淡明私募完成备案登记 【导读】两家外资私募同一天完成备案登记 中国基金报记者 吴君 6 月 16 日，中国证券投资基金业协会（以下简称协会）最新备案名单显示， 淡明（上海） 私募基金管理有限公司 （以下简称淡明私募） 与安 耐德私募基金管理（北京）有限责任公 司（以下简称安耐德私募） 同步完成登记。前者 股东是新加坡 淡马锡的全资子公司，后者 母公司为投资中国超 20 年的全球资管巨头 Earnest Partners 。 协会网站信息显示，安耐德私募成立于 2024 年 8 月 21 日，注册资本为 200 万美元。其 是一家外商独资企业，由 Earnest Partners Private Capital LLC 全资持股。公司近期刚刚 完成了私募股权、创业投资基金管理人登记，注册地和办公地都在北京市通州区。 资料显示， True Light Capital （淡明资本）是新加坡国有投资机构淡马锡旗下的独立全资 子公司，成立于 2021 年，其总部在新加坡，在上海设有办公室。不同于母公司淡马锡以自 有资金做投资的运作方式，淡明资本系独立运营并独立对外募集资金。其第一期基金 True Light Fund ...

Group 1 - The core viewpoint of the report indicates that Limited Partners (LPs) are actively planning to increase investments in private credit and secondary markets, reflecting a shift towards more defensive investment strategies [1][2] - Nearly half (45%) of LPs plan to increase allocations to private credit assets within the next 12 months, up from 37% six months ago [1] - Over one-third (37%) of investors intend to increase allocations to private secondary market strategies, a rise from 29% in December 2024 [1] Group 2 - In the Asia-Pacific region, LPs show the most positive attitude towards alternative assets, with 67% planning to increase investments in this area [1] - The demand for private secondary market strategies has significantly increased, with 64% of Asia-Pacific LPs planning to allocate more to this asset class, up from 42% six months ago [1] - Private credit remains attractive, with half (50%) of Asia-Pacific investors indicating plans to increase investments [1] Group 3 - The report shows that the total transaction volume in the private secondary market reached $160 billion in 2024, continuing to exhibit strong growth [3] - Two-thirds (65%) of LPs believe that the number of General Partner (GP) led transactions in the private credit market will increase in the next two to three years [3] - North American investors have the strongest expectations for this growth at 74%, followed by Europe at 59% and Asia-Pacific at 54% [3] Group 4 - Over half (54%) of global LPs and 58% of Asia-Pacific LPs indicate they are likely to engage in private secondary market transactions for private equity assets in the next two years [3] - More than one-third (36%) of LPs report an increase in the number of spin-off firms in their private market portfolios over the past two to three years [3] - A significant portion (64%) of Asia-Pacific LPs expect the formation of new fund managers to outpace industry consolidation in the coming years [3] Group 5 - The increase in the number of spin-off firms is likely driven by star members from mature investment teams starting their own firms [4] - Over one-quarter (28%) of LPs believe that existing GPs are insufficient in talent development and retention [4] - With the rise of mega funds, 71% of investors see this trend as a challenge to achieving expected investment returns [4]

探讨业界普遍面临的挑战与破局之道，并分享科技助力投资决策更加明智的实践经验。 王东洋 凯丰投资 总经理、首席产品配置官 袁巍 华安合鑫 董事长兼投资总监 曲天石 彭博大中华区 高级经济学家 廖启承 (CFA, CQF) 彭博行业研究 股票策略师 深圳场主题： 聚焦权益与固收，展望宏观与量化 2025年彭博私募投资策略闭门交流会系列活动（深圳场） 2025年6月19日（星期四） | 15:30 - 18:00 (15:30 注册签到，16:00活动开始) 深圳 （详细活动地址将在确认函中提供） 2025年即将过半，我们见证了美国关税政策、地缘政治博弈等因素频频导致全球宏观格局震荡， 引发市场避险情绪。而中国市场凭借经济复苏、融资需求高涨而备受投资者关注，境内外多元化 资产配置机遇显现，吸引多家国际对冲基金在此落子布局。与此同时，人工智能（AI）等前沿科 技的蓬勃发展不仅使科技股表现亮眼、拉动股指上涨，还为量化投研高效赋能，成为私募机构在 不确定性中破局取胜的关键工具。 继上海场圆满举办后， 2025年彭博私募投资策略闭门交流会系列活动 即将抵达 北京、深圳、杭 州 等城市。行业领袖将与彭博经济学家、彭博行业专家 ...

