完不成KPI的投资人

Core Viewpoint - The investment market in 2025 shows signs of recovery in terms of new fund registrations and investments, but this is misleading as it primarily involves top-tier institutions and large state-owned funds, indicating a superficial recovery rather than genuine market activity [1][2]. Fundraising and Investment Trends - The number of newly established private equity and venture capital funds increased significantly in 2025, with 1,165 funds registered in Q2 (up 38.2% year-on-year) and 1,300 in Q3 (up 37.42% year-on-year) [1]. - Investment professionals are shifting their focus from project investments to fundraising contributions and exits, reflecting a change in KPI assessments [2]. - Many government-guided funds are now engaging in direct investment rather than funding sub-funds, leading to a decline in the establishment of mother funds [2]. Mother Fund Establishment - In the first half of 2025, only 33 new mother funds were established, a significant drop from the previous year, with government-guided funds decreasing by 66% and market-oriented funds by 50% in total scale [3][4]. - The decline in mother funds is attributed to the loss of their role in attracting investments, which may reduce local governments' enthusiasm for establishing new funds [3]. Market Dynamics and Challenges - The investment environment is characterized by a focus on cost-saving measures, with many small and medium-sized General Partners (GPs) adopting shared office spaces to reduce expenses [5][6]. - There is a notable trend of personnel changes within GPs, with a shift towards hiring individuals with industry backgrounds rather than traditional business education to maximize efficiency and resource utilization [8][9]. - The current market conditions have led to heightened competition, with top-tier institutions consolidating resources, making survival increasingly difficult for smaller GPs [5][7]. Future Outlook - The upcoming China Mother Fund 50 Forum in December 2025 aims to gather key industry players to discuss the future of the mother fund sector [10][12].