My Age of Investment

   Chapter 1238 Facebook Startup Gangster

  Xia Jingxing stayed in Silicon Valley for more than half a month.

During the    period, we were mainly dealing with the acquisition of Facebook employee options by Envision Capital and the issuance of new shares into the option pool.

  With the full cooperation of Abel and Kristina, both things were handled very well and came to a successful conclusion.

In the    office, Abel was reporting to Xia Jingxing.

   "The Autumn Equinox Fund spent $3.4 billion to acquire Marvel, followed by an injection of $600 million into Marvel, and another $1 billion for the acquisition of Facebook's 2% employee options.

   In other words, our $5 billion PE fund has fired all the bullets. "

  Abel's tone was a little helpless. In the past, he had very low authority within Vision Capital, and he finally got a chance to show his talents. As a result, the boss made a micro-manipulation, and he spent all the money by three and five.

   He didn't feel any resentment because of this. After all, Marvel and Facebook are both good targets, and not everyone has a chance to get involved.

   Including Vision Capital is also able to successfully invest in Marvel and Facebook because of the blessing of a group of LPs with a lot of background.

  Xia Jingxing saw that Abel was unwilling, smiled and comforted: "Although the 5 billion bullets have been fired, the Autumn Equinox Fund can still borrow bullets!"

  Aber immediately reacted and asked, "Funding the assets as collateral?"

  Xia Jingxing nodded and smiled. When acquiring Marvel, Envision Capital could have chosen a leveraged buyout, but in the end it chose to pay with its own funds.

   This is considering that Marvel has not yet begun to generate large-scale profits at that time, and if it directly chooses to acquire with debt, there may be conflicts within the company.

   Now that Marvel has been in the bag, and the Marvel Universe plan is being carried out in an orderly manner, I believe that the business situation of the company will soon improve and the valuation will rise.

   At that time, Vision Capital can mortgage Marvel's shares to obtain cash, and then use the money to invest in other mature companies to enrich the fund's investment portfolio.

   Now the entire fund only holds two targets of Marvel and Facebook, the investment portfolio is too monotonous, and the risk resistance is also very low.

   If it is a VC fund, it invests in some start-ups, and mortgage equity financing can hardly raise any money.

   And PE funds invest in relatively mature companies with revenue and profits, and most of them are quasi-listed and listed companies, so PE funds can play some leverage.

   That is to say, the Autumn Equinox Fund can hold tens of billions of dollars or even more assets by borrowing and investing with a net asset management scale of 5 billion US dollars.

   Of course, there is also a lot of risk in doing so, that is, the investment in the portfolio will depreciate, or the entire fund will be overwhelmed because the debt interest is too high.

   Without Xia Jingxing's guidance, Abel himself understood what to do next.

   He asked again: "Daren, now Vision Capital holds a total of 19.77% of Facebook shares through two funds.

   Among them, the Liqiu No. 2 Fund holds 17.77% of the shares, and the Autumn Equinox Fund holds 2% of the shares.

  If Facebook completes an IPO with a market value of hundreds of billions of dollars in the future, wouldn’t our asset management scale increase by 20 billion US dollars? "

   Xia Jingxing did not immediately answer Abel's question, but thought quickly in his heart.

The    Autumn Equinox Fund's investment is almost entirely from the blue-blooded aristocrats on the east coast, and even Aoguanhai has cobbled together $1 million to subscribe for fund shares.

  Half of Liqiu No. 2's fund shares belong to him personally, corresponding to 8.88% of Facebook's equity.

   At the same time, after the dilution of the additional 5% new shares, he currently holds a 26.29% stake in Facebook.

   In total, he personally holds a total of 35.17% of Facebook.

   Even if we wait until the listing to dilute a wave of equity, there should still be about 30% of the remaining shares.

   This shareholding ratio is already quite low.

   At the same time, he also let the upstarts like Ao Guanhai, as well as the old political and business families on the east coast, have a drink with them. It is considered that all interests have been taken care of.

   Once Facebook goes public, it will inevitably attract a lot of attention from the outside world, and it will also attract all parties, so he needs to plan ahead.

   "Well, the two funds of Envision Capital that hold Facebook equity are entrusted to you to manage. The interest chain inside is very complicated. You must not screw it up."

  Abel said with a smile: "I understand that the fund's return rate will satisfy those people."

  Xia Jingxing nodded lightly, in order for Facebook to go public smoothly, and after the listing, he can personally reduce his shareholding at a high level, and he must tie the interests of all parties to him.

