2026年两会期间，全国政协委员、中泰证券总经理冯艺东再度聚焦资本市场改革发展，带来多项制度性建 议。 券商中国记者了解到，今年，冯艺东围绕私募股权基金退出难、上市公司分红制度、碳市场机制短板、内地与 香港互联互通等关键问题，提出设立私募股权基金份额交易所、优化碳排放税收制度、规范上市公司分红行 为、推动北交所纳入港股通等具体建议，从而进一步推动我国资本市场高质量发展。 建议设立私募股权基金份额交易所 冯艺东观察到，近年来，我国私募股权投资市场快速发展，但随着IPO节奏放缓，一级市场退出承压加剧，私 募股权基金二级市场交易需求有较大提升空间。然而，当前私募股权基金份额转让主要依赖非公开、点对点的 场外方式，缺乏统一信息披露平台和标准化交易机制，交易效率低、成本高，且存在利益输送、国有资产流失 等风险。 冯艺东认为，海南自贸港封关运作后，具备营商环境优越、政策完善等诸多优势，具备成立全国性高水平金融 交易市场的基础条件。为此，冯艺东建议，在海南设立全国性、市场化运作的私募股权基金份额交易所。 一是完善顶层设计，强化统筹保障。参照股票交易所经验，锚定"主板市场"定位，允许投资期限超过一定年限 的私募股权基金份额上 ...

上周基金重点事件回顾丨02.15-02.28 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金 市场动向。 政府引导基金 深创投董事长左丁发声：打造5000亿元基金群 2月24日，广东高质量发展大会在广州召开，主题聚焦"制造业与服务业协同发展"。会上，深圳市创 新投资集团有限公司党委书记、董事长左丁指出，目前，深创投累计管理资金总规模超过5000亿 元，形成了全链条的基金群，覆盖种子期、天使期、成长期、并购、S基金，支持企业由小到大到 强。"我们主动投资了1800多家企业，85%以上是初创期和成长期企业，硬科技企业占比超过 90%。大量领头企业根植广东，在耐心资本的赋能下，实现了在半导体、机器人、新材料、生物医 药、工业软件等重点领域的突破，提升了两业协同发展的韧性和安全水平。"左丁补充道。据左丁介 绍，国家创业投资引导基金——粤港澳大湾区基金近期成功落地前海南山片区，基金规模504.5亿 元，这是广东承接的第一只国家级母基金，也是国创基金唯一由地方国企管理的区域基金，将带动千 亿资金支持初创企业。 （ 金羊网 ） 20年存续期，合肥将设三大百亿级主题基金群 2月24日，合肥市在科技 ...

在当今复杂多变的金融市场环境中，私募股权基金领域的法律事务日益繁杂，对于专业、靠谱的私募股 权基金律师及律师事务所的需求也愈发迫切。 从行业优势来看，私募股权基金涉及大量的资金运作、复杂的交易结构以及严格的监管要求。靠谱的私 募股权基金律师及律所能够凭借其专业知识和丰富经验，为客户提供、精准的法律服务。他们熟悉私募 股权基金的设立、募集、投资、管理和退出等各个环节的法律规定和操作流程，能够帮助客户有效规避 法律风险，确保交易的合法性和合规性。以北京市天坛律师事务所为例，其资深律师张春敏持有证券从 业资格、基金从业资格，兼具高级企业合规师、股权架构师等专业资质，实现了法律与金融的双重专业 能力加持，能够精准理解投融资、私募股权、营业信托领域的行业规则与法律要点，这是许多普通律师 所不具备的优势。 特点方面，靠谱的私募股权基金律师和律所具有高度的专业性和实战能力。他们专注于私募股权基金等 细分领域，对行业动态和法律政策有深入的研究和把握。在处理案件时，能够从法律和行业双视角切 入，为客户制定合理的解决方案。北京市天坛律师事务所在私募股权基金合同纠纷处理上表现出色，例 如代理私募基金产品到期无法强制赎回纠纷案件，通 ...

