Group 1 - The company approved a joint investment by its wholly-owned subsidiary, Liu'an Mingjiahui Optoelectronics Technology Co., Ltd., and professional investment institutions, contributing a total of 21.77 million yuan to Shenzhen Lihua Suanxin No. 2 Venture Capital Partnership [1] - Liu'an Mingjiahui plans to invest up to 15 million yuan, holding a 6.8902% stake in the partnership [1] - The partnership has completed the private investment fund registration process and obtained the Private Investment Fund Registration Certificate [1] Group 2 - The total actual capital contribution to the Shenzhen Lihua Suanxin No. 2 Venture Capital Partnership has changed to 80 million yuan due to some partners exiting and internal transfers [2] - Liu'an Mingjiahui's final actual capital contribution is 12 million yuan, representing a 15% stake in the partnership [2]

Financial Data and Key Metrics Changes - Fundings for the quarter totaled $99.1 million, with net originations at $46.3 million, reflecting a decline in exits and prepayments to $52.8 million [4] - Interest income rose to $23.9 million, driven by an increase in average earning assets, despite a 30 basis point decline in average SOFR rates [4][10] - Net investment income decreased to $11.3 million, or $0.50 per share, due to rising expenses, including a $600,000 increase in net management fees [10][11] - Total assets increased to $923 million, while liabilities rose to $445 million, leading to a decline in net assets to $477 million [11][12] Business Line Data and Key Metrics Changes - The portfolio's investment mix remained stable, with first lien debt and total debt investments at 73% and 91% of the portfolio at cost, respectively [7] - PIK income rose to $2.3 million, accounting for 9.6% of interest income, although the accrued PIK balance declined due to collections [7][10] Market Data and Key Metrics Changes - The company experienced a significant prepayment of $42.8 million from Vets Choice, generating a prepayment fee of $855,000 [8] - The current pipeline of late-stage deals exceeds $100 million, indicating robust investment opportunities despite a traditionally slow Q1 [8][9] Company Strategy and Development Direction - The company aims to leverage its strong balance sheet and ample bank lines to grow its investment portfolio and deliver dividends to shareholders [15] - Management is cautious about the sustainability of investments in sectors like AI and data centers, focusing instead on lower middle-market opportunities [21][22] Management's Comments on Operating Environment and Future Outlook - Management noted that the investment activity is attributed to the resilience of lower middle market deal flows and growth prospects within the existing portfolio [9] - The company is monitoring potential headwinds from declining interest rates and is prepared to take actions to support dividends if necessary [64] Other Important Information - Monthly distributions for February and March will be $0.15 per common share, with an annual run rate of $1.80 per share [12] - The company is not heavily reliant on government contracts, focusing instead on sectors with better visibility and stability [49] Q&A Session Summary Question: Inquiry about the use of revolver and interest rate floors - Management confirmed that most variable rate loans have floors and that they are not currently at those floors, indicating a strategy to rely more on floating rate debt as interest rates decline [18] Question: Opportunities in AI and data center investments - Management clarified that they do not directly invest in data centers but are cautious about the sustainability of related investments [21][22] Question: Changes in diluted share count - The increase in diluted share count is primarily due to convertible debt, which will continue to impact share count as long as the debt is outstanding [30][31] Question: Regulatory updates affecting BDCs - Management indicated that discussions around the AFFE rule have been ongoing for years, with no immediate changes expected [37] Question: Pipeline activity and spillover from previous quarters - Management noted that some deals have spilled over from previous quarters, with a consistent build in domestic manufacturing opportunities [41][45] Question: Impact of government shutdowns on business - Management stated that their focus is not on short-term government services, and the impact of shutdowns is not expected to be a permanent impairment [49][50] Question: Status of Eegee's business - Management acknowledged challenges faced by Eegee's due to seasonal factors and external economic pressures but expressed confidence in the ongoing restructuring efforts [52][55]

施罗德财富管理去年7月至10月间，访问了新加坡、香港及印度等60个家族办公室。调查结果显示， 52%受访者称计划在未来三年内增加对私募股权的投资，此比例高于公募股权及对冲基金等其他资产类 别。其中，有87%受访者已投资私募股权，45%受访者在过去3年增加对私募股权的投资。 报告称，亚洲家族办公室通过直接收购股权或通过基金投资来进入私募股权市场。Vincent Ee表示，"半 流动性"私募股权基金的兴起，使这一资产类别对投资者更具可及性，推动了需求增长。"在成长型和收 购阶段的公司中也存在强烈兴趣，这些企业通常已有成熟产品，正专注于规模扩张。在这一阶段，投资 者不仅能通过资本增值，还能凭借运营和行业经验增加价值。" 总体来看，私募股权在亚洲受访家族办公室的投资组合中平均占比为18.1%，比例位居第二，仅次于股 票的28%，但高于房地产(15%)、债券(13%)和现金(10%)。 施罗德亚洲投资主管Vincent Ee表示，全球公开市场的波动加速亚洲家族办公室对私募股权的兴趣。许 多家族办公室正寻求相关性较低、期限更长且能提供更大控制权与价值创造的投资，他们将私募股权视 为管理短期市场波动、同时支持长期财富增长的 ...

