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基金会资产的保值增值,是除了筹款以外保障基金会持续发展的一个重要环节。目前业界的关注,往往还只是集中在基金套对外资助或公益项目自营的外部表现方面,基金会资金的投资保值和增值问题,似乎还未能引起关注和讨论。事实上,部分国内的公募或私募基金会,已经在这方面进行了一些风险和收益程度各异的尝试。例如,据友成基金会有关负责人表示,友成基金会自成立之后,就设立了北京友成资产管理有限公司,实施了授费风险可控的股权及信托计划,也有部分资金投资回报很小但是社会效益很大的项目或公司(社会企业)。在这方面迈出了创新的一步。本文角度新颖地提出了基金会的私募股权投资问题,算是为这个话题开了个头。作为对本文的简要回应,友成基金会相关负责人表示,股权基金最先看的是过去业绩(track record),国内的股权管理公司最多只有三年历史,虽然有些业绩不错,但是时间太短,还不足以评估。加上现在的股权基金募款都以亿计,很多私募基金会资金不足,也还无法投资股权基金,这一点也为本文作者提及。我们期望这样的探讨能够持续下去,欢迎对相关话题有了解的读者来信来稿交流。
The preservation and appreciation of the assets of the Foundation are an important part of the sustainable development of the Foundation in addition to fundraising. At present, the concern of the industry often focuses only on the external performance of fund-raising or public-service projects. The issue of preserving and adding value to the funds of the funds seems to have drawn no attention and discussion. In fact, some domestic public or private foundations have conducted some attempts in this area at different levels of risk and return. For example, according to the responsible person of Youcheng Foundation, since the founding of YouYou Foundation, you have set up Beijing Youcheng Asset Management Co., Ltd., implemented the equity and trust plan with controllable risk of grants, and some of the fund’s return on investment Small but socially beneficial projects or companies (social enterprises). An innovation step has been taken in this regard. This article presents a novel perspective of the private equity fund of the Foundation, be regarded as a head start on this topic. As a brief response to this article, the relevant person in charge of Youcheng Foundation said that the first thing that equity funds look at is track records. Domestic equity management companies have a history of up to three years. Although some are performing well, they are too short , Not enough to assess. Coupled with the current fund raising hundreds of millions of equity funds, many private foundations lack of funds, but also unable to invest in equity funds, it is also mentioned for the author of this article. We hope that such discussions will continue. We welcome readers’ correspondence and contributions that are well understood on relevant topics.