Core Viewpoint - L Catterton has successfully raised approximately $11 billion in its latest global fundraising round, marking a significant milestone in its investment strategy focused on high-quality consumer assets [1][2]. Fundraising Overview - The flagship buyout fund raised over $6.75 billion, contributing to a total equity capital under management exceeding $37 billion across various investment strategies including buyout, growth, credit, and commercial real estate [1][2]. - This fundraising round includes the final closings of multiple fund platforms, such as the tenth flagship buyout fund (L Catterton Partners X), fifth growth fund (L Catterton Growth V), and fifth European fund (L Catterton Europe V) [1]. Investor Participation - The fundraising attracted a diverse range of long-term capital institutions, including sovereign wealth funds, public pension funds, university endowments, family offices, and high-net-worth individual investors [2]. Leadership Insights - Scott Dahnke, CEO of L Catterton, expressed gratitude for the investors' trust and highlighted the strong growth momentum across platforms despite a complex market environment [3]. - Michael Chu, Executive Chairman and Co-Founder, emphasized the increasing complexity and globalization of the consumer market, which raises the standards for investment institutions' industry insights and operational management capabilities [3].

将投中网设为"星标⭐"，第一时间收获最新推送 消费的热度又拉升了起来。 作者丨 纪佳文 编辑丨 刘燕秋 来源丨 投中网 5 月 28 日，全球投资机构 L Catterton 宣布， 其在最新一轮融资中已筹集约 110 亿美元的资本承诺总额，其中包括超过 67.5 亿美元的旗舰并购策略基金、信贷基金的首关，和成长基金五期、欧洲基金五期、新的日本和中国境内基金的终关等。 投资人涵盖了主权财富基金、养老金、捐赠基金、家办及高净值个人等。 近两年的人民币基金市场上，尽管 KKR 、华平、科勒资本等外资颇为活跃，但贝恩公司最新的私募股权报告显示，人民币 基金占去年亚太地区收购基金募集资金的 43% ，高于 2022 年的 27% ，但仍低于之前五年 59% 的平均份额。 再说消费这个主题，虽说这是个长坡厚雪的赛道，今年又跑出了个"港股三姐妹"，把消费的热度又拉升了起来。不过就我最 近跟投资人和 FA 朋友的交流，因为前两年被"伤得太深"，一些投资机构彻底离场，也可以说是"被出清了"。 在广袤的中国市场上， L Catterton 想必已经蹚出了经验。更重要的，眼下竞争少了，还留在牌桌上的机构反而可以活得更 舒适。因此 ...

Core Insights - The government work report emphasizes the importance of boosting consumption and expanding domestic demand as a top priority for 2025, highlighting consumption as the "main engine" of economic growth [1] Group 1: Structural Changes in Consumption Market - The consumption market is undergoing a profound structural transformation, with domestic demand being a long-term strategy for economic upgrading [1] - Recent trends show a shift in consumption performance, with inward and growth-oriented consumption sectors becoming more attractive for investment [1] Group 2: New Consumption Trends - The "high-growth consumption new track" initiative reflects macroeconomic and demographic changes, with service consumption increasing significantly as GDP per capita rises [1] - New consumption models are emerging across various fields, with examples like the integration of culture and tourism, and the rise of smart consumption scenarios [1] Group 3: Consumer Behavior and Emotional Value - Consumers are increasingly valuing emotional aspects of consumption, with trends in self-satisfaction and social consumption gaining traction [2] - The complexity of modern consumer needs is evident, with a blend of desires for happiness, health, solitude, and social interaction influencing purchasing decisions [2] Group 4: Investment Opportunities in Traditional Consumption - Traditional consumption sectors are currently undervalued, with many companies increasing dividend payouts, indicating a shift towards quality dividends [2] - The ongoing policies to stimulate domestic demand are opening up valuation recovery opportunities for traditional consumption "white horse" stocks [2] Group 5: Investment Framework for Consumer Goods - The growth of consumer goods companies can be categorized into three stages: product explosion, channel adjustment, and platform phase, providing a systematic methodology for evaluating growth potential [2] Group 6: Future Consumption Investment Landscape - Future consumption investments will require a blend of technological insights and humanistic understanding, focusing on the impact of AI and IoT on consumption scenarios and the emotional value shifts among Generation Z [3]

Group 1 - The 2025 Fund High-Quality Development Conference was held in Shenzhen, focusing on new paths for the high-quality development of the fund industry, gathering top experts and leaders from academia, private equity, and brokerage firms [1] - Zhang Yuxiang, a fund manager from Penghua Quantitative Investment Department, highlighted investment opportunities in both traditional and new consumption sectors for the second half of the year [3] Group 2 - In traditional consumption, value-oriented stocks with high dividend yields are recommended, particularly in sectors like banking and food and beverage, which are entering maturity with stable dividend rates [3] - New consumption stocks are gaining attention from domestic investors, with venture capital investments increasing and many companies planning to list in Hong Kong, where consumer growth potential is higher [3] - The traditional liquor sector is also emphasized, with a distinction between domestic and foreign investment approaches, focusing on short-term performance and the potential for explosive growth in new consumption stocks [3]

