Lawyers of Beijing DOCVIT Law Firm were Invited to Attend the First Seminar of Green Legal Global Alliance
Source: Time: 2017-01-21 11:16:36 Author:
In the afternoon of January 14, 2017, “Redefining LP” --Private Equity LP, New Book Release Conference & Expert Seminar on “Capital Allocation Strategy, Investment Practice and Management” hosted by CITIC Press Group China’s Road Research Press Center and Green Legal Global Alliance and co-organized by LP Think Tank was successfully held at Beijing DOCVIT Law Firm.
Liu Guangchao, Director of Beijing DOCVIT Law Firm and Secretary General of Green Legal Global Alliance, presided over the seminar. Lawyer Sima Yayun, Partner of Beijing DOCVIT Law Firm, was invited to attend the seminar, and she delivered a keynote speech regarding the development trend of limited partnership private equity fund LP in the insurance funds.
She said that, “The use of insurance funds is an important pillar for the survival and development of insurance industry, which has significant impact on the steady operation and healthy development of insurance companies. Compared to the conventional investment kinds of insurance funds, such as bank deposit, bonds, stock and securities investment funds, in recent years, along with the openness of insurance fund investment scope and channels by the regulatory policies, alternative investment, especially the equity alternative investment, has increasingly become the hot spot of insurance fund investment.”
In terms of the role of private equity LP in the insurance investment, Lawyer Sima Yiyun believed that, “the limited partnership private equity fund LP has become an investment identity favored by the insurance funds which have become one of institutional LP in the market, and the equity investment field has become a launch point of insurance funds. According to relevant insurance industry data disclosed, till the end of 2015, PE invested by insurance funds was about RMB 150 billion, fulfilling rapid growth as compared with less than RMB 70 billion in 2014, and the line of indirect PE participation was about RMB 120 billion, accounting for 80%.”
In combination with her practicing experience at Beijing DOCVIT Law Firm, she highlighted the distinctive characteristics and preference of insurance funds as the institutional LP. She believed that, “The funds of insurance companies come from the sales of insurance policies. The insurance funds are featured by long duration of liabilities and large scale. In the meantime, due to the security funds, they have high security requirement for the investment objects and transaction structure. Three principles in the use of insurance funds are: safety, liquidity and profitability.”
Furthermore, Lawyer Sima Yayun elaborated using practical cases. She said that,“Due to its own fund features, the investment style tends to be conservative. From the cases we observed, the alternative investment of insurance funds has experienced the transition from creditor’s right investment to quasi-creditor’s right investment.”
She also said that, “In practice, the quasi-creditor’s right investment is embodied at the level of limited partnership private equity fund, and the insurance funds would have much structured transaction structure design requirements, such as the internal fund structure, credit enhancement of external high-grade credit subjects, diversified exit modes, etc. But, in the context of domestic macro monetary environment and asset shortage, some insurance funds have begun to try some private funds with distinctive marketization character so as to seek the new balanced relation between risk and income in an evenly marketized manner and enrich their own asset allocation system and product kinds.”
In her speech, Lawyer Sima Yayun pointed out that, “Beijing DOCVIT Law Firm has long focused on the professional exploration in the financial and capital market field. In the perspective of law, along with the accumulation of private fund investment experience and cases, insurance funds would become increasingly mature and personalized as the institutional LP. In the meantime, due to their tremendous scale, the insurance funds will become one of important sources of institutional LP in China’s private fund industry.”
In addition, Lawyer Qiao Zhaoshu and Lawyer Sun Yu, Partners of Beijing DOCVIT Law Firm, were also invited to attend the seminar.
Relevant Recommendation
Docvit News | Mr. LIU Guangchao got shortlisted in the Expert Bank of the First Equity Investment Plan and Insurance Private Equity Fund Evaluation of Insurance Asset Management Association of China, and became an expert both in the in insurance fund creditor's rights and equity investmentDocvit News | Mr. LIU Guangchao was elected as the council of the 11th Beijing Lawyers AssociationDocvit News | Mr. LIU Guangchao participated in the "Equity Investment Plan and Insurance Private Equity Fund Evaluation Expert Training Seminar" of Insurance Asset Management Association of China and obtained the expert appointment letterDocvit News | Mr. LIU Guangchao was invited to attend China Finance 40 Forum Annual Conference in 2019 - special theme seminar, and obtained the letter of appointment as a council.
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