130亿，险资巨头联手出资了

Core Viewpoint - Despite a slowdown in insurance capital investments over the past two years, nearly 20 insurance companies have made significant investments since the beginning of the year, indicating a potential shift in market sentiment [1][8]. Investment Activity - Insurance capital investments in private equity funds have significantly decreased in 2024, with large investments also declining. The largest single investment from insurance capital in 2024 was 4 billion RMB, down from 10 billion RMB in 2023 [2][6]. - Recently, a new equity investment partnership was established with a registered capital of 13 billion RMB, marking a notable investment activity from two insurance companies, breaking the silence in the primary market over the past two years [3][5]. Market Environment - The primary market has faced severe challenges in the past two years, leading to a deteriorating fundraising environment. The main contributors to funding have shifted to state-owned limited partners, while the number of insurance institutions jointly investing in a single fund has decreased [5][6]. - The lack of long-term capital remains a significant bottleneck for the development of China's venture capital market, with ongoing issues related to funding shortages and exit mechanisms [6]. Policy Support - Since 2023, the government has encouraged long-term capital to enter the venture capital sector, emphasizing the development of patient capital. Recent policy documents have aimed to increase the equity asset allocation ratio for insurance funds, allowing for greater investment in primary equity markets [7][8]. - The increase in the proportion of insurance companies' investments in venture capital funds is expected to inject more long-term capital into the industry, potentially easing previous restrictions on insurance capital investments [7]. Market Outlook - The primary market has shown signs of revitalization due to policy incentives and technological advancements, with sectors like AI and robotics gaining traction. This has reignited investment enthusiasm among VC/PE institutions and limited partners [8].