What is the difference between a public fund and a non public fund?

The biggest difference between public and private is the first point, that is, its goals are different.

We say that the performance benchmark of the public offering ** is the most important, and there is a performance benchmark. It is not the pursuit of absolute returns, he pursues relative returns, and if a ** manager beats his performance benchmark for a long time is a successful ** manager. Private equity is the pursuit of absolute returns, that is, you have to make money in a bull market, and you can't lose money in a bear market.

Win or lose, investors are meant to make money. The whole positioning of private equity and its starting point is like this, which is different from public offering. This main difference determines the rate design of all private placements, and the operation mode and style are completely different from those of public offerings.

Last year was an oscillating market, and the best public offering lost 35%, and the second was (Wang Yawei), with a loss of about 39%, with an average loss of 50%. Let's look at the private placement** is generally loss-making, but his best accounts for 24%. (Jiang Hui) also made 50-80%, and last year's market could also have a net income is a remarkable thing, which is related to his mechanism.

And private equity is a very narrow group, it is an investment product for the rich, and it is not an ordinary rich person, basically hundreds of thousands of people do not need to buy, at least your financial assets are more than two or three million before it may be necessary to match this thing. The scale and net profit are different, and the basic scale of the largest private equity management company is about 1 billion. Private placement is such a variety.

If from an investment point of view, what is the difference between our own investment or public and private placement? This ** is completely the surrender of managing the entire asset by itself, and the public offering fund is a bit like a half-trust. Asset allocation is still something I have to do by myself, but I bought your**what you invest in**I don't care, for example, when the market is bad, what do you want to do last year, you have to redeem the funds.

Public offering ** because of the problem of the mechanism or a half-trust concept, a big faucet you have to see clearly, the market is good you have to increase investment, the allocation of assets you have to mention, it's still 70-80%, at most 90% to you. Private placement is different, private placement is a concept of full trust, you give him the money, as for the market is good, a good private placement ** will mention 95% to you, if it is not good to take the initiative to reduce it to zero **, this is the concept of carte blanche, you should see clearly which type you belong to. Private equity is the most trouble-free, we used to have customers buy public offerings, three days and two ends to communicate with us about the specific results, and then he saw the private placement ** once a month or two to us **, because someone helped him take care of it comprehensively.

The product is different, and I think that's the characteristic.

**Will be engaged in fundraising, hurry up and donate" It seems that there are always many people who do not understand the difference between public fundraising and non-public fundraising, and the difference between public and non-public fundraising is in**? This distinction is actually clearly stipulated in the relevant laws and regulations, firstly, their registered capital is different, and secondly, non-public ** associations can not raise funds from unspecified groups of people.

However, it is clear that in the past few years, such boundaries have been blurred with the networked and cross-regional development of public welfare, and these issues have been paid attention to by relevant departments and will be clearer in the future.

At the moment, you need to know that from a legal perspective, it is a violation for a non-public fundraising to openly solicit donations from unspecified people.

Income** is different: public fundraising can be carried out to the whole society in accordance with the law; Non-public fundraising is to contribute to oneself and use a certain amount of money for charity, or to accept donations from a specific range in accordance with the law, and the donors are enterprises or individuals.

The proportion of expenditure is different: 70% of the total income of the previous year is used for the expenditure of the second year in accordance with the law, and the personnel and office expenses do not exceed 10% of the expenditure; For non-public offerings, the expenditure in the second year shall not be less than 8% of the balance of the previous year, and the personnel and office expenses shall not exceed 10% of the expenditure.

Expansion and Inclusion of Information:

According to different criteria, **investment** can be divided into different types: according to whether **units can be increased or redeemed**, they can be divided into open-ended and closed-ended**. Open-ended non-listed trading (it depends on the situation), through banks, brokers, and companies to subscribe and redeem, the scale is not fixed; Closed-end has a fixed duration and is generally listed and traded on the trading venue, and investors buy and sell units through the secondary market.

According to the different organizational forms, it can be divided into company type ** and contract type **. **Established by issuing **shares** to establish an investment company**, usually referred to as a corporate **; It is established by the manager, the custodian and the investor through a contract, which is usually called a contractual type. China's **investment** is contractual**.

According to the different investment risks and returns, it can be divided into growth, income and balance**.

According to the different investment objects, it can be divided into ****, bonds**, money market**, ****, etc.

Because the closed-end ** transaction on the ** exchange adopts the method of bidding, the transaction ** is affected by market supply and demand and does not necessarily reflect the net asset value of **, that is, relative to its net asset value, the closed-end ** transaction ** has a premium and discount phenomenon. The practice of foreign closed-end ** shows that its trading ** often has a fluctuation law of first premium and then discount.

Judging from the situation of China's closed-end market, no matter how the fundamental situation changes, the trend of China's closed-end trading has never been able to depart from the fluctuation law of first premium and then discount.

Open-ended refers to the fact that the scale is not fixed, but can be issued at any time according to market supply and demand or the investment redeemed by investors. Closed-ended, as opposed to open-ended, refers to the investment whose scale has been determined before issuance, and whose scale is fixed and unchanged after the issuance and within the specified period.

1. The fundraising targets are different:

1. Public fundraising: can directly raise funds from the public;

2. Non-public fundraising: do not directly raise funds from the public.

2. The geographical scope of fundraising activities is different.

1. Public offering will be upgraded: It is divided into national public offering and local public offering. Public fundraising activities of national public fundraising associations may be carried out nationwide, and public fundraising activities of local public fundraising associations may only be carried out within the administrative region of the place of registration.

