Core Insights - The S Fund (Secondary Market Private Equity Fund) has gained significant attention as a tool to activate existing assets in the primary market and enhance market liquidity, with trading volume increasing substantially [1][2] Group 1: Market Overview - In 2024, China's secondary private equity market recorded a total trading scale of 107.8 billion yuan, marking a 46% year-on-year increase and reaching a historical high [2] - The number of transactions reached 395, covering 374 funds, with a notable surge in trading volume observed in the fourth quarter of 2024 [2] - Financial institutions and government funds emerged as the largest sellers, driven by their substantial existing holdings and urgent exit needs [2] Group 2: Buyer and Seller Dynamics - Corporate investors, government funds, and investment institutions were the primary buyers, with corporate investors showing significant activity, albeit mostly in small transactions [2] - Investment institutions saw a notable increase in trading scale compared to 2023, with several general partners (GPs) acquiring limited partner (LP) fund shares, particularly from funds nearing their exit periods [2] Group 3: Fund Types and Performance - Among the traded fund types, 54.5% were venture funds, followed by growth funds at 29.7% and early-stage funds at 7.2%, indicating a strong focus on equity funds [3] - Equity funds accounted for 948 billion yuan in trading volume, representing 88% of the total trading scale, while infrastructure funds contributed 8% [3] Group 4: Investment Trends - The underlying assets of the funds are increasingly concentrated in "hard technology," with the top sectors being electronic information, biomedicine, manufacturing, and enterprise services, aligning with recent financing trends [4] Group 5: Regional Market Activity - By the end of 2024, the Beijing Equity Exchange had facilitated 112 fund share transfers, totaling 14.866 billion shares and 4.846 billion yuan in transaction value, with a diverse range of participants including state-owned enterprises and private institutions [5][6] - The Shanghai private equity and venture capital share transfer platform maintained the highest transaction volume in the country, with 22.555 billion shares traded and a total transaction value of approximately 24.923 billion yuan [6] Group 6: Transaction Characteristics - The S Fund transactions exhibited five key characteristics in 2024, including a focus on late-stage secondary transactions, a leading position in equity fund trading volume and transaction count, and increased complexity in transaction structures [7]
2024年，S交易呈现这五大特征
Zheng Quan Shi Bao Wang·2025-05-23 13:54