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公募巨头闯入一级市场
FOFWEEKLY· 2025-10-09 10:02
投资人的日程表从机场到会议室排得密不透风,一些明星项目在短短数周内便能收到多份TS,沉 寂一段时间的市场出现了久违的 "FOMO情绪"。 这背后,是政 策持续赋能与颠覆性技术浪潮的双重驱动下的行业重塑。 导读: 一级市场的风吹到了二级。 作者丨FOWEEKLY 一级市场忙碌的节奏正在悄然回归。 公募基金也开始悄然布局,设立私募股权子公司。 公募基金来了 2025年9月,证监会正式批复核准"广发基金"设立私募股权投资基金管理子公司"瑞晨股权投资基 金管理(广东)有限公司"(以下简称瑞晨股权)。 根据批复,瑞晨股权注册地为广东省珠海市,注册资本为1亿元人民币,由广发基金公司全资,业 务范围为私募股权投资基金管理。广发基金需在六个月内完成瑞晨股权的筹建、完善人员配置和系 统建设,待广东证监局完成现场检查后方可正式运营。在此之前,该子公司不得开展任何业务。 实际上,这一布局并非个例。 早在2023年9月份,华夏基金率先获批设立业内首家私募股权投资子公司,吹响了头部公募布局私 募股权的号角。 此后一年内,包括汇添富、易方达、创金合信等在内的多家基金公司,陆续获得设立销售、运营、 境外或股权投资类子公司的反馈或批复。 不 ...
头部GP的最新思考:2025,如何下注?
FOFWEEKLY· 2025-09-19 09:39
Core Viewpoint - The current structural adjustment in China's primary market signifies a paradigm shift rather than a cyclical fluctuation, marking the official arrival of the VC/PE 2.0 era in China [3][4][28] Group 1: Investment Strategies - Investment strategies are shifting from "investing in trends" to "investing in hard tech," emphasizing the need to understand the integration of technology and business [4][28] - Leading firms are adopting a strategy of "investing early, new, hard, big, difficult, and long," focusing on long-term technological barriers and projects with extended commercialization cycles [7][8] - The importance of balancing short-term returns with long-term value is highlighted, especially in uncertain technological landscapes [6][8] Group 2: Ecosystem Development - Firms are forming deep partnerships with universities and research institutions to build a technology innovation ecosystem, focusing on the transformation of scientific research into commercial projects [9][10] - There is a strong emphasis on supporting key industries and enhancing domestic capabilities, particularly in critical technology sectors [9][10] Group 3: Global Perspective - Investment institutions are increasingly adopting a global perspective, linking with international innovation resources to facilitate cross-border technology transfer [9][10] - The focus on supply chain security has become paramount, particularly in sectors deemed critical for national interests, such as semiconductor manufacturing and AI infrastructure [13][14] Group 4: Micro-Level Opportunities - The ability to identify micro-level investment opportunities is crucial, with a focus on the entrepreneurial spirit and structural opportunities within the market [12][13] - The investment approach emphasizes a global view of supply chain dynamics, particularly in enhancing supply chain efficiency and security [13][14] Group 5: Innovation and Technology - The investment landscape is characterized by a transition from certainty to uncertainty, necessitating a comprehensive understanding of technology trends and potential applications [17][18] - The strategy involves a "three-tiered value configuration" to balance risks across different stages of investment, ensuring a holistic approach to emerging technologies [17][18] Group 6: Firm-Specific Strategies - Each firm is developing unique strategies based on their institutional strengths and market insights, focusing on high-growth potential founders and sectors [20][21] - The emphasis is on deep engagement with portfolio companies, providing support beyond financial investment to help navigate early-stage challenges [21][22] Group 7: Adaptation to Market Changes - Firms are adapting to market changes by maintaining a balance between persistence in core beliefs and responsiveness to global shifts in technology and market dynamics [24][25] - The need for efficiency in operations is underscored, with a focus on enhancing productivity across various sectors, including technology and investment institutions [23][24]