Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 100

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 100
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 relevant subscription agreements, we believe that the recurring service fees we earn are relatively predictable and sustainable.
Investment Structure
Gopher and Olive establish fund vehicles (the “Gopher/Olive Funds”) as investment vehicles to raise capital from clients and manage the investments. The investment portfolio of Gopher/Olive Funds includes primarily (i) private equity investments, including equity investments into private companies and commitments in private equity funds; (ii) public securities investments, including direct investments in public securities and commitments in money market funds, mutual funds and private secondary funds; (iii) real estate investments, typically in the form of equity of private companies holding such investments; and (iv) multi-strategy and other investments, primarily consisting of multi-asset portfolios.

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We act as the fund manager and/or general partner for the Gopher/Olive Funds and collect management fees and performance-based income. We also invest in certain Gopher/Olive Funds as general partners, and our equity interests in each individual fund are normally less than 3%. The following table sets forth the typical structure of a Gopher/Olive Fund:
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Product Offerings
As a multi-asset management service provider, Gopher /Olive invests in different categories of assets, including:

●   private equity investments, including investments in the leading domestic and overseas private equity funds through FOFs, feeder funds and S funds, as well as direct and co-investments in sectors such as TMT, financial services and healthcare. As of December 31, 2024, the AUM of Gopher/Olive’s private equity investments was RMB131.5 billion (US$18.0 billion), covering approximately 130 Gopher/Olive PE/VC FOFs, and directly or indirectly through these funds, invested in more than 9,000 companies.
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●   FOFs. In 2010, we established the first market-oriented FOF by private capital in mainland China. Our asset management business has historically focused primarily on investments in FOFs, whereby the Gopher/Olive Funds invest in one or more third-party managed funds, which directly or indirectly invest in portfolio companies or other investment portfolios. The graph below illustrates the portfolio structure of a simple FOF. Major Gopher/Olive PE/VC FOFs typically involve several layers of FOFs and/or feeder funds structure. Under such structure, multiple G