本期导读： 2025年，并购与S市场迎来新一轮扩容，地方国资、险资巨头及产业资本竞相入局，为市场注入多 元化活力。 作者丨FOFWEEKLY 本期推荐阅读5分钟 "当下的市场环境，真有种'困兽犹斗'的感觉，募资难、退出难。"有GP无奈吐槽。 募资和退出之困， 如同巨石横路，成为VC/PE核心痛点。事实上，今年以来，越来越多并购基 金、S基金落地，这背后也正是市场解决退出困境的急切探索。 尽管退出难题依然横亘在前，但各地围绕行业发展依旧不遗余力，近期，福建更是重磅出手， 宣 布 打造1300亿母基金矩阵，设立百亿并购基金和百亿S基金。 福建重磅出手 福建重磅出手， 1300亿母基金领航，百亿级并购基金与S基金双管齐下。 近日，福建省政府办公厅印发《关于进一步推动资本市场服务科技型企业高质量发展的若干措施》 （以下简称《若干措施》）。《若干措施》中明确提出，要加大企业并购重组支持力度， 设立规 模达100亿元的省级并购基金， 同时加强并购重组服务和投后赋能，对于成功落地的并购项目给予 重点服务保障。在培育耐心资本服务科技创新方面，福建省也将设立 100亿元的省级S基金 ，旨在 为优质科技型企业持续赋能。 《若干措 ...

Group 1 - The combination of capital and innovation is a key driver of economic growth in the rapidly changing global economy [1] - Private equity involves investing in the equity of non-listed companies, typically injecting capital into mature enterprises to enhance value through operational improvements, market share expansion, or strategic restructuring [1][3] - Private equity funds seek long-term investment returns rather than short-term market fluctuations [1] Group 2 - Venture capital focuses on investing in startups or early-stage companies with disruptive technologies and innovative business models, providing necessary funding and valuable industry experience [3][4] - Investment strategies play a central role in both private equity and venture capital, with private equity funds diversifying their portfolios to balance risk and return [4] - Venture capitalists conduct in-depth research on individual projects to identify high-growth potential investment opportunities [4] Group 3 - The digital transformation of the global economy has made sectors like technology, healthcare, and renewable energy hotspots for investment [4] - The rise of Environmental, Social, and Governance (ESG) investment principles is influencing investment decisions, emphasizing corporate social responsibility and sustainability [4] - Private equity and venture capital not only provide funding but also introduce advanced management practices and technological innovations, driving transformation across industries [4][5] Group 4 - Private equity and venture capital are two pillars of modern capital markets, continuously driving economic development and innovation [5] - As the global economy evolves, private equity and venture capital will play a crucial role in shaping market trends and promoting economic growth [5]

Financial Data and Key Metrics Changes - The company generated net investment income of $0.27 per share for Q1 2025, down from $0.41 per share in Q1 2024 [26] - Total investment income for Q1 2025 was $22.5 million, compared to $29.3 million in the prior year period, reflecting a decrease due to a lower average debt portfolio [25] - The company's net increase in net assets resulting from operations for Q1 2025 was $12.7 million or $0.32 per share, compared to $8 million or $0.21 per share in Q1 2024 [26] Business Line Data and Key Metrics Changes - The company signed $315 million in term sheets with venture growth stage companies in Q1 2025, compared to $130 million in Q1 2024 [13] - Funded debt investments totaled $28 million in Q1 2025, up from $14 million in Q1 2024 [13] - The weighted average annualized portfolio yield for funded investments was 13.3%, slightly down from 13.5% in Q4 2024 [14] Market Data and Key Metrics Changes - The company noted strong demand for venture lending driven by a backlog of high-quality companies in the IPO queue and growth stage companies delaying equity financing [6][10] - The company has seen no material impact from tariffs on its AI, software, B2B, and enterprise-focused portfolio companies, with risks primarily associated with consumer and e-commerce companies [17][19] Company Strategy and Development Direction - The company is focused on portfolio diversification and investment sector rotation, particularly in high-potential sectors such as AI, deep tech, and cybersecurity [10][11] - The management aims to increase net investment income through debt investment portfolio growth and increasing balance sheet leverage [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the venture capital market, citing improved fundraising activity and a positive outlook for capital markets [20] - The company is monitoring geopolitical uncertainties and their potential impact on portfolio company performance, but has not seen immediate effects from tariffs [34][20] Other Important Information - The company declared a regular quarterly dividend of $0.30 per share, with an estimated spillover income of $42.5 million or $1.06 per share at the end of the period [27] - As of March 31, 2025, the company had total liquidity of $337 million, consisting of cash and available capacity under its revolving credit facility [24] Q&A Session Summary Question: Can you share your fundings outlook for the second quarter and beyond? - Management confirmed that the outlook for Q2 remains unchanged at $25 million to $50 million in quarterly fundings [32] Question: Can you speak to your views on credit today and the outlook going forward? - Management noted improved market conditions and increased fundraising activity among portfolio companies, but acknowledged the challenges posed by geopolitical uncertainty [34] Question: Can you discuss your willingness to do share repurchase versus making new investments? - Management indicated a preference for growing the portfolio through debt capital rather than share repurchases, aiming to achieve long-term objectives [38] Question: What is your view on repayments and prepayments in the second quarter? - Management expects one to two prepayments per quarter, primarily from older vintages, which should not materially impact net investment income [41] Question: Can you elaborate on the sale of Revolut and its impact? - Management explained that the sale was part of a controlled process and aligned with their marks, resulting in a realized gain of $2.3 million [42][44] Question: What percentage of the debt investments are at their floors? - Approximately 35% of the portfolio is at the floor, with 62% of the portfolio being floating rate [64]