Core Viewpoint - The article emphasizes that facilitating exit channels is crucial for transforming "long money" into "active water" in the investment landscape [1] Group 1: Private Equity Fund Transfer - According to the China Securities Investment Fund Industry Association, private equity fund holders have the right to transfer their fund shares to other qualified investors, which helps mitigate risks and enhance liquidity for investors [1] - The transfer of private equity fund shares is favored by investors as it allows them to better seize market opportunities while avoiding inherent risks [1] Group 2: Policy Implications - The recent policy explicitly aims to "optimize the business process and pricing mechanism for private equity fund share transfers in regional equity markets," effectively lowering barriers to exit transactions [1] - This policy change is expected to enable fund shares to be priced and circulated more efficiently and transparently in the market, thereby improving capital turnover efficiency across the industry [1]

Core Insights - The Hong Kong Financial Development Council (HKFDC) released a report titled "Supporting the Success of Startups: Attracting and Deepening Local Alternative Investment Funds," aimed at reinforcing Hong Kong's position as a leading global asset and wealth management center [1][2] - The report emphasizes the growing importance of alternative investment funds (such as private equity, venture capital, and private credit) in shaping the startup landscape, highlighting their role in filling funding gaps and supporting early-stage companies [1][3] Group 1 - The HKFDC asserts that Hong Kong possesses unique advantages and potential to elevate its financial ecosystem into a new platform for startup development, connecting global capital with regional innovation [2] - The report outlines policy recommendations to enhance the alternative investment market, aiming to catalyze a more vibrant and sustainable innovative economy [2] - Specific recommendations include establishing a strategic policy vision, creating dedicated licensing systems for private equity and venture capital, optimizing tax and regulatory frameworks, and guiding public funds to support alternative investment development [2] Group 2 - As of June 2024, the assets under management (AUM) in Hong Kong's private equity, venture capital, and private credit sectors reached $240 billion, ranking second in Asia and fifth globally [3] - The mature private equity market in Hong Kong enables synergy between capital formation and entrepreneurial ventures, with startups increasingly relying on private funding for growth [3] - Despite the robust investment environment, there are still gaps in early-stage project financing and commercialization of research outcomes, indicating a need for closer collaboration among stakeholders to build an inclusive and future-oriented alternative investment ecosystem [3]

Group 1 - The article discusses the upcoming Bloomberg Private Investment Strategy closed-door exchange meeting in Beijing, focusing on global and Chinese market opportunities and dynamics in the derivatives market [3][4]. - The event will feature industry leaders and Bloomberg economists sharing insights on current market trends, challenges faced by the industry, and the role of technology in enhancing investment decision-making [2][3]. - The meeting highlights the impact of geopolitical factors and U.S. tariff policies on global macroeconomic conditions, while emphasizing China's economic recovery and high financing demand as attractive for investors [3][4]. Group 2 - The series of events will also take place in Shenzhen and Hangzhou, with specific agendas to be announced two weeks prior to each event [6]. - The article mentions the significant role of artificial intelligence (AI) in driving stock performance and empowering quantitative research, which is crucial for private equity firms to navigate uncertainties [3][4].

编辑：林森 着眼于产业趋势，同时结合宏观经济、外部关税的可能演进，淡水泉投资继续聚焦在以下三个方面。其 一，高端制造领域具有全球化运营实力的头部公司，这类公司在面对外部关税挑战时，有能力将产能外 移，从中国制造走向全球制造，加大对非美市场的拓展，降低对美国市场的依赖，一定程度上也具备相 对的关税免疫能力。其二，看好AI创新升级带来的智能终端、消费电子、数据中心等产业链公司的投 资机会，这些企业作为产业链上的"卖水人"难以被替代，同时大客户的新产品也有望带动企业盈利的增 长。此外，布局了以半导体设备、国产算力为代表的自主可控领域，这类机会更加能够平衡关税的影 响。最后，在内需方向，一些具备业绩快速增长潜力的新消费头部公司也是关注方向。（资讯） 近期，A股市场在中美达成阶段性共识开启关税谈判后，情绪有所回升，市场普遍反弹。伴随着情绪修 复，A股市场回补了4月"对等关税"冲击带来的下跌缺口，不过市场整体风险偏好仍相对较低。头部私 募机构淡水泉投资发布的最新月报表示，越来越多近期赴港上市的"A+H"优质龙头走到了市场的聚光灯 前。港股IPO的火爆，AH溢价的趋势性收敛，这既得益于赚钱效应和增量资金的推动，也反映出优秀 ...

