汉坤律师事务所发布《汉坤2024年度基金募集项目数据分析报告》

Core Insights - The report outlines the annual overview of the private equity fund industry, highlighting the resilience and structural vitality of China's private equity market despite challenges from global economic slowdown and geopolitical conflicts [3][4]. Group 1: Market Overview - In 2024, the global private equity investment market faced significant pressure, with a notable decline in investor risk appetite and overall market activity [3][11]. - The report indicates that the target fundraising scale for nearly 80 private equity projects assisted by Han Kun in 2024 totaled approximately 150 billion RMB [3][11]. Group 2: Fund Characteristics and Trends - The primary investment focus for completed private equity funds in 2024 was concentrated in sectors such as smart hardware and software (AI, AR), biomedicine, and internet finance, with over 50% of funds targeting smart hardware and biomedicine [5][15]. - Fixed-term funds accounted for over 90% of the total, with most having an initial term of 5 to 8 years [5][11]. - The use of simple fund structures remained predominant, comprising 72.37% of the total, while the frequency of parallel fund structures increased compared to previous years [5][32]. - Management fees based on committed capital remain the mainstream approach, although the proportion of funds calculating fees based on paid-in capital has been gradually rising [5][11]. - Over 60% of private equity funds employed a partner-by-partner distribution mechanism, reflecting a trend towards more investor-friendly terms due to fundraising difficulties [5][11]. Group 3: Fund Domicile and Type - In 2024, the proportion of RMB funds continued to rise, while USD fund activities remained relatively subdued, with the Cayman Islands being the most popular domicile for offshore USD funds [22][23]. - Blind pool funds saw a rebound in their proportion, while single project funds experienced a slight decline [27][28]. Group 4: Governance and Management Structure - The governance structure of private equity funds showed a trend towards a higher proportion of funds where the general partner (GP) and the manager are the same entity, indicating a shift in management preferences [35][38].