对接需求请扫码 来源：长江创投公司 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 6月6日，湖北孝感临空型产业投资基金合伙企业（有限合伙）顺利完成工商注册登记，实现湖北 省低空经济基金矩阵战略性扩容。该基金由长江创投公司旗下汇盟团队、高诚澴锋管理公司联合孝 感市临空创新投资集团共同出资设立，目标规模50亿元，首期规模20亿元，作为湖北省低空经济 产业基金群的重要增量，将聚力完善低空经济全链条资本布局，以金融"活水"精准滴灌低空经济产 业创新沃土，为湖北省打造全国低空经济发展高地注入澎湃动力。 该基金将紧扣湖北省低空经济发展规划，重点聚焦无人机制造、航空物流、飞行培训等关键细分赛 道，深度遴选并培育具有核心技术和创新潜力的优质企业。通过战略投资与资源整合相结合的方 式，基金将为企业注入发展活力，精准助力企业突破成长瓶颈。 下一步，长江创投公司基金管理团队将以该基金为纽带，发挥资本运作与产业投资专业优势，搭建 ...

Core Viewpoint - The private equity investment industry is facing significant challenges, with a drastic reduction in the number of active private institutions, leading to a potential decline in the overall market landscape [4][5][7]. Group 1: Industry Overview - The private equity industry in China has evolved over nearly 25 years, with the number of registered institutions peaking at around 30,000, but now likely reduced to about 100 active firms [4][5]. - Most private equity firms are small or micro-sized, with very few exceeding a management scale of 10 billion yuan [6][7]. - The majority of private equity firms are in a "zombie" state, with many not actively managing funds or investments [7][12]. Group 2: Investment Stages and Valuation - The most suitable investment stage for private micro and small GP firms is in the seed, angel, and pre-A round projects, where competition is high and requires significant effort to identify viable opportunities [7][9]. - Early-stage investment valuations in China range from 30 million to 120 million yuan, often inflated due to high-profile founders and investor involvement, leading to potential future funding difficulties [9][10]. - High valuations can create a mismatch between financial performance and investor expectations, increasing the risk of project failures [9][10]. Group 3: Funding Dynamics - The current market dynamics show that while many funds are available, the willingness to lead investments is declining, with most funds preferring to follow rather than lead [12][23]. - The funding landscape is heavily influenced by state-owned and mixed-ownership funds, which dominate later-stage investments, making it challenging for private firms to secure funding [10][12]. Group 4: Survival Strategies for Small Firms - Small and micro private equity firms need to focus on their strengths and establish a strong presence in specific sectors to attract funding from local governments and listed companies [23][24]. - Building a local base of operations is crucial for small firms to secure funding and support from regional investors [24][26]. - The survival of these firms will depend on their ability to navigate the changing landscape and adapt to the evolving needs of the investment market [26][27].

Core Viewpoint - The article highlights the establishment and recruitment of various mother funds across multiple cities in China, focusing on sectors such as robotics, new energy, integrated circuits, new materials, artificial intelligence, and low-altitude economy [1][4][10]. Fund Establishment - Several cities including Shenzhen, Nanjing, and Tianjin have announced the establishment or registration of funds, primarily targeting sectors like biopharmaceuticals, smart healthcare, high-end medical devices, and integrated circuits [1]. - The China Pacific Insurance Company has launched a new merger and acquisition private equity fund with a target size of 30 billion yuan and an initial size of 10 billion yuan [2]. Specific Fund Initiatives - The Jintan District Industry Innovation Development Mother Fund is seeking general partners (GPs) with a total scale of 10 billion yuan, focusing on five new industries including new energy and new medical technology [3]. - The Pukou District High-Quality Development Mother Fund is also recruiting GPs, emphasizing investment in strategic emerging industries such as integrated circuits and artificial intelligence [4]. - The Shanghai State-owned Assets Fund has selected 17 sub-funds, with a total investment amount of 4.15 billion yuan, focusing on integrated circuits and biomedicine [6]. Investment Strategies - The Hangzhou High-tech Zone plans to establish an industry investment fund and an intellectual property fund, focusing on smart IoT, biomedicine, and green energy [9]. - The Yangzhou Biopharmaceutical Industry Fund has been set up with a total scale of 1.5 billion yuan, targeting innovative drug development and high-end medical devices [10]. - The Nanjing Biomedical Valley is seeking fund managers for a specialized fund focusing on medical engineering and biomedicine, with a maximum scale of 300 million yuan [12]. New Fund Launches - The first S fund in Yancheng has been established to support technology innovation and modern industrial system construction [13][14]. - The Shenzhen Artificial Intelligence Terminal Industry Fund has been set up with a total investment of 1.44 billion yuan, focusing on equity investment and asset management [19]. - The first QFLP fund in Fangchenggang has been registered, targeting strategic emerging industries such as healthcare and advanced manufacturing [20]. Collaborative Efforts - The Qianhai Dinghui Deep Hong Kong Co-investment Fund has been established to focus on artificial intelligence and biotechnology, promoting deep collaboration between Shenzhen and Hong Kong [21]. - The Tianjin Chip Fire Integrated Circuit Venture Capital Fund has been officially registered, aiming to support the development of the integrated circuit industry [22]. Regulatory Developments - The Guangdong Provincial Government has issued a management method for government investment funds, emphasizing performance evaluation and management fees [23].