文 ｜ 刘旌 来源｜ 暗涌Waves（ID：waves36kr） 封面来源 ｜ "Waiting for Godot" at Gerald W. Lynch Theatre 钱的流向，人的沉浮。36氪旗下投资报道账号。 如今再谈新消费，似乎太不与时俱进。 上一轮热火朝天的讨论，已经是三四年前，而后便是漫长的沉寂。这一段的盛极而衰里，黑蚁资本是最有代表性的基金——或许没有之一。 以下文章来源于暗涌Waves ，作者暗涌 暗涌Waves . 趟过坑、走过弯路， 庆祝过，也怅然过。 2020年底，伴随着上市即千亿市值的泡泡玛特，黑蚁来了一次惊艳亮相。紧接着，这家机构又募到了一支人民币新基金和一支美金新基金，合计约40亿。 这也是当年消费行业最大的一笔募资。 然而，消费行业快速陷入低迷，消费投资更是逐渐被遗忘。直到2024年6月，老铺黄金登陆港交所，股价涨了20多倍，市值一度逼近1500亿港币。在老铺 上市的半年前，也是这家公司成立15年来唯一的一次融资中，黑蚁是领投方。 对黑蚁来说，两场IPO之间的四年，是五味杂陈的。 他们趟过坑、走过弯路，庆祝过，也怅然过。"但从来没有想过离开，"黑蚁资本管理合伙人何愚说，所幸最 ...

Core Insights - The article discusses the evolution of consumer investment, particularly focusing on the experiences of Black Ant Capital and its investment in Lao Pu Gold, highlighting the challenges and opportunities in the consumer sector over the past few years [1][2][38]. Group 1: Investment Journey - Black Ant Capital made a significant mark in the consumer investment space with its early investment in Pop Mart, which led to a successful IPO and substantial fundraising [1][2]. - The firm faced a challenging four-year period between two major IPOs, during which it maintained its focus on consumer investments despite market downturns [2][38]. - The investment in Lao Pu Gold was characterized by a long-term relationship with the founder, showcasing the importance of persistence and strategic timing in investment decisions [3][4][20]. Group 2: Market Dynamics - The consumer investment landscape has experienced significant fluctuations, with a notable decline in consumer spending and investment opportunities in recent years [38][44]. - Lao Pu Gold's unique branding and cultural integration have positioned it as a strong player in the luxury market, appealing to high-net-worth individuals [5][6][12]. - The article emphasizes the shift in consumer preferences towards brands that resonate with traditional culture, indicating a potential growth area for companies like Lao Pu Gold [6][14]. Group 3: Investment Philosophy - Black Ant Capital's investment philosophy centers on identifying companies that create substantial value and have long-term vision, rather than merely chasing short-term trends [20][44]. - The firm believes in the importance of understanding market dynamics and consumer behavior, which has led to successful investments in various consumer brands [40][42]. - The article highlights the need for patience and a long-term perspective in consumer investments, especially in a volatile market environment [46][60].

Core Insights - Zhang Xiqiang, the current Chairman and CEO of Nestlé Greater China, will join Challenger Capital as an Operating Partner starting August 1, 2025, bringing extensive industry experience and resources [1][2] - During his tenure at Nestlé, Zhang drove significant developments, including product innovation, e-commerce investments, digital transformation, and a focus on health-oriented products [2] - Challenger Capital, founded in 2014, specializes in consumer industry investments and has managed over 10 billion yuan in assets, investing in more than 200 startups [3] Company Developments - Zhang Xiqiang's leadership at Nestlé led to a 2.1% organic growth rate in 2023 for the Greater China region, with sales reaching approximately 50 billion Swiss francs (around 40.87 billion yuan) [2] - In the first quarter of 2025, Nestlé's China market achieved an organic growth rate of 1.7%, maintaining revenue above 10 billion yuan in the first three months [2] - Challenger Capital aims to leverage Zhang's insights into consumer markets and operational expertise to enhance its investment strategies and support portfolio companies [2] Industry Context - Challenger Capital focuses exclusively on the consumer sector, with a mission to challenge industry giants and invest in promising products [3] - The firm has a unique positioning in the market as one of the few VC institutions dedicated to consumer investments, with a belief that at least three of the top ten brands in each category will emerge from China [3]

