The "four-level valuation table" penetrates the "patching" of the underlying asset private placement custody agreement.



"Redeem without giving a four-level valuation table?重大新闻"

The credit problem of private equity industry caused by "Hangzhou private equity fraud" is still fermenting. What followed was that investors focused their attention on the bottom positions of private placement products, pointing directly at the information of "product nesting" in the subject of "other financial products". In view of the credit problem, the private equity manager was forced to hand over the bottom position-"four-level valuation table". At the same time, the custodian tightened the control over the private equity manager, and the risk control of FOF funds was concerned, and the ecology of the private equity industry quietly changed.

Show real positions

"Redeem without giving a four-level valuation table." China securities journal reporters asked a number of brokers and asset management departments to verify this matter, and the institutions generally responded: "It's not so exaggerated, but it will indeed ask private equity institutions for it. Especially when helping FOF find customers. "

Specifically, the first-level valuation table shows the total figures and general contents of bank deposits, trading stocks, deposits, derivatives, liabilities and other subjects. The higher the rating of the valuation table, the more contents will be disclosed. Take investing in stocks as an example. The second-level valuation table shows the total amount of each exchange, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, while the third-level valuation table shows more obvious opening costs and profit and loss. The fourth-level valuation table requires the display of stock details.

Yu Yu, a senior private equity observer, said that through the four-level valuation table, employers can see the real bottom-level operation of managers and reduce their investment risks. For the employer, the "other financial products" subject in the four-level valuation table can clearly see the situation that the purchased products are invested in other financial products, which is often called "product nesting" in the industry.

A number of private equity managers told the china securities journal that because the four-level valuation table is related to the position details of private equity products, they generally refuse to provide it during the process of accepting the best adjustment. Private equity managers generally say that there will be some private equity fofs that are required to be provided when they are fully adjusted, but managers generally only provide the latest four-level valuation table and still refuse to provide continuous four-level valuation tables. A single four-level valuation table may be of little value, but if a continuous four-level valuation table is leaked to the outside world, especially the news about the futures market in the table, it is easy to follow the investment behavior.

Therefore, for the four-level valuation table of private equity products, the risks that investors can really pay attention to are: first, the identification of multi-layer nesting; second, the valuation of complex derivatives that are difficult to value and easy to be maliciously used; and third, the moral hazard that may be caused by deliberately investing in the target with poor liquidity.

Identify the role or limitation of capital risk

Can observing the four-level valuation table really solve the risk problem of funds? According to industry insiders, observing the four-level valuation table mainly focuses on the underlying assets that penetrate downward. "For example, our brokerage trust department can only limit the downward penetration path of its products." The relevant person in charge of CITIC Securities Custody Department told the china securities journal reporter.

According to the above-mentioned CITIC Securities person, if investing in OTC funds, the private placement manager needs to issue a separate instruction to the brokerage custody department, and the brokerage custody department and the product investment scope will review it before investing in related products. After the outbreak of the "Hangzhou Private Equity Fraud Run" storm, the brokerage custody department will directly add supplementary terms to the private equity manager's custody product agreement, such as explicitly prohibiting "nesting" multi-layer private equity products in the agreement; For the parent-child private placement products, the custodian will sign an agreement prohibiting further investment in the next off-market products for the sub-structure private placement products.

"Because brokers generally don't penetrate the source of funds in the process of doing their best, each private placement and even the custodians of different products are different brokerage custodians, so there are still big loopholes in this way." He said.

China securities journal reporter logged on the website of asset management association of china, and randomly clicked on the product interface of a private equity institution with a management scale of RMB 1 billion to RMB 2 billion. It was found that the number of its products exceeded 100, and there were more than 10 securities institutions of the custodian. As the relevant person in charge of CITIC Securities mentioned above said, it was extremely difficult for the custodian to monitor all the private equity products.

Some people in East China institutions pointed out that some custodians have a loose definition of the "nesting" of private placement products. In the custody contract, it is usually agreed that if the products exist, they will be monitored by the managers themselves. Although the responsibilities are clearly defined from the legal point of view, when the products have serious risk events, it is reasonable for investors to accept custody exemption.

The multi-layer "nested" agreement means that there is another procedure in the investment. A person from a tens of billions of private equity institutions in Shanghai said frankly: "We are not willing to accept FOF funds, and it is too troublesome to serve, and we don't want to spend too much energy. We are only willing to accept institutional funds in the future."

FOF investment risk control attracts attention

For the risk control of the underlying assets, on the one hand, it comes from the custodian, on the other hand, it is the capital side. Some insiders bluntly said that there is great pressure to receive FOF funds.

Because the managers of FOF fund have two layers, namely, the parent fund manager and the sub-fund manager, there will be double charges when FOF fund collects management fees from investors, so it not only spreads risks, but also smoothes out income. Some private equity managers bluntly said: "The advantage of FOF lies in its strong fundraising ability, but due to the lack of investment team and professional investment ability, it has no ability and energy to control the underlying assets invested by professional teams."

"It is a headache to receive funds from FOF. There are too many additional conditions and it is too complicated." The above-mentioned private placement manager revealed to the china securities journal reporter: "There are brokerage FOF funds to invest in our products, but the additional margin trading volume of our other products needs to reach a certain standard. As long as we agree, we can vote for us at any time."

In the environment of relatively depressed market sentiment, FOF funds have become a kind of "decoration" and "tool" at some time, and FOF funds are often "inebriated". By the end of the year, there are often private equity managers who will take over FOF funds because of their large-scale performance, and what follows is not to make profits for FOF, but to complete the so-called "trading conditions".

Hongrui Investment said that as an institutional investor, in addition to the stability of product income, it pays more attention to the situation of the manager company. Therefore, before investing, the investment scope of the product should be verified to see if there are assets that cannot be penetrated by the valuation table. If there are OTC derivatives, we can investigate whether the counterparty is a financial institution such as a brokerage firm to ensure that the product risks are controllable.

Debon Securities said that it is urgent to do a good job in post-investment management of FOF funds, and it is necessary to strengthen the penetration management of FOF products. In addition to the follow-up of the managers invested, it is also necessary to strengthen the penetration management of FOF products and track the situation of the underlying asset managers of FOF products. The verification content should include information such as fund operation, major changes in managers' basic information, negative public opinion and so on.

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