以下文章来源于超越 J Curve ，作者杨博宇 超越 J Curve . 用数据延伸你的阅读 将投中网设为"星标⭐"，第一时间收获最新推送 S交易，仍然是一个新兴市场。 作者丨 杨博宇 来源丨 超越 J Curve 在一级 市场存量资产不断累积、传统退出渠道承压的背景下， S 交易正从边缘工具走向创投体系中 的关键一环。 在 第 19 届中国投资年会·有限合伙人峰会 上，投中嘉川主办 "嘉川之会：观澜索源—— S 交易价 值洞察与创新路径"闭门会， 通过多位来自 股交 所、国资引导基金、市场化 S 管理人、险资与产 业资本的一线 投资人 分享，系统勾勒了中国 S 市场的真实图景： 一方面，交易规模和参与主体快速增长，份额转让、接续基金、资产重组等复杂形态不断涌现； 另一方面，定价机制、决策效率、合规责任与交易能力等现实约束，仍使这一市场呈现出 " 快增 长、慢成熟 " 的典型特征。 15 位投资人，还在沙龙上分享 了不同角色 在 S 交易中的立场差异与共同挑战： 国资在制度与责任框架中谨慎前行，险资在确定性与收益之间反复权衡，市场化机构则试图通过产业 研究、结构设计与周期判断构建长期能力。 多位嘉宾共同指出 ...

（原标题：梧桐树资本马爽：退出路径重估，股权投资进入"以退为进"阶段） 21世纪经济报道记者 赵娜 广州报道 12月5日，第15届21世纪创新资本年会在广州举办。本次活动由南方财经全媒体集团指导、21世纪经济 报道主办、21世纪创投研究院提供首席智库支持，本次活动还得到中宏保险的特别支持。 在主题为"策略演进：并购、S交易、证券投资等谁主沉浮？"的圆桌讨论环节，梧桐树资本合伙人马爽 围绕并购、S基金与多策略配置，分享了自己对当前股权投资周期变化的判断。她提到，从行业整体来 看，股权投资正在进入"以退为进"的阶段，退出路径开始反向影响投资节奏。 在马爽看来，并购正在成为当前阶段最具可操作性的主流方向。一方面，不少机构已经建立了专门的并 购团队，开始为产业方、地方政府或上市公司实控人提供资产收购、控股权交易等服务；另一方面，近 年来国资收购上市公司控股权，并在此基础上进行资产重组和装入的案例明显增多，这些都构成了现实 中的并购场景。 相较之下，S基金更多承担的是辅助工具的角色，而证券投资则高度依赖机构自身基因与团队能力，并 非所有机构都适合配置。 在市场格局持续变化的背景下，梧桐树资本作为基金管理机构，也在根据环 ...

Group 1 - The core theme of the 15th 21st Century Innovation Capital Conference in Guangzhou is the evolution of strategies in mergers and acquisitions (M&A), S transactions, and securities investment, highlighting the importance of these strategies in institutional layouts amid market restructuring [1][11] - Various state-owned platforms are adjusting their strategies, emphasizing the increased importance of M&A and the diversified role of S transactions, with a focus on aligning investments closer to industrial needs [2][12] - Representatives from state-owned institutions shared their strategies, indicating that M&A is expected to become a primary battleground for local industrial funds, while S funds will play an increasingly significant role in exit channels [3][13] Group 2 - Zhejiang Financial Innovation has developed three main sectors: mother funds, direct investments, and major project services, with a strong belief that M&A will be a significant direction moving forward [4][14] - Market-oriented institutions are increasingly adopting M&A as a key strategy to drive industrial upgrades and reshape enterprise value, despite their diverse business coverage [5][15] - Dinghui Investment has completed significant M&A transactions over the past decade, with a cumulative transaction scale exceeding $18.5 billion, focusing on industry chain restructuring and special opportunities [6][16] Group 3 - Guangdong Yuehai Private Equity Fund Management Company has accelerated its shift towards industrial M&A to support strategic restructuring, highlighting the advantages of M&A over equity participation or fund investments [7][17] - The discussion among various guests pointed to a common trend of rebalancing exit paths, asset quality, and strategy combinations across different types of institutions [8][18] - Yinuo Zhiyuan's approach to S transactions emphasizes the quality of underlying assets over discounts, indicating a shift towards professional specialization in the S market [9][19] Group 4 - Zhonghong Insurance has entered the equity investment market as a fund LP since 2018, with over 4 billion yuan in existing investments, and plans to steadily increase its equity investment proportion [20] - Since introducing S strategies in 2024, Zhonghong Insurance has completed four LP S share investments, achieving approximately 20% DPI returns within a year, indicating a growing role for S strategies in the insurance investment framework [21]

