并购基金迈入“千亿时代”丨投中嘉川

Group 1 - The core viewpoint of the article is that China's merger and acquisition (M&A) funds are expected to experience explosive growth by 2025, driven by both market demand and policy support [5][6]. - In 2025, the number of newly established M&A funds reached a record high since 2018, with 29 funds established and a target fundraising scale of approximately 105 billion RMB, representing a 70% increase in the number of funds and over 200% growth in scale compared to 2024 [9][10]. - Six major M&A funds, including the 30 billion RMB Jingguo Chuangzhisuan M&A Fund, have significantly contributed to this growth, marking a rare occurrence in the domestic M&A market [6][9]. Group 2 - The increase in newly established M&A funds is largely attributed to policy initiatives, particularly the "Six Opinions on Deepening the Reform of the M&A Market" released in September 2024, which emphasizes the role of private equity funds in promoting industrial upgrades and market efficiency [18][19]. - The primary investment targets of the new M&A funds align with national policies, focusing on emerging industries such as artificial intelligence, semiconductors, biomedicine, high-end manufacturing, and fintech, while traditional sectors like food and consumer goods have seen a decline in focus [19][20]. - The first quarter of 2025 saw 158 private equity funds exit through M&A, indicating a shift towards M&A as a primary exit strategy due to prolonged IPO exit cycles and increasing demand for consolidation in technology sectors [24][25]. Group 3 - The article highlights that while the number and scale of M&A funds have seen significant growth, the actual M&A transactions may not experience an immediate surge due to structural challenges such as complex negotiations and valuation mismatches [25]. - The anticipated peak of M&A activity is projected to occur between 2026 and 2027, suggesting a gradual buildup rather than an instantaneous explosion in M&A transactions [25].