Core Viewpoint - The establishment of Adams Street Partners' new office in Hong Kong marks a significant expansion in the Asian private equity market, reflecting a growing interest in the region's investment opportunities [2][8]. Group 1: Company Overview - Adams Street Partners, founded in 1972, is recognized as the "mother fund pioneer" for establishing the world's first private equity fund of funds, currently managing approximately $65 billion in assets [6][7]. - The firm has expanded its presence in Asia with this new office in Hong Kong, which is its sixth office in the region, bringing the total number of global offices to 21 [8]. Group 2: Market Insights - The Hong Kong office is strategically positioned to capitalize on opportunities in the Greater Bay Area, which includes Shenzhen and Guangzhou, highlighting the region's potential for private equity investments [7][8]. - The firm has noted an influx of private equity and venture capital firms moving to Hong Kong, indicating a robust growth in the private equity market in the region [8][9]. Group 3: Investment Trends - There is a noticeable resurgence of dollar funds in the Chinese market, driven by a renewed interest from foreign investors in Chinese technology assets [11]. - Recent activities include the establishment of new offices by other prominent investment firms in Hong Kong, signaling a broader trend of increasing investment activity in the region [10][11].

Core Insights - Shenzhen has established a new private equity investment fund with a total contribution of 1 billion yuan [1] Group 1 - The newly formed fund is named Shenzhen Dinghui Baifu Aerospace Industry Private Equity Investment Fund Partnership (Limited Partnership) [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Shenzhen Guiding Fund Investment Co., Ltd. and other contributors [1]

人民财讯11月19日电，企查查APP显示，近日，深圳市鼎晖百孚空天产业私募股权投资基金合伙企业 (有限合伙)成立，出资额10亿元，经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活 动。企查查股权穿透显示，该企业由深圳市引导基金投资有限公司等共同出资。 ...

Core Insights - Shanghai has established new industrial mother funds and S funds, with a focus on enhancing the private equity market's liquidity and providing exit channels for investors [2][4] - The city is actively promoting venture capital and private equity (VC/PE) investments, with significant government support and a growing number of funds being established [9][10] Group 1: New Fund Establishments - The Shanghai Qingpu Industrial Development Fund and S Fund were launched to inject financial resources into the region's new productive forces [2] - The Minhang District has created a comprehensive fund matrix with a total investment of 100 billion, aiming to leverage social capital and achieve a "100 billion fund, 1 trillion scale" ecosystem [2] - The establishment of the Jing'an Capital Investment Operation Company with a registered capital of 12 billion aims to integrate state-owned fund operations and focus on strategic emerging industries [3] Group 2: Policy Support and Framework - Shanghai's government has introduced measures to optimize the equity investment industry, including the establishment of equity investment clusters with a minimum of 10 billion in district-level guiding funds [3][4] - The city has implemented a series of supportive policies for the equity investment sector, including facilitating the establishment of CVC funds and promoting the development of secondary market funds [3][10] Group 3: Fund Performance and Strategy - The Shanghai Future Industry Fund has been active in investing in multiple sub-funds across cutting-edge fields, completing decisions for 18 sub-funds in five months [5][6] - The fund focuses on "early and small" investments in hard technology, targeting six future industries, including health, information, energy, space, materials, and manufacturing [5][6] Group 4: Market Dynamics and Trends - The establishment of large-scale funds and the active participation of government in the VC/PE space have made Shanghai a focal point for investment institutions [9][10] - The city has seen a surge in the establishment of significant funds, including a 500 billion industrial transformation fund and a 100 billion state-owned enterprise merger fund [8][9]

来源：榆煤基金 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 近日，榆煤基金顺利完成榆林科创新城产业发展私募股权投资基金合伙企业（有限合伙）（下称"科创新城投资基金"）的工商注册及资金实缴工作。 该基金由榆林科创新城建设管理委员会牵头，联合榆煤基金与榆林科创新城产业发展集团有限公司共同设立，基金规模2亿元。 科创新城投资基金主要投向榆林市科创新城重大项目以及产业转型发展有关的高端制造、生态环保、科技创新、大健康、文化旅游、现代服务业、生 物医药、数字经济、航空航天、智能无人、低空经济、新能源、新材料等战略新兴产业和未来产业。 ...

