S基金专题研讨会顺利举办！母基金周刊x孚腾资本 联合发布S报告

Core Insights - The Chinese secondary equity market is experiencing a transformation amidst fundraising challenges, with a notable increase in transaction volume and conversion rates expected in 2025 [5][22][19]. Group 1: Market Overview - The domestic and overseas secondary markets are both projected to reach historical highs in transaction volume by 2025, driven by increased alignment in buyer and seller perceptions [5][12]. - The total transaction volume in the global secondary market for the first half of 2025 is estimated at $105 billion, reflecting a 52.2% year-on-year increase [12]. - The Chinese secondary market's transaction scale reached approximately 923 billion RMB by the third quarter of 2025, a 182% increase compared to the same period in 2024 [22]. Group 2: Investment Trends - The report indicates a warming in the secondary market, which is expected to boost transaction confidence and growth in transaction scale due to favorable policy guidance [5][19]. - The number of secondary fund establishments has increased, with 10 funds set up in the first three quarters of 2025, totaling 3.462 billion RMB, although individual fund sizes remain small [26]. - The average transaction size in the Chinese secondary market has decreased by 61% compared to the previous year, indicating a shift towards smaller, more frequent transactions [22]. Group 3: Buyer Behavior - There is a notable increase in transaction conversion rates, particularly among institutions evaluating 30 to 100 projects, where conversion rates have nearly doubled [30]. - Buyers are increasingly focused on asset quality rather than the reputation of general partners (GPs), reflecting a shift in investment strategy [39]. - The demand for liquidity and return expectations among buyers has decreased, with over 60% willing to sacrifice some return multiples for assured liquidity [42]. Group 4: Challenges and Opportunities - The report highlights ongoing challenges in the secondary market, including seller reluctance and internal compliance issues, which have increased compared to the previous year [36]. - The exploration of diverse exit strategies, such as fund restructuring and continuation funds, is seen as a potential solution to transaction difficulties [7][9].