【环球网财经综合报道】据The Wall Street Journal等外媒报道，在华尔街的权力格局中，一股低调却迅猛的力量正悄然改写游戏规则——家族办公室 （Family Office）。它们不上市、不募资、不对外披露财务，却已成为资本市场上愈发不可忽视的"隐形金主"。 根据德勤的最新数据，全球家族办公室目前管理的财富规模已达约5.5万亿美元，较五年前暴增67%。这一数字预计将在2030年前突破9万亿美元。德勤甚至 预计，未来家族办公室管理的资产规模将超过对冲基金行业。长期专注服务家族办公室的律所合伙人Hendrik Jordaan直言："这不是增长，而是爆炸式扩 张。我真的认为，家族办公室会成为下一个私募股权。" 过去，家族办公室是比尔·盖茨、贝索斯、戴尔等超级富豪的专属工具；如今，净资产数千万甚至上亿美元的家族也开始纷纷入局，或自建办公室，或选 择"多家族办公室"模式。德勤数据显示，全球单一家族办公室数量已超过8000家，较2019年增长约三分之一，2030年或将突破1万家。在超高净值人群的社 交圈中，"有没有家族办公室"本身已成为一种身份标签。美国银行高端财富管理人士Justin Flach坦言："在 ...

在华尔街的权力版图中，一股低调却迅猛的力量正在改写游戏规则——家族办公室（Family Office）。 它们不上市、不募资、不对外披露财务，却正成为资本市场上越来越不可忽视的"隐形金主"。 "这不是增长，而是爆炸式扩张。"长期只服务家族办公室的律所合伙人Hendrik Jordaan直言，"我真的认 为，家族办公室会成为下一个私募股权。" 从"富豪标配"到"身份象征" 过去，家族办公室是比尔·盖茨、贝索斯、戴尔等超级富豪的专属工具；如今，净资产数千万甚至上亿 美元的家族也开始纷纷入局，或自建办公室，或选择"多家族办公室（Multi-Family Office）"模式。 根据德勤的数据，全球家族办公室目前管理的财富规模已达到约5.5万亿美元，较五年前暴增67%。这 一数字今年有望升至6.9万亿美元，并在2030年前突破9万亿美元。德勤甚至预计，未来家族办公室管理 的资产规模将超过对冲基金行业。 德勤数据显示，全球单一家族办公室数量已超过8000家，较2019年增长约三分之一，2030年或将突破1 万家。在超高净值人群的社交圈中，"有没有家族办公室"，本身已成为一种身份标签。 "在鸡尾酒会上，大家都会聊这个。" ...

彭博另类投资简报 摘取彭博终端实时数据及热点资讯，为您带来全球私募股权市场和对冲基金市场的 最新动态。彭博另类投资板块涵盖投融资事件、PE/VC基金募资情况、GP数据、对冲基金净值及指 数、机构投资者数据等。 主要内容 私募股权市场回顾 市场回顾 业绩概览 交易亮点 对冲基金市场回顾 市场押注 落子布局，玩家动态 业绩概览 据知情人士透露， 张磊创立的高瓴资本已将三只公开市场基金合并为规模至少为150亿美元的 基金组合，此举为该机构近年来规模最大的一次重组，旨在提升该业务部门的灵活性。 知情人 士称，今年夏季，这家投资机构将其旗舰对冲基金——一只专注于中国境内上市股票的纯多头 基金，以及一只于2023年设立、专门投资超跌中国股票的基金进行了合并。 Sigma Investments在中国的资产管理规模首次突破100亿元人民币（约合14亿美元），跻身中 国顶尖对冲基金行列。 据知情人士透露，这家总部位于纽约的公司在上海的分支机构本月为其 两款境内产品募资超10亿元人民币，加上此前已管理的超90亿元人民币资产，总规模得以大幅 增长。知情人士称，新增资金中约四分之三将投向一款中国股票策略产品，该产品截至9月30日 ...

1997年香港回归不久后，香港的金融市场就成了外界投资者的目标。在这些投资者的操作下，香港的金融市场受到了剧烈冲击。一场紧张激烈的中美金融 大战在香港悄然上演。最终，在中央政府的大力支持下，香港特区政府坚决应对并成功击退了这场汇率战争。那段历史，至今仍让许多人记忆犹新。 香港面对这场严峻的金融危机，中央政府高度重视，派遣了5人的考察团来香港监控市场变化。考察团发现，索罗斯的操作策略极其复杂，他先通过囤积 港币推高港股，再通过做空恒指期货、抛售港元来逼迫香港提高利率，从中获取暴利。面对如此强大的外部压力，中央政府给予了香港全力支持。中央不 仅将1971亿港元的土地基金转交给香港政府，还承诺动用大陆外汇储备来对抗外部资本。 有了中央的支持，香港特区政府决定改变零干预政策，动用外汇储备进行干预市场。8月14日，香港政府联合几家中资企业共同进入股市、期市，通过回 购股份来对抗炒家。他们的目标是将期指抬高至7500点以上，这样炒家们的建仓价位就无法再操作下去。最终，8月24日，期指成功推高至7820点，而8月 28日，期货合约结算日，炒家们再度卖出大量期货，香港政府照单全收。这场金融保卫战以香港的胜利而告终，投机者最终 ...