Group 1 - The courses offered include topics such as corporate financing strategies, international business products, credit financing, internet finance, private equity fund investment, and writing bank credit reports and business plans [1] - The lecturer, Xu Jiang, has extensive experience in finance and investment, having held senior positions in various financial institutions, including HSBC and other banks [1] - Xu Jiang's qualifications include a bachelor's degree in English and American literature, a master's degree in finance, and an MBA, along with certifications from the State Administration of Foreign Exchange and the Gree Group [2][3] Group 2 - Xu Jiang has over 20 years of experience in banking, investment, and financial services, specializing in areas such as international settlement, credit, mergers and acquisitions, debt and equity financing, private equity operations, IPOs, and internet finance [1] - The current roles held by Xu Jiang include Executive President of a private equity fund management company and Vice President of a fintech service company, indicating a strong leadership presence in the industry [1]

Group 1 - The company’s wholly-owned subsidiary, Shenzhen Pengrui Investment Development Co., Ltd., signed a strategic cooperation agreement with Shenzhen Ruiye Digital Private Equity Fund Management Co., Ltd. to establish a private equity fund platform focused on the motor-related industry [1] - The agreement was terminated due to changes in the conditions for establishing the partnership fund, influenced by market environment changes and adjustments in the actual situation of both parties [1][2] - The termination was a mutual decision made through friendly negotiations, and neither party is liable for compensation or other legal responsibilities [2] Group 2 - As of the announcement date, no formal cooperation agreements or legally binding documents had been signed, and no actual capital contributions were made [2] - The proposed partnership fund has not been established, and there has been no substantial progress [2] - The termination of the agreement will not have a significant impact on the company's daily operations or financial status, nor will it harm the interests of the company and its shareholders [2]

Group 1 - The strategic cooperation agreement between the company's wholly-owned subsidiary, Shenzhen Pengrui Investment Development Co., Ltd., and Shenzhen Ruiye Shujin Private Equity Fund Management Co., Ltd. has been terminated due to changes in the conditions for establishing the partnership fund [1][2] - The decision to terminate the agreement was made after multiple rounds of discussions, considering market environment changes and adjustments in the actual situation of both parties [2] - The termination of the agreement will not have a significant impact on the company's daily operations or financial status, as no formal cooperation agreements or substantial investments were made prior to the termination [3]

Core Viewpoint - The company announced the termination of a strategic cooperation agreement with Shenzhen Ruiye Digital Private Equity Fund Management Co., Ltd. due to changes in the conditions for establishing a partnership fund, influenced by market environment and adjustments from both parties [1] Group 1 - The company's wholly-owned subsidiary, Shenzhen Pengrui Investment Development Co., Ltd., had signed a strategic cooperation agreement to jointly establish a private equity fund platform focused on the motor-related industry [1] - The decision to terminate the agreement was made mutually by both parties after considering various factors, including market conditions and the status of the involved parties [1] - As of the announcement date, the subsidiary had not signed any formal cooperation documents, had not contributed any funds, and the proposed fund had not been established, indicating no substantial progress [1] Group 2 - The termination of the agreement is stated to have no impact on the company's daily operations or financial status [1]

Core Insights - Invalda INVL's equity reached EUR 222 million at the end of September, reflecting a year-over-year increase of 17.1% [1] - The company reported a net profit of EUR 13.9 million for the first nine months of 2025, down from EUR 25.8 million in the same period last year, attributed to lower investment returns [2] - The total value of client assets under management increased to EUR 2.08 billion, marking a 25.5% rise year-over-year [4] Financial Performance - Revenue from asset management for the first three quarters of 2025 was EUR 13.7 million, a 51.6% increase compared to the same period in 2024 [5] - The strategic business segment generated a profit of EUR 2.2 million, down from EUR 13.9 million in the previous year [5] Capital Raising and Investments - Invalda INVL successfully raised EUR 410 million for the INVL Private Equity Fund II, making it the largest private equity fund in the Baltics and one of the largest in Central and Eastern Europe [6] - The fund has completed two major acquisitions, including the largest waste management group in Estonia and a leading private healthcare services group in Poland [6] Equity Investments - The company earned EUR 13 million from equity investments in the first nine months of the year [7] - The performance of the equity investment portfolio was primarily driven by the banking sector and agricultural business, with significant contributions from Artea bank, Maib, and Litagra [8]

