LP出资回暖，万亿资金流向何处？——《LP全景报告2025》发布

Core Viewpoint - In 2025, China's private equity market is undergoing a deep transformation characterized by a mild recovery in fundraising and investment, while traditional IPO exit channels are shrinking, leading to a surge in S transactions and mergers and acquisitions. The market is predominantly led by state-owned capital, with over 80% of funds directed towards hard technology sectors, indicating a trend of "early, small, and hard technology" investments [4][5]. Group 1: Market Overview - The private equity market in China shows signs of recovery with nearly a 10% increase in both fundraising and investment after a period of deep adjustment [5]. - Traditional IPO exit channels, except for Hong Kong, are continuously narrowing, prompting the industry to explore diversified exit routes represented by S transactions, which have seen a significant year-on-year increase [5]. - State-owned capital dominates the market, accounting for over 80% of total funding, with a strong focus on sectors like semiconductors and advanced manufacturing [5][15]. Group 2: Changes in LP Functions and Positioning - The function and positioning of Limited Partners (LPs) have shifted to fully support national strategies, moving from a financial to an industrial focus [6][7]. - The trend of "exit, fundraising, investment, and management" has reversed to "exit, fundraising, investment, and management," indicating a more strategic approach [6]. - There is a noticeable trend towards direct investment by LPs, reflecting a deeper engagement in the market [6][7]. Group 3: Fundraising and Investment Trends - In the first three quarters of 2025, the total committed capital from institutional LPs to private equity funds reached approximately 12.4 trillion yuan, marking a 9% year-on-year increase [13]. - A total of 3,438 funds were registered in 2025, a 15.18% increase compared to the previous year, with private equity funds accounting for 35% of the total [13]. - The structure of newly registered funds shows a narrowing gap between private equity and venture capital funds, with both types of funds having nearly equal proportions [13]. Group 4: Regional and Sectoral Insights - Beijing and Shanghai are the top regions for funding scale, while Jiangsu and Zhejiang are the most active provinces in terms of overall investment activity [23][24]. - Policy-driven LPs are increasingly active in regions like Jiangsu, Zhejiang, Shanghai, Beijing, and Anhui, reflecting a geographical concentration of investment activity [35]. Group 5: Future Outlook - The private equity market is expected to continue its recovery trajectory, with a focus on high-quality transformation and a more professionalized approach to LP allocations [5][9]. - The establishment of S funds and merger funds is becoming a practical tool for facilitating exits and promoting industrial upgrades [36]. - The government is pushing for a unified market structure, which will likely reshape the landscape of private equity investment in China [37].