姜明明：存量时代，基金路在何方？

Core Viewpoint - The article discusses the challenges and opportunities faced by the private equity industry in China as it enters a "stock era," emphasizing the need for innovative strategies to revitalize existing assets and adapt to changing market conditions [2][4]. Group 1: Current Situation and Challenges - The private equity industry in China has developed over 25 years, benefiting from the economic reforms, but now faces a stock game characterized by a dual structure [2][4]. - The industry has accumulated over 14 trillion yuan in assets and 230,000 projects, but fundraising and investment activity have declined in recent years [4]. - Despite market pressures, the secondary market for private equity saw a 46% year-on-year increase in transaction volume in 2024, indicating some recovery [4][5]. Group 2: Solutions and Directions - The S Fund plays a crucial role in the venture capital market by seeking certainty amid uncertainty, especially in managing the 14 trillion yuan of existing assets [5][6]. - The S Fund market is evolving, with state-owned enterprises and financial institutions participating as long-term investors, focusing on asset transactions and exits [6][7]. - The S Fund is categorized into transaction-oriented and function-oriented types, with many provinces establishing state-owned S Funds to activate regional financial resources [7][8]. Group 3: Practices and Exploration - The company has managed 26 billion yuan in assets in Jiangsu and has collaborated with various institutions to enhance post-investment management and develop diverse investment strategies [8]. - Over 15 years, the company has assisted in establishing government-guided fund systems and invested in over 400 sub-funds, totaling more than 60 billion yuan [8]. - The company emphasizes the importance of a robust database and transaction structure design capabilities to excel as an S Fund management institution [8].