their own surnames, but there were no characters at that time. Surnames were represented by graphics, also known as "surname totem". In the Shang and Zhou dynasties, there were oracle bone inscriptions. Surnames have also been changed from pictorial expression to written expression. But the surname he was two things in ancient times. The relationship between them is very complicated, so I will not introce it here
surnames have existed since ancient times, but surnames are not. From the records of literature, we can know that most of the surnames were named after their own fiefdoms. This is true of Dongye, Duanmu and Xinyuan. It is said that these three surnames were the place names of the Central Plains ring the spring and Autumn period and the Warring States period, and the emperor of Zhou granted them to various vassals. Those who have been assigned land are proud of it and take it as their surname. Unfortunately, there are such surnames in Japan thousands of years later
for example, Dongye. When you mention it, you will think of the famous Japanese novelist. However, the surname Dongye originated from the descendants of the state of Lu and is mainly distributed in Shandong. Another example is shingaki. Many people who like to watch Japanese dramas should know that there is a Japanese national goddess named shingaki. According to the known information, shingaki should be the name of a city in the state of Wei. Duanmu's status may be a little better, because there was a Chinese surnamed Duanmu in a TV play a few years ago, and the original name of Confucius disciple Zigong was "anmuzi". But in fact, these three surnames are all the surnames of our own country. Please don't make a mistake.
speaking of China and Japan, they have a deep origin. In the Tang Dynasty of China, there were very frequent exchanges between the two countries. There is also a saying that the Japanese were born by Xu Fu, who was sent by Qin Shihuang to look for the elixir of immortality, and 100 boys and girls. Of course, this has not been confirmed. But it is undeniable that Japanese characters are deeply influenced by China. In fact, it is formed by the evolution of Chinese characters. Some of them have the same pronunciation and usage as Chinese characters. Not only that, but also some Japanese surnames are related to China
there are many surnames in our country, and three of them are often misunderstood as Japanese surnames. Those are the three surnames of Dongye, Duanmu and Xinyuan. But it's not the case. It's an ancient surname in China 3000 years ago. About the history of these three surnames, listen to Xiaobian slowly. Since the three emperors and five emperors, many tribes in China have their own surnames, but there were no characters at that time. Surnames were represented by graphics, also known as "surname totem". In the Shang and Zhou dynasties, there were oracle bone inscriptions. Surnames have also been changed from pictorial expression to written expression. But the surname he was two things in ancient times. The relationship between them is very complicated, so I will not introce it here
surnames have existed since ancient times, but surnames are not. From the records of literature, we can know that most of the surnames were named after their own fiefdoms. This is true of Dongye, Duanmu and Xinyuan. It is said that these three surnames were the place names of the Central Plains ring the spring and Autumn period and the Warring States period, and the emperor of Zhou granted them to various vassals. Those who have been assigned land are proud of it and take it as their surname. Unfortunately, there are such surnames in Japan thousands of years later
for example, Dongye. When you mention it, you will think of the famous Japanese novelist. However, the surname Dongye originated from the descendants of the state of Lu and is mainly distributed in Shandong. Another example is shingaki. Many people who like to watch Japanese dramas should know that there is a Japanese national goddess named shingaki. According to the known information, shingaki should be the name of a city in the state of Wei. Duanmu's status may be a little better, because there was a Chinese surnamed Duanmu in a TV play a few years ago, and the original name of Confucius disciple Zigong was "anmuzi". But in fact, these three surnames are all the surnames of our own country. Please don't make a mistake.
