Core Insights - The forum emphasized the importance of pension funds as a significant capital source for the real economy, focusing on aligning financial supply with technological demand [1][2] Group 1: Valuation System Reconstruction - The traditional financial valuation system relies on clear asset ownership and stable value changes, but the rise of intangible assets like data and algorithms necessitates a restructured valuation approach [1] - Pension funds can leverage their scale to drive the reconstruction of the valuation system, transforming intangible rights into tradable and traceable financial assets [1] Group 2: Time Dimension Extension - There is a need to shift from cyclical capital to patient capital that spans across cycles, recognizing the nonlinear growth paths of technology companies which require significant upfront investment and long wait times for returns [2] - Establishing a long-term investment value curve and extending investment horizons are essential for pension funds to adapt to this new capital paradigm [2] Group 3: Risk Assessment Evolution - The focus of risk management should transition from short-term price volatility to long-term value realization, ensuring that pension funds can outperform inflation and capitalize on growth opportunities [2] - A comprehensive dynamic risk management system that spans the entire asset lifecycle is necessary for effective risk assessment [2] Group 4: Embracing New Technologies - The rapid development of new technologies presents both challenges and opportunities for pension fund investments, which can yield substantial returns [2] - Pension funds should create suitable investment products for technological innovation and enhance their investment portfolios to improve returns [2] - By leveraging their patient capital advantage, pension funds can support new technologies and industries, contributing to China's modernization efforts [2]

Core Viewpoint - The pressure from the Trump administration on U.S. universities is leading to significant sell-offs in the stock market, with Yale University planning to sell up to $6 billion of its private equity portfolio, representing 15% of its $41.4 billion endowment fund [1][2]. Group 1: University Actions - Yale University is seeking to sell its private equity investments, marking its first secondary market sale [2]. - Harvard University may also begin selling liquid assets and issuing more debt if its tax-exempt status is revoked, which could trigger a domino effect impacting the financial system [2][3]. - The Department of Homeland Security has terminated a $2.7 million grant to Harvard, which has already rejected government reform demands, indicating financial strain [2]. Group 2: Market Implications - The sell-off by prestigious universities like Yale and Harvard could lead to a liquidity crisis in the private equity market, as these institutions are significant players in the sector [3][7]. - The current liquidity issues in the private equity industry are reflected in the stock price declines of major firms like Blackstone and Apollo, which have dropped over 20% this year [7]. - The forced sales of high-quality assets by top institutions may lead to a re-evaluation of valuation models in the market [7][8]. Group 3: Broader Economic Impact - The potential sell-off of approximately $500 billion in private equity assets held by U.S. university endowments could create significant market turbulence [8]. - The global impact of this liquidity crisis is already being felt, with warnings from the European Private Equity Association about potential effects on emerging market asset prices [8]. - The ongoing pressure from the Trump administration could exacerbate the situation, potentially becoming a tipping point for the market [8].