Taiwan Private Equity Fund Development in the Future
Date Issued
2014
Date
2014
Author(s)
Tsai, Yao-Ting
Abstract
Since private equity fund appeared in United States, it has been few decades. Developed countries like United States and Europe have been matured through execution these decades. In 2013, according to Bain & Company’s report, dry powder of private equity fund worldwide has reached historical high to 1.77 trillion USD, which reveals great amount of capital is finding opportunities to invest.
In 2006, GE Capital and NewBridge Capital invested Cosmos Bank and Taishin Financial Holdings for abundant of dollars. As a result, Taiwanese people started to notice private equity fund from that time. Moreover, MBK made lots of profits from investing in China Network System and Gala Television Corporation case. And such a great rate of return also appealed attention from society and government. However, failure case of Primus acquired Nan-Shan Insurance and KKR acquired Yageo resulted in the investment slump of private equity fund in Taiwan
Through concluding factors of those failure case of private equity fund and quoting laws which is adjusting and related to private equity fund investment such as Business Merger and Acquisition Act, Limited Partnership Act and Statue For ByForeign Nationals for evaluating development of private equity fund in the future.
At the beginning of the article, we will define private equity fund and introduce the structure and participants. Afterward, we will bring in their operation types and focus on “buyout fund” which claims the biggest amount of private equity fund. At last, we will present operation of private equity fund including fundraising, investing and exiting.
Finally, we will analyze development of private equity fund worldwide nowadays, introduce crucial cases in the world and concluding regulation of other countries. In next chapter, we will further introduce development of private equity fund in Taiwan and give an introduction of failure case to find problems exist in Taiwan’s regulation. Through comparing Taiwan’s regulation with other countries, we would like to give some recommendations to Taiwan’s development of private equity fund.
Subjects
私募基金
併購投資
有限責任合夥
Type
thesis
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