2025年中国PE_VC基金行业CFO白皮书-沙利文&头豹

Summary of the 2025 China PE/VC Fund Industry CFO White Paper Core Viewpoint The 2025 China PE/VC fund industry is experiencing fluctuations in registration numbers and a decline in scale due to dual influences from policy and market conditions. The number of registered PE/VC funds decreased by 44.1% year-on-year in 2024, with a registration scale of 2,690 billion yuan, down 30.3% year-on-year. This decline is primarily attributed to stricter entry thresholds and reduced registration efficiency as per the new regulations, alongside market volatility and tightened IPO conditions, which have exacerbated fundraising difficulties [1][2][5]. Group 1: Overview of the PE/VC Fund Industry - The number of registered PE/VC funds has significantly decreased, from 4,329 in 2017 to 118 in 2024, largely due to regulatory tightening and market uncertainties [5][30]. - The registration scale of PE/VC funds has also declined, with a total of 2,690 billion yuan registered in 2024, a decrease of 30.3% year-on-year [19][24]. - Despite the overall decline in registration numbers and scale, the proportion of PE/VC funds within the total private fund sector has increased, indicating their critical role in industrial integration and technological innovation [18][24]. Group 2: Investment Trends and Challenges - In the first half of 2025, the PE/VC market showed signs of recovery, with 5,074 investments totaling 5,748 billion yuan, representing year-on-year increases of 28% and 18%, respectively [48][53]. - Key investment sectors include electronic information, advanced manufacturing, and healthcare, with a preference for industries with high technological barriers and strong policy support [59]. - The trend of "capital migration" is evident, with a significant decline in A-round investments, as investors are increasingly favoring later-stage projects due to improved exit channels [54][58]. Group 3: CFO Insights and Fundraising Challenges - Over 80% of surveyed CFOs prefer long-term value creation, but less than half are increasing their allocation to "patient capital," facing challenges from LPs' short-term return expectations and uncertainties in portfolio company growth [6][7]. - The fundraising environment remains challenging, with 45% of institutions reporting stable fundraising amounts compared to the previous year, while 26.8% experienced a decrease [7][8]. - Innovative fundraising channels, such as science and technology bonds and follow-on funds, are gradually being adopted to address the ongoing fundraising difficulties [7][8]. Group 4: Digital Transformation and Service Provider Preferences - The core needs for digital transformation among institutions include data management, team collaboration, and cost reduction, with many institutions allocating limited budgets for these initiatives [6][7]. - Institutions are increasingly sensitive to costs when selecting third-party fund operation service providers, prioritizing value for money and one-stop services over brand prestige [7][8]. Group 5: CFO Rankings and Recommendations - The white paper also includes the 2025 CFO rankings for PE/VC institutions, recognizing various award winners across multiple dimensions [6][7]. - Recommended service providers include ICS and Shanghai Lianchuang Capital, highlighting the importance of local and flexible pricing service providers in the current market environment [6][7].