Core Insights - The launch of the "Technology Board" in the bond market has received positive responses, with nearly 100 institutions issuing technology innovation bonds totaling over 250 billion yuan [1][4] - The "Technology Board" aims to support the financing needs of technology innovation enterprises and enhance the multi-tiered bond product system in China [2][3] Group 1: Policy and Structure - Technology innovation bonds are issued by companies in the technology sector, primarily to support the development of technology innovation [2] - The People's Bank of China and other regulatory bodies are collaborating to innovate the bond market's "Technology Board," allowing various entities, including financial institutions and private equity firms, to issue technology innovation bonds [2][3] - New policies include an innovative credit rating system and improved risk-sharing mechanisms to better meet the financing needs of technology enterprises [3] Group 2: Market Response and Participation - The market has actively responded to the "Technology Board," with significant participation from financial institutions such as Huatai Securities and Zhongyin Securities, which are facilitating the issuance of technology innovation bonds [4] - As of now, approximately 100 institutions have registered or issued technology innovation bonds, with a total issuance of about 249.75 billion yuan in just two weeks [4][5] - The majority of the issuers are high-rated central state-owned enterprises and leading private enterprises, with AAA-rated issuers accounting for over 80% of the total [5]

Core Viewpoint - A securities class action lawsuit has been filed against Compass Diversified Holdings for failing to disclose significant accounting irregularities related to its acquisition of Lugano Holdings, leading to a substantial drop in stock price [1][3][4]. Group 1: Lawsuit Details - The lawsuit is on behalf of purchasers of Compass securities from May 1, 2024, to May 7, 2025, inclusive [1]. - Investors have until July 8, 2025, to seek appointment as lead plaintiff [2]. - The lawsuit alleges that Compass did not disclose violations of accounting rules by Lugano and that financial results were distorted due to these irregularities [3]. Group 2: Financial Impact - On May 7, 2025, Compass announced the need to restate its 2024 financial statements due to identified irregularities, causing its stock price to fall by $10.70, a decline of over 62%, closing at $6.55 on May 8, 2025 [4]. Group 3: Company Background - Compass Diversified Holdings is a private equity firm based in Westport, Connecticut, which acquired a majority interest in Lugano Holdings in 2021 for an enterprise value of $256 million [2].

Core Viewpoint - Transom Capital Group has entered into a merger agreement to acquire SigmaTron International, with a total enterprise value of approximately $83 million, representing a significant premium over the company's recent stock prices [2][3]. Transaction Details - The merger agreement has been unanimously approved by SigmaTron's Board of Directors, and the tender offer will be for $3.02 per share in cash, which is about 134% higher than the closing market price on May 20, 2025 [2]. - The transaction is expected to close in the third quarter of 2025, pending the successful completion of the tender offer and other customary closing conditions [3]. - The acquisition will result in SigmaTron being wholly owned by Transom, and its shares will no longer be listed on Nasdaq [3]. Company Background - SigmaTron International is an electronic manufacturing services company, providing services such as printed circuit board assemblies and electro-mechanical subassemblies, with manufacturing facilities in the U.S., Mexico, China, and Vietnam [9]. - Transom Capital Group is a private equity firm focused on middle-market investments, known for its operationally intensive strategy and expertise in various complex situations [7][8].

Core Viewpoint - The primary focus of the article is the continued recovery of the primary market, with significant increases in the activity of institutional LPs and the number of newly registered private equity and venture capital funds in April 2025 [3][4][6]. Group 1: Market Activity - In April 2025, the activity of institutional LPs increased by 23% month-on-month and by 38% year-on-year [4][6]. - A total of 417 new private equity and venture capital funds were registered in April, marking an 18.80% increase from the previous month and a 17.46% increase from the same month last year [6]. Group 2: LP Type Structure - Policy-type LPs accounted for the highest proportion of contributions at 41.38%, followed by industrial-type LPs at 32.18%, financial-type LPs at 22.19%, financial institutions at 4.16%, and public-type LPs at 0.09% [8]. - The contribution from policy-type LPs increased to over 68% in April, up from 63% in March, indicating a significant rise in government-backed funding activity [10]. Group 3: Financial Institutions and Investment Trends - Financial institutions and financial-type LPs showed a notable increase in activity, with financial institutions' contributions exceeding 10 billion yuan, including nearly 6 billion yuan from insurance institutions [14][15]. - The collaboration between different types of financial institutions is strengthening, as evidenced by a significant investment from China Post Life Insurance into a private fund managed by 招银国际资本 [16]. Group 4: Regional Activity - Jiangsu province led in investment activity, with a well-structured fund system that effectively mobilizes capital through a "mother fund + sub-fund" model [21][22]. - Zhejiang province, while having lower overall activity, demonstrated larger average single investments, focusing on key sectors like AI and low-altitude economy [25]. Group 5: Fund Initiatives - Jiangsu's strategic emerging industry mother fund has a total scale of 50 billion yuan, aimed at supporting technological innovation and traditional industry upgrades [27]. - The Chongqing industrial investment mother fund, with a total scale of 200 billion yuan, aims to enhance the high-quality development of advanced manufacturing in the region [28]. Conclusion - The article concludes that the active participation of financial institutions, supported by policy funds, is crucial for stabilizing investments and promoting innovation, creating a robust capital support system for technological advancements and industrial upgrades [30].