Group 1 - The core focus of Jingji Zhino is on establishing a wholly-owned subsidiary, Yingyun Zhi Di, which specializes in IP post-link operations to provide emotional value and meet market demands and social responsibilities [1] - The core team of Yingyun Zhi Di covers all functions of IP operations, possessing rich experience and competitive advantages in IP operation cases, planning capabilities, and traffic management [1] - The company offers IP post-link operation services, including derivative design, large-scale events, and user operations, with over 50 cooperative IPs and plans to add more than 10 new ones next year, managed under a horse racing principle [1] Group 2 - The pig farming business of Jingji Zhino is steadily developing, and the new IP operation business is expected to become a second growth curve [1] - The financial condition of the company is good, and it plans to reasonably allocate funds for the new business [1] Group 3 - Beijing Dingsa Investment Co., Ltd. was established in March 2012 and has since become a member of the China Securities Investment Fund Industry Association and the China Securities Association [2] - The founder, Mr. Peng Xu, is a well-known investment director and star fund manager in the public fund industry, adhering to a "value + growth" stock selection investment strategy [2] - The company has received several awards, including the champion of the "Stock-type Sunshine Private Equity Company 2019 Revenue Ranking (Beijing Region)" and the third place in the "Stock-type Sunshine Private Equity Company 2020 First Half Revenue Ranking (Beijing Region)" [2]

Core Viewpoint - The revised "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission (CSRC) aims to deepen the reform of the listed companies' merger and acquisition market, encouraging private equity funds to participate in mergers and acquisitions [1][2][3]. Summary by Sections Revision Highlights - Establishment of a phased payment mechanism for restructuring shares, extending the registration decision validity period for issuing shares to purchase assets to 48 months [2]. - Increased tolerance for changes in financial conditions, competition among peers, and related party transactions [2]. - Introduction of a simplified review process for restructuring transactions, allowing for a decision within 5 working days without the need for review by the M&A Committee [2][3]. - Lock-up period requirements clarified for mergers, with a 6-month lock-up for controlling shareholders of the absorbed company and no lock-up for other shareholders [2]. - Encouragement of private equity funds' participation in mergers and acquisitions, with a "reverse linkage" mechanism for lock-up periods based on investment duration [2][3]. Market Impact - The new regulations are expected to significantly benefit private equity funds, with a notable increase in the number of disclosed asset restructurings, totaling over 1,400, including more than 160 major restructurings since the introduction of the "M&A Six Measures" [3]. - The number of asset restructuring plans disclosed this year has exceeded 600, 1.4 times that of the same period last year, with major restructurings reaching approximately 90, 3.3 times the previous year [3]. - The total amount of completed major asset restructuring transactions has surpassed 200 billion, an increase of 11.6 times compared to the same period last year [3]. Future Developments - The CSRC plans to continue implementing the revised measures to further stimulate the M&A market [4]. - The rise of merger招商 (merger investment promotion) as a new strategy for state-owned capital is noted, with over 10 regions launching supportive policies for M&A funds [5][6]. - The establishment of dedicated M&A departments within investment firms indicates a growing focus on M&A opportunities, with competitive salaries for experienced professionals in this field [7].

Core Insights - The article discusses the upcoming Bloomberg Private Investment Strategy Closed-Door Exchange Series in 2025, focusing on the opportunities and challenges in the current market landscape [2][3]. Group 1: Event Overview - The series will take place in multiple cities including Shanghai, Shenzhen, Beijing, and Hangzhou, featuring industry leaders and Bloomberg economists sharing insights on market trends and challenges [2]. - The Shanghai event is scheduled for May 22, 2025, from 15:30 to 18:00, with specific details to be provided upon confirmation [3][4]. Group 2: Market Context - The first quarter of 2025 has seen global macroeconomic fluctuations due to factors like U.S. tariff policies and geopolitical tensions, leading to increased market risk aversion [3]. - In contrast, the Chinese market is gaining attention due to economic recovery and high financing demand, presenting diverse asset allocation opportunities for investors [3]. Group 3: Technological Impact - The rapid development of technologies such as artificial intelligence (AI) has positively impacted tech stocks and driven index growth, serving as a crucial tool for private equity firms to navigate uncertainties [3].