我的理解是投行以提供SERVICE AND CHARGE COMMISSION为主， INSTEAD OF MAKEING INVESTMENT THEMSELVES - SOME BULDGE BRACKET FULLSERVICE IB IS EXCEPTIONAL BUT THEY HAVE SEPERATE UNIT FOR THE INVESTMENT。DO YOU MEAN THE 20 MM PROJECT IS WHAT THE IB RECEIVE FROM THE COMMISSION？ IF THIS IS THE CASE， TAKE THE 20 MM YOU MENTIONED AS EXAMPLE，AND TAKE 5% AS THE COMMISION RATE，THE DEAL SIZE WILL BE STH AROUND 400 MM，THAT IS DEFINITELY A BIG DEAL IN CHINA。
BUT FROM WHAT YOU SAID， IT SEEMS MORE LIKE YOU ARE TALKING ABOUT SOME INVESTMENT FUND。 PARTICULARLY IN CASE OF VC/PE FUND， YOU ARE ABOSULATELY RIGHT--THEY PROBABLY EVEN WILL NOT BOTHER TO THINK ABOUT IT IF THE COMPOUNDED RETURN IS LOWER THAN 35-40% FOR THE INVESTMENT。
