募资

凯雷募集6．05亿美元新基金;摩根士丹利成立第三支亚洲基金;卡尔森发起10亿美元PE基金;浦东设3．5亿元风投基金[第一段]     

Fundraising·募资

星展集团成立人民币基金;中信资本募集5亿美元;麦格理募资3．8亿美元。     

PE募资势头强劲

私募股权投资公司（PE）正在努力提高它们原本已经强劲的融资数据。最新数据显示，4月份PE募集了超过64亿美元。使这个行业仅仅在今年前4个月就筹到了接近300亿美元资金。二级市场基金占了4月初募集的最大份额——高盛（NYSE：GS）和HarbourVest Partners LLC完成筹建的基金金额近110亿美元：4月份下半月的资金主要来源干“基金的基金”（FOF）。     

欧洲VC减缓募资步伐

四分之三的欧洲资金募集情况显示出私人股本公司不论是风险投资商还是收购基金，管理公司都束紧了腰带，减缓了募资的速度。[第一段]     

一个GP的募资历程

一次募资集会，几次演说，南海成长基金执行合伙人郑伟鹤只花了五六天时间就募集到1．62亿元资金。郑伟鹤在与本刊记者谈论他的募资过程时显得相当轻松。当然郑是幸运的，但像他这样幸运的似乎并不多见。     

房地产基金募资另辟蹊径

因重大事项停牌一周的中弘股份发布公告称,拟以3.95元/股的价格向不超过10名特定对象非公开发行不超过7.59亿股股票,募集资金约30亿元,计划全部投入海南如意岛旅游度假开发项目。随着上市房企再融资的进一步发展,刚在房地产金融的版图上拥有了一席之地、曾是“大金主”的房地产基金似乎遇到了强烈的挑战,而“另辟蹊径”也变成了近期房地产基金“大佬”见面时的第一句“寒暄”之语。     

募资

建银国际募紧盯医疗业；Asia Alternatives筹集9．5亿美元；软银中国募集首支人民币基金；方源资本募资10亿美元。     

联创：不算独树一帜

近日，联创策源风险投资基金刚刚完成了1亿美元的募资，谈到募集过程，上海联创投资管理有限公司总裁冯涛用“过程很痛苦，进展很顺利”这句话进行了概括。     

募资

朗信创投完成新一期基金1.2亿元人民币的募资8月6日消息,朗信创投完成新一期基金1.2亿元人民币的募资,管理资金规模2亿元人民币。朗信创投关注中早期的科技创新项目,团队成员由连续创业者和国内一线机构投资人组成,投资案例有千里目自动驾驶、叶浪智能、安酷智芯等,目前基金业绩账面回报5倍以上,LP来自于高等院校,政府产业基金,准独角兽科技企业,家族办公室等。     

年度最佳募资机构 方源资本

颁奖词： 金融危机背景下，募集新资金成为对股权投资机构存活的考验。2008年11月，方源资本宣布完成近10亿美元的资金募集，超过原募集目标。投资方包括诸多知名的国际机构投资人。作为一支刚刚成立的基金，一出手就让众人刮目相看，犹如一匹黑马在2008年跃起。     

中小企业融资难及其缓解路径

市场失灵与金融机构定位缺失以及制度安排不当，是我国中小企业融资难的重要原因。要使我国中小企业融资难问题得到缓解，需要有新视野：一是要转换观念，实现金融信贷管理方式创新；二是要完善金融体制，整合金融机构，发展民间金融，为中小企业的发展提供多种融资渠道。     

Mutual fund performance and fund prospectus clarity

We conduct a cross-sectional examination of the writing clarity (readability) of mutual fund prospectuses from 20 major US mutual fund families. We focus on the language in the objective/strategy and principal risks sections, using Flesch scores and word counts to measure writing clarity. There is considerable variation in readability among funds and fund families. Flesch readability scores do not vary across fund objective, but within funds, risk discussions are more clear than are discussions of objective/strategy. Generally, the readability of a fund's risk discussion is lower for load funds than no-load funds, and readability increases with fund size and beta and decreases with raw and risk-adjusted three-year returns.     

Mutual fund tournaments and fund Active Share

We study the impact of the tournament-like competition in the mutual fund industry by examining the Active Share choices of funds. Funds with relatively poor performance by the end of the third quarter in a calendar year tend to increase their Active Share during the last quarter. The increase in the trailing funds’ Active Share is accompanied by an increase in the funds’ downside risk exposure. The evidence suggests that the strategic shifts in Active Share we document are not information/skill motivated.     

