1-11月VC/PE报告：募投市场双双回暖，江苏交易数量居首位

Core Findings - The VC/PE market in China has shown significant growth in the first eleven months of 2025, with fundraising increasing by 16.73% year-on-year and investment volume rising by 30.33% [2][4]. Fundraising Analysis - A total of 4,871 new funds were established in the VC/PE market, an increase of 688 funds or 16.73% compared to the same period last year, with a total fundraising scale of 2.29 trillion yuan, up 8.09% year-on-year [2]. - 2,611 institutions participated in fund establishment, a 4.36% increase from 2,502 last year, with 62% of institutions setting up one fund, 19.4% establishing two, and 18.6% creating three or more funds [2]. - The number of institutions setting up three or more funds increased significantly from 12.7% last year to 18.6% this year, indicating a rise in institutional activity [4]. Investment Analysis - The number of investment cases reached 10,007, a year-on-year increase of 30.33%, with a total investment scale of 1.193 trillion yuan, up 31.54% [21]. - The average investment amount remained stable at approximately 1.19 million yuan, reflecting a recovery in the investment market [21]. - VC stage investments accounted for 78% of total transactions, with the investment scale in this stage increasing to 57% [26]. Regional Fund Establishment - Zhejiang province led the establishment of new funds with 1,060 funds, followed by Jiangsu with 764 and Guangdong with 529 [6]. - A total of 31 provinces and regions established new funds, indicating widespread activity across the country [6]. Limited Partner (LP) Contributions - Corporate investors as LPs increased their participation, with their contribution ratio rising from 31.3% in the first half of the year to 34% in the second half [10]. - The number of contributions from bank LPs surged by 84%, while government institutions and insurance capital also saw significant increases [10]. Exit Market Analysis - In the first eleven months of 2025, 250 Chinese companies achieved IPOs, with a VC/PE penetration rate dropping to 54% [44]. - The exit return rate decreased to 272%, while the proportion of overseas IPOs increased to 61% [44].