出品丨搜狐财经 作者丨柴鑫洋 编辑丨李文贤 来华二十年，知名连锁汉堡品牌"汉堡王"迎来了它的"新主人"。 11月10日，私募股权公司CPE源峰与汉堡王品牌共同宣布达成战略合作，双方将成立合资企业"汉堡王 中国"。 交易完成后，CPE源峰将持有汉堡王中国约83%的股权，汉堡王原母公司RBI将保留约17%的股权。 根据合作协议，CPE源峰将向汉堡王中国注入3.5亿美元的初始资金，用于支持其餐厅门店扩张、市场 营销、菜单创新以及运营能力提升，把握中国这一全球增长最快的消费市场机遇。 同时，"汉堡王中国"旗下全资关联企业将签署一份为期20年的主开发协议，确保其在中国市场独家开发 汉堡王品牌的权利。 交易完成后，RBI的角色将从直接经营者转变为品牌授权方，并将开始按照国际惯例收取特许权使用 费。这笔交易预计将于2026年第一季度完成，具体时间依监管审批程序进展而定。 CPE源峰以控股型投资见长，在消费服务领域，其投资金额累计约100亿人民币，先后投资了包括蜜雪 冰城、老铺黄金、泡泡玛特等知名企业。 根据整体规划，双方计划将汉堡王在中国市场的门店规模从目前的约1250家，拓展至2035年的4000家以 上，并实现可持续的 ...

Core Insights - The Asia-Pacific private equity (PE) market is showing signs of recovery after a period of adjustment and downturn, with increased transaction activity and confidence among investors regarding the medium to long-term outlook [1][2] Group 1: Market Trends - The Bain report projects an 11% growth in the Asia-Pacific PE market transaction volume to $176 billion in 2024, with the average deal size increasing by 22% to $13.3 million [1] - The number of active PE firms in India and Japan is expected to rise by 29% and 14% respectively in 2024 compared to 2023 [1] - The Greater China region remains the largest market in the Asia-Pacific for PE transactions, with a 7% increase in total investment volume to $47 billion in 2024 [1] Group 2: Strategic Shifts - The Chinese private equity market is transitioning from traditional growth-oriented investments to controlling investments due to economic slowdown, increased number of portfolio companies, and founders' preference for professional management [2] - Domestic funds are increasingly exploring cross-border and platform investments, leveraging local market understanding and supply chain advantages [3] Group 3: Investment Opportunities - The rise of the Chinese M&A market is expected to revitalize the PE/VC industry by unlocking existing assets and providing exit channels [5] - New large funds are being established, such as CVC's sixth Asia-Pacific fund, which raised $6.8 billion, a 50% increase from the previous fund, focusing on high-quality companies in core consumer and service sectors [4] Group 4: Operational Enhancements - Investment firms are enhancing their operational capabilities to drive value creation in portfolio companies, adapting to a shift from growth-oriented to operationally-focused investment strategies [5][7] - The integration of digital capabilities and AI tools is accelerating within the private equity sector, with firms aiming to improve post-investment management efficiency and overall operational capabilities [6] Group 5: Regulatory and Compliance Developments - The regulatory environment is evolving, with increased focus on compliance management among financial institutions, which is expected to support the healthy development of the Chinese private equity market [6][7]

主权财富基金去年投资活跃度较过去5年均值翻倍。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 4 月 23 日， 贝恩公司发布 了 《 2025 年中国私募股权市场报告》 。 在超 大额投资交易（单笔超 10 亿美元）数量增长的推动下， 2024 年投资交易总额较上年小幅回升 7% ，达到 470 亿美元。 报告显示，在宏观经济不确定的市场环境下，控股型投资的表现持续坚挺，其平均交易额大幅增长。 从交易量来看，成长型投资继续主导私募股权投资市场， 但控股型投资对价值创造的推动作用进一 步提升，占投资交易总额的比重达到 29% ，创下历史新高 。 贝恩公司全球合伙人、大中华区私募基金业务主席周浩表示： " 私募基金从传统成长型投资向控股 型投资的战略转向，受到了多方面因素的影响：包括经济增长放缓，促使基金转向；私募基金持有公 司的数量增多，带来了更多控股型投资机会；创始人更注重专业管理和业务规模，因此对控股型投资 持更开放的态度。这一转向是否会延续，将是未来值得关注的重要趋势。 " 美元基金和人民币基金的投资 策略看， 美元基金更倾向于医疗、服务、零售等传 ...

Core Insights - The report by Bain & Company indicates a slight recovery in China's private equity investment, with total transaction value reaching $47 billion in 2024, a 7% increase from the previous year after two consecutive years of decline [1] Group 1: Market Trends - China's private equity market is entering a transformative phase, shifting from early-stage and small investments to controlling investments, with a focus on cross-border and platform mergers and acquisitions [1][2] - Controlling transactions have seen a significant increase, accounting for 29% of total investment transactions, marking a historical high [2] - The investment strategies of USD funds and RMB funds differ significantly, with USD funds focusing on controlling mergers and acquisitions in traditional sectors, while RMB funds are active in strategic industries like semiconductors and new energy vehicles [2] Group 2: Investment Strategies - Private equity funds are exploring cross-border and platform investments, leveraging local market understanding and resources to support global companies in China [3] - Platform mergers and acquisitions are becoming more common, particularly in the enterprise service sector, with a focus on acquiring undervalued targets and achieving operational synergies [3] Group 3: Fundraising Dynamics - Fundraising for private equity remains low, increasingly concentrated among top-tier funds, with the top 25% of funds capturing a significant share of total capital raised [4] - The share of capital raised by the top ten private equity firms has increased from approximately 30% in 2020 to about 70% in 2024 [4][5] - Challenges in fundraising are significant, with the next potential fundraising window possibly not opening until 2026-2029 [5]