Group 1 - The global stock market has shown strong performance in 2025, driven by the AI investment boom and loose monetary policies, with many indices, including the US stock market, reaching historical highs [1] - Billionaires are optimistic about investment opportunities in China and Western Europe, with 40% of respondents favoring Western Europe for the next 12 months, up from 18% in 2024, and 34% favoring the Greater China market, significantly higher than 11% last year [5] - Over a five-year outlook, the percentage of respondents optimistic about the Greater China market rose from 31% in 2024 to 48% in 2025 [6] Group 2 - There has been a significant decline in optimism regarding the North American market, with only 63% of billionaires favoring it in 2025, down from 80% in 2024, primarily due to concerns over multiple risk factors, particularly tariffs [9] - 66% of respondents identified tariffs as the most likely negative factor affecting the market environment in the next 12 months, followed by geopolitical conflicts (63%), policy uncertainty (59%), and higher inflation (44%) [9] - Billionaires plan to increase investments in private equity, hedge funds, developed market equities, and emerging market equities, with 49% intending to increase exposure to private equity in the next 12 months, followed by hedge funds (43%), developed market equities (43%), and emerging market equities (42%) [11]

Core Insights - The global stock market has shown strong performance in 2025, driven by the AI investment boom and loose monetary policies, with many indices, including the US stock market, reaching historical highs [1] Group 1: Investment Sentiment - Billionaires are increasingly optimistic about investment opportunities in China and Western Europe, with 40% of respondents favoring Western Europe for the next 12 months, up from 18% in 2024 [1] - Similarly, 34% of billionaires see potential in the Greater China market for the next 12 months, a significant increase from 11% in the previous year [1] - Over a five-year horizon, the outlook for Greater China has also improved, with the percentage of respondents optimistic rising from 31% in 2024 to 48% in 2025 [1] Group 2: North America Market Sentiment - In contrast, optimism towards the North American market has sharply declined, with only 63% of billionaires favoring it in 2025, down from 80% in 2024 [4] - Concerns over multiple risk factors, particularly tariffs, are driving this shift, with 66% of respondents identifying tariffs as a major potential negative impact on the market environment [4] - Other significant concerns include geopolitical conflicts (63%), policy uncertainty (59%), and higher inflation (44%) [4] Group 3: Investment Areas - Billionaires plan to increase their exposure to private equity, with 49% indicating plans to invest more in this area over the next 12 months [5] - Other areas of interest include hedge funds (43%), developed market equities (43%), and emerging market equities (42%) [5] - The survey indicates a strong preference for public and private equity investments among billionaires, reflecting a strategic shift in their investment focus [6]

Core Insights - Hedge funds have net bought global stocks for the seventh consecutive week, with a significant shift in market sentiment and strategies observed [3][5][11] - The S&P 500 index is nearing its historical closing record, driven by various market forces and expectations surrounding the Federal Reserve's interest rate decisions [3][11] - Corporate buyback activities have surged, with trading volumes significantly higher than previous years, indicating companies' strategies to counter market weakness [11][12] Hedge Fund Activity - Hedge funds' total gross leverage increased by 1.5% to 286.6%, while net leverage rose by 0.4 percentage points to 81.2%, reaching the 99th percentile for the past year [5] - All major regions, except for Asian emerging markets, experienced net buying, with North America leading the gains [5] - The net buying ratio of long positions to short positions among hedge funds is 1.3 to 1, indicating a strong bullish sentiment [3][5] Market Trends - There is a notable rotation of funds from defensive sectors to cyclical stocks, with utilities down 4.83% and cyclical stocks up 5.01% [4] - Quantum computing stocks have seen a five-day increase of 14.61%, while non-profitable tech stocks rose by 9.61% [4] CTA Strategy - CTA strategy funds have shifted to a buying stance across various market conditions, with expected purchases of $29.8 billion in flat conditions and $31.2 billion in rising conditions [7][10] - The model predicts that these strategies will reach target exposure levels in the coming days [10] Corporate Buybacks and IPOs - Corporate buyback activities are at a peak, with trading volumes 80% higher than the average for the same period in 2024 and 100% higher than in 2023 [11] - In North America, new issuances and expansions reached $9.95 billion this week, totaling $390.2 billion year-to-date, indicating a favorable supply-demand balance for stock prices [12] Investor Sentiment - Retail investor sentiment has improved significantly, with the AAII sentiment survey showing a bullish percentage increase of 12.3 points to 44.3% [13] - The CNN Fear & Greed Index rose from 18 to 40, marking the highest level since late October, while Goldman Sachs' sentiment indicator has returned to neutral territory [15]