Core Viewpoint - Jiangsu Xiehe Electronics Co., Ltd. is collaborating with private equity funds to establish a venture capital fund, aiming to enhance its understanding of high-tech industries and expand its industrial resources while ensuring stable development of its main business [2][37]. Group 1: Investment Details - The company is participating as a limited partner with its own funds of 5 million RMB, accounting for approximately 7.30% of the total subscribed capital of the partnership, which amounts to 68.5 million RMB [2][5]. - The transaction has been approved by the company's general manager's office and does not require further approval from the board of directors or shareholders [3][5]. Group 2: Partnership Structure - The partnership agreement involves several other partners, including Changzhou Lizhong Investment Management Co., Ltd. and others, to jointly invest in the establishment of the venture capital fund [5][6]. - The fund's purpose is to achieve stable asset appreciation while controlling investment risks, focusing on venture capital investments in unlisted companies [8]. Group 3: Fund Management and Operations - The fund will have a duration of five years, with a three-year investment period and a two-year exit period, and can be extended under certain conditions [8]. - The fund's investment strategy will primarily target high-tech sectors, including smart detection services, high-end equipment, robotics, and artificial intelligence, mainly in the Yangtze River Delta region [30]. Group 4: Financial Impact - The investment is made using the company's own funds, ensuring that it does not affect the company's operational capital needs or normal business activities, and is aligned with the interests of all shareholders [37].

近日，执中数据科技(苏州)有限责任公司(以下简称"执中ZERONE")发布2025年私募股权投资行业出资 全景数据，全年LP(有限合伙人)出资金额达1.82万亿元，同比增长超40%，行业出资结构进一步明晰， 国资性质资金稳居主导地位，金融机构则成为出资端的活跃主体。 在业内人士看来，国资主导地位的持续强化，是由政策支持、产业导向调整等多方面因素驱动。同时， 银行、保险等金融机构在私募股权投资中逐渐扮演着更加积极和重要的角色。 LP结构仍由国资主导 行业出资结构方面，纵览近年数据，国资性质资金占比稳居主导地位，且呈现持续攀升态势。2021年至 2025年，国资性质资金占比逐年分别为78.9%、80.0%、85.7%、88.8%和90.2%。 整体来看，保险业机构和银行业机构出资笔数和出资金额居前。2025年，保险业机构作为有限合伙人 (LP)向私募股权基金出资114笔，金额合计达1145亿元，同比分别增长约107%、58%；银行业机构向私 募股权基金出资130笔，同比增长约195%，出资金额为729亿元，较2024年微降0.04%。事实上，自2024 年9月份AIC(金融资产投资公司)股权投资试点扩围以来，银行 ...

在业内人士看来，国资主导地位的持续强化，是由政策支持、产业导向调整等多方面因素驱动。同时， 银行、保险等金融机构在私募股权投资中逐渐扮演着更加积极和重要的角色。 LP结构仍由国资主导 2025年私募股权市场回暖趋势显著。执中ZERONE数据显示，2025年，LP出资金额和出资笔数分别达 1.82万亿元、9319笔，分别较2024年增长约43%和36%，结束了自2021年以来的下滑趋势。 行业出资结构方面，纵览近年数据，国资性质资金占比稳居主导地位，且呈现持续攀升态势。2021年至 2025年，国资性质资金占比逐年分别为78.9%、80.0%、85.7%、88.8%和90.2%。 近日，执中数据科技(苏州)有限责任公司(以下简称"执中ZERONE")发布2025年私募股权投资行业出资 全景数据，全年LP(有限合伙人)出资金额达1.82万亿元，同比增长超40%，行业出资结构进一步明晰， 国资性质资金稳居主导地位，金融机构则成为出资端的活跃主体。 金融机构参与度提高 2025年，金融机构类长期"活水"资金对私募股权投资市场的参与度提高。全年金融机构累计出资笔数 444笔，出资金额共计2612亿元，同比分别增长约62 ...

