Group 1 - KKR has successfully launched its first onshore RMB fund in Shanghai, with a scale of approximately 400 million RMB, marking a significant milestone in its investment strategy in China [1] - The fund's limited partners include major domestic institutions and international asset management firms, indicating a strong collaboration between domestic and foreign capital [1] - KKR's brand strength and the current attractiveness of Chinese asset prices are key factors in the successful fundraising, despite short-term market challenges [1] Group 2 - KKR is a leading global investment firm with a total asset management scale of approximately 686 billion USD as of June 30, 2025, and has been active in the Chinese market since 2007 [2] - The firm has invested in various industry leaders in China, including Nanfang Battery and Mengniu Dairy, showcasing its diverse investment portfolio [2] - KKR's Shanghai office is led by experienced professionals who have a strong background in private equity and investment management [3] Group 3 - The establishment of the RMB fund in the Lingang New Area highlights the area's role as a key hub for foreign investment and financial innovation in China [4] - KKR's involvement in the RMB fund is expected to facilitate global capital's alignment with China's economic and industrial upgrading needs [4] Group 4 - KKR has also been active in acquisitions, recently completing the purchase of an 85% stake in Yuanjing International, which is associated with the beverage brand "Dayao" [5] - This acquisition allows KKR to gain control over Yuanjing International, which holds a market share of 5%-10% in China's carbonated beverage market [5] - KKR has participated in 174 investment events in China, with a cumulative investment amount nearing 700 billion RMB across various sectors, including food and beverage [6]

Core Viewpoint - Schroder Capital's real estate investment division has announced a strategic partnership with Chinese private enterprise Xizi International to jointly launch an investment management plan, focusing on private real estate equity investment funds with a total scale of approximately 3 billion RMB in the first phase [1] Group 1: Strategic Partnership - The strategic cooperation will focus on high-quality office buildings and consumer infrastructure investment opportunities in core cities of Shanghai and the Yangtze River Delta region [1] - Both parties will jointly select and emphasize discovering core stable and high-quality projects with renovation and upgrade potential [1] Group 2: Company Background - Schroder Investment Group has been deeply engaged in the Chinese market for over 30 years and continues to expand its business in China [1] - In 2019, Schroder Capital established a wholly-owned subsidiary in China to conduct RMB fund business and completed the private fund manager registration with the Asset Management Association of China in early 2020 [1] - Currently, Schroder Capital has initiated and managed a total of 7 RMB private equity funds in China [1] Group 3: Management Insights - Andrew Moore, Head of Real Estate Investment for Asia Pacific at Schroder Capital, emphasized the importance of partnering with local excellent partners to expand in major markets [1] - Huang Jingwei, Head of Real Estate Investment in China at Schroder Capital, highlighted the complementary advantages of the partnership, which will provide more real estate investment opportunities for institutional investors [1]

5月21日，证券时报社主办的第八届（2025）西湖大会在杭州举行。 深圳市创新投资集团（简称"深创投"）董事长左丁在发表主旨演讲时表示，未来中国培育新兴产业要以人民币基金为主。人民币基金必须担负起历史使命，加速培 育人工智能时代下的新技术、新模式、新业态。同时，中国风险投资要为中国原创提供充裕的耐心资本，要持续大量地投入。 版权声明 左丁表示，近年来风投行业发生诸多变化，其中重要的一点：千行百业都在加速进入人工智能时代。人工智能不仅影响投资企业的发展，对于风投行业本身也会产 生深刻的影响。左丁认为，人工智能正在重塑风投行业的模式，解锁风投决策流程、人才结构以及生态合作模式。左丁指出，未来，深度理解人工智能技术路径、 把握产品应用、构建全方位人工智能使用能力，将成为风投机构的核心竞争力之一。 围绕风投行业的变化和趋势，左丁认为，投资逻辑与策略也要与时俱进。一方面，风投机构的业务管理要紧密围绕投资人诉求的变化不断创新，国资背景等投资人 不仅关注投资盈利，还肩负招商引资、产业培育、资源整合等任务，需要在政策性目标与盈利性目标之间找到平衡。另一方面，投资策略要结合退出路径灵活调 整，不同的退出方式和场所，会对投资机构 ...

Group 1 - The core viewpoint emphasizes the importance of RMB funds in nurturing emerging industries in China, particularly in the context of the artificial intelligence era [1] - The chairman of Shenzhen Capital Group, Zuo Ding, highlighted the need for Chinese venture capital to provide ample patient capital for domestic innovation [1] - The upcoming Middle East Investors Summit in Abu Dhabi is set to attract over a hundred participants from sovereign funds and family offices, focusing on investment industry trends [3] Group 2 - The 2025 Mother Fund Research Center has officially launched its special rankings, including the 2025 40U40 Outstanding Young Investors list and the 2024 China Mother Fund Panorama Report [4]

Group 1: Dollar Funds - Some dollar fund investors are still pursuing overseas strategies despite a challenging environment, actively seeking opportunities in Southeast Asia [2] - The most pressing issue for dollar fund investors is explaining local investment concepts, such as "招商返投," to foreign partners during fundraising [3] - Many dollar fund investors are facing salary cuts and have recently incurred losses in tech stocks, leading them to invest in U.S. Treasury bonds [5] Group 2: Angel Funds - Most angel investors are either looking for jobs or are on their way to find work [6] - The primary concern for angel investors is the performance of their funds, particularly the DPI (Distributions to Paid-In capital) of funds established in 2014 [7] - Last year's trend of angel investors aggressively seeking professors in university labs has shifted to a focus on recovering funds from those professors this year [8] Group 3: RMB Funds - The new critical questions for RMB funds have shifted from market size and valuation to whether investments can be returned and the nature of the buyback entities [10] - The current strategy for funds involves a dual focus on buybacks and attracting investments [11] - Private equity (PE) investors are increasingly transitioning to mergers and acquisitions and private placements [12] Group 4: Venture Capital (VC) Investors - VC investors have taken on the role of debt collectors, closely monitoring founders for buybacks [13] - The performance of portfolio companies has become a contentious issue, with those not pursuing Hong Kong listings facing criticism [14] Group 5: Corporate Venture Capital (CVC) - There is skepticism regarding the professionalism of CVC management teams, which often consist of individuals with varied and questionable backgrounds [20] - The challenges faced by investment teams include pressure from executives to pursue projects based on personal recommendations rather than thorough due diligence [22] Group 6: State-Owned Enterprises (SOEs) - The investment profession is characterized by long-term accountability, as decisions made can lead to lifelong scrutiny [23] - Employees in investment roles often face low salaries and are required to co-invest in projects, leading to financial losses [25] - There is a culture of mandatory co-investment, which can result in conflicts with regulatory bodies if profits are made [27]