编者按：在中国私募股权市场上，有一个经典之问：中国能否出现自己的黑石？黑石是全球规模最大的私募股权 公司之一，资产管理规模达1.2万亿美元。21世纪第一个十年，中国资本市场掀起私募热，巴曙松教授有感于"不 断涌入私募市场的人们，他们最需要什么样的阅读"，于是带领团队翻译了《黑石传：全球资本之王的成长史》一 书。这本书在2011年和2017年两次在内地出版，影响了众多业内人士和普通投资者。本书出版以来，黑石在国内 的知名度越来越高。因为2015年在清华大学发起成立苏世民书院而为国人所熟知，黑石集团创始人兼CEO史蒂夫· 施瓦茨曼在新版中已变成了苏世民。 2026年1月，本书中文版再版，此时全球经济又进入了新的周期。两位作者戴维·凯里、约翰· 莫里斯专门写了新的 《中文版序》，简要阐述了黑石给中国投资者的启示，特别是"当一个类别不受欢迎时进行投资可能会得到回 报"，以及"从趋势中获利的最佳方式之一往往是间接投资相关服务或资产"。前者突出表现在房地产市场，比如 2024年黑石以5.8亿英镑收购1750套英国住宅，押注英国租赁市场短缺和租金上涨趋势，预期获得年化净租金收益 率达5.2%~6.5%，体现了对低迷的房地产 ...

Core Insights - Italy's economic recovery has made it an attractive destination for investors, with private markets expected to drive much of the growth [1] - Despite the stock market reaching a 20-year high, most companies remain hesitant to pursue IPOs in Italy due to the public market's limited scale relative to economic potential [1] - Private capital is playing a crucial role in Italy's financial landscape, with firms like Ares establishing a presence to capitalize on the growing private equity scene [1] Industry Summary - The Italian stock market is currently experiencing heightened interest, as noted by Claudia Parzani, the chair of the Italian Stock Exchange [1] - Direct lending investments in Italy are growing at the fastest rate in Europe, indicating a vibrant private equity environment that has developed over the past three to four years [1] - Ares has opened an office in Milan, reflecting the increasing activity in private credit as Italy catches up with other European markets [1]

Core Viewpoint - The company, Sijiao Infrastructure Fund, has submitted an application for listing on the Hong Kong Stock Exchange, aiming to establish a diversified investment portfolio across the Asia-Pacific region, with significant asset allocation planned for North America, Europe, and Asia-Pacific [1][2]. Group 1: Fund Structure and Investment Strategy - The fund focuses on providing private senior and subordinated loans to borrowers involved in the ownership, operation, financing, management, or service provision of infrastructure assets or projects [2]. - The fund aims to offer regular, sustainable, long-term returns and capital appreciation through investments in a diversified portfolio of priority and subordinated economic infrastructure debt [1][2]. - The fund is structured as a closed-end fund registered as a public open-ended fund in Hong Kong, allowing for better liquidity compared to non-listed private credit funds, enabling investors to buy and sell fund shares daily [1]. Group 2: Market Opportunity and Demand - Global infrastructure spending is projected to reach approximately $54.4 trillion from 2025 to 2040, while actual investment needs are estimated at $65.3 trillion, resulting in a significant investment shortfall of $10.9 trillion [2]. - The fund is positioned to capitalize on the imbalance between global infrastructure demand and supply, providing flexible and specialized capital solutions tailored to the unique risk-return characteristics of global infrastructure projects [2]. - North America is highlighted as a key area for investment, particularly in urgent transportation and utility renovation projects, with the potential for up to 60% of the fund's total assets allocated to this region [3]. Group 3: Geographic Diversification - The fund plans to diversify its investment portfolio geographically, with a maximum of 30% of total assets allocated to Europe and up to 60% to North America [3]. - The fund also intends to include several developed economies in the Asia-Pacific region in its investment distribution to leverage the growing economic vitality and infrastructure financing needs in the area [3].

Core Viewpoint - Apollo Global Management plans to launch a $5 billion sports investment fund, marking its first dedicated permanent capital allocation for the sports sector, reflecting a growing trend of private equity firms entering the rapidly expanding sports finance market [1][2] Group 1: Investment Strategy - The new fund will employ a dual investment strategy, providing loans to sports leagues and teams while also acquiring club equity, allowing for stable debt returns and participation in long-term asset appreciation [2] - Apollo's existing investments in the sports sector, including an £80 million loan to Nottingham Forest FC secured by club assets, illustrate its investment strategy [2][3] - The company is also in negotiations to acquire equity in Atlético Madrid, indicating its interest in directly holding quality sports assets [3] Group 2: Market Dynamics - The sports finance market is attracting significant attention from private equity due to traditional lenders' cautious approach, allowing private firms to fill the gap and achieve high returns through quick decision-making and flexible structures [2][3] - Other private equity giants, such as CVC and Ares Management, are also actively investing in the sports sector, indicating a competitive landscape that is driving up transaction valuations and providing more financing options for sports organizations [4][5]