以下文章来源于叫小宋 别叫总 ，作者叫小宋 没想过大富大贵，只是为了有口饭吃。 2010年，老宋的创业企业终于有了一点雏形，决定扩产。但是实在找不到愿意给地的政府。 叫小宋 别叫总 . 一级市场从业，主要看硬科技这里讲点平时不让说的 2005年，某家国企破产。企业的一名基层技术人员，老宋，失业了。"手艺"没有了可以用的 地方，老宋不得不被动创业。那一年，老宋35岁。 老宋最后把企业搬到了西部的山沟沟里。那里土地便宜，政府不太管你污染不污染什么的。能 解决就业，能创造税收，就挺好。 2015年，45岁的老宋头发白了，背也驼了，但是也一直闷头干。没找市里要过一条政策，没 找银行借过一分贷款，终于把企业带到良性发展，有利润了。 然 后 ， 开 始 有 投 资 机 构 找 上 来 了 。 嘿 ， 给 你 钱 要 不 要 ？ 不 用 还 。 等 你 上 市 了 ， 我 自 己 减 持 就 行。 上市是什么？不好意思，不仅不要利息，甚至不用还，那我睡不踏实。我不要。 继续闷头干，继续不要政策，不贷款。事实上市里也没有找过来说要给政策给贷款。 2020年，科创板已经推出一年，全民搞创投。老宋所在的省、市设立了几十亿的母基金 ...

以下文章来源于小贝创投圈 ，作者小贝Edwin 小贝创投圈 . 由资深PE、VC、投行人士发起，通过搭建国内一流创投圈子，培养新一代创投人才的有温度的组织。 近期和一级市场投资的伙伴交流，普遍的反馈是在躺平，特别是市场化的 VC/PE基金。 原因不难理解，甚至问题也是过往十年慢慢积累的，可以说，整个创投行业就在大幅洗牌和重 新梳理阶段。 原因之一，投资人信心严重不足了。 无论是产业方、还是高净值老板和个人，对待长期投资这件事上都几乎到了信心最低点。 国际关系在持续的发酵、国内的内卷趋势在加剧，对微观商业的影响是实实在在的，无论是老 板们还是老百姓都切身感受到了，当年任正非说的 "让寒意传导给每个人"，如今真的实现了。 前几天在给一个大金主家办推荐一个资产，家办负责人的原话是： "除非这个资产打一折，让 老板能捡漏，不然老板绝不会在这个时候出手。" 我和家办老大哥调侃到，起码这位老板还是有意愿的，已经强过 9 0%的老板。很多老板压根真 就躺平了，不然发过去连个声响都没。 我们必须正视现状，在当下，绝对部分个人和企业的长期投资意愿都很弱，这对一级市场在短 期内是极大的弱行情。 原因之二，高收益的资产变得很少。 ...

中国母基金行业一周资讯（ 5 . 3 1 - 6 . 6） 【资讯解读】 本周资讯涉及的母基金管理规模达 2 3 0 0 亿元，主要分布在 北京、上海、江苏、浙江、广东、 福建 等地区，投资 生物医药、未来新兴产业、半导体等 。以下是内容提要和具体资讯。 【内容提要】 1、江苏： 5 0 0亿超级母基金招GP 01 江苏： 500亿超级母基金招GP 江苏省战略性新兴产业母基金（以下简称 "省级母基金"）是贯彻落实省委省政府部署要求，发 挥长期资本、耐心资本、战略资本作用，推动全省战略性新兴产业发展和未来产业布局的引导 基金，旨在加快打造具有国际竞争力的战略性新兴产业集群，推动江苏成为发展新质生产力的 重要阵地。 一、投资领域 省级母基金以公司制形式运作，坚持市场化、专业化、法治化运作原则，重点投向具有引领作 用的战略性新兴产业、具有前瞻性的未来产业、高新技术产业和先进制造业，推动一批对优化 全省产业布局具有牵引作用的重大产业项目落地，培育一批能有效掌控细分领域和关键环节的 专精特新企业、单打冠军企业。 二、主要架构 2、北京：中关村科学城母基金 一举出资 5家GP 3、北京： 3 0 0亿央企创投母基金设立 ...

