Core Viewpoint - The assessment criteria for guiding funds towards sub-funds have become increasingly stringent, with new penalties for failing to meet investment return and exit plans [2][3][4]. Group 1: Fund Management Fees - Recent regulations have changed the management fee structure, limiting it to a maximum of 2% of the actual investment amount rather than the subscribed amount, which may lead to a decrease in overall management fees [4][5]. - Many GP institutions are facing deductions in management fees due to unsatisfactory performance evaluations, with some required to return previously received fees if performance metrics are not met [3][4]. - The industry is experiencing a downward trend in management fees, as new guidelines emphasize actual contributions over subscribed amounts, indicating a shift in how fees are calculated [5]. Group 2: Exit Strategies and Challenges - The current market conditions have created a backlog of projects awaiting exit, with a heavy reliance on IPOs for exits, which is becoming increasingly difficult due to a slowdown in IPO activity [6][9]. - Many GPs are struggling to meet the required DPI (Distributions to Paid-In) ratio of 1, which is critical for securing agreement from LPs for extensions on fund timelines [7][9]. - There are instances of forced exit clauses in agreements, allowing guiding funds to mandate exits under specific conditions, which adds pressure on GPs to perform [8][9]. Group 3: Relationship Between GPs and LPs - The relationship between GPs and LPs is strained, particularly with state-owned LPs who have strict requirements for performance and exit timelines, leading to potential legal actions against GPs [9][10]. - Some regions are exploring solutions to ease the pressure on GPs, such as extending the duration of fund management to accommodate current market conditions [11]. - The need for a more flexible approach in assessing GPs' performance and allowing for extensions is recognized as essential for maintaining healthy relationships in the investment ecosystem [11].

Group 1 - The core viewpoint of the article highlights a structural recovery in the primary market driven by policy incentives and market vitality since 2025, with a notable increase in merger and acquisition transactions and a surge in Hong Kong IPOs in the first half of the year, providing new exit channels [1] - The fundraising data is also showing a rebound trend, although Limited Partners (LPs) are raising their expectations regarding General Partners (GPs) in terms of project control, performance certainty, and clarity of exit paths [1][4] - FOFWEEKLY has compiled a report titled "Fund Exit and Performance Benchmark Research," which systematically reviews the evolution of exit methods and analyzes the changing demands and preferences of LPs based on in-depth industry observations [1][4] Group 2 - The research discusses the changes in the scale and methods of exits for Private Equity (PE) and Venture Capital (VC) funds in recent years, breaking down performance metrics of hundreds of PE and VC funds across various dimensions such as year, scale, and industry to form industry benchmarks [4] - The online event will focus on the current state of the primary market and case studies, as well as the changes and challenges faced by state-owned LPs and financial LPs, along with their evolving demands [5][9]

Core Viewpoint - Increasing attention from primary market institutions towards the secondary market due to challenges in fundraising and investment exits [1][4][10] Group 1: Market Trends - Many primary market investors are now actively participating in the secondary market, with a notable increase in the number of General Partners (GPs) engaging in this strategy [3][11] - The liquidity of the secondary market and the potential for higher short-term returns are key reasons for this shift, especially as fundraising in the primary market becomes increasingly difficult [4][5] Group 2: Fundraising Challenges - In 2024, the number of newly established private equity and venture capital funds dropped by 44.1% year-on-year, with total fundraising amounting to 412.14 billion yuan, a decrease of nearly 40% compared to 2023 [5] - The average size of individual funds has fallen to 133.8 million yuan, marking a ten-year low, indicating significant challenges in the fundraising environment [5] Group 3: Management and Regulatory Landscape - In 2024, only 116 private equity fund managers completed registration, while 928 institutions were deregistered, highlighting a significant contraction in the number of active fund managers [6][7] - Over 100 private equity and venture capital fund managers have been deregistered due to not having any managed funds for 12 months, emphasizing the critical nature of fundraising for survival in the industry [7][8] Group 4: Investment Environment - The investment landscape has shifted away from the rapid valuation increases seen in the internet and model innovation era, with a focus now on hard technology requiring patience for longer-term returns [9][10] - Many investment institutions are currently facing a "zero investment" scenario, not due to a lack of desire to invest, but because of fierce competition and high valuations in strategic emerging industries [10]