Core Viewpoint - Liaoning Province has launched 22 specific measures to promote the high-quality development of private equity investment funds, aiming to enhance the financial support for technological innovation and establish a robust investment ecosystem by 2027 and 2030 [1][2]. Group 1: Development Goals - By the end of 2027, the province aims to form a multi-level, diversified, and full-cycle private equity investment fund system, with a target of exceeding 180 billion yuan in subscribed capital [1]. - By the end of 2030, the subscribed capital for various funds is expected to surpass 250 billion yuan, significantly contributing to the province's high-quality development [1]. Group 2: Investment Focus - The new policy emphasizes not only attracting more capital but also directing it towards the right industries, particularly original and leading technological innovation enterprises in Liaoning [2]. - The initiative encourages the participation of research institutions and innovation platforms in venture capital, promoting corporate venture capital (CVC) development to accelerate core technology breakthroughs and industrial transformation [2]. Group 3: Regional Development - Shenyang and Dalian are designated to leverage their economic and financial advantages to create a nationally influential regional private equity investment institution cluster, aiming for double-digit annual growth in fund subscriptions [3]. - The policy highlights the importance of developing patient capital, supporting insurance institutions to invest in venture capital funds, and optimizing risk factors for eligible insurance companies [3]. Group 4: Industry Alignment - The policy stresses enhancing the connection between private equity investment institutions and key industry clusters, facilitating collaboration between upstream and downstream enterprises [4]. - It aims to utilize educational and research resources to improve the interaction between innovation resources and private equity investment institutions [4]. Group 5: Risk Management - To foster a "willing to invest" environment, the policy reinforces risk tolerance and error-correction mechanisms, optimizing the evaluation system for government investment funds [5]. - It establishes a differentiated management mechanism for venture capital and industrial investment funds, allowing for higher government contribution ratios for venture capital funds [6]. Group 6: Exit Strategies - The policy outlines measures to streamline exit channels for funds, promoting domestic and international listing and acquisition opportunities for invested enterprises [6]. - It encourages the establishment of acquisition funds by government and state-owned funds to broaden market exit channels for private equity investment institutions [6]. Group 7: Market Liquidity - The initiative promotes the development of secondary market funds (S funds), supporting government investment funds in initiating S funds and encouraging various financial institutions to invest [7]. - Overall, the policy aims to create a comprehensive ecosystem for private equity investment funds, ensuring directed investments and clear exit strategies [7].

Group 1 - Equity investment refers to acquiring shares of a company, aiming for significant economic benefits through investments in both listed and unlisted companies [1] - Equity investment can occur at various stages of a company's lifecycle, including startup, growth, and expansion phases, with different investor focuses at each stage [1] - Private equity funds primarily invest in unlisted companies, aiming to recover investment returns through future public offerings or acquisitions [2] Group 2 - The profit points of private equity mainly arise from the price differences between the primary and secondary markets, with a strong influence from the IPO market [3] - Angel investments typically target very early-stage companies, often with minimal funding requirements, and investors usually acquire 10% to 30% equity [4] - Venture capital is suited for companies in early stages of development, where initial funding is insufficient for significant growth [5] Group 3 - Investment banks assist companies with public offerings, restructuring, mergers, and acquisitions, earning fees from successful financing [6] - M&A encompasses both mergers and acquisitions, with subtle differences in their definitions and implications [7][10] - M&A funds are more common in mature markets and focus on established companies, contrasting with angel and venture capital funds that target startups [11] Group 4 - Fund of Funds (FOF) is a type of investment strategy that invests in other funds rather than direct assets, distinguishing it from traditional funds [12] - The investment threshold for private equity funds varies, with common minimums of 3 million to 10 million depending on the fund size [22] - Private equity funds typically have a long duration of 5 to 8 years, divided into investment, exit, and extension periods [22] Group 5 - The valuation of a company is crucial in private equity transactions, determining the financing amount and investor equity stake [25] - Valuation methods include the price-to-earnings ratio and comparative analysis with similar companies in the industry [26] - Investment protection mechanisms, such as board veto rights, are essential for safeguarding private equity investors' interests [27]