日前，2025中国母基金50人论坛在北京举办，母基金研究中心创始人、水木资本董事长唐劲草对2025年 中国股权投资市场进行了全面回顾与深度解析。2025年中国股权投资行业总体呈现回暖态势，市场活跃 度显著提升，母基金研究中心数据显示，今年第二季度、第三季度新备案基金数量增幅均超30%，基金 数量与注册资本也实现较大幅度增长，项目端与实体经济层面的向好感受尤为明显。然而回暖背后，行 业分化加剧的特征同样突出，中小GP募资难题加剧，80%以上的新增备案集中于头部机构与大国资平 台，行业正经历深刻的结构调整与转型。 在退出端，2025年创投行业迎来柔性革命与流动性重塑，逐渐摆脱对IPO的单一路径依赖，S基金交 易、并购等多元化退出方式由备选项上升为主战场，退出结构实现历史性切换。值得一提的是，母基金 研究中心发现，行业正积极探索柔性退出机制，通过非标准化退出手段在保障LP收益的同时留住创业 火种，包括允许将原有基金份额平移至创始人的新创业实体、先行本金回收再逐步追求更高收益等创新 模式，这一转变体现了资本对新质生产力高风险本质的深刻理解，是"机制向善"的重要体现。 对于如何推动行业从艰难转型向信心回归，唐劲草强调要 ...

2025年即将收官，这一年里，A股IPO回暖、港股IPO火热，并购重组亦持续活跃，一级市场是否也 走出了"寒冬"？ 12月初，两大国产GPU龙头摩尔线程、沐曦股份相继上市，背后多家投资机构共同分享其IPO"盛 宴"。从年内情况看，清科数据显示，前三季度，VC/PE机构持有的IPO企业账面股份价值超4100亿 元，创下近三年以来的新高。 政策层面亦暖风频吹。就在近期，国家创业投资引导基金正式启动运行，设置20年存续期，其中10 年投资期、10年退出期。 这一年里，一级市场投资机构有哪些切身感受？"从前三季度的数据来看，募、投、退在全市场全面 复苏，四季度这种'体感'应该是延续的。全年来看，募、投、退都进入了非常活跃和回暖的阶 段。"上海科创基金总裁杨斌表示。 2025.12. 29 本文字数：2933，阅读时长大约5分钟 作者 | 第一财经 周楠 那么，一级市场前期面临的"退出难"和"回购困局"，是否寻找到了解决途径？安徽省高新投党委副书 记、总经理曹飞说："去年开始，我们对存量的、进入退出期的基金进行分级分类，鼓励管理人加大 退出力度，特别是对非IPO退出的、需要LP重新决策的。"不过，也有市场人士观察到，一 ...

2 0 2 5年1 2月2 8日，2 0 2 5第七届中国母基金5 0人论坛在京召开。本届论坛由母基金研究中心 （www. c h i n a -f o f. c om）主办，汇聚了来自政府部门、行业协会、国内主流母基金、保险资 管、银行AIC、知名投资机构、产业集团及学术界的3 0 0余位代表，为中国母基金行业建言献 策。 2 0 2 5年的中国一级市场呈现"统计数据回暖"与"微观个体寒冷"的极端背离。从数据上看， 2 0 2 5年二季度、三季度新备案基金数量同比增幅超3 0%，似乎释放出市场活跃信号。然 而，"体感极寒"才是绝大多数机构的真实写照： 中小 GP募资通道几乎关闭，8 0%以上的新增 备案集中在头部机构与大国资平台 。 这不是简单的低谷反弹，而是一次波及募、投、管、退全链条的范式重构 ——行业正经历由量 向质转变的"分水岭"。2 0 2 5年1 - 11月，私募基金管理人主动或被动注销数量合计111 8家，行 业加速出清尾部"僵尸机构"。大量机构进入"零出手"状态，投资人的KPI已异化为"全员募 图 为 母基金研究中心创始人、水木资本董事长 唐 劲 草 资"与"返投落地"。市场正从过去" b ...

