3月25日，在2025上海全球投资促进大会期间，上海国资并购基金矩阵正式启动。据悉，新 组建的国资并购基金矩阵总规模达到500亿元以上，主要由市属国有龙头企业、金融机构、平 台公司发起，涉及国资国企改革、集成电路、生物医药、高端装备、民用航空、商业航天、文 旅消费等领域。 "当前国家层面鼓励并购重组，以优化产业结构，地方政府设立并购基金是响应国家政策的重 要举措。"水木资本董事长、母基金研究中心创始人唐劲草对21世纪经济报道说。 他指出， 地方政府纷纷入局并购基金也可以看作是招商引资的新模式， 通过并购基金可以将 企业整体或部分业务引入当地。另外，发展并购基金在推动地方产业升级与转型、优化资源配 置、吸引社会资本、提升区域竞争力等方面也有诸多利好。 中国并购环境正不断成熟 安踏全资买下德国狼爪、同程旅行收购万达酒管、博裕基金拟入主北京SKP……近期，国内并 购市场正持续升温。除了上市公司、产业巨头争相入局， 一级市场也涌现出一批并购交易的积 极参与者。尤其是地方国资纷纷设立并购基金，参与力度正不断加大。 在4月底杭州举办的第九届万物生长大会上，浙江金控透露，浙江省正在筹备一只规模100亿 元的并购母基金；4月 ...

Core Insights - Yale University and Harvard University are facing financial difficulties, leading to significant sell-offs of their private equity portfolios [2][4][6] - Yale plans to sell up to $6 billion of its private equity investments, which represents 15% of its endowment fund [2][4] - Harvard aims to sell approximately $1 billion in private equity assets and issue $750 million in taxable bonds to alleviate financial pressure [5][7] Group 1: Yale University - Yale's endowment fund totals $41.4 billion, but its return rate has declined to 5.7% for the fiscal year 2024, below the 10-year average of 9.5% [4] - Approximately one-third of Yale's endowment is allocated to private equity, which has become a burden due to low liquidity in the current market [4][9] - The decision to sell private equity holdings is aimed at increasing liquidity and providing room for future portfolio adjustments [4][9] Group 2: Harvard University - Harvard's endowment fund stands at $53.2 billion, with a return rate of 6.3% for the fiscal year 2024, also below its long-term target [6][7] - Harvard's financial situation is exacerbated by the freezing of $2.2 billion in federal funding and threats to its tax-exempt status [6][7] - The university's strategy includes selling private equity assets and issuing bonds to enhance liquidity and optimize its investment portfolio [7][9] Group 3: Broader Industry Context - U.S. university endowments are generally facing challenges such as declining investment returns, liquidity issues, and market volatility [9][10] - The overall investment environment for endowments has become more complex due to global economic uncertainties and geopolitical tensions [10] - Despite these challenges, there are opportunities for endowments to adjust their investment strategies and improve risk management [10]

2008年，从硅谷回国的马越创立了"恒拓开源"——用开源软件帮助企业摆脱数据库、ERP等大型软件的束缚，赚到第一桶金之后，马越收购了"开源中国社 区"，后者即是被市场熟知的开源中国。开源中国的发展历经数次转型，从开源社区，拓展到代码托管、代码工具链。商业化探索方面，也经历了从母公司 剥离独立发展，2019年被百度战略控股，最后又在中美竞争、国产替代浪潮中决定重新独立发展，谋求上市的变化。在开源中国最艰难的时候，创始人马越 个人背负了高达1.8亿元的债务，是创业的信念一直支撑他坚持下去。如今的开源中国已经成长为全球第二大的代码托管平台，汇聚了超过1800万开发者。 其自主研发的DevOps工具链已在金融、军工等关键领域广泛使用，市场渗透率达到80%。 昨日，总部位于阿布扎比的阿联酋第二大主权基金穆巴达拉公布了2024年的成绩单。截至2024年末，公司资产管理规模同比增长9.1%，达1.2万亿迪拉姆， 约合2.4万亿人民币，过去五年年化回报率达10.1%。今年是穆巴达拉正式进入中国市场的第十年。在此期间，穆巴达拉已经在华完成了近170亿美元的投 资，约合1230亿人民币，投资超过100个项目，广泛覆盖消费、医疗健 ...

