Core Insights - The venture capital industry in China is experiencing a recovery, with an increase in LP (Limited Partner) funding and a diversification of exit strategies becoming a consensus among market participants [1][2][3] Group 1: LP Funding Recovery - LP funding willingness has generally increased this year, marking a departure from the previous fundraising winter, with a notable rise in the number of new LPs and the preparation of annual fund operation summaries for existing LPs [1][3] - The total committed capital from institutional LPs reached 1.24 trillion RMB in the first three quarters of 2025, reflecting a 9% year-on-year growth, with expectations for double-digit growth for the entire year [3] Group 2: Changes in LP Structure - The structure of LPs in China's private equity market has shifted, with government and state-owned capital becoming dominant, accounting for 75% to 80% of the market, thus influencing investment strategies towards early-stage and smaller enterprises [5][6] - The focus of policy-type LPs is increasingly directed towards technology and innovation sectors, with over 70% of funds flowing into these areas this year [5][6] Group 3: Diversification of Exit Strategies - The adjustment in top-level design has led to a shift away from IPOs as the primary exit channel, with S funds and merger funds gaining prominence [9][10] - Mergers and acquisitions are favored by state-owned capital for their ability to enhance asset scale and provide stable cash flow, while S funds are seen as a quick way to realize returns, especially for equity products with fiscal return requirements [9][10]

【导读】创投行业这一年：LP出资回暖退出路径多元化渐成共识 "年底正值绩效考核的关键期，我们投资者关系（IR）团队已连续多日高强度工作，为不同类型的基金 出资人（LP）量身定制募资方案，人手严重不足。"北京某头部创投机构的IR负责人坦言。 据中国基金报记者了解，此前数年的"募资寒冬"已导致创投机构的募资团队经历了一轮持续的优化与精 简，今年市场环境显著回暖，LP的出资意愿普遍增强，但是，不同背景的LP核心诉求各异，标准化的 募资策略已然失效。上述IR负责人透露，其三人团队需同时推进三个新LP的募资方案，并为八个存量 LP准备年度基金运营总结。 投中信息CEO杨晓磊在"第19届中国投资年会·有限合伙人峰会"上表示，行业已迎来情绪与数据同步改 善的阶段性拐点。他强调，国资已成为市场中最重要的资金力量，占比高达75%~80%，发挥着"压舱 石"的关键作用。同时，社保基金、金融资产投资公司（AIC）等长期资本的入场，亦显著改善了市场 的整体流动性。 LP结构变化 重塑VC/PE市场 《LP全景报告2025》指出，当前，我国私募股权市场资金端结构已经改变，在政府国资主导体系下， 资金诉求已经从市场化财务配置转向国家战略 ...