Core Viewpoint - The private equity investment industry is currently facing significant challenges, including difficulties in fundraising and exit strategies, necessitating the development of "reliable capital" to restore trust among stakeholders [2][8]. Group 1: Industry Challenges - The private equity investment sector is undergoing a major cleanup, with 360 private equity and venture capital managers deregistered in the first seven months of 2025, continuing the trend of the past two years [2]. - The fundraising difficulties are deepening, with a lack of "long money" in the market, which is essential for sustainable investment [3]. - The exit issue is critical, as many funds established during the 2015-2016 "double innovation" wave are now at a crucial exit stage, leading to a reliance on IPOs as the primary exit route [7]. Group 2: Fundraising Solutions - The introduction of "science and technology bonds" has emerged as a new fundraising tool, with over 30 private equity institutions issuing or registering bonds totaling over 20 billion yuan by mid-2025 [5]. - However, the debt nature of these bonds increases financial costs and repayment pressures for venture capital institutions, which contradicts the industry's operational logic of leveraging management capabilities to attract social capital [6]. Group 3: Trust Reconstruction - A trust crisis is escalating in the venture capital industry, with limited partners (LPs) imposing stricter requirements on general partners (GPs) regarding management fees and fund terms [8]. - The concept of "reliable capital" is proposed to address these issues, emphasizing the need for trust in fundraising, investment, management, and exit processes [9]. Group 4: Characteristics of Reliable Capital - Reliable capital should have stable long-term funding sources, high risk tolerance, and a robust risk management mechanism [10]. - It should also establish transparent information disclosure and communication mechanisms to manage investor expectations effectively [10]. Group 5: Recommendations for Development - Establish mechanisms to attract long-term capital, such as insurance and bank funds, into the private equity investment LP sector [11]. - Improve the risk management system throughout the investment process, from project selection to post-investment management [12]. - Enhance regular investor information disclosure and emergency warning mechanisms to increase fund operation transparency [13]. - Innovate post-investment management and exit mechanisms, providing strategic planning and resource matching for invested companies [14]. - Implement a tolerance mechanism for risks and failures, allowing for a more flexible investment environment [15]. - Encourage the cancellation of mandatory betting or repurchase requirements to align with normal industry practices [16]. Group 6: Multi-Fund Group Model - Transitioning from a single large fund model to a multi-target, multi-level fund group model can enhance capital efficiency and optimize investment layouts [16]. - This model allows for differentiated investment and risk diversification, marking a shift towards refined strategic management in local government industrial capital operations [16]. Group 7: Differentiated Regulation - Implementing differentiated regulation for venture capital funds is crucial for fostering high-quality development and nurturing new productive forces [17]. - The core of differentiated regulation lies in optimizing services and reducing burdens, including providing tax incentives for long-term investment funds [18]. - This approach aims to guide the industry back to its roots, supporting national strategies and encouraging early, small, long-term investments in key technological areas [19].

Group 1 - The private equity investment sector is experiencing favorable policies, with many regions establishing large-scale comprehensive mother funds to promote local industrial development and integrate innovative resources [1] - The "2025 China Mother Fund Conference" was successfully held in Suzhou, attended by over 200 representatives from government departments, industry associations, mainstream mother funds, insurance asset management, and top investment institutions [1] - Suzhou is actively optimizing the entire chain ecology of the private equity fund industry, focusing on the coordination between funds and industries to enhance capital empowerment [1] Group 2 - Suzhou has become a national hub for venture capital, showcasing strong capital aggregation and innovation vitality in fund establishment, financing events, and IPOs in the first half of 2025 [2] - The private equity investment industry is undergoing deep adjustments, facing challenges such as fundraising difficulties and limited exit channels, necessitating the development of "reassuring capital" that combines risk tolerance and long-term support [2] - Industry experts discussed themes such as the collaboration between national mother funds and local government-guided funds, capturing investment opportunities in the Yangtze River Delta's industrial innovation, and how mother funds can promote high-quality regional integration [2]

Core Insights - Increasing participation of state-owned capital in industrial fund investments is observed, indicating a shift in investment strategies towards more strategic sectors [1] - The private equity industry is undergoing significant adjustments, facing challenges such as fundraising difficulties and limited exit channels, necessitating the development of "reassuring capital" that combines risk tolerance with long-term support [1] Group 1: Investment Trends - The "2025 China Fund of Funds Conference" highlighted the need for innovative mechanisms to address current challenges in the private equity sector [1] - A total of 7 specialized sub-funds focusing on strategic emerging industries such as artificial intelligence, semiconductors, and new energy materials were established, with a total scale exceeding 6.5 billion [1] Group 2: Strategic Initiatives - The initiative aims to leverage the guiding and amplifying effects of state-owned capital to attract more social capital into the technology innovation sector [1] - Emphasis on improving risk control, innovating exit mechanisms, and enhancing differentiated supervision of venture capital is crucial for overcoming existing industry challenges [1]