Core Viewpoint - The new regulation from Guangdong Province redefines the GP-LP relationship and emphasizes a performance-based management fee structure, marking a significant shift in the investment landscape [3][7][25] Group 1: Impact on GP and LP Dynamics - The regulation mandates that management fees should be paid from actual earnings or interest, not from the principal, which fundamentally challenges the traditional GP revenue model [3][5][7] - This shift addresses the structural contradiction between the high costs faced by GPs and the uncertain returns expected by LPs, which has been buffered by the previous management fee mechanisms [6][11] - The regulation is seen as a response to the dissatisfaction among LPs regarding the performance of GPs, who have been perceived as not delivering on their commitments [9][11] Group 2: Reactions and Controversies - The introduction of the regulation has led to a split in opinions within the industry, with some LPs viewing it as a necessary correction while many GPs see it as a threat to their operational viability [13][14] - Supporters argue that management fees should not be guaranteed without performance, while critics warn that this could push GPs towards short-term strategies at the expense of long-term investments [13][14][15] - The debate highlights a deeper issue of trust and risk-sharing between GPs and LPs, as the traditional management fee structure is being challenged [15][22] Group 3: Future Implications for the Industry - The regulation signals a potential shift towards a more performance-oriented investment environment, where GPs must demonstrate value creation to secure their fees [19][21] - There is a growing recognition that the management fee structure needs to evolve to reflect the realities of the investment landscape, moving away from rigid models to more flexible, performance-based arrangements [20][21] - The ongoing discussions indicate that the industry is at a critical juncture, where the established norms of GP-LP relationships are being re-evaluated in light of current market conditions [24][25]

Core Viewpoint - The establishment of the first S Fund in Yancheng marks a significant step in optimizing the fund ecosystem under Huanghai Financial Holdings Group, aiming to accelerate the development of technology innovation and modern industrial systems [1] Group 1: Fund Establishment and Focus - The S Fund is jointly established by Yancheng Innovation and Entrepreneurship Investment Co., Ltd., a subsidiary of Huanghai Financial Holdings Group, along with Zhongbao Investment Co., Ltd. and Legend Holdings Co., Ltd. [1] - The fund will focus on high-quality enterprises and fund shares in the technology and medical sectors that are in the growth and maturity stages [1] - Investment will be conducted through a "project + sub-fund" approach, emphasizing "patient capital" to support the development of technology enterprises in Yancheng [1] Group 2: Future Plans and Collaboration - Huanghai Financial Holdings Group plans to leverage its comprehensive financial service advantages to deepen collaboration with regulatory authorities, local governments, industrial parks, and leading partner institutions [1] - The focus will remain on technology innovation, continuously optimizing the fund ecosystem to facilitate a virtuous cycle of fund development and industrial investment [1]