2. Non-public fundraising: There is no geographical restriction because it does not raise funds from the public.

3. The original ** (unit: RMB) of registration is different.

1. Public offering: no less than 8 million yuan for the national and no less than 4 million yuan for the local level;

2. Non-public offering: not less than 2 million yuan.

4. The registration management organs are different.

1. Public fundraising: The national public fundraising meeting is registered by the Administration of Non-governmental Organizations of the Ministry of Civil Affairs; Local public offerings are to be registered by the civil affairs departments of the people's governments of provinces, autonomous regions, and municipalities directly under the Central Government.

2. Non-public fundraising: The people's civil affairs departments of provinces, autonomous regions, municipalities directly under the Central Government and above can register. (However, if the original capital exceeds 20 million yuan, and the initiator applies to the NGO Administration of the Ministry of Civil Affairs for establishment, it may go to the NGO Administration of the Ministry of Civil Affairs to register).

Public offering and private placement are the most familiar institutions in the industry, for new investors, there is a kind of non-public offering may not have heard the luck of the bad base, what is the difference between the public offering and the non-public offering?

What does the public offering of **c shares mean? What is the public offering** closure period? How long?

Public fundraising may be carried out to the entire society in accordance with law; Non-public fundraising is to fund oneself and use a certain amount of money for charity, or it can also accept donations from a specific range in accordance with the law, and the donors are enterprises or individuals.

2 The proportion of expenditure is different:

In accordance with the law, 70% of the total income of the previous year shall be used for the expenditure of the second year, and the personnel and office expenses shall not exceed 10% of the expenditure; For non-public offerings, the expenditure in the second year shall not be less than 8% of the balance of the previous year, and the personnel and office expenses shall not exceed 10% of the expenditure.

**There will no longer be a distinction between public and non-public offerings

In order to implement the Charity Law and provide legal safeguards for the public's participation in public welfare and charity, the Ministry of Civil Affairs solicited public comments on the "Regulations on the Administration of ** Meetings (Draft Revisions for Solicitation of Comments)". The draft no longer distinguishes between public and non-public fundraising committees, and will be able to apply for public fundraising credentials in accordance with law two years after the establishment of the ** committee.

It was learned from the Ministry of Civil Affairs that since the implementation of the "Regulations on the Management of the Association" in 2004, China's National Association has developed rapidly. By the end of 2015, the number of ** associations reached 4,719, and the total net assets increased from more than 10 billion yuan in 2005 to more than 110 billion yuan.

In view of the basic nature of ** associations as charitable organizations, the Opinion Draft connects with the Charity Law, requiring that ** associations shall have the purpose of carrying out public interest charitable activities, and ** associations shall indicate their charitable organization attributes in their registration certificates, and make it clear that ** associations shall apply the relevant provisions of the Charity Law.

In terms of the registration management system, the draft lowers the entry threshold for the first meeting, and stipulates a registration management system with a mixture of direct registration and dual management. The draft clarifies that the establishment of a ** committee generally applies directly to the civil affairs department for registration; And the registration and management authority of the first meeting will be expanded from the ministry and province to the ministerial, provincial, municipal and county levels.

In order to strengthen information disclosure, the draft requires that the first meeting shall submit the annual work report and financial accounting report of the previous year to the registration management organs from January 1 to March 31 of each year, and release them to the public on the unified information platform of the registration management organs. Registration management organs shall provide free information release services on the unified information platform, and promptly disclose to the public information produced in the course of performing their duties. At the same time, it has also established an information disclosure system to protect the public, donors and beneficiaries the right to know.

In addition, the draft also adopts different methods such as cancellation, revocation, and revocation of registration certificates to improve the withdrawal mechanism of the association, and adds the liquidation procedures of the association, clarifies the principles for the disposal of remaining assets, and ensures the good use of charitable assets when the association is terminated.

The ** will be divided into public ** and non-public ** will be divided into categories, and classified management will be implemented.

The difference between the two is that the public offering can raise funds from the public; Donations from specific individuals or organizations that are not public shall not be raised from the public.

The existing ** associations in our country are mainly public fund-raising associations, which are widely fund-raising for the society and the people.

In the history of the development of foreign associations, a large number of individuals and enterprises have donated funds and set up in their own names.

of**will. This kind of ** will be non-public ** meeting, is an important type of ** meeting, because it is abundant and stable, and the operation is related to the reputation of donors, so this kind of ** will often run well, right.

Public welfare undertakings have made a great contribution.

The "Regulations" classify and manage the ** associations and clearly allow the establishment of non-public ** associations.

It can achieve two purposes: on the one hand, it strictly manages the fundraising activities carried out to the public.

to maintain the order of fundraising, control competition in the fundraising market, reduce the burden on the public, and maintain or protect social stability; On the other hand, the policy of liberalization allows wealthy individuals and enterprises to set up non-public fundraising associations, so that they can be more autonomous.

Realize the willingness to donate, so that they can not only make contributions to social welfare, but also bring good social benefits to themselves.

The difference between public offering and private offering is mainly the following five points:

1. The objects are different

The target of public offering is the general public, that is, unspecified investors in the society;

Private placements** are offered to a small number of specific investors, including institutions and individuals.

2. Different ways

The funds raised by the public offering ** are carried out by way of public offering;

Private placements are raised through non-public offerings, which is the main difference between private placements and public offerings.

3. Information disclosure requirements are different

Public offerings** have very strict requirements for information disclosure, and their investment objectives, investment portfolios and other information must be disclosed;

Private placements** have very low requirements for information disclosure and strong confidentiality.

4. Different investment restrictions

There are strict restrictions on the types of investment, the proportion of investment, and the matching of investment and type;

The investment restrictions of the private placement** are entirely agreed upon.

5. Performance remuneration is different

The public offering does not extract performance remuneration, only charges management fees, and for the public offering**, performance is only the honor of the ranking;

Private placement** charges performance remuneration, generally no management fee, for private placement**, performance is the basis of remuneration.