Core Insights - SuRo Capital reported a net asset value of $6.66 per share as of March 31, 2025, a slight decrease from $6.68 per share at the end of 2024 and $7.17 per share a year earlier [1][10][33] - The company highlighted significant market volatility in recent months, with the Nasdaq experiencing its weakest first quarter since 2022 and its worst week since 2020 [2][3] - Despite market challenges, SuRo Capital noted strong momentum in its portfolio, including CoreWeave's completion of the largest tech IPO since 2021 and OpenAI's $40 billion financing round at a $300 billion valuation [2][3] Financial Performance - For the first quarter of 2025, SuRo Capital reported a net investment loss of $3.7 million, or $(0.16) per share, compared to a loss of $3.2 million, or $(0.13) per share, in the same period of 2024 [10][30][33] - The total investment income for the quarter was approximately $499,094, a significant decrease from $1,528,091 in the previous year [30] - The company experienced a net change in unrealized appreciation of investments amounting to $2.9 million, contrasting with a depreciation of $18.4 million in the prior year [12][30] Investment Portfolio - As of March 31, 2025, SuRo Capital held investments in 37 portfolio companies, with a total fair value of approximately $213.6 million [4][10] - The top five investments accounted for about 46% of the total portfolio's fair value, with notable investments including ARK Type One Deep Ventures Fund LLC and Whoop, Inc. [5][4] - Recent investments included a $5 million stake in Plaid, a fintech platform, and a $1 million follow-on investment in WHOOP [3][9] Market Conditions and Strategy - The company remains committed to supporting innovative private companies despite challenging market conditions [3] - SuRo Capital's strategy includes backing high-growth sectors such as AI infrastructure and fintech, aiming to provide access to emerging private companies before they go public [24] - The company anticipates that shares of CoreWeave will be registered and freely tradable by September 2025, which may enhance liquidity for its investments [7][10]

Financial Data and Key Metrics Changes - The company generated net investment income (NII) of $0.27 per share, consistent with the previous quarter but down from $0.38 per share in the same quarter last year [26] - The net asset value (NAV) decreased to $7.57 per share from $8.43 at the end of the previous quarter and $9.64 a year ago, primarily due to fair value adjustments and distributions [27] - Investment income for the first quarter was $25 million, slightly down from $26 million in the prior year period, attributed to lower interest and fee income [24] Business Line Data and Key Metrics Changes - The portfolio at the end of the first quarter stood at $690 million, with new debt investments totaling $100 million and equity investments of $2 million [11] - The debt portfolio yield was 15% for the quarter, compared to 15.6% in the same quarter last year, while onboarding yields were 13%, up from 12.6% in the previous quarter [24][12] - The company funded nine debt investments during the quarter, with a significant portion directed towards life science and technology sectors [11] Market Data and Key Metrics Changes - Approximately $92 billion was invested in VC-backed companies in the first quarter, marking a 19% increase from the previous quarter, driven largely by large AI deals [17] - The exit market for VC-backed tech and life science companies remains nearly shut due to tariff-related uncertainties, impacting investor sentiment [18] - The S&P Biotech Select Industry Index is down 14% year over year, reflecting cooling investor sentiment in the life sciences market [18] Company Strategy and Development Direction - The company aims to grow its portfolio while maintaining a focus on high-quality investments, particularly in the tech and life science sectors [10] - The management remains selective in originating loans due to the current macroeconomic environment, with a commitment to optimizing returns from stressed investments [15] - The partnership with Monroe Capital is expected to enhance capital access and operational support, aiding in portfolio growth [9] Management's Comments on Operating Environment and Future Outlook - The management expressed guarded optimism for 2025, despite macroeconomic headwinds impacting recovery from stressed assets [6] - The company anticipates that the venture debt market will remain active, providing opportunities for investment despite current challenges [10] - Management highlighted the importance of maintaining strong liquidity and a robust balance sheet to navigate the current environment [23] Other Important Information - The company declared regular monthly distributions of $0.11 per share through September 2025, supported by undistributed spillover income of $1 per share [7][26] - The company has a committed backlog of $236 million, providing a solid base for future portfolio growth [8] Q&A Session Summary Question: How is the company managing spillover earnings in the current uncertain environment? - The company plans to continue growing distributions through 2025 and will manage spillover earnings quarterly, with confidence in covering distributions over time [32][34] Question: What is the quality of deals currently being pursued? - The company is seeing a higher bar for transaction selection, focusing on companies with strong operational performance and quality VC backing [36][37] Question: Will the company raise leverage ratios to grow the portfolio? - The target leverage ratio is around 1.2x to 1.3x, with the current ratio at 1.29x, indicating a cautious approach to leverage [41] Question: Is there any discussion about cutting the base management fee? - The company’s base management fee is competitive with industry standards, and it is reviewed regularly [43] Question: How does the company plan to address the frozen market conditions? - The company is focusing on generating yield through higher returns from existing portfolio companies rather than relying on warrant expectations [55][52] Question: What is the impact of tariffs on the portfolio? - The primary impact of tariffs is the uncertainty they create, affecting market transactions rather than direct exposure to specific tariffs [63] Question: Has the partnership with Monroe Capital provided additional resources? - The partnership is expected to enhance operational support and focus on stabilizing and growing the business [66]

NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) -- SuRo Capital Corp. (“SuRo Capital”) (Nasdaq: SSSS) today announced that it will report its financial results for the quarter ended March 31, 2025 after the close of the U.S. market on Tuesday, May 6, 2025. Management will hold a conference call and webcast for investors at 2:00 p.m. PT (5:00 p.m. ET). The conference call access number for U.S. participants is 866-580-3963, and the conference call access number for participants outside the U.S. is +1 786-697-3501. ...

Core Insights - SuRo Capital's portfolio has shown resilience despite volatile market conditions, highlighted by CoreWeave's IPO being the largest tech IPO since 2021 and OpenAI's record $40 billion financing at a $300 billion valuation [2][3] - The estimated net asset value of SuRo Capital is projected to be between $6.50 to $7.00 per share as of March 31, 2025 [4] Investment Portfolio Update - As of March 31, 2025, SuRo Capital held positions in 37 portfolio companies, including 32 privately held and 5 publicly held [5] - Recent investments include a $5 million investment in Plaid and a $1 million follow-on investment in WHOOP, alongside smaller investments in Orchard Technologies [3][5] - Liquid assets amounted to approximately $18.1 million, consisting of cash and securities of publicly traded portfolio companies [5] Financial Performance - SuRo Capital's net assets were approximately $157.6 million at the end of 2024, increasing to about $181.7 million by March 31, 2025 [4] - The company has repurchased a total of 1,413,294 of its 6.00% Notes due 2026, utilizing the full authorized funds of $35.3 million under its Note Repurchase Program [12] Share Repurchase Program - Since the inception of the Share Repurchase Program in August 2017, SuRo Capital has repurchased over 6 million shares for approximately $39.3 million, with an additional $25 million available for future repurchases [14]

Investor Presentation F i s c a l Ye a r E n d e d D e c e m b e r 3 1 , 202 4 M a r c h 5 , 2 025 w w w. t p v g . c o m Forward Looking Statements Some of the statements in this presentation constitute forward-looking statements, which relate to future events or our future performance or financial condition. The forward-looking statements contained in this presentation involve risks and uncertainties, including statements as to: our future operating results; our business prospects and the prospects of our ...

之前接过需要编辑文案的广，我的文案总是通不过甲方要求。甲方改好后的文案，在我看来是在侮辱我读者的智商。 所以索性就接这种一键转了。是这个公众号的第一条广，请各位粉丝爸爸理解和原谅。我不会经常接。 然后也希望大家理解，这个号写到至今，再写新内容其实已经比较占用我的精力了，但是我仍然在坚持尽量规律的更新。比如我目前 在准备明年1月发布的内容。 昨天带着有些拧巴的心情发了一篇。相信大家猜得到，那是一篇广。 一篇不需要我做软植入，复制转发即可的广。 最后，为了表达我的歉意，我花了两周的时间写了一篇新的内容。 不一定很干货，但是我真真切切花了两周，因为这个广是两周前，12月2日开始沟通的。当时我就决定要做点什么来表达一下我的歉 意和态度。 为了今天这篇内容，这两周我做了很多的查询，还找同行朋友做了交叉核实。 付出了两周的时间，我才觉得对得起自己接这个广，还得上让读者看广告的歉意。 在我眼中， 2004 年可以看作我国创投行业的开端。 2004 年 6 月，硅谷组织了包括红杉、凯雷、红点、经纬创投、 NEA 、 KPCB 、 DCM 等 25 家美国知名风投团队前来中国考察。 2005 年，以红杉中国的成立为代表，中国的 ...