Core Viewpoint - Chao Xi Capital has successfully completed the first closing of its second RMB main fund with a scale of 700 million yuan, following the previous fund's over 900 million yuan fundraising, indicating a steady improvement in institutional management scale and capability [1] Fundraising and LP Composition - The second fund maintains a high level of industrial and market-oriented characteristics, with nearly 60% of the LPs being industrial LPs, supported by leading mother funds, state-owned investment platforms, and financial institutions; the re-investment rate of old LPs is approximately 50% [1] - Key cornerstone investors include Suzhou Fund, with industrial LPs such as Maiwei Co., Artis, and Zhengtai Electric, along with new notable investment platforms like Zhongfang Consortium, Dongwu Venture Capital, and CITIC Capital [1] Investment Focus and Strategy - The second main fund will focus on two major sectors: energy and technology, covering the entire industrial chain from new materials, high-end equipment, terminal products, to innovative services and application scenarios, aiming to cultivate future leading enterprises with strong technological innovation and industrialization capabilities [1][2] - The investment strategy is based on a dual perspective of energy and technology, assessing market demand, breakthrough innovations, and industrial application points, while also considering the investment cycle and the growth stages of enterprises [2] Company Background and Achievements - Since its establishment in 2015, Chao Xi has adhered to an "industry-based" philosophy, focusing on global energy and technology sector investments, managing assets totaling 7 billion yuan, and investing in over 40 companies across various industrial chain segments [3] - The company has nurtured 5 unicorns and 12 potential unicorns, with 27 companies recognized as "specialized, refined, distinctive, and innovative" or as national high-tech enterprises [3] Ecosystem Development - The founder and chairman, Liu Jie, emphasized the creation of a pyramid industrial ecosystem, supported by numerous industrial groups as LPs and partner companies, which has been strengthened by the establishment of an industrial support center to integrate resources and foster collaboration [4][5]

Core Viewpoint - The article emphasizes the significant role of China's strength in driving global capital flow and industrial upgrades amidst a rapidly changing global economic landscape, highlighting the importance of mother funds as stabilizers and amplifiers in the capital market [1]. Group 1: Economic Context - The world is experiencing unprecedented changes, with differentiated recovery dynamics and accelerated technological innovation and industrial transformation [1]. - China is becoming a key variable in global capital flow and industrial upgrades, showcasing resilience and vitality [1]. Group 2: Importance of Mother Funds - Mother funds play an irreplaceable role in nurturing new productive forces, promoting technological self-reliance, and guiding long-term capital allocation [1]. - The year 2025 is projected to be pivotal for the rise of Chinese enterprises and assets, with significant advancements in high-value-added sectors [1]. Group 3: Upcoming Forum - The "2025 Mother Fund Annual Forum and the Sixth Lujing Venture Capital Forum" will be held from September 4-6, 2025, in Xiamen, focusing on leveraging mother funds to activate the multiplier effect of long-term, industrial, and innovative capital [3]. Group 4: Conference Highlights - The forum will gather over a thousand LP and GP institutions, including national and local government funds, financial institutions, and family offices, to analyze the current state and future trends of the private equity investment industry [11]. - A special dinner event will facilitate networking among top talents and quality resources in the industry, promoting market insights and investment opportunities [12]. Group 5: Investment Trends in Fujian - In 2024, the number of fund registrations in Fujian decreased by 37% to 234, while the registration scale increased by 32% to 148.895 billion yuan, driven by government-led funds and deep participation from industrial capital [19][20]. - Xiamen's registration scale grew by 60% to 713.32 billion yuan, significantly outpacing national trends, supported by policies like "拨改投" and cross-strait integration funds [20]. Group 6: Investment Focus and Performance - Investment in Fujian reached 24.886 billion yuan in 2024, a slight increase of 6.5%, with a focus on electronic information, biomedicine, and new materials [21]. - Early-stage investments accounted for over 70% of the total, reflecting a shift towards quality projects and innovation in the investment landscape [21].

Core Viewpoint - The Guangdong Provincial Finance Department has issued the "Guangdong Provincial Government Investment Fund Management Measures," which outlines the investment strategies and performance evaluation criteria for government investment funds [1]. Group 1: Investment Strategies - Government investment funds can invest through either a mother-fund and sub-fund structure or direct project investments [1]. - Sub-funds are primarily expected to invest in direct projects, including single-project special funds, to control fund levels and prevent excessive layering that could hinder policy objectives [1]. Group 2: Performance Evaluation - The performance evaluation of the funds will focus on the comprehensive achievement of policy objectives rather than profit maximization [1]. - There will be no internal benchmark return rate set, and evaluations will not be based on the profit or loss of individual projects or single fiscal years [1]. - Generally, there will be no penetration assessment of individual investment projects within sub-funds [1]. Group 3: Management Fees - Management fees for government investment funds will be determined through market-based negotiations and will be allocated based on the results of fund evaluations [1]. - Management fees should generally be calculated based on the actual contributions or investment amounts, with reasonable standards for fee determination [1]. - Fees will be paid from fund earnings or interest, and it is generally not allowed to charge fees against the principal; however, if the fund has not yet generated earnings or interest, fees may be advanced from the principal and later reimbursed once earnings are available [1].

