上海活动报名： 2025医疗器械研发创新论坛 近日，美国最大的私营医疗器械分销商Medline Industries再次推进上市进程。 多家外媒消息显示，Medline已向美国证券交易委员会（SEC）重新提交首次公开募股（IPO）招股说明书草案，更新了最新二季度财务 数据。 若上市顺利推进，公司估值有望超过500亿美元，预计筹资规模在40亿至50亿美元之间，这将成为2025年医疗器械行业规模最大的IPO， 也被视为私募股权市场和医疗健康板块的风向标。 # 贸易不 确定性 曾迫使 推迟， 如今 重启窗 口期 Medline的上市计划原定于2025年上半年推进，但彼时全球贸易局势波动明显，美国对中国、越南、墨西哥等地采购的医疗产品加征关 税，导致供应链成本上升，公司出于谨慎考虑推迟发行计划。 知情人士称，高关税和高利率叠加令私募股权基金的退出窗口延后，Medline是当时少数因宏观环境主动调整节奏的头部企业。 2021年， 黑石集团（Blackstone）、赫尔曼弗里德曼（Hellman & Friedman）、凯雷投资集团（Carlyle）联合新加坡GIC和阿布扎比主 权财富基金 ，以 约340亿美元 完成对M ...

Core Insights - GTCR, a Chicago-based private equity firm, achieved a significant exit by selling Worldpay for $24.25 billion, marking the largest private equity exit of 2025 so far [2][3] - The firm has managed to navigate a challenging market environment, completing notable transactions while many in the industry struggle to find buyers for their businesses [4][5] Group 1: Company Performance - GTCR manages $45 billion in assets, which is relatively small compared to major players like Blackstone and KKR, yet it has executed a remarkable transaction [3] - The firm sold Worldpay less than two years after acquiring a 55% stake from FIS for $18.5 billion, effectively doubling its investment [3] - GTCR is expected to return over $5 billion to investors this year, continuing a strong performance record for its flagship funds [4][5] Group 2: Historical Context and Leadership - Founded in 1980, GTCR has a long history in the private equity sector, with its founders being pioneers in the industry [5] - The current co-CEOs, Collin Roche and Dean Mihas, represent the second generation of leadership, with Roche having joined in 1996 and Mihas in 2001 [6] Group 3: Recent Transactions - Prior to the Worldpay sale, GTCR sold AssuredPartners for $13.45 billion and has also divested smaller companies like Antylia Scientific and Itel for over $1 billion each [4][5] - The Worldpay deal involved a complex asset swap with Global Payments, which acquired Worldpay while selling its card issuing solutions to FIS for $13.5 billion [7] Group 4: Future Strategy - GTCR is focusing on identifying new acquisition opportunities, having raised a new flagship fund of $11.5 billion and a strategic growth fund of $3.6 billion [8] - The firm currently has over $10 billion available for deployment, indicating a strong position to capitalize on market uncertainties [8]

Core Insights - The S Fund, or PE Secondary Fund, is emerging as a crucial tool for addressing the exit challenges faced by private equity funds in China, particularly in the context of increasing liquidity demands and tightening IPO policies [1][2][3] Group 1: S Fund Overview - The S Fund primarily invests in existing private equity interests from Limited Partners (LPs) and General Partners (GPs), with three main transaction types: direct LP share transfers, direct sales of underlying assets, and fund restructuring [2] - The S Fund market in China has evolved from minimal demand before 2014 to a rapid development phase since 2019, with transaction volumes reaching 102.1 billion RMB in 2022 [2][3] Group 2: Market Dynamics - The development of the S Fund market is driven by the increasing exit demands from RMB funds, heightened LP expectations for DPI, and a supportive policy environment [3][4] - Despite the advantages of S Funds, challenges remain, including valuation consistency, the complexity of GP-led transactions, and an underdeveloped ecosystem for intermediary services [6][7] Group 3: Advantages of S Funds - S Funds offer several advantages: they reduce investment risk by providing clearer visibility on underlying assets, shorten cash return cycles, allow for discounted transfers, and generally yield more stable returns compared to direct investment funds [4][5] Group 4: Future Outlook - The future of the S Fund market is expected to see increased transaction complexity and diversity, with innovative strategies such as continuation funds and structured transactions becoming more prevalent [7][8] - The market is anticipated to grow steadily, supported by government initiatives and an expanding base of market participants, including those from sectors like mergers and acquisitions, infrastructure, and real estate [8]