从产业到VC。 作者 I 杨继云 报道 I 投资界PEdaily 张西强是谁？这位雀巢中国区首位本土CEO，即将闯入VC圈了。 近日，雀巢官宣大中华区市场新负责人为原菲律宾市场负责人马凯思，而现任大中华区董 事长兼CEO张西强将于7月1日正式卸任。投资界获悉，张西强卸任后将 出任挑战者创投 运营合伙人 ——后者由元气森林创始人唐彬森联合创立，专注消费投资，迄今管理资产 超100亿人民币。 离开雀巢，他加入一家VC 张西强在消费产业有着丰厚履历。 1 9 7 1年出生，他本科读于上海理工大学会计911班，19 95年开启职业生涯，曾任羽西化 妆品财务经理，200 0年张西强进入惠氏中国任会计一职。2006年，他从复旦（香港）大 学管理学院硕士毕业后升任惠氏中国区CFO。 自20 1 2年起，张西强开始与雀巢结缘——彼时惠氏被雀巢收购，张西强从后端运营走到 前端，成为雀巢中国区销售总监，并在20 1 5年升任大中华区流通食品零售高级副总裁。 在雀巢内部，张西强历任多个职位。20 1 7年，雀巢全资收购太太乐后，张西强被任命为 上海太太乐食品有限公司首席执行官兼雀巢大中华区食品业务负责人。 更重要的晋升是在2 02 ...

Core Viewpoint - The article discusses the evolution of consumer investment, particularly focusing on the experiences of Black Ant Capital and its investment in Lao Pu Gold, highlighting the challenges and opportunities in the consumer sector over recent years [2][3]. Group 1: Investment Journey of Black Ant Capital - Black Ant Capital had a significant fundraising success in 2020, raising approximately 4 billion RMB and USD combined, marking it as the largest fundraising in the consumer sector that year [2]. - The four years between the IPOs of Pop Mart and Lao Pu Gold were filled with challenges, but Black Ant Capital remained committed to the consumer investment space [3]. - The firm’s investment in Lao Pu Gold was driven by a long-standing interest in the brand, which was recognized for its cultural integration and unique market positioning [9][10]. Group 2: Insights on Lao Pu Gold - Lao Pu Gold targets high-net-worth individuals, positioning itself as a luxury brand that incorporates traditional Chinese culture into its products and services [10][11]. - The brand's strategy emphasizes quality over quantity, with a focus on premium locations and a commitment to cultural authenticity, which has contributed to its strong market presence [11][12]. - Despite concerns about high price-to-earnings ratios, the long-term fundamentals of Lao Pu Gold are viewed positively, with the belief that its cultural and artisanal value will sustain its appeal [14][15]. Group 3: Market Dynamics and Consumer Behavior - The article notes a shift in consumer preferences, with Lao Pu Gold seen as a more practical alternative to traditional luxury jewelry, especially during economic downturns [18][19]. - The changing landscape of luxury branding in China suggests that traditional marketing strategies may no longer be effective, as consumers increasingly seek brands that resonate with their cultural identity [19][20]. - Black Ant Capital's investment philosophy emphasizes the importance of understanding consumer needs and market dynamics, particularly in a rapidly evolving economic environment [51][52]. Group 4: Future Outlook and Strategic Focus - Black Ant Capital remains committed to consumer investments, believing that opportunities will continue to arise even during market downturns [51][52]. - The firm aims to refine its investment strategy, focusing on long-term value creation and the importance of cultural relevance in consumer brands [65]. - The article concludes with a reflection on the importance of patience and strategic thinking in achieving investment goals, suggesting a shift from short-term gains to more sustainable growth [66].

Core Insights - The first quarter of 2025 saw a net redemption trend in active equity funds, with significant outflows from various fund types, although some funds managed to attract substantial inflows [1][2][8] Fund Performance Summary - Ordinary stock funds experienced a net redemption of 34.13 billion units, while mixed equity funds saw a net redemption of 492.44 billion units, and flexible allocation funds had a net redemption of 161.44 billion units [2] - Despite the overall trend, several funds recorded net subscriptions exceeding 10 billion units, including 富国消费精选30C, 鹏华碳中和主题C, and 天弘价值精选C, which led their respective categories [2][4][5] Top Performing Funds - The top net subscription in ordinary stock funds was 富国消费精选30C with 14.45 billion units, followed by 景顺长城研究精选C with 12.71 billion units, and 富国新兴产业C with 10.01 billion units [3][9] - In the mixed equity fund category, 鹏华碳中和主题C topped the list with 44.27 billion units, followed by 富国稳健增长A with 36.45 billion units, and 永赢先进制造智选C with 32.01 billion units [4][6] Investment Themes - The funds that attracted significant capital were primarily focused on technology and consumer sectors, indicating a strong market interest in these themes [8][10] - Fund managers expressed confidence in traditional consumer leaders, suggesting an increase in allocation to these sectors due to improved risk-reward ratios and stable fundamentals [11]