3. The profit distribution mode of private investment fund is different according to the fund mode. Traditional buyout funds, hedge funds, debt funds and other funds have different ways to obtain profits, resulting in different ways and order of profit distribution. There are two basic profit distribution models in traditional M & a funds, all capital first and deal by deal. This paper focuses on the principal priority return mode (also known as European distribution waterfall), which is a mode of fund profit distribution to ensure that the profit distribution between GP and LP can be carried out only after the investment principal of LP is recovered. Because this kind of distribution mode is beneficial to LP, LP favors this kind of distribution mode very much
under the principal priority return mode, the fund does not distribute the profits of a single project, but calculates the profits of all projects in a unified way. The specific distribution order of fund profits is as follows:
1. The return of the fund is first returned to LP to pay off all its principal contributions (including investment in the project, management fee and other expenses)
2. If the internal return rate of the fund does not exceed the preferred return rate, the GP will not receive any carry interest. After the return of all the principal of the LP, the remaining part of the fund's profit will be distributed to all partners according to the proportion of capital contribution. The preferred rate of return is the rate of return that the fund GP promises to investors when the fund is established. The practice in the U.S. fund instry is that the preferred return is usually a compound annual rate of 8%. It is worth mentioning that, unlike China, the U.S. is a country with a very low basic interest rate. If the IRR of the fund is higher than the preferred return, the investor will get the preferred return based on the total principal
3. After investors get preferential return, GP will get 20% commission income from LP preferential return through GP catch up clause
4. All the remaining fund profits are distributed between GP and LP in the proportion of 20% and 80%
another basic mode of profit distribution of private investment fund is the "deal by deal" mode, which means that every time the fund withdraws from an investment project, the investment income of the project will be distributed between GP and LP.
under the principal priority return mode, the fund does not distribute the profits of a single project, but calculates the profits of all projects in a unified way. The specific distribution order of fund profits is as follows:
1. The return of the fund is first returned to LP to pay off all its principal contributions (including investment in the project, management fee and other expenses)
2. If the internal return rate of the fund does not exceed the preferred return rate, the GP will not receive any carry interest. After the return of all the principal of the LP, the remaining part of the fund's profit will be distributed to all partners according to the proportion of capital contribution. The preferred rate of return is the rate of return that the fund GP promises to investors when the fund is established. The practice in the U.S. fund instry is that the preferred return is usually a compound annual rate of 8%. It is worth mentioning that, unlike China, the U.S. is a country with a very low basic interest rate. If the IRR of the fund is higher than the preferred return, the investor will get the preferred return based on the total principal
3. After investors get preferential return, GP will get 20% commission income from LP preferential return through GP catch up clause
4. All the remaining fund profits are distributed between GP and LP in the proportion of 20% and 80%
another basic mode of profit distribution of private investment fund is the "deal by deal" mode, which means that every time the fund withdraws from an investment project, the investment income of the project will be distributed between GP and LP.
4. For the investors of private equity fund, after the fund gains income, decting the necessary cost tax (fund manager's management fee, bank custody fee, intermediary agency fee, business tax, etc.), what they get is the net income of the fund. According to the general practice, 20% of the net income is withdrawn by the fund management, which is called performance reward, There are also floating management fees (annual management fees are called fixed management fees), and the remaining 80% are distributed by all investors in proportion. If it is a limited partnership PE fund, the partnership does not need to pay income tax. The general partner's tax is based on the tax payment method of indivial businesses, that is, the cumulative tax system of 5% - 35%, Limited partners are generally charged at a 20% tax rate
fundamentally, private equity investment funds or sunshine private equity can not promise the rate of return according to the regulations, and the risk is borne by the investors themselves, so we should carefully choose the management team and the past performance of the team when choosing
