银行系资金加速涌入，政策型LP关注存量消化｜月度LP观察

Core Viewpoint - In May, the number of funding institutions decreased, and the number of funding transactions slightly declined, indicating a slight drop in market activity compared to the previous month. However, financial institutions' participation in funding is entering a phase of explosive growth due to policy support [3][5][34]. Group 1: Funding Activity Overview - In May, the number of newly registered private equity and venture capital funds totaled 339, a month-on-month decrease of 18.71%, but a year-on-year increase of 36.69% [5]. - The activity of institutional LPs decreased by 18% compared to April, but increased by 58% year-on-year [3][5]. - Policy-type LPs accounted for the highest funding share at 40.41%, followed by industrial-type at 33.98%, financial-type at 20.04%, and financial institutions at 5.25% [7]. Group 2: Policy-Type LPs and Market Dynamics - Policy-type LPs saw a significant month-on-month decline of 26.8% in funding, becoming the category with the largest drop [9]. - Local governments are concentrating their funding efforts, with notable examples including Beijing's government investment platforms making only two investments in May, totaling 102 billion [9]. - The Sichuan Revitalization Science and Technology Innovation Fund completed a GP-led secondary transaction, indicating active asset management among policy-type LPs [10][11]. Group 3: Financial Institutions' Funding Growth - Financial institutions' funding activity increased by 4% month-on-month in May, with a total funding scale exceeding 25.2 billion, marking a 77% increase from the previous month [14]. - Recent policy adjustments have allowed insurance funds to increase their equity asset allocation, leading to a significant rise in private equity investments [15]. - Insurance capital is increasingly focusing on sectors such as healthcare, semiconductors, and new energy, with notable investments in the Shanghai Lilan Fund totaling 950 million [15][16]. Group 4: Regional Funding Trends - Jiangsu province continues to lead in funding activity, with several strategic emerging industry funds registered in May, totaling 7 billion [22]. - Beijing emerged as the region with the largest funding scale in May, driven by significant contributions from financial institutions [25]. - The establishment of various funds in Jiangsu aligns with local industrial strategies, aiming to enhance competitiveness in key sectors [24].