The founder of private equity fund is American investor Benjamin Graham (1894- 1976). 1900 or so, some home offices specializing in financial management for the rich began to appear in the United States. Some wealthy families such as phipps, Rockefeller, Vanderbilt and Whitney have invested in many commercial enterprises, including AT & amp； T, Eastern Airlines, McDonald's-Douglas, etc. These families gradually changed from self-management to hiring external professionals to select and manage investments.

1923, Graham, who lost his father at the age of 9 and his mother went bankrupt when investing in the stock market at the age of 0/3, gave up the newberg-Henderson-Lauber Company, which had been a partner for 9 years, and set up a private equity fund with a scale of 500,000 US dollars in Granci. The first stock to be fired was DuPont.

★ Famous Quantum Fund

65438-0949, Jones Group, the first real hedge fund in the United States, was established by private placement, which led the trend of private placement of hedge funds. The prestigious Quantum Fund was founded by Soros and Rogers in the United States at the end of 1960.

The initial assets of Quantum Fund are only $4 million. The fund is located in new york, but the investors are all non-American foreign investors, which can avoid the supervision of the SEC. 1979, Soros renamed the company Quantum Company, which originated from Heisenberg's uncertainty law of quantum mechanics. By the end of 1997, the quantum fund has increased to a giant fund with total assets of nearly $6 billion.

On 1997, Quantum Fund suffered the setback of Russian financial turmoil and shorting Hong Kong dollars, and its investment in American Internet stocks made it lose nearly $5 billion, which hurt its vitality greatly. Therefore, on April 28th, 2004, Soros had to announce the closure of this thriving hedge fund.