超5700亿，2025年第四季度活跃出资的LP来了

Core Insights - The total number of newly registered private equity and venture capital funds reached 1,486 in Q4 2025, marking a year-on-year increase of 28.99% and a quarter-on-quarter increase of 14.31% [2] - The cumulative capital contribution from LPs reached 57.84 billion RMB, with state-owned enterprises contributing 25.68 billion RMB, accounting for 48.35% of the total [1] Fund Overview - In Q4 2025, there were 511 newly registered private equity funds and 975 venture capital funds, with venture capital funds maintaining a dominant position [2] - The registration of funds was concentrated in Zhejiang, Jiangsu, and Guangdong provinces, indicating strong GP activity and industrial absorption capacity in the Yangtze River Delta and Greater Bay Area [2] LP Contribution Trends - The frequency of LP contributions showed fluctuations in Q4, but overall, there was an upward trend [5] - Monthly active institutional LPs numbered 645, 912, and 821 in the respective months of Q4 2025 [3] Active LP Types - In Q4 2025, institutions with a contribution ratio of 1% or more made a total of 2,602 contributions, with corporate investors being the most active group, contributing 921 times, accounting for 35.4% [6] - State-owned enterprises contributed 756 times (29.1%), while government-guided funds contributed 158 times (6.1%), together accounting for 35.2% of total contributions [7] Contribution Scale - The total contribution scale from LPs with a ratio of 1% or more reached 57.84 billion RMB, with state-owned enterprises contributing 27.06 billion RMB, representing 46.8% [9] - Government-guided funds contributed 4.34 billion RMB (7.5%), while corporate investors contributed 6.74 billion RMB (11.7%) [9][10] Active LP Rankings - The top LPs by contribution frequency included Hefei New Station Technology Industry Development Group and Shaanxi Provincial Science and Technology Innovation Fund, among others [14] - The top LPs by contribution scale included the National Social Security Fund and Beijing Energy Group, with the former contributing 4.8 million RMB [15] LP Investment Characteristics - State-owned LPs continue to play a leading role, focusing on strategic emerging industries and local advantageous industrial chains [17] - Corporate investors exhibit high-frequency participation with a focus on small-scale, diversified investments in vertical industries [18] - Government-guided funds leverage fiscal policies to direct social capital towards key technology sectors, maintaining a significant guiding role [19] - Institutional investors, including pension funds and insurance companies, focus on long-term asset allocation with a preference for high-quality assets [20]