Group 1 - The 15th 21st Century Innovation Capital Annual Conference was held in Guangzhou, focusing on the evolution of strategies in mergers and acquisitions, S transactions, and securities investments [1] - Wang Hong, founder and chairman of Yinuo Zhiyuan, emphasized that the core of S investment lies not in the size of the discount but in the quality of the underlying assets and that the RMB S market is moving towards a phase of professional deep division of labor [3] - Yinuo Zhiyuan has invested in over 20 well-known domestic and foreign private equity funds, covering secondary market investments and direct equity investments in sectors like artificial intelligence, high-end manufacturing, new energy, and health care [3] Group 2 - The S investment strategy of Yinuo Zhiyuan focuses on three main aspects: prioritizing the quality of underlying assets over discounts, balancing IRR and DPI, and concentrating investments in specific industries [4] - The company believes that as the exit environment for equity investments improves, the trading activity in the S market will naturally increase [4] - The RMB S market is experiencing structural changes, with state-owned enterprises accelerating their entry and a unique S fund ecosystem forming in China, driven by various factors including the demand for uncalled capital transfers [4][5] Group 3 - The book "Interpreting S Funds," co-authored by Wang Hong, highlights that China's economy is undergoing transformation and that the private equity investment market is entering a phase of steady and high-quality development [5] - The private equity secondary market is seen as a new opportunity for significant development, receiving high attention from the state [6] - The role of the private equity secondary market in value discovery and liquidity realization is becoming increasingly important, with S funds being key participants in this market [6]

Group 1 - The core viewpoint of the article highlights the resurgence of mergers and acquisitions (M&A), S transactions, and multi-strategy allocations as key strategies for institutional investment amidst market restructuring and cyclical transitions [1][3] - The 15th Century Innovation Capital Conference in Guangzhou focused on the evolution of strategies in M&A, S transactions, and securities investment, showcasing insights from various institutional representatives [3][4] - State-owned platforms are adjusting their strategies, emphasizing the importance of M&A and the multifaceted role of S transactions, with a shift towards more focused investments aligned with industrial needs [5][6] Group 2 - Various representatives from state-owned institutions shared their strategies, indicating that M&A is expected to become a primary battleground for local industrial funds, aiding in retaining quality enterprises and strengthening industrial foundations [6][7] - Market-oriented institutions are increasingly adopting M&A as a crucial strategy for driving industrial upgrades and reshaping enterprise value, despite their diverse business coverage [9][10] - The investment landscape is evolving, with institutions recognizing the advantages of M&A over equity stakes or fund investments, particularly in terms of control and direct impact on local economies [11][12] Group 3 - S transactions are gaining traction, with institutions focusing on the quality of underlying assets rather than just discounts, indicating a shift towards a more professionalized S market [13][14] - Zhonghong Insurance has entered the equity investment market as an LP since 2018, with a focus on increasing its allocation to S strategies, which have shown promising returns [15] - The discussions among participants reflect a consensus that the toolbox for equity investment is being reconfigured, with M&A, S transactions, direct investments, and fund-of-funds each playing distinct roles in the evolving market [15]