Mutual fund risk and market share-adjusted fund flows

Several papers use a fractional specification (net inflow/ assets under management) to infer a convex relation between flow and past performance. However, heterogeneous linear response functions combined with the pooled analysis commonly used in these studies can yield false convexity estimates. We show that such heterogeneity obtains in practice. Along these same lines, the paper also finds that several previously unexamined implications of a convex flow-performance relation fail to hold. Moreover, convexity with fractional flows (which we confirm) largely disappears in a conditional analysis that controls for heterogeneity. Market shares offer an alternative specification for flow that is more resilient to heterogeneity. Using this alternative specification, we again find no evidence of convexity in the flow-performance relation. We conclude that the widely held belief that the flow response function is convex is due solely to misspecification of the empirical model. The flow-return relation is linear.     

Predicting hedge fund performance when fund returns are skewed

We show that fund-specific return skewness is associated with managerial skill and future hedge fund performance. Specifically, skewness in fund returns reflects managerial skill in avoiding large drawdowns. Using a new measure of investment skill that accounts for this managerial ability, we demonstrate that traditional performance measures underestimate (overestimate) managerial performance when returns exhibit positive (negative) fund-specific skewness. Our new measure is particularly valuable during periods of economic crisis, when the annual risk-adjusted outperformance is 5.5%.     

Mutual fund characteristics, managerial attributes, and fund performance

This study provides a comprehensive examination of recent mutual fund performance by analyzing a large set of both mutual funds and fund attributes in an effort to link performance to fund-specific characteristics. The results indicate that the hypothesized relationships between performance and the explanatory variables are generally upheld. After taking into consideration general market conditions and fund investment objective, the characteristic variables that relate to fund popularity, growth, cost, and management also explain performance. Finally, after controlling for survivorship and benchmark error as well as fund-specific factors, the results refute the performance persistence phenomenon.     

Hedge fund leverage

We investigate the leverage of hedge funds in the time series and cross-section. Hedge fund leverage is counter-cyclical to the leverage of listed financial intermediaries and decreases prior to the start of the financial crisis in mid-2007. Hedge fund leverage is lowest in early 2009 when the market leverage of investment banks is highest. Changes in hedge fund leverage tend to be more predictable by economy-wide factors than by fund-specific characteristics. In particular, decreases in funding costs and increases in market values both forecast increases in hedge fund leverage. Decreases in fund return volatilities predict future increases in leverage.     

Mutual fund insurance

During the 1970's, mutual fund insurance was sold in the U.S. by the Harleysville and Prudential Insurance Companies. This paper examines the valuation and demand for this insurance. It illustrates that because of its design, for many plausible combinations of model parameters, a competitive premium need not exist for the Harleysville contract. A competitive premium will always exist for the Prudential policy, however the value is directly related to the age of the purchaser. Harleysville charged the same premium to all funds and therefore was subject to adverse selection. Evidence of this effect is provided by illustrating that the demand for the insurance was directly related to its competitive market value.     

The alpha and omega of fund of hedge fund added value

In spite of a somewhat disappointing performance throughout the crisis, investors are showing interest in hedge funds. Still, funds of hedge funds keep on experiencing outflows. Can this phenomenon be explained by the failure of fund of hedge fund managers to deliver on their promise to add value through active management, or is it symptomatic of a move toward greater disintermediation in the hedge fund industry? We introduce a return-based attribution model allowing for a full decomposition of fund of hedge fund performance. The results of our empirical study suggest that funds of hedge funds are funds of funds like others. Strategic allocation turns out to be a crucial step in the investment process, in that it not only adds value over the long-term, but most importantly, it brings resilience precisely when investors need it the most. Fund picking, on the other hand, turns out to be a double-edged sword.     

Dynamic portfolio strategy by loss-averse fund managers facing performance-induced fund flows

In a continuous-time framework, we establish an optimal dynamic portfolio strategy for a loss-averse fund manager facing performance-induced fund flows. Using the martingale approach, we derive closed-form solutions to both the optimal terminal value and optimal dynamic strategy of the fund under management. The model shows that the loss-averse manager strives to earn high returns in good market conditions at the risk of losing all investments at the terminal date in bad market conditions. The prospect of higher fund inflows induced by superior performance motivates fund managers to take more aggressive investment strategies, increasing the fund's risk exposure, whereas the prospect of fund outflows due to underperformance has no impact on the fund manager's investment decision. While the prospect of higher fund inflows increases dynamic optimal wealth as well as optimal terminal wealth in good market conditions, in bad market conditions, it reduces dynamic optimal wealth and results in a higher chance of a complete loss at the terminal date. Finally, a manager with a higher degree of loss aversion tends to take a conservative investment strategy with a lower risk exposure especially in bad market conditions, leading to a lower dynamic and terminal wealth in good market conditions and also a lower chance of a complete loss in bad market conditions.