Group 1 - The core viewpoint of the article highlights the significant acquisition deal led by PAG, which aims to establish a 50 billion yuan fund to acquire 48 Wanda Plaza properties under Wanda Commercial [1][2] - The acquisition will be executed through a special fund platform, with PAG planning to invest approximately 5 billion yuan in the fund's subordinate shares, taking on primary risks for potential excess returns [1] - A consortium of state-owned banks will provide 30 billion yuan in loan credit, while the remaining 15 billion yuan will be raised through mezzanine financing to attract various investors [1] Group 2 - The acquisition involves 48 target companies located in major cities such as Beijing, Guangzhou, Chengdu, Hangzhou, Nanjing, and Wuhan, with the transaction recently receiving unconditional approval from the State Administration for Market Regulation [2] - PAG, often referred to as "Asia's Blackstone," manages over 55 billion USD in assets and focuses on private equity, real estate, and credit market investments [3] - The article notes a rising trend in private equity fund participation in mergers and acquisitions, with significant examples including Qiming Venture Partners' acquisition of a controlling stake in Tianmai Technology for 452 million yuan [4][5] Group 3 - The recent regulatory changes, including the "924 New Policy" from the CSRC, support private equity funds in acquiring listed companies to promote industrial integration [4][10] - The new regulations encourage the establishment of merger funds and investment funds to facilitate mergers and acquisitions, with a notable reduction in lock-up periods for private equity fund investments [10][11] - The article indicates a growing interest among investment institutions in controlling listed companies, driven by the need for exit strategies and the potential for collaborative optimization with listed firms [9][12] Group 4 - The emergence of dedicated merger departments within investment firms reflects the increasing focus on acquisition opportunities, with many firms actively seeking professionals with merger experience [13][14] - The average annual salary for merger managers in China can reach 500,000 yuan, with higher positions earning between 800,000 to 1.2 million yuan, indicating a competitive market for talent in this area [13] - The article emphasizes the potential for significant growth in the merger and acquisition market, particularly as more private equity funds engage in substantial transactions following the implementation of supportive policies [12][14]

母基金研究中心（ www. china -f o f. c om，下同）正式开启2 0 2 5专项榜单评选 。母基金研究中 心将根据已有的数据支撑与研究分析，于 7月发布2 0 2 5专项榜单，以此鼓励私募股权母基金与 基金行业的优秀机构与人才，促进股权投资行业的健康发展。 欢迎有意者扫描以下二维码，联系咨询母基金研究中心进行申报（ 请备注姓名 +机构名称， 以便通过验证 ）。 证监会首席律师程合红6月5日在2025天津五大道金融论坛上发表主旨演讲时表示，培育壮大 长期资本、耐心资本。 引导私募股权基金优化长周期考核机制 ，更好契合科技创新企业发展 特点。支持私募股权二级市场基金（S基金）的发展，推动基金份额转让业务试点转常规，扩 大基金向投资者实物分配股票试点，促进"募投管退"的良性循环。 继续引导中长期资金入市， 持续完善"长钱长投"制度 。 遵循股权投资的基本法律原则 ，推动构建和完善私募股权投资基 金与科技创新企业及其创始股东之间更为公平、合理的法律关系。 来 源 / 中 国 证券 报 2025 40U40优秀青年投资人榜单揭晓 2024中国母基金全景报告 2025母基金研究中心专项榜单评选正式开启 ...

耶鲁大学正准备在二级市场抛售高达25亿美元的私募股权资产 。 这种方法彻底革命了捐赠基金投资理念，各大资金池纷纷增加对流动性较差和更复杂投资的敞 口 。 根据全美大学商务官协会对2024财年的研究，美国高等教育捐赠基金平均将56%的资产配置 于另类投资。 截至6月30日，位于康涅狄格州纽黑文的耶鲁大学在杠杆收购和风险投资基金中各持有超过 100亿美元，根据其2024财年财务报告显示。 媒体指出，耶鲁大学一年多来一直在考虑出售资产，并考虑削减数十只基金的持仓，以清理旧 有持仓。出售谈判中涉及一项所谓的"马赛克交易"，允许买家挑选他们想要收购的特定投资基 金。包括Lex ington Partner s和HarbourVes t Partner s在内的多家买家已对该投资组合进 行了评估。 当这一模式的创始者开始大规模撤退时，整个行业或许需要重新思考：在税收政策急剧变化和 流动性危机并存的新环境下，" 耶鲁模式 "是否还能延续其昔日的辉煌？ 6月5日据媒体报道，耶鲁大学将首次在二级市场出售大规模私募股权持仓，这所常春藤盟校的 捐赠基金正就代号为"盖茨比计划"的投资组合出售进行深入谈判。 私募股权资产价值高达25 ...

Core Viewpoint - The new management regulations for government investment funds in Guangdong Province have sparked significant industry debate, particularly regarding the calculation and payment of management fees, which may disrupt existing practices and affect the interests of general partners (GPs) and limited partners (LPs) [1][2][4]. Summary by Sections Management Fee Calculation - The management fees for government investment funds are to be determined based on actual contributions or investment amounts, which deviates from the traditional market practice where fees are typically based on committed capital [2][3]. - The established norms in the private equity industry suggest that management fees should be set by market forces to ensure the operational viability of fund management teams [2][3]. Impact on Fund Operations - The new regulations may lead to inconsistencies in management fee standards across different LPs within the same fund, potentially creating conflicts of interest [1][2]. - If management fees are excessively low, it could hinder the normal operations of private equity funds, negatively impacting the industry's health and the ability of GPs to provide quality services [2][3]. Concerns Over Fee Payment Structure - The stipulation that management fees should primarily be paid from fund earnings or interest, with the possibility of prepayment from principal, raises concerns about the financial burden on GPs if funds do not generate returns [4][5]. - There is ambiguity regarding whether "earnings" refers to book profits or cash returns, which could impose significant pressure on GPs to prioritize short-term gains over long-term investments [4][5]. Broader Implications for the Industry - The implementation of such regulations in Guangdong could set a precedent for other regions, potentially leading to widespread changes in the private equity landscape [6]. - The survival of many small to medium-sized GPs may be jeopardized if management fees are reduced, as these fees are crucial for maintaining operational stability during challenging market conditions [6][7].