曾文颖指出，自2020年越秀产业基金开展第一笔S基金交易以来，累计投资规模约为50亿元，在市场化S交易领域处于相对领先 的位置。过去一年，S基金市场正在经历新的变化。 其一，交易发起方从LP侧转向由GP侧主导。过去多源于银行理财清退、房企腾挪资金或部分政府出资平台的结构性退出等LP 层面发起的S交易，而今年团队接触到的项目中由GP主动推动的显著增加，带来了LP份额和接续类资产，S交易由被动出清正加 速转向主动管理阶段。 12月5日，第15届21世纪创新资本年会在广州举办。本次活动由南方财经全媒体集团指导、21世纪经济报道主办、21世纪创投研 究院提供首席智库支持，本次活动还得到中宏保险的特别支持。 在主题为"策略演进：并购、S交易、证券投资等谁主沉浮？"的圆桌讨论环节，越秀产业基金母基金投资部负责人曾文颖分享了 对S基金与并购投资的最新观察。在他看来，S交易正从传统意义上的基金份额退出手段转向市场化机构争夺优质资产的重要入 口。 作为越秀集团和越秀资本旗下深耕产业投资的核心平台，越秀产业基金目前累计资产管理规模超过1500亿元，经过多年市场 化、专业化的发展，形成了"一核两翼"的业务布局，即以母基金投资为核心 ...

以下文章来源于东四十条资本 ，作者张楠 东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 将投中网设为"星标⭐"，第一时间收获最新推送 他们不一定声量很大，但生命力极强。 作者丨 张楠 来源丨 东四十条资本 经历数次行业震荡洗牌，一家成立七年，仍向上生长的早期人民币VC机构，大概是个什么情况？ 它肯定并非含着金汤匙出生、管理规模数百亿的"白马"，因为座次早在很多年前就排定了；它也很难再是那种一鸣惊人、期期 超募，屡屡拿到明星项目的"黑马"，抛开成立时间确实已经挺久了，市场现在也很难为此类单纯的增长故事买单。 它更像是一级市场生态中，经历过这轮周期，还仍在牌桌上的玩家的真实写照 ：务实克制、不温不火，但又成功走过一轮相 对完整的周期， 能用业绩证明自己 ，有相对稳定的信任自己的LP基本盘。换句话说， 它已经锚定并试图坐稳自己的生态 位。 静水湖创投就是这样一个样本。2017年成立，专注在智慧能源、工业科技、算法技术（人工智能）等前沿赛道，已经成为当 下一级市场创投生态中一股不可忽视的力量。 最近我了解到，静水湖创投完成了新一期盲池基金的募资，首关L ...

Core Insights - The article discusses the resilience and growth of Jingshui Lake Venture Capital, a relatively young VC firm that has successfully navigated industry challenges and established a stable position in the market [1][2][4] Fundraising and Strategy - Jingshui Lake has raised over 1 billion RMB in the past year, including new S funds and FOFs, indicating a significant achievement in a challenging market environment [2][3] - The firm employs a PSD (Primary+Secondary+Direct) strategy, which has evolved in response to LP demands and market conditions, rather than being a pre-planned approach [2][21] - The fundraising process has seen strong participation from existing LPs, with about two-thirds of the new fund coming from familiar investors, reflecting a solid trust base [5][9] Market Position and Adaptation - The firm has adapted to the changing market by exploring alternative exit strategies, such as equity transfers and S transactions, to provide liquidity to LPs amid delayed IPOs [3][24] - Jingshui Lake's successful transactions have improved the DPI of its first fund, showcasing its ability to navigate the current market landscape effectively [3][24] LP Relationships and Dynamics - The firm has established strong relationships with LPs, with approximately 30% of its old LPs being those with guiding fund attributes, which allows for greater investment flexibility [8][12] - New LPs are characterized by their clear investment preferences and understanding of the market, facilitating straightforward communication and collaboration [6][10] Investment Focus and Philosophy - Jingshui Lake focuses on early-stage investments in sectors like smart energy and industrial technology, maintaining a disciplined approach to avoid overextending into high-valuation areas [19][20] - The firm emphasizes a long-term investment strategy, aiming for sustainable growth rather than chasing short-term gains, which aligns with its overall investment philosophy [25][26] Future Outlook - The firm is cautious about expanding its scale, preferring to maintain a manageable fund size that allows for focused investment in quality projects [18][19] - Jingshui Lake's approach to investment is rooted in a deep understanding of market cycles, allowing it to make informed decisions about sector opportunities and risks [26][27]