Core Viewpoint - China Pacific Insurance (CPIC) has launched two major funds totaling 500 billion yuan, aimed at supporting national strategies and enhancing financial services in the capital market [1][2]. Group 1: Fund Details - The Taibao Zhanxin M&A Private Fund has a target size of 300 billion yuan, with an initial scale of 100 billion yuan, focusing on the reform of state-owned enterprises and the development of key industries in Shanghai [1]. - The Taibao Zhiyuan No. 1 Private Securities Investment Fund aims for a target size of 200 billion yuan, responding to the call for expanding private securities investment funds by insurance institutions [1]. Group 2: Strategic Focus - CPIC emphasizes long-term capital advantages and aims to enhance the long-term equity asset allocation system, focusing on core investment strategies centered around dividend value [1]. - The company has been actively involved in supporting the development of Shanghai's three leading industries and technology enterprises, particularly in healthcare, advanced manufacturing, and artificial intelligence [2]. Group 3: Impact and Achievements - CPIC has provided insurance services to over 10,000 enterprises, with a technology investment scale exceeding 100 billion yuan, contributing to high-quality development aligned with national strategies [2]. - The company has achieved significant coverage in inclusive insurance, reaching over 200 million people, and has a green investment scale exceeding 260 billion yuan [2].

Core Viewpoint - The article analyzes the challenges in comparing pricing discounts in China's secondary private equity market (S market), highlighting the lack of reliable data and the unique characteristics of the domestic market compared to overseas markets [4][11]. Group 1: Reasons for Difficulty in Discount Statistics - The global S fund market exhibits a strong Matthew effect, with 60-70% of transactions led by intermediaries and a concentrated buyer base, making it easier to calculate market prices [6]. - Most transactions involve merger fund assets, where General Partners (GPs) have better information resources for market value management, leading to more accurate pricing [6]. - Liquidity and financial demands dominate market transactions, with many sellers willing to sell below cost due to various strategic and compliance reasons [7]. Group 2: Characteristics of China's S Fund Market - The Chinese S fund market is highly fragmented, lacking long-term concentrated information, with 45% of institutional buyers in 2024 having never invested in any assets in 2023 [8]. - The intermediary ecosystem in China's S fund market is underdeveloped, leading to difficulties in establishing a general pricing trend [8]. - Chinese private equity funds primarily invest in minority stakes of growth-stage companies, resulting in a lack of sufficient information and distorted valuations due to the introduction of non-financial investors [9]. Group 3: Pricing Considerations in Transactions - The bottom line for S transactions in China is achieving a return of capital, with many transactions evaluated based on past returns and total multiples rather than current book value discounts [10]. - The majority of Limited Partners (LPs) with state-owned attributes cannot make decisions on transactions below cost, necessitating a minimum of 2x net returns for negotiation space [10]. - The lack of representative pricing statistics in the domestic S market means that each transaction must be evaluated individually [11]. Group 4: Buyer Pricing Strategies - The main valuation approach involves ensuring a margin of safety based on the core assets of the target and projected future cash flows [13]. - Buyers may pay a premium for companies with strong listing expectations, while discounts apply to those whose development lags behind previous valuations [14]. - Innovative transaction models, such as back-end profit sharing and structured financing, have emerged, complicating pricing transparency but providing market growth opportunities [15]. Group 5: Suggested Reference Points for Pricing - Historical prices of transferred sub-fund shares can serve as a reference for pricing, as GPs are obligated to disclose these during inquiries [17]. - Sellers can actively set prices based on growth rates and expected returns, aligning with internal requirements and risk control [18]. - Market-based inquiries can be conducted to gather multiple buyer quotes, enhancing pricing transparency and market engagement [19].