吕亚军在一番忙碌的工作后，出现在会议室接受采访。他着深色西装、戴黑框眼镜，言语间激 情澎湃，并富有亲和力。 长期以来，在传统的政府投资基金管理模式中， GP和LP存在较为突出的利益一致性问题。尤 其是在当前资本市场退出环境存在较大不确定性的情况下，这一矛盾愈发明显。 北京顺义希望通过打造 LGC的新模式，发挥GP和LP统一的优势，探索创新非资本市场退出路 径和投资收益多元化评价标准。 "LGC模式是顺义模式最大的特点，其中的'L'和'G'指基金的LP和GP都由自己来做，然后再配 合国资控股金融牌照的信用融资（Cr e d it），构造一体化的投贷联动机制。" 近日，北京市政 府特聘专家、顺义国资总经理吕亚军在接受 2 1世纪经济报道记者专访时说。 本次采访 在北京东六环外、顺义地铁站附近的一处小院进行，这里正是顺义国有资本经营管理 公司（简称 "顺义国资公司"）所在地。北京初春的一个下午，记者来到这里。阳光照射在小院 古朴的灰色瓦片与红色梁柱上，宁静悠然的氛围扑面而来。这片面积不大的静谧之地，实际上 正酝酿着地方政府做产业投资的勃勃雄心与创新驱动发展的蓬勃生机。 "你跟他交谈就能感受到，跟传统国资创投机构的掌 ...

6月3日，中国太保正式发布总规模5 0 0亿元的太保战新并购基金与私募证券投资基金。上海市 委常委、常务副市长吴伟出席仪式并正式启动两大基金。 据悉， 太保战新并购私募基金（暂定名，以基金正式备案名称为准）目标规模 3 0 0亿元，首期 规模1 0 0亿元 ， 聚焦上海国资国企改革和现代化产业体系建设的重点领域，推动上海战新产业 加快发展和重点产业强链补链，打造以 "长期资本＋并购整合＋资源协同"为特色的上海国资创 新转型生态。 母基金研究中心独家获悉， 太保战新并购私募基金为母基金，一半规模的资金将作为母基金配 置到子基金 。 我们认为，中国太保此举非常具有示范性带动意义，一方面在政策鼓励之下积极布局并购，另 一方面也为母基金行业注入耐心资本的活水力量。 首先，在并购方面，在 5月1 6日证监会《上市公司重大资产重组管理办法》（简称《重组办 法》）发布后，一级市场迎来并购讨论热潮。 《重组办法》明确指出，鼓励依法设立的并购基金、股权投资基金、创业投资基金、产业投资 基金等私募投资基金参与上市公司并购重组。值得关注的是，修订后的重组办法首次引入私募 基金 "反向挂钩"安排，明确私募基金投资期限满4 8个月的， ...

Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1][18][20] - A new artificial intelligence industry mother fund of 1 billion yuan has been launched, with an initial subscription of 300 million yuan, focusing on the "AI+" sector, including hardware manufacturing and core technology research [2][6] - The collaboration between CICC Private Equity and Haixing Electric aims to create a new global supply chain ecosystem, emphasizing the importance of private equity in fostering the rapid development of new productivity enterprises [5][7] Group 2 - The establishment of the Bay Area Artificial Intelligence Industry Innovation Alliance, initiated by Yuexiu Industrial Fund, Hong Kong University of Science and Technology (Guangzhou), and Huawei, aims to integrate resources for high-quality industrial development in the Guangdong-Hong Kong-Macao Greater Bay Area [12] - China Life Investment Company and Wan Guo Data signed a strategic cooperation agreement to focus on data center assets and promote multi-level cooperation in REITs and private funds [14] - The launch of the first "non-financial joint guarantee" performance guarantee business by Xiangchuang Guarantee aims to support local enterprises and stimulate regional economic growth [15] Group 3 - Shanghai Guotou Xiandai Artificial Intelligence Industry Mother Fund led the investment in Zhiyuan Robotics, marking a significant milestone in the field of embodied intelligence and showcasing the fund's commitment to supporting innovative technology [16][17] - The ongoing development of the global embodied intelligence market presents significant potential, with the need for patient capital to nurture emerging players in this sector [17] - The focus on deepening the ecological layout of artificial intelligence by Guotou Xiandai aims to transition China's AI industry from "catching up" to "leading" through strategic investments [17]