张洋：以S基金为“耐心资本”

Core Viewpoint - The current call for patient capital in the industry is fundamentally due to the blockage of exit channels, creating a "capital dam" that hinders investment in early-stage companies [1] Group 1: Industry Challenges - The private equity and venture capital industry in China has seen significant growth in GDP, money supply, and asset management, but the management scale of the private equity sector has not kept pace [1] - The single and congested exit channels have created a substantial blockage, leading to cautious investment behavior and phenomena such as "investment debtification" [1] - The lack of certain exit expectations prevents capital from accompanying companies in a long-term and patient manner [1] Group 2: S Fund and Market Development - The establishment of a secondary market centered around S Funds is essential to address the challenges of early and small investments, providing predictable liquidity for investment institutions [1] - The S Fund is expected to see a trading scale exceeding 100 billion yuan in 2024, representing a 46% year-on-year increase, indicating a growing demand in the industry [2] - The S Fund serves as a "certainty anchor" for the industry, ensuring that assets can be traded at reasonable prices when needed, thus facilitating a cycle of investment, exit, and reinvestment [2] Group 3: Company Strategy and Capabilities - Shengshi Investment, a leading mother fund management institution, manages over 100 billion yuan and covers more than 400 sub-funds [3] - The company has developed a diversified S Fund strategy, including transaction-oriented S Funds aimed at financial returns and functional S Funds designed to address liquidity issues in specific regions or institutions [3] - Shengshi Investment's ability to drive S Funds is attributed to its three core genes: a comprehensive market perspective from its mother fund background, precise asset pricing and value discovery from direct investment, and the capability to design complex transaction structures from its investment banking experience [3]