   For this, he also paid a small price.

   However, these prices are acceptable. The Liqiu No. 2 Fund sold half of the fund shares, thus obtaining a large amount of valuable funds for shorting subprime mortgages;

  The 2% employee option of Facebook acquired by the Autumn Equinox Fund was purchased at a valuation of US$50 billion, and the return on investment will not be too high.

   Abel chatted with Xia Jingxing for a while, then went out.

   After a few minutes, a young white man in his twenties knocked on the door and walked in.

   "Daren, didn't disturb your work?"

  The person who came was Adam DeAngelo, Facebook's vice president of technology, who was also an early employee of Facebook and worked with Xia Jingxing for several years.

   "Adam, please sit down, I heard you are leaving?"

   "Yes, I made a special trip to say goodbye to you. Although I couldn't witness the bell of Facebook's listing, I will miss the years when we fought together."

  Xia Jingxing and Adam exchanged a few words and basically understood the reason for the other party's departure.

  Without him, I have given too much!

  Envision Capital spent 1 billion US dollars, making a large number of employees who joined Facebook in the early days become millionaires and multi-millionaires.

   These people are relatively young, for example, the Adam in front of him is the same age as Xia Jingxing, and he is only twenty-four or five years old, but he has a net worth of tens of millions of dollars, and all of them are in cash.

   That's a hammer! You must quit your job and enjoy a good life!

   Recently, there have been many middle and senior managers like Adam DeAngelo who chose to leave Facebook.

   Facebook naturally sent people to retain them, and even Christina personally came forward to retain a few people.

   But some people are determined to leave, and Facebook can only let them go.

  Xia Jingxing smiled and asked, "Adam, are you going to travel around the world next?"

  Adam shrugged, "That's a good idea! After so many years of hard work, it's time to relax.

   But after relaxing, I plan to start my own business. "

   "Start a business? Do you have a specific business plan? I think Vision Capital can provide you with some support."

  Adam smiled, "I came to you today, and I also have this intention. I hope that after I start a business, I can get the support of Vision Capital.

  We have worked together for many years, and we know each other well, which can save a lot of trust costs. "

  Xia Jingxing nodded lightly, "That's right, I believe that the success rate of people who come out of Facebook will not be worse than that of PayPal and Google."

  Adam laughed, and then talked about his business plan, "I have always had a business plan prototype in my mind, and I hope to be a community website that brings together celebrities and professionals from all walks of life, and everyone can ask and answer questions from each other.

   At the same time, the website introduces the SNS model, users can follow each other and find like-minded people by answering questions, thus forming a good atmosphere for community discussion. "

  Xia Jingxing squinted slightly, he already knew what website this was.

  Quora, also known as the US version of Zhihu.

   To be precise, it is Quora that Zhihu copied and imitated.

   "I don't plan to open the website to everyone in the early stage. I want to adopt an invitation registration system and invite Silicon Valley celebrities and Internet practitioners to settle in the website first.

   These people have a high level of knowledge, and the questions and answers discussed are of high quality.

   Let the website form a small circle first, and then slowly think of ways to make it bigger.

   Darren, I would like to invite you to be the first celebrity on this site, can I? "

   Adam looked at Xia Jingxing eagerly, as long as the famous Daeron Xiadu was on the website, he could pull this tiger skin to invite other Silicon Valley celebrities, thus making the website grow rapidly like a snowball.

  Xia Jingxing pondered for a while, and then replied: "No problem, I agree! But the website has been made, and Vision Capital wants to invest in you."

   "Okay, then it's settled."

  Adam stood up with a smile and held out his hand to Xia Jingxing.

  Xia Jingxing reached out and shook it, the deal was considered a preliminary deal.

Since    has been engaged in venture capital for so long, this is the first time that Xia Jingxing talks about the next investment so easily.

   In fact, in this wave of high-level and middle-level departures from Facebook, there are many people like Adam who choose to start their own businesses, and many of them have mixed up.

   However, many entrepreneurs from Facebook in previous lives had a bad relationship with Xiao Mazi.

  Because Xiao Mazi, as the boss, not only does not give investment, but also plagiarizes other people's ideas.

   After coming and going, Xiao Mazi's reputation stinks directly.

  Xia Jingxing was different, he was much more tolerant and generous than Xiao Mazi.

   If there is an opportunity to form a "Facebook startup gang" like PayPal, he will not miss it.

   (end of this chapter)