Core Insights - The current financial system remains resilient, supported by strong asset positions of households and businesses, as well as adequate capital levels in the banking sector [2][4] - The Federal Reserve's latest Financial Stability Report highlights ongoing risks and vulnerabilities, particularly in asset valuations, the structural shift of corporate lending from traditional banks to private credit, and the increasing role of hedge funds in the U.S. Treasury market [2][5][8] Group 1: Asset Valuation - Asset valuations for stocks, corporate bonds, leveraged loans, and real estate are currently above historical benchmarks, indicating a potential risk of price corrections [5][6] - The risk compensation expectations are at historically low levels, which could either revert to normal, remain subdued, or weaken further [5][6] - Despite the potential for asset price declines, the overall resilience of the financial system suggests that a repeat of systemic failures like those seen during the Great Recession is unlikely [5][6] Group 2: Private Credit Expansion - Private credit has doubled in size over the past five years, raising concerns about the rapid growth of non-bank lending to non-public companies [6][7] - The private credit model allows long-term investors to fund private companies, which may lack access to traditional bank financing, potentially enhancing financial stability and economic growth [6][7] - However, the complexity and interconnectedness of leveraged entities in this space could create pathways for unexpected losses to affect the broader financial system [6][7] Group 3: Hedge Funds in Treasury Market - Hedge funds have significantly increased their holdings in U.S. Treasury securities, with their share rising from 4.6% in Q1 2021 to 10.3% in Q1 2023, surpassing pre-pandemic levels [8][9] - The sensitivity of hedge fund positions to market changes poses a risk of liquidity crises if they are forced to sell off large amounts of Treasuries simultaneously [8][9] - The trading strategies employed by hedge funds, particularly relative value strategies, could amplify market instability during periods of stress [8][9] Group 4: Impact of Artificial Intelligence - The rapid development of AI in financial services presents both opportunities and challenges for financial stability, particularly in algorithmic trading [10][11] - Generative AI can analyze vast amounts of data and deploy complex trading strategies, which may introduce risks if not properly monitored [10][11] - While AI has the potential to enhance market efficiency, it also raises concerns about market manipulation and the opacity of decision-making processes [10][11][12]

Group 1 - Paul Krugman criticizes US Treasury Secretary Basant's $20 billion aid plan to Argentina, claiming it benefits hedge fund friends rather than serving US strategic interests [1] - Krugman highlights the urgency of saving wealthy investors, referencing Argentine President Milei, while millions of children suffer [1] - The aid has raised market concerns about its true purpose, which appears to protect wealthy investors' interests in Argentina [1][2] Group 2 - Krugman argues that taxpayer money is propping up the peso, allowing hedge funds to sell Argentine assets at inflated prices before the peso declines again [2] - The aid lacks a viable economic plan, with Krugman stating that no reasonable strategy can save Milei's failing economic policies even with the $20 billion loan [2] - The aid has faced criticism from US soybean farmers and Senator Elizabeth Warren, who argues that taxpayer dollars should be used to support American healthcare instead [2]

Core Insights - Infini Capital has actively invested approximately 7.708 billion HKD in three Hong Kong stocks within a short span of two weeks, indicating a strong interest in emerging industries [1] - The firm has a notable track record, having achieved a 96% return rate in 2021, ranking first among Asian hedge funds [2] Investment Activities - On July 17, Infini Capital planned to invest 1.308 billion HKD in Fourth Paradigm (06682), acquiring a 4.98% stake [1] - On July 31, the firm completed a 2.5 billion HKD investment in SenseTime (00020), securing a 4.31% ownership [1] - On the same day, Infini Capital proposed a 3.9 billion HKD investment in China Ruyi (00136), aiming for a 7.51% stake [1] Company Background - Infini Capital was established in 2015 and has dual headquarters in Hong Kong and Abu Dhabi, positioning itself as a leading international asset management company [1] - The founder, Tony Chin To, has a background in investment banking, having worked in the mergers and acquisitions departments of Morgan Stanley and HSBC before founding Infini Capital [1] - Tony Chin To has a strong educational background, having studied economics at the University of Michigan, Ann Arbor [1]