Core Viewpoint - The article highlights promotional membership offers and educational courses related to investment banking and corporate finance, emphasizing significant discounts and a variety of learning opportunities for professionals in the field [2][4][6]. Membership Offers - Various membership options are available at discounted prices, including: - Annual Card: ¥4099, now ¥2799 - Semi-Annual Card: ¥2599, now ¥1799 - Honor Card: ¥1499, now ¥999 - Monthly Card: ¥699, now ¥599 [1]. Educational Courses - A range of courses is offered for free or at reduced prices, covering essential topics in investment banking and corporate finance, such as: - Mergers and Acquisitions Practicalities - Corporate Compliance Practices - Private Equity Fund Practices - AI Applications in Investment Banking [4][7][8]. - Specific courses include: - Mergers and Acquisitions with 140 case studies (4.9 hours) at ¥199.5 - Corporate Governance Compliance Issues (1.5 hours) at ¥84.5 - Financial Valuation Modeling from beginner to advanced (7.4 hours) at ¥149.5 [7][8]. Promotional Period - The promotional period for membership and courses runs from June 19 to June 26, with special pricing for two-year memberships at ¥3299 [2][8].

Group 1 - HHLR Fund, L.P. and its affiliates reduced their stake in BeiGene from 6.03% to 4.89%, no longer being a major shareholder [1] - The reduction in stake began in June 2023, with HHLR Fund having previously held 9.02% of shares [1] - The core reason for the reduction is attributed to the fund's typical investment period of around 10 years, with HHLR's investment in BeiGene exceeding 11 years [1] Group 2 - Hillhouse Capital led a $75 million Series A financing round for BeiGene in 2014 and participated in 8 financing rounds [2] - In Q1 2023, BeiGene reported revenue of 8.048 billion yuan, a 50.2% increase from the previous year, and a significantly reduced net loss of 94.5 million yuan [2] - The revenue growth was driven by product sales, particularly from self-developed products, with a notable increase in sales for Zebrutinib and Tislelizumab [2] Group 3 - BeiGene's CEO indicated that the company expects to achieve positive operating profit for the full year of 2025 [3]

"又到了每年盘点子基金表现情况的时候，可以用四个字来形容：惨不忍睹。 即使是偏头部 GP的基金，也有几支收益还不如余额宝 。 IRR尚且如此，DPI更是没戏，昔日的明星项目、 独角兽，估值普遍回调和打折，并且收不回来钱，老股转让都没人接。 "某LP人士告诉母基金 研究中心。 退出困境下， LP与GP的矛盾正在激化。 在当下这个时间点，踩着 2 0 1 5 - 2 0 1 6年的"双创"浪潮募集设立的基金正进入到了退出的关键阶 段。GP现阶段正面临着，大批存量已投项目等待退出，DPI成为悬在头上的达摩克利斯之剑。 在退出策略上，国内一直以来高度依赖IPO的单一退出路径。在国内，此前创投基金9 0%以上 项目退出主要通过IPO实现，随着IPO节奏放缓，一级市场出现退出"堰塞湖"。 而对 GP而言，也有苦衷——" 既要收益回报，又要招商引资，还要产能落地 ……现在的这种 退出形势，我们作为管理人只能积极寻找退出机会同时给基金做延期。在向LP征求延期意见的 时候，LP对我们灵魂拷问：延了就能退吗？延到什么时候能拿回来钱？还有国资LP对我们发 函，不同意延期，就是要退出。"某北京VC机构合伙人李力（化名）对母基金研究中 ...