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保险系私募:市场化运作与稳健基因“相爱相杀”

2017-08-10 10:50:07   

三大投向

股权投资于保险资金而言并非新鲜 事,多家保险机构都具有相关业务资格并进行了投资。一方面,股权投资期限长,与险资期限长的特性相符,被认为是保险资金支持实体经济的最佳方式之一,纵观 国际保险业的投资,除了直接投资非上市企业股权外,通过PE(私募股权投资)基金等进行财务投资是一大路径;另一方面,从长期看,股权投资回报高于债权投 资。

目前,保险系私募股权投资主要可分为以下三大块,一是投向基建的股债结合的股权投资产品,这是近几年来保险资金投资或设立的一大方向。如中国人寿投资的苏州、上海城市发展产业投资基金等。

“一般私募机构不会做PPP,因承受不起垫资的要求,这类项目要求的资金规模大,周期也长。但险资恰好可以满足这方面要求。” 一位私募股权机构人士表示。

二是健康养老等保险产业链上下游的产业。比如阳光融汇资本作为管理人的北京阳光融汇医疗健康产业成长投资管理中心、国寿股权投资有限公司设立的国寿成达(上海)健康产业股权投资中心、泰康领投的天士力大健康产业基金等等。

三是对非上市企业的股权投资,主要针对科技创新型、小微型等有上市前景,或处于一级市场、一级半的定增市场阶段的企业。保险系私募股权机构往往会成立股权投资基金,对上述企业的投资也多数在PE阶段。

市场化与稳健的平衡

“对投资这块不市场化没法做。”上述私募人士说,仅靠保险机构内部的资源很难运作起股权投资基金,必须用市场化手段招揽人才,开展业务。以北京合源融微 股权投资中心(有限合伙)为例,LP(有限合伙人)门槛收益率为每年8%,GP(管理合伙人)提取超额收益部分的20%作为业绩报酬,基金年管理费率为 2%。

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