Core Viewpoint - The issuance of the first batch of technology innovation bonds (科创债) by private equity investment institutions marks a significant shift in the fundraising landscape, providing a new solution to the long-standing "fundraising difficulties" in the primary market [1][7]. Group 1: Market Overview - Since the release of new regulations for technology innovation bonds in May, there has been a surge in issuance, with nearly 30 investment institutions announcing bond issuances or completing registrations in June alone [1][2]. - The total scale of technology innovation bonds issued by private equity institutions has exceeded 20 billion yuan [1]. - The market structure remains dominated by state-owned enterprises, but notable private equity firms like Yida Capital and Dongfang Fuhai have also participated [4][8]. Group 2: Institutional Insights - Industry experts believe that the concentrated issuance of technology innovation bonds signifies a breakthrough for private equity institutions, allowing them to directly finance through the bond market rather than relying solely on limited partners (LPs) [1][7]. - Yida Capital's chairman emphasized that utilizing bond financing is crucial for nurturing internationally influential private equity institutions and supporting the construction of a technology-driven nation [7]. - Some institutions are still hesitant to issue technology innovation bonds due to concerns over credit ratings and the need for a balance between long-term value and short-term returns [8]. Group 3: Bond Issuance Details - The first batch of technology innovation bonds includes various issuances from both state-owned and private institutions, with notable amounts such as 5 billion yuan from Fuzhou State-owned Capital Investment and 2 billion yuan from Yida Capital [3][4]. - The bonds are backed by credit enhancement tools, with several institutions receiving support from credit guarantee companies [5][6]. Group 4: Future Outlook - There is optimism that technology innovation bonds can help alleviate the fundraising challenges faced by private equity firms, with expectations for more private institutions to enter the market soon [7][8]. - The competitive landscape for attracting investors to these bonds remains a challenge, as the acceptance of such bonds by the market needs to improve [8].

以下文章来源于解码LP ，作者岳笑笑 投资界（PEdaily.cn）旗下，专注募资动态 跨界出资。 报道 I 投资界-解码LP 投资界-解码LP获悉，云南白药日前发布公告称，拟与专业投资机构中银国际投资共同投 资设立云南省中医药大健康创新基金，规模70亿元。其中，云南白药作为有限合伙人拟 以自有资金认缴出资人民币5 0亿元。 解码LP . 作者 I 岳笑笑 换言之，云南白药也做起了LP，成为投资机构们的"金主"。放眼望去，更多产业巨头出 现在创投圈，成为募资寒冬下不可多得的一股市场化活水。 云南白药，一举出资50亿 根据公告，云南白药拟于与中银国际投资有限责任公司（简称"中银国际投资"）正式签 订《云南省中医药大健康创新基金合伙协议》对各方合作发起设立云南省中医药大健康 创新基金（暂定名）进行原则性约定。 基金目标认缴出资总额为人民币70亿元，首期实缴出资额为认缴出资总额的10%。其 中，云南白药作为有限合伙人拟以自有资金认缴出资人民币50亿元，占合伙企业认缴出 资总额的71 .43%。 同时，中银国际投资作为普通合伙人拟以自有资金认缴出资人民币20亿元，占合伙企业 认缴出资总额的28.57%，并担任基金管理 ...