Group 1 - Shenzhen is enhancing its role as a global industrial financial hub through the "Action Plan" aimed at building a high-quality capital market that meets the needs of high-quality economic development [1] - The plan emphasizes the cultivation of "patient capital" to support long-term investments in technology innovation, with a focus on guiding state-owned and government investment funds to become more responsible long-term capital [2] - As of December 2024, Shenzhen has 1,599 private equity and venture capital fund managers, with a total management scale of 1.41 trillion yuan, leading the nation in the number of new private equity and venture capital funds [2] Group 2 - The launch of the "Technology Board" in the bond market coincided with the issuance of innovation bonds by companies like Luxshare Precision and Shenzhen Investment Control, marking a significant step in integrating finance with technology [3] - The "Action Plan" aims to create a diverse financing support system for technology companies, encouraging insurance funds to invest in specific private equity and venture capital funds [3] Group 3 - Shenzhen has 584 listed companies, ranking third in the nation, with a market capitalization of approximately 8.61 trillion yuan, highlighting the city's importance in the capital market [4] - The "Action Plan" focuses on improving the quality of listed companies by enhancing governance and promoting cash dividends, with over 2,300 billion yuan in dividends distributed in 2024 [4][5] - In 2024, Shenzhen's listed companies invested approximately 199.9 billion yuan in R&D, ranking second nationally, with a 9.54% year-on-year increase [5] Group 4 - The "Action Plan" supports the development of leading industry institutions and encourages mergers and acquisitions to strengthen the capital market ecosystem [6] - As of December 2024, Shenzhen has 23 securities companies and 3,107 private fund managers, ranking second and first nationally, respectively [6] Group 5 - The plan promotes high-level opening-up by enhancing cooperation between Shenzhen Stock Exchange and Hong Kong Stock Exchange, aiming to attract quality foreign financial institutions [7] - Shenzhen has five securities companies participating in the first batch of cross-border wealth management pilot programs, leading the nation in this initiative [7]

培育壮大耐心资本 促进资本要素向科创领域集聚 深圳在打造全球产业金融高地上"放大招"！ 5月9日，深圳市地方金融管理局联合深圳证监局发布《深圳市关于发挥资本市场作用 建设产业金融中心行动方案（2025—2026年）》（以下简称《行动方 案》）。《行动方案》明确，从构建一流创新资本形成机制、培育一流标杆企业、建设一流行业机构、构筑一流资本市场生态体系、一流风险防控体系等方 面进一步发挥资本市场枢纽功能，服务深圳现代产业体系建设，力争构建形成适配经济社会高质量发展需求、优质创新资本集聚的高质量资本市场。 在服务新质生产力发展方面，"耐心资本"被中央政策文件多次提及，也被视为坚持科技创新"长跑"、全面提升经济高质量发展的关键之举。 此次《行动方 案》指出，要培育壮大耐心资本，推动国资和政府投资基金成为更有担当的长期资本、耐心资本和大胆资本，引导多层次社会金融资本设立长周期业绩考 核、激励约束和容错机制。 作为全国创投重镇，深圳培育和壮大耐心资本方面有殷实的"家底"。数据显示，截至2024年12月底，深圳私募股权创投基金管理人数量1599家，私募股权投 资、创业投资基金7487只，管理规模1.41万亿元。2024年， ...

21世纪经济报道记者 赵娜 上海报道 在经历调整与低迷后，亚太私募股权（PE）显现复苏迹象。交易活跃度回升、大型并购频现，投资人 对中长期前景的信心正逐步恢复。 贝恩发布的《2025年亚太私募股权报告》显示，2024年亚太PE市场交易额增长11%至1760亿美元。不仅 如此，区域内的平均交易规模相比于2023年增加22%到1.33亿美元，单笔超10亿美元的超大额投资交易 量的增长幅度达50%。 谈到亚洲市场，近年最显著的变化之一是全球机构对印度和日本市场的配置。前述报告显示，2024年印 度和日本市场的活跃PE机构数量相对2023年分别增加了29%和14%。 尽管如此，大中华地区仍是亚太交易规模占比最高的地区，PE交易总额较2023年有所回升，2024年中 国私募股权市场投资交易总额上升7%达到470亿美元。成长型投资仍是中国私募股权市场的主力交易类 型，但控股型投资对价值创造的推动作用进一步提升，以投资交易总额29%的占比创下历史新高。 贝恩认为中国私募股权市场调整进入下半场，并正处于"转型待启新章"的阶段。贝恩公司全球合伙人、 大中华区私募基金业务主席周浩分析表示，中国私募基金从传统成长型投资向控股型投资 ...

