It was an ordinary cancellation of the registration of private equity fund managers, but it caused an uproar in the financial circle.
On April 26, Black Rock Capital, which was cancelled by the AMAC as a manager, suddenly posted two messages on its official WeChat on May 31, saying that it would say thank you to the "chivalrous" investors who have been "reporting and complaining" about the company since 2019.
Since the beginning of this year, the pace of private equity funds to "support the good and limit the inferior" has accelerated. According to statistics, since May, 179 private placements have been cancelled, and 821 private placements have been cancelled during the year. On May 11, 96 private equity fund managers were deregistered as managers because they had no funds under management for 12 months, which is also a new type of cancellation.
Angry whistleblower "smashing jobs"
On May 31, the well-known private equity Black Rock Capital announced on its official WeChat that the company received a notice from the AMAC on April 25 to cancel the registration qualification of fund managers, which means that Black Rock Capital will not be able to carry out new business and will have no impact on the existing funds that have been filed.
At the same time, Black Rock Capital said that the cancellation of the fund manager registration qualification was mainly because they had been "reporting and complaining" about Black Rock Capital's "chivalrous" investors since 2019, and said that this was "smashing jobs".
Image source: Black Rock Capital's official WeChat public account
On the same day, Black Rock Capital posted another message entitled "Remembering the Best Years" on its official WeChat, saying that the company just can't issue new funds, and the existing fund business is as usual. Investors need not worry.
Image source: Black Rock Capital's official WeChat public account
There are still 24 products left
On April 26, the Asset Management Association of China (hereinafter referred to as the "Association") issued the "Announcement on Canceling the Registration of Six Private Equity Fund Managers Including Hangzhou Songqian Asset Management Co., Ltd. that cannot continue to meet the registration requirements of managers", and Beijing Heiyan Capital Management Co., Ltd. is among them.
Image source: AMAC official website
According to the registration and filing information of the association, Black Rock Capital was established on November 21, 2014, and the registration time was January 29, 2015, with a registered capital of 130 million yuan and a paid-in capital of 34.16 million yuan. According to the investor information, the investors of Black Rock Capital include Guo Yunruo, Beijing Nuoyan Dingsheng Investment Management Co., Ltd., and Beijing Hongshi International Capital Management Co., Ltd., with investment ratios of 70%, 10% and 20% respectively.
At present, Black Rock Capital has been shown on the official website of the association as a cancelled private equity fund manager. Its product information shows that when the company was deregistered, there were still 24 products that had not yet been liquidated.
During the year, more than 800 private placements were cancelled
According to statistics, since May, 179 private placements have been cancelled, and 821 private placements have been cancelled during the year. On May 11, 96 private equity fund managers were deregistered as managers because they had no funds under management for 12 months. It is worth noting that previously, the official website of the association only had three types of cancellation publicity data: "voluntary cancellation", "cancellation according to the announcement" and "association cancellation". "12 months of unmanaged cancellation" is a new type.
"Although private placements continue to be cancelled, this is the normal survival of the fittest in the industry, and the scale of private equity fund management has basically remained stable." An industry insider said. According to the latest monthly report on the registration and product filing of private equity fund managers released by the association, as of the end of April 2024, there were 21,032 private equity fund managers, with 152794 funds under management and 19.90 trillion yuan of funds under management. Among them, there are 8,306 private securities investment fund managers; 12,489 private equity and venture capital fund managers; 9 private asset allocation fund managers; and 228 other private investment fund managers.
Industry insiders pointed out that as the development of private equity funds enters the "fast lane", strengthening administrative supervision and improving industry self-discipline and autonomy are important topics for the private equity industry for a long time. While the private equity industry is showing new explosive vitality, investors also need to keep their eyes open and be vigilant against illegal private placements; Private fund managers, on the other hand, need to keep in mind the regulatory red lines, enhance compliance awareness, and protect the rights and interests of investors.
Reviewer: Dong Fengbin
Editor: Wang Yin
Proofreading: Jiao Yuanyuan
Producer: Zhang Nan
Issued by: Sun Hong