私人市场的兴起构成了日益严峻的挑战，伦交所首席执行官朱莉娅·霍格特去年曾表示，相较于其他交 易所，私人市场可能是对这家交易所更大的威胁。 私人市场通常比公开上市股票透明度更低、流动性更差，若市场环境发生变化，可能带来更大风险。英 国监管机构正在审查包括养老基金在内的机构将如何应对市场低迷，以及这可能如何对英国金融稳定构 成压力。 除了估值低于美国同行之外，英国股票基金经理一直难以找到一个鼓励投资国内股市的有力叙事。养老 金保护基金在上月的报告中发现，固定收益基金去年将其股票投资组合中英国股票的占比首次削减至 5%以下。 养老金保护基金覆盖的固定收益基金拥有超过1万亿英镑(约1.4万亿美元)的资产。该基金在公司破产且 其养老金计划出现赤字时对员工进行补偿。 "固定收益养老基金承担着巨大的责任。他们需要兑现实际的支付承诺，"资产管理公司Premier Miton Investors的首席投资官尼尔·比勒尔表示，"如果他们觉得在其他地方能更容易、更好地履行义务，那么 他们就会这么做。" 智通财经APP获悉，英国固定收益养老金正以前所未有的规模涌入私人市场，其股权配置中近半数已由 非上市股权构成，这对重振伦敦金融城公 ...

该私募市场的兴起带来了日益严峻的挑战，伦敦证交所首席执行官Julia Hoggett表示，私募市场对该交 易所的威胁可能比其他交易所更大。私募市场通常比公开上市股票透明度和流动性更低，如果市场状况 发生变化，可能带来更大的风险。英国监管机构正在调查包括养老金在内的机构在面临经济衰退时会如 何反应，以及这可能如何对国家的金融稳定造成压力。由养老金保护基金覆盖的固定收益基金拥有超过 1万亿英镑（约合1.4万亿美元）的资产。当公司破产且其养老金计划出现缺口时，该基金会向员工提供 补偿。 美股频道更多独家策划、专家专栏，免费查阅>> 1月30日，英国固定收益养老金计划正大量涌入私营公司，目前其股票风险敞口中近一半由非上市股份 组成，这对提振伦敦金融城公开市场的努力构成了打击。根据养老金保护基金（PPF）的一份报告，去 年非上市股票平均占其股票风险敞口的45%左右，而2020年这一比例还不足18%。 责任编辑：山上 ...

Core Viewpoint - JPMorgan Chase is forming a new team within its investment banking division to assist companies in raising private capital as an alternative to going public, indicating a belief that the private market will remain dominant despite anticipated large IPOs later this year [1][5] Specific Details - The public equity market has changed significantly, with a general decline in IPOs and more companies opting to raise funds from large investors while remaining private. Private equity firms are holding onto their portfolio companies longer, often transferring them to new "secondary" funds instead of selling to another company. Institutional investors are closely monitoring the private market and have raised substantial funds for investment [2][6] - JPMorgan believes that the structural shift in how companies choose to raise funds has occurred, with private markets overshadowing public markets. Keith Canton, co-head of Americas Equity Capital Markets, noted that historically, IPOs or sales were the only exit strategies, but there are now many more options available [2][6] - The new team, named "Private Capital Advisory and Solutions," will be a hybrid team that collaborates with the capital markets department while providing M&A advisory services. The team plans to connect companies seeking private capital with investors and will advise clients on raising early equity, preferred stock, and convertible debt [2][6] Background - Some of the largest and most valuable companies in the U.S. are private. A notable upcoming stock sale is OpenAI's $40 billion offering in 2025, which will only be available to a select group of investors chosen by the company's executives [4][8] - To cater to this growing segment, JPMorgan has been developing a private credit program, and its investment banking research team is now covering private companies. These initiatives aim to ensure the bank maintains relationships with these companies, which are less reliant on large banks for fundraising compared to public companies [4][8] - The expansion of the private market has sparked calls for a revival of the public market, including from SEC Chairman Paul Atkins. Observers warn that the growth of the private market means that only those with wealth and investment channels will benefit [4][8] - Jamie Dimon, CEO of JPMorgan, has criticized the growth of the private market, blaming regulators for high listing costs and suggesting that management of these companies has become difficult due to advisory firms focusing too much on short-term financial performance [4][8][9]

Market Overview - The current market is well-priced but not exuberant, with investors focused on three key areas: moderating inflation, global earnings growth driven by AI and technology, and government regulatory easing [1] - A potential rally in the market could occur if these areas continue to show positive surprises [1] - Investors are also monitoring the rebound in emerging markets, particularly China, as global demand is significantly sourced from these regions [1] Private Markets Insights - There are indications of overpaying in private markets, suggesting a cautious approach to valuations [2] - The excitement around AI is reminiscent of the early automotive industry, where many companies emerged but only a few succeeded [3][4] - The app layer of AI presents challenges in predicting winners, leading to high valuations that may not be sustainable [5] Government Impact - The potential government shutdown could complicate the SEC's operations and delay IPOs, although historical data suggests minimal impact on stock markets during past shutdowns [6][7][8] - Investors are adopting a wait-and-see approach regarding the shutdown's duration and severity, reflecting a cautious stance [9] Investment Strategy - The company has a significant portion of its assets in private markets, with a current allocation of approximately 40-45%, aiming to increase private equity exposure from 12% to 20% [11][12] - The strategy emphasizes a low-cost passive approach in public markets while seeking outperformance through selective investments in private markets [12][13] - Engaging in direct co-investment activities is a priority, focusing on thematic deal sourcing and selection [13]

纽约证交所（NYSE）总裁Lynn Martin在Piper Sandler会议上表示：公开市场准备就绪，将迎接那些合 适的公司IPO。 ...