fundamentally, private equity investment funds or sunshine private equity can not promise the rate of return according to the regulations, and the risk is borne by the investors themselves, so we should carefully choose the management team and the past performance of the team when choosing
5. The profit distribution mode of private investment fund belongs to the major economic terms of the fund, and the fund concentration is one of the most concerned issues of investors. The distribution order of private investment fund's profit in English is commonly known as distribution waterfall, which represents the sequence of the fund's interest flow. People in the non fund instry are often confused when they hear this term
the profit distribution mode of private investment fund varies according to the fund mode. Traditional buyout funds, hedge funds, debt funds and other funds have different ways to obtain profits, resulting in different ways and order of profit distribution. There are two basic profit distribution models in traditional M & a funds, all capital first and deal by deal. This paper focuses on the principal priority return mode (also known as European distribution waterfall), which is a mode of fund profit distribution to ensure that the profit distribution between GP and LP can be carried out only after the investment principal of LP is recovered. Because this kind of distribution mode is beneficial to LP, LP favors this kind of distribution mode very much
under the principal priority return mode, the fund does not distribute the profits of a single project, but calculates the profits of all projects in a unified way. The specific distribution order of fund profits is as follows:
1. The return of the fund is first returned to LP to pay off all its principal contributions (including investment in the project, management fee and other expenses)
2. If the internal return rate of the fund does not exceed the preferred return rate, the GP will not receive any carry interest. After the return of all the principal of the LP, the remaining part of the fund's profit will be distributed to all partners according to the proportion of capital contribution. The preferred rate of return is the rate of return that the fund GP promises to investors when the fund is established. The practice in the U.S. fund instry is that the preferred return is usually a compound annual rate of 8%. It is worth mentioning that, unlike China, the U.S. is a country with a very low basic interest rate. If the IRR of the fund is higher than the preferred return, the investor will get the preferred return based on the total principal
3. After the investors get the preferential return, GP will get 20% of the commission income from the LP preferential return through GP catch up
4. All the remaining fund profits are distributed between GP and LP in the proportion of 20% and 80%
another basic mode of profit distribution of private investment fund is the "deal by deal" mode, which means that every time the fund withdraws from an investment project, the investment income of the project will be distributed between GP and LP
this allocation model is more advantageous to fund managers than all capital first. Most of the investment funds in the United States use the project allocation model, so this model is also commonly known as American Waterfall (relative to the European waterfall of the principal priority return model). However, with the deterioration of the market environment in recent years, this mode of income distribution has been challenged. According to the private equity principles issued by the institutional Limited Partners Association (ILPA), the best fund profit distribution mode is the principal priority return mode. This principle provides a strong basis for institutional investors to negotiate with GP. In addition, e to the market environment, fund raising is becoming more and more difficult. When fund managers face institutional investors, their bargaining power is not as good as before, and they have to listen to LP's opinions on many economic terms, including fund income distribution mode
there are different ways to allocate by project. The strict distribution mode by project is that GP calculates the profit and loss of each project separately. Once LP recovers the capital contribution and preferential return of a project, GP can collect commission income. Suppose that the fund invests in five projects at the same time. When one project gains, GP can collect commission income, regardless of whether other projects are losing money. In this mode, GP will lose the motivation to dispose of loss items
another common allocation mode is to calculate all realized profits and losses of the fund. In the first mock exam, the proceeds of the fund are used to repay the capital contribution and priority return of LP in all realized investments projects. If there is a loss in a project, the next profit item needs to fill the loss first, then calculate the possible prior return and the royalty income of GP.