Group 1 - In April 2025, there were 12 new registered private equity and venture capital fund managers in China, a month-on-month decrease of 36.8% [1] - A total of 417 new private equity and venture capital funds were filed, showing a year-on-year and month-on-month increase of nearly 20 percentage points [1] - The domestic primary equity investment market recorded 518 financing events, a month-on-month increase of 10.0%, but a year-on-year decrease of 16.0% [1] Group 2 - The total disclosed financing amount was approximately 23.227 billion yuan, nearly halved compared to April 2024 and down 21.8% from March 2025 [1] - The average single financing amount was about 44.8391 million yuan, slightly above the lowest point by 761.53 thousand yuan [1] - Investment institutions are continuously clearing out, with both fundraising and investment showing an increase in volume but a decrease in price [1] Group 3 - Zhongke Chuangxing, founded by the Xi'an Institute of Optics and Fine Mechanics, has a cumulative fund size exceeding 11 billion yuan, focusing on hard technology fields [2] - As of the end of April 2025, Zhongke Chuangxing registered only one new fund, with a registered capital of 22.01 million yuan [2] - Zhongke Chuangxing disclosed 10 equity investment events during the reporting period, a significant month-on-month increase of 42.9% [2] Group 4 - 80% of the projects Zhongke Chuangxing invested in this month were in the early stage, with 60% in Series A [4] - The sectors of new materials, new energy, and enterprise services accounted for 80% of the invested companies [4] - Zhongke Chuangxing also invested in innovative drug company Saiyun Biotechnology and high-precision optical component company Zhiwei Optics, solidifying its layout in healthcare and manufacturing sectors [4] Group 5 - Kai Fu Optoelectronics, a developer of efficient and stable perovskite solar cells, recently completed angel round financing led by Zhongke Chuangxing [6] - The funds will be used to accelerate the industrialization of their core product, addressing challenges in the manufacturing process of large-area perovskite films [6] - Established in May 2023, Kai Fu Optoelectronics focuses on large-area perovskite film crystallization technology and has undertaken a national key research and development plan [6][7]

大家好，我是佩妮。 五一出去玩儿了，刚回来。 看到 东方富海 成为科创债首批参与试点的民营机构，将发行 5 个亿科技创新债券的新闻。 证监会 5 月 7 号发的公告： 和群友们讨论了一下，大致结论就是，是利好，但是主要 利好国资和头部公司， 对目前一级市场的增益 不大 。 具体分析如下： 1）其实以前 2016 年，"大众创新，万众创业"时期，就试点过 双创债 ，那几年股权市场也火热，相对股权回报的高预期，双创债感觉没啥水花。 （拿着债的收益，担着股的风险……） 2017-2024 年，双创债累计发行只有1117.3亿，可以看下面的图，23 年开始就基本没了，现在市场上发的基本上只有 科创债和科创票据 了。所以大 家也不用关心两者的区别了。 2） 科创债呢，号称 债券市场"科创板" ，2021 年在双创债的基础上开始试点。21 年到现在已经累计发行 1.19 万亿 ，是双创债 10 倍以上。 核心还是想让各类主体能够发行科创债券，募集资金投往科技创新型企业，更好地"投小，投早，投长期，投硬科技"。 哪三种主体可以发呢？ 各大商业银行，证券公司等金融机构； 大的私募股权投资机构（国资，头部民资，比如这次的东方富 ...

金十数据5月8日讯，5月8日，金融监管总局副局长丛林在国新办新闻发布会上表示，金融服务重点领域 和关键环节的民营企业，发力点放在"一业一策"上，立足行业产业特点，提供有针对性的金融服务。丛 林提到，在近年来民营企业表现亮眼的高新技术和新兴产业领域，金融监管总局着力完善科技金融服务 模式，首先就是促进投融资结合，开展金融资产投资公司股权投资试点，支持投资科技创新企业。目前 已经设立74只私募股权投资基金，另外在18个试点城市落地了科技企业并购贷款，支持科技企业畅通资 本循环。 （证券时报） 金融监管总局副局长丛林：已设立74只私募股权投资基金，支持投资科技创新企业 ...

一级市场新利好！ 值得关注的是，中国人民银行行长潘功胜在会议期间着重提及私募股权投资机构。 他表示：这次为了支持股权投资机构在"科技板"发行长期限债券融资，人民银行会同证监会借鉴2018年 设立民营企业债券融资支持工具的经验，创设科技创新债券风险分担工具。由人民银行提供低成本再贷 款资金，可购买科技创新债券。同时与地方政府、市场化增信机构等一起，采取多样化的增信措施，共 同参与分担债券投资人的违约损失风险，这可以有效降低股权投资机构的发债融资成本，支持其发行更 长期限如8年期、10年期债券。 随后，中国人民银行、中国证监会发布"发行科技创新债券有关事宜"的公告。公告中指出：具有丰富投 资经验、出色管理业绩、优秀管理团队的股权投资机构，可发行科技创新债券，募集资金用于私募股权 投资基金的设立、扩募等。 事实上，中共中央政治局4月25日召开会议时强调，要多措并举帮扶困难企业。加强融资支持。加快推 动内外贸一体化。培育壮大新质生产力，打造一批新兴支柱产业。持续用力推进关键核心技术攻关，创 新推出债券市场的"科技板"，加快实施"人工智能+"行动。大力推进重点产业提质升级，坚持标准引 领，规范竞争秩序。 早在今年3月6 ...