Core Viewpoint - The M&A market in China is experiencing an unprecedented surge in 2025, driven by private equity (PE) firms and public companies actively pursuing acquisitions [3][4]. Group 1: Recent M&A Activities - CPE Yuanfeng, a Chinese private equity firm, has partnered with RBI Group, the parent company of Burger King, to establish a joint venture for Burger King's operations in China, with CPE holding 83% of the joint venture [7]. - CPE Yuanfeng will inject $350 million (approximately 2.5 billion RMB) into the joint venture to support restaurant expansion, marketing, menu innovation, and operational improvements [7][8]. - The transaction is expected to be completed in the first quarter of 2026, pending regulatory approvals [8]. Group 2: Market Trends and Statistics - The Chinese M&A market is witnessing a significant increase, with disclosed transaction amounts exceeding $170 billion in the first half of 2025, a 45% increase compared to the same period last year [11]. - There were 29 large-scale M&A transactions (over $1 billion each) in the first half of 2025, with 20 of these being domestic strategic investments, nearly half led by state-owned enterprises [11]. - The Shanghai Stock Exchange reported over 1,000 disclosed M&A transactions since the introduction of the "Six M&A Guidelines" in September 2022, with significant growth in technology-related mergers [11][12]. Group 3: Policy and Government Support - The Chinese government is actively promoting M&A activities through various policies, including the "Six M&A Guidelines" released by the China Securities Regulatory Commission [11]. - Local governments are establishing M&A funds to provide financial support for acquisitions, with cities like Shenzhen and Nanjing announcing related policies [14][15]. - The Shenzhen government aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion RMB by the end of 2027 [14]. Group 4: Future Outlook - The M&A market is evolving from a secondary exit strategy to a critical strategic tool for companies, with increasing participation from professional buyers [16][19]. - The market is expected to continue growing, driven by patient capital, institutional investment strategy transformations, and a more regulated market environment [19].

Group 1 - Shenzhen Investment Control East China New Energy Industry Private Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Shenzhen Guiding Fund Investment Co., Ltd. and Shenzhen Energy (000027) among others [1]

Core Insights - Shenzhen Shentou Control Donghai New Energy Industry Private Equity Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is jointly funded by Shenzhen Guiding Fund Investment Co., Ltd. and Shenzhen Energy among others [1]

Core Viewpoint - Shanghai NewMargin Ventures has played a pivotal role in the development of China's venture capital industry since its establishment in 1999, managing over 50 billion yuan and investing in more than 400 companies, with over 90 successfully listed [1] Group 1: Leadership and Background - Zhu Yifan, the managing partner and CFO of NewMargin, has a unique background that combines law and finance, which has been beneficial in navigating the complexities of the private equity industry [5][19] - Zhu's career trajectory aligns with the explosive growth of China's private equity sector, having transitioned from PwC to NewMargin at a time when the industry was on the brink of significant expansion [3][5] Group 2: Investment Philosophy - NewMargin's investment philosophy is encapsulated in the slogan "real companies, real people," emphasizing a long-term commitment to solid founders rather than chasing fleeting trends [7][8] - Zhu advocates for a cautious approach to current trends like artificial intelligence, focusing on companies with real profitability and stable customers rather than speculative technology [8][19] Group 3: Fund Management and Strategy - Zhu manages both RMB and USD funds, facing challenges in balancing the interests of different investors due to varying regulations and preferences [11][15] - NewMargin employs strategies like "sufficient communication" and "structural innovation" to address the complexities of cross-border investments, including the creation of parallel funds to optimize investment opportunities [13][15] Group 4: Internationalization and Market Adaptation - The firm has pursued internationalization as a strategic choice, establishing a presence in Southeast Asia and Japan to enhance its investment reach [15] - Zhu highlights the importance of cultural integration and adapting to diverse regulatory environments as key challenges in international operations [15] Group 5: Long-term Vision and Advice - Zhu emphasizes the importance of maintaining a long-term perspective in investment, advising aspiring investors to solidify their skills in finance and law while remaining committed to their foundational principles [19] - The firm continues to embody a patient capital approach, waiting for the right opportunities to materialize over time, reflecting a commitment to enduring partnerships with entrepreneurs [19]

根据 2 0 2 5年第三季度私募股权投资市场的出资数据，我们整合了每月LP出资的频次及数量变 化趋势。在剔除认缴出资比例低于1%的出资主体、GP出资主体、个人出资主体后，2 0 2 5年第 三季度每月活跃的机构出资主体分别为8 1 9、5 9 8、5 0 4家。 整体来看， LP出资频率在第三季度出现波动，整体变化呈现下降的趋势。 3、活跃LP类型 2 0 2 5年第三季度新备案私募股权投资基金4 4 1只，创业投资基金8 5 9只，总计1 3 0 0只，同比增 长3 7 . 4 2%，环比增长11 . 5 9%。 从新备案基金结构上看，创投类基金始终占据主导地位，备案区域集中于浙江、江苏、广东三 省，显示出长三角和大湾区地区 GP活跃度与产业吸附能力依然强劲。 2、LP出资频率变化趋势 据母基金研究中心与执中数据统计， 2 0 2 5年第三季度， 新备案私募股权投资基金与创业投资 基金总计 1 3 0 0只，同比增长3 7 . 4 2%； LP累计出资规模达2 6 2 8 . 9 2亿元人民币，其中，国资 以1 2 3 1 . 1 9亿元的认缴金额占据绝对优势，占比高达 4 6 . 8 3%。 01 季度 ...