Chapter 276 New title [King of Private Equity]

"Oh, I see. That's very good. Remember to have a good rest and take care of yourself."

"Yeah. I'm at the company and I'll go back to accompany you in the evening."

"Okay, that's it. Goodbye~"

"."

Smith Building, Queens, New York.

The first floor of the building was once again opened as a temporary conference hall.

There are a total of more than 150 LPs from Smith Capital, that is, investors.

I was invited here today.

Because today is the end of the closed period for Smith Capital Phase 2 and Phase 3 private equity funds.

In other words, after the money was distributed once in February this year.

This month, Smith Capital will distribute money to investors again.

If you have the first time, you will have experience the second time.

It will be much smoother and no longer so green.

The process for the second money-sharing meeting was the same as last time.

It was Melio, a former deputy manager and now one of the presidents, who took the stage to talk about the most common clichés on Wall Street.

After the routine was over, David came on stage to announce the gains from the private placement.

The difference is that this time, Abel didn't even bother to go on stage.

As the chairman of the company, he sat in the audience and looked at everyone indifferently.

Smith Capital’s second and third phase private equity funds.

The returns of these two funds did not disappoint investors.

Smith Second Fund Company currently has a balance of US$8.756 billion.

Smith Third Fund Company’s current balance is US$8.695 billion.

Same as Smith First Fund, which has ended.

The profits of these two funds exceeded more than 5 billion US dollars.

Smith Capital’s first, second, third, three consecutive private equity funds.

A total of US$16.695 billion in profits were made for investors.

It also earned Abel, the fund manager, approximately US$8.347 billion in dividend commissions.

Of this amount, US$834.7 million will be taken by Smith Capital as the company’s profits.

In other words, from August last year to now.

Abel is in Smith Capital’s third phase of private equity funding.

The dividend commission fees extracted amounted to US$7.513 billion.

This is a terrifying figure. The total income of all fund managers on Wall Street this year may not be this figure.

But the investors were very much in favor of him taking this figure.

Because no one can do what Abel did, nearly doubling their investment in just half a year.

If converted into an annualized rate of return, it would be about 85% a year.

Except for the stock market and extremely high-risk speculative investments.

There is no investment manager in the market that can do this.

Not even Buffett or Soros.

Investors who have received their principal and profits are eager for Smith Capital to start private equity again.

Of course, it must be the kind where Abel is the fund manager.

Otherwise, if it were an ordinary private placement like the fourth, fifth, and sixth phases, they would have little interest.

Those funds, because of Smith Capital's reputation and Abel's brand name, will buy more or less.

But if you want them to invest large sums of money, it is absolutely impossible.

Who said those few private equity funds had good returns?

But this kind of good performance is only compared with ordinary private equity funds.

These three funds, which Abel is the fund manager for, are completely different from each other.

More than 150 investors at the scene all requested Smith Capital to open a new private equity fund.

The fund manager of this private equity fund must be Abel, and everyone is no longer satisfied with the US$3 billion fundraising limit.

They want more.

However, Smith Capital and Abel did not reply on the spot, and the money-sharing meeting ended after the money was distributed.

Not long after, actually the next day.

A piece of news from Wall Street began to slowly spread and ferment in the American media and the Internet.

A person familiar with the matter said that Smith Capital's financial product "Smith Seventh Fund Company" will be established in the near future.

The funds raised this time will be US$50 billion.

Ordinary Americans didn't react much to this.

Whether it is US$100 million or US$50 billion, it is too far away from ordinary Americans.

Not to mention a private placement that requires at least US$1 million to be subscribed at a time?

How can the average American afford it?

Ordinary Americans still prefer to buy stocks that Smith Capital has just launched.

Internet virtual currency funds currently sold on the Internet - "American Family Financial Management".

This is one of Smith Capital's latest financial products, and the entry barrier is incredibly low.

As long as you have 1 dollar, you can buy this product that has been referred to as "American Treasure" by everyone.

Many people have discovered that it is very easy to buy it and redeem it.

All you need to do is open an account at American Pacific Commercial Bank.

Then you can quickly buy and redeem between the bank and Smith Capital accounts without any handling fees.

The key is that there are no handling fees at all, so you can think of it as another deposit mode.

The interest rate is higher than depositing money in the bank.

Ordinary people are more concerned about this.

Of course, what rich people care about is not "American treasures".

What they care more about is Smith's Seventh Fund.

Fund investment has become a mature investment method around the world after years of development.

With the advent of the new century, the scale of U.S. funds has grown rapidly, and equity fund capital inflows have been significant.

As of the end of 2001, the total net assets managed by regulated funds in the United States were US$28.1 trillion, an increase of 13% from US$24 trillion at the end of 2000.

At the same time, net fund subscriptions reached a record high of nearly $1.27 trillion.

In addition, the total number of fund companies in the United States has remained stable, but the degree of leadership has deepened.

In 2001, the total number of fund companies in the United States was 16,000. In recent years, the number of fund companies in the United States has been relatively stable.

Fund companies are mainly independent fund consultants and manage 72% of investment company assets.

Over the past decade, the concentration of U.S. fund companies has increased significantly.

Among them, CR5 increased from 15% at the end of 1995 to 25% at the end of 2001, but the market share of central fund companies declined.

To put it simply, the top funds are more popular than ever.

Based on these data, at a quick glance, Smith Capital’s seventh private placement of US$50 billion does not seem to be a lot.

As everyone knows, it is already very scary for a single private equity fund to reach this scale.

It's very simple. Just look at a set of data and you'll understand what a $50 billion private placement is.

Currently, the world’s largest private equity firm is Blackstone Group.

Note that it is Blackstone Group, not Black Rock Group.

BlackRock is a subsidiary of BlackRock, which is a subsidiary of PNC Financial Services Group.

PNC Financial Services Group is currently a shareholder of Smith Capital.
To be continued...