Core Insights - The current market environment is characterized by uncertainty and the need for decisive action, as traditional investment rules are becoming ineffective [1] - The 19th China Investment Annual Conference and Limited Partner Summit will be held on November 26-27, 2025, in Shanghai, focusing on the theme "Breaking Through in the Midstream" [1][6] - The summit aims to gather significant capital from state-owned enterprises, active market-oriented funds, and insurance funds to address structural challenges in the market and explore new value discovery logic [1][4] Group 1: Summit Structure and Themes - The summit will feature three high-level closed-door discussions that will address core industry issues and provide actionable frameworks and strategic insights through dialogues among top LPs, GPs, and industry leaders [2] - Multiple core sessions will be set up to provide deep insights into industry trends, capital operations, and future predictions, assisting participants in navigating the complex market landscape [3] Group 2: Capital and Market Resilience - The summit will continue to leverage its strong capital gathering ability, bringing together dominant state-owned capital and market-driven funds to share insights on industry trends and capital logic [4] - The event is positioned as a collective action to seek certainty amid uncertainty, encouraging industry leaders to engage in discussions that clarify market direction [4] Group 3: Key Publications and Reports - A new book titled "History of Venture Capital in China" will be launched, providing a systematic review of the development of the venture capital industry over the past 20 years [5] - The "2025 Annual Limited Partner List" will be released to recognize outstanding institutions in investment practices over the past year, highlighting investment hotspots and trend changes [5] - The "China Venture Capital Market Development Index Report" will be published to analyze market structure, policy environment, and capital flow, offering authoritative data support for investment direction and strategic decision-making [5]

Core Insights - The acquisition of Industry Ventures by Goldman Sachs marks a significant move in the venture capital landscape, highlighting the increasing importance of venture capital in driving growth for Wall Street banks [5][12][10] Group 1: Acquisition Details - Goldman Sachs announced the acquisition of Industry Ventures, a venture capital firm managing $7 billion in assets, for $665 million in cash and stock, with potential additional payments of up to $300 million based on future performance [5][9] - The deal is expected to be completed in Q1 2026, with all 45 employees joining Goldman Sachs, and the CEO and core management team being appointed as partners in Goldman Sachs Asset Management [5][6] Group 2: Strategic Rationale - Goldman Sachs aims to enhance its alternative investment platform, which has a scale of $540 billion, by integrating Industry Ventures into its external investment group, XIG, which manages over $450 billion [6][8] - The acquisition is not intended to position Goldman Sachs as a competitor in the venture capital space but rather to leverage Industry Ventures' expertise in secondary transactions, which are becoming increasingly vital in the private equity market [7][12] Group 3: Market Context - The secondary market for venture capital transactions is projected to reach $61.1 billion from June 2024 to June 2025, surpassing the total IPO exit amount of $58.8 billion during the same period, indicating a shift in exit strategies for investors [9][12] - The acquisition reflects a broader trend where banks are increasingly recognizing the value of venture capital firms in diversifying their investment strategies and meeting complex client needs [12][13] Group 4: Implications for the Industry - The deal signifies a potential increase in venture capital acquisitions by financial institutions, as the secondary market becomes a crucial component of private equity investment strategies [11][12] - The transaction may inspire similar moves in the industry, particularly as the U.S. public market continues to face challenges, leading to a greater focus on private market opportunities [13][14]