Core Viewpoint - The article emphasizes the importance of venture capital and private equity in supporting technological innovation, as highlighted by Xi Jinping's article in the "Qiushi" magazine, which outlines the path for China's financial development and the construction of a financial powerhouse [2]. Group 1: Investment Trends - Private equity funds have been crucial in providing financial support for technological innovation, with 90% of companies listed on the Sci-Tech Innovation Board and the Beijing Stock Exchange being backed by venture capital [3]. - The current trend in the industry is to focus on early-stage, small-scale, long-term investments in hard technology, which has become a mainstream consensus among mother funds and venture capital [3]. Group 2: Early and Small Investments - Angel mother funds have entered a period of rapid growth, with over 30 established in China, totaling more than 800 billion yuan. Many of these funds have a high degree of marketization, with over half allowing a maximum investment ratio of 40% in sub-funds [4]. - Local angel mother funds are increasingly building and improving error tolerance mechanisms, which support early-stage investment institutions and encourage a shift in investment stages [4]. Group 3: Long-term Investment - Many newly established mother funds and direct investment funds now have a duration of 15 to 20 years, showing a growing patience for the investment period of sub-funds, with 53% of new guiding funds allowing sub-fund durations of over 10 years [4]. Group 4: Patient Capital - The concept of "patient capital" has gained consensus in the private equity industry, characterized by long-term support and a high tolerance for risk and failure, which is essential for adapting to the long and uncertain cycles of technological innovation [5]. - Compared to previous investment themes focused on internet and consumer sectors, the current focus is on hard technology, necessitating a longer investment horizon for returns [5]. Group 5: Policy Support - Since 2024, the policy environment for the private equity industry has seen significant improvements, with the government increasingly supporting venture capital through various measures, including the "17 policies for promoting high-quality development of venture capital" [6]. - The government has emphasized the importance of developing angel investment, venture capital, and private equity, aiming to attract more social capital into venture investments [6]. Group 6: Future Outlook - The establishment of the National Venture Capital Guiding Fund, with a registered capital of 10 billion yuan, aims to promote patient capital and long-term investments in the venture capital sector [7]. - The article anticipates that the private equity industry will continue to respond to central government calls by enhancing early, small, long-term, and hard technology investments, thereby playing a crucial role in fostering technological innovation in China [7].

昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 2025 年 第 四 季 度 私 募 股 权 投 资 管 理 业 务 经 营 情 况 简 报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将昆吾九鼎投资控股股份有限公司2025年第四季度私募股权投资管理业务主要经 营数据公告如下，供投资者参阅。报告期指 2025 年 10-12 月。 一、报告期内基金募集资金情况 | 类型 | 实缴金额（亿元） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期内公司管理的基金新增实缴规模 | - | | | | | | | | 年 | 月公司管理的基金新增实缴规模 | 2025 | 1-12 | - | | | | | 截至 | 年 | 月 | 日公司在管基金累计实缴规模 | 2025 | 12 | ...

西子洁能公告，公司拟作为有限合伙人与普通合伙人禧筠资本、浙江方向共同投资设立浙江禧筠西洁股 权投资基金合伙企业(有限合伙)，该基金总认缴出资金额为2.4亿元，公司认缴出资人民币1亿元，占该 基金本次总认缴出资金额的41.67%。 ...

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and wisdom, drawing inspiration from the practices of successful investors like Charlie Munger and Warren Buffett [2][3][6]. Group 1: Book Recommendation - The featured book in this issue is "Blackstone: The Rise of the World's Largest Alternative Investment Firm," which explores the history and investment philosophy of Blackstone [8][10]. - The book is authored by David Carey and John E. Morris, and it provides insights into Blackstone's strategies and the principles that have guided its success over the past 40 years [25]. Group 2: Blackstone's Investment Philosophy - Blackstone has become the world's largest data center investor, with its co-founder Stephen Schwarzman ranking 29th on the Hurun Global Rich List with a wealth of 365 billion RMB [10]. - The firm is known for its principle of friendly acquisitions, which contrasts with the hostile takeovers prevalent in the 1980s, emphasizing trust and collaboration [10][14]. - Blackstone prefers to invest in "unfashionable" industries and has a track record of making strategic investments during market downturns, such as acquiring Celanese in 2004 [11][14]. Group 3: Core Principles of Blackstone - Blackstone's success is attributed to six core principles: 1. Friendly acquisitions to build trust rather than confrontation [14]. 2. Contrarian thinking, investing during market lows [14]. 3. Focus on operational improvements rather than financial engineering [15]. 4. Risk aversion, prioritizing the avoidance of major mistakes [15]. 5. Talent and succession planning to ensure sustainable organizational capability [16]. 6. Ecosystem building through diversification and long-termism [16]. Group 4: Insights for Chinese Investors - Blackstone's flexible and diverse transaction structures provide a model for Chinese private equity, which often relies on traditional equity investments [19]. - The firm emphasizes the importance of multiple exit channels, with a significant portion of international private equity exits coming from mergers and acquisitions, unlike the lower percentage in China [20]. - Blackstone advocates for providing value-added services to companies, focusing on long-term growth rather than short-term gains [20]. Group 5: Conclusion on Blackstone's Value - Blackstone's approach highlights the importance of rigorous risk analysis and the potential for returns from investing in undervalued assets during downturns [23][24]. - The firm’s strategy of indirect investment in related services or assets, rather than direct investment in trendy sectors, has proven effective [24].