compared with the principal priority return mode, the advantage of project based allocation mode is obvious for GP, which will get carried interest earlier. However, depending on the profit and loss of the fund's investment projects, this method may make GP get more commission income than the agreed proportion of commission income. Therefore, when the fund is dissolved, it is necessary to calculate the overall profit of all projects of the fund to judge whether the commission income actually received by GP exceeds its e commission income. For investors, the risk of the project allocation model is that GP may not be willing to return the extra commission income to the fund for various reasons. Investors can use GP clawback mechanism in fund legal documents to make GP return this part of extra commission income to the fund. The call back mechanism is more complex, and it is usually combined with the escrow accounts and the fund manager's back-to-back guarantee
the profit distribution mode of private investment fund varies according to the fund mode. Traditional buyout funds, hedge funds, debt funds and other funds have different ways to obtain profits, resulting in different ways and order of profit distribution. There are two basic profit distribution models in traditional M & a funds, all capital first and deal by deal. This paper focuses on the principal priority return mode (also known as European distribution waterfall), which is a mode of fund profit distribution to ensure that the profit distribution between GP and LP can be carried out only after the investment principal of LP is recovered. Because this kind of distribution mode is beneficial to LP, LP favors this kind of distribution mode very much
under the principal priority return mode, the fund does not distribute the profits of a single project, but calculates the profits of all projects in a unified way. The specific distribution order of fund profits is as follows:
1. The return of the fund is first returned to LP to pay off all its principal contributions (including investment in the project, management fee and other expenses)
2. If the internal return rate of the fund does not exceed the preferred return rate, the GP will not receive any carry interest. After the return of all the principal of the LP, the remaining part of the fund's profit will be distributed to all partners according to the proportion of capital contribution. The preferred rate of return is the rate of return that the fund GP promises to investors when the fund is established. The practice in the U.S. fund instry is that the preferred return is usually a compound annual rate of 8%. It is worth mentioning that, unlike China, the U.S. is a country with a very low basic interest rate. If the IRR of the fund is higher than the preferred return, the investor will get the preferred return based on the total principal
3. After the investors get the preferential return, GP will get 20% of the commission income from the LP preferential return through GP catch up
4. All the remaining fund profits are distributed between GP and LP in the proportion of 20% and 80%
another basic mode of profit distribution of private investment fund is the "deal by deal" mode, which means that every time the fund withdraws from an investment project, the investment income of the project will be distributed between GP and LP
this allocation model is more advantageous to fund managers than all capital first. Most of the investment funds in the United States use the project allocation model, so this model is also commonly known as American Waterfall (relative to the European waterfall of the principal priority return model). However, with the deterioration of the market environment in recent years, this mode of income distribution has been challenged. According to the private equity principles issued by the institutional Limited Partners Association (ILPA), the best fund profit distribution mode is the principal priority return mode. This principle provides a strong basis for institutional investors to negotiate with GP. In addition, e to the market environment, fund raising is becoming more and more difficult. When fund managers face institutional investors, their bargaining power is not as good as before, and they have to listen to LP's opinions on many economic terms, including fund income distribution mode
there are different ways to allocate by project. The strict distribution mode by project is that GP calculates the profit and loss of each project separately. Once LP recovers the capital contribution and preferential return of a project, GP can collect commission income. Suppose that the fund invests in five projects at the same time. When one project gains, GP can collect commission income, regardless of whether other projects are losing money. In this mode, GP will lose the motivation to dispose of loss items
another common allocation mode is to calculate all realized profits and losses of the fund. In the first mock exam, the proceeds of the fund are used to repay the capital contribution and priority return of LP in all realized investments projects. If there is a loss in a project, the next profit item needs to fill the loss first, then calculate the possible prior return and the royalty income of GP.
compared with the principal priority return mode, the advantage of project based allocation mode is obvious for GP, which will get carried interest earlier. However, depending on the profit and loss of the fund's investment projects, this method may make GP get more commission income than the agreed proportion of commission income. Therefore, when the fund is dissolved, it is necessary to calculate the overall profit of all projects of the fund to judge whether the commission income actually received by GP exceeds its e commission income. For investors, the risk of the project allocation model is that GP may not be willing to return the extra commission income to the fund for various reasons. Investors can use GP clawback mechanism in fund legal documents to make GP return this part of extra commission income to the fund. The call back mechanism is more complex, and it is usually combined with the escrow accounts and the fund manager's back-to-back guarantee
6.
Hello!
7. Go directly to the combat platform and find another host
8. http://www.mayafei.cn/read.php? 2
here are n versions of the fast map
here are n versions of the fast map
9. Isn't that a typical fast possible? The popular point is the infinite mine map
if you want, I'll pass it to you through the Internet
if you want, I'll pass it to you through the Internet
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