险资LP“跑步”进入股权投资市场，上半年出资规模同比增46%

Core Viewpoint - The establishment of Tianjin Jiayu Equity Investment Fund and Suzhou Kuanyu Equity Investment Fund has attracted market attention, with significant participation from insurance capital, indicating a trend of increased investment in the primary market by insurance funds since 2025 [1] Group 1: Investment Trends - Insurance capital's subscribed investment amount in equity investment reached 52.4 billion yuan in the first half of 2025, representing a year-on-year increase of 46% [1] - The general partners (GPs) in this round of insurance capital cooperation include not only state-owned enterprises but also several leading dollar funds and market-oriented venture capital institutions [1] Group 2: Market Dynamics - The acceleration of insurance capital entering the primary market is driven by policy relaxation and the pursuit of diversified allocation paths due to declining interest rates [1] - The continuous entry of long-term funds like insurance capital is expected to transform previously anticipated long-term capital in the primary market into actual investments, injecting more vitality into the market [1]