中国母基金50人论坛举办 研判行业转型关键路径

Group 1 - The seventh China Mother Fund 50 Forum was held in Beijing, focusing on the development trends of the mother fund industry, LP layout strategies, and innovative exit channels, marking a transition from "scale expansion" to "mechanism restructuring" [1] - Yao Shangkun, founder and chairman of Guoxiong Capital, emphasized the need for institutional innovation to break the bottlenecks in the entire fundraising, investment, management, and exit chain to promote capital aggregation towards new productive forces [1] - Tang Jincao, founder of the Mother Fund Research Center, noted that the industry is experiencing a watershed moment from quantity to quality, with 1,118 private fund managers being actively or passively deregistered from January to November 2025, indicating a rapid clearing of "zombie institutions" [1] Group 2 - Traditional Chinese venture capital funds rely over 90% on IPO exits, leading to severe congestion, while in 2025, secondary market transactions and mergers and acquisitions have become primary strategies, with S fund transaction numbers exceeding the total for 2024 in the first half of 2025, reaching a scale of approximately 78.4 billion yuan [2] - The "merger symphony" has begun, with policy measures like the "six merger guidelines" and revisions to the management regulations for major asset restructuring of listed companies facilitating private fund participation in mergers and acquisitions [2] - Insurance capital in equity investment has not been fully utilized, and there is a call for policy optimization to convert insurance funds into "patient capital" that supports national strategies, technology innovation, and industrial upgrades [2] Group 3 - The forum provided insights and practical references for the mother fund industry to tackle cyclical challenges and explore high-quality development paths, showcasing how capital is actively empowering the real economy and nurturing new productive forces through mechanism innovation and ecological restructuring [3] - Companies like Shunshi Capital and Futeng Capital are focusing on strategic emerging industries and industrial upgrades, emphasizing market-oriented, international, and professional operational principles to explore innovative development paths [3] - Futeng Capital is building a multi-layered system of "fund + direct investment + mergers" to link industrial resources with state-owned capital, particularly in hard technology sectors like artificial intelligence and biomedicine [3]