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 我国私募的分布与各地经济发展水平紧密相连，其中，长三角、环渤海、珠三角这三大传统经济 圈的代表城市，催生出 "全国五大私募重镇"，分别是上海、杭州、北京、深圳、广州 。 接下来，笔者将分别给大家在管理规模5亿以上的私募中，筛选出办公城市分别位居上海、杭 州、深圳、北京、广州以及其他地区，近1年收益位居10强的私募。 私募排排网数据显示，截至今年4月底，全国至少有3家产品符合排名规则的私募共有489家，覆 盖39个城市，它们近1年、今年来平均收益分别为20.81%、4.14%。其中，上海、杭州、北京、 深圳、广州的私募数量位列全国前5，合计364家，占比74.44%。 从业绩来看，上海、深圳、北京、杭州、广州的私募公司近 1年平均收益分别为17.77%、 22.25% 、 21.04% 、 23.62% 、 22.98% ， 今 年 来 平 均 收 益 分 别 为 3.64% 、 3.54% 、 4.22% 、 6.17%、5.92%。值得注意的是，杭州地区私募的近1年、今年来平均收益均高于四大一线城市。 | 办公城市 | 公司数量 | 旗下排名产 ...

PHILADELPHIA, May 20, 2025 /PRNewswire/ -- Berger Montague PC advises investors that a securities class action lawsuit has been filed against Compass Diversified Holdings ("Compass" or the "Company") (NYSE: CODI) on behalf of purchasers of Compass securities between May 1, 2024 through May 7, 2025, inclusive (the "Class Period"). Investor Deadline: Investors who purchased or acquired Compass securities during the Class Period may, no later than JULY 8, 2025, seek to be appointed as a lead plaintiff represen ...

中新网上海5月20日电 (高志苗)20日，由上海股权托管交易中心与上海科创基金联合举办的上海S基金联 盟2025年度大会在上海市虹口区召开。 上海S基金联盟2025年度大会现场。 高志苗 摄 《私募股权投资基金投后管理研究报告》(简称《报告》)在会上同期发布。《报告》梳理了当前投后管 理的监管要求、行业现状及发展趋势；从运营及风险管理、估值评价、税务管理等方面进行核心要点解 析，归纳战略新兴产业基金、并购基金等各类型基金需特殊关注的事项，并总结国内外私募基金投后管 理实践及优秀案例，分析投后管理相关典型处罚案例及司法判例，为行业发展带来借鉴。 近年来，随着私募股权投资市场的不断发展，S基金作为盘活存量资产、优化资源配置的重要工具，逐 渐受到市场的广泛关注。以上海股交中心为代表，全国已有8家区域性股权市场获批设立私募股权和创 业投资份额转让平台。目前，上海在基金份额转让业务、基金份额质押业务整体规模方面位列全国第 一。 上海S基金联盟方面表示，未来将继续深化与各市场机构的合作，进一步完善S基金服务体系，深入推 动交易平台建设，持续加大数字化投入，为市场参与者提供更加高效、便捷的服务，积极探索创新交易 模式，同时 ...

Group 1 - Private equity investment is increasingly gaining attention from investors and entrepreneurs as a significant capital operation method in the context of rapid economic development [1][4] - The core of private equity investment lies in identifying high-growth potential companies and injecting capital and professional management to drive rapid development and achieve investment returns [1][3] - The ultimate goal of private equity investment is value growth, which occurs as companies grow and their market value increases [3][4] Group 2 - Private equity investors conduct in-depth due diligence on target companies, assessing market potential, management teams, technological advantages, and business models to identify competitive and growth-oriented firms [3] - Investors not only provide funding but also participate in decision-making processes to optimize management structures, enhance operational efficiency, and expand market channels [3] - Capital appreciation is a direct result of private equity investment, where precise market judgments and professional investment management enable rapid growth of invested companies, leading to high returns upon exit [3][4] Group 3 - Professional analysis is essential in the private equity investment process, requiring investors to study market trends, industry dynamics, and financial conditions to ensure sound investment decisions [3] - Private equity investors leverage their resources and networks to provide multi-faceted support, including market access, technology, and talent, facilitating leapfrog development for companies [3][4] - With the continuous development of the Chinese economy and the improvement of capital markets, private equity investment is expected to play an increasingly important role in creating value for more companies and investors in the future [4]

作为报告牵头方，北京基金小镇研究院负责人表示："投后管理不是简单的'风险管控'，而是'价值再 造'。尤其在科技创新领域，机构需从'资金供应商'转变为'价值共创者'。" 《报告》全面梳理了当前投后管理的监管要求、行业现状及发展趋势，并从运营及风险管理、估值评 价、税务管理等多个方面展开深度剖析。 值得一提的是，《报告》针对新一代信息技术、人工智能等战略新兴产业基金，以及并购基金、国资基 金、QFLP、QDLP等不同类型基金投后管理的重点和特殊性，进行了差异化分析，同时总结了鼎晖投 资、君联资本、凯雷、红杉资本等多个国内外投后管理实践及优秀案例，既有前瞻性又兼具国际视野与 本土实践经验。 5月20日，由北京基金小镇研究院联合上海股权托管交易中心等专业机构共同编制的《私募股权投资基 金投后管理研究报告》正式发布。报告从监管政策、行业实践及国际对标等多个维度切入，全面系统地 剖析了中国私募股权投后管理生态，为行业提供一份兼具实践指南与战略前瞻的参考。 近年来，私募股权和创业投资的高质量发展受到高度重视。公开数据显示，截至2025年3月末，存续的 私募股权和创业投资基金管理人达到11894家。在庞大的存量规模之下，投后 ...

Core Viewpoint - The article discusses the performance of macro strategy private equity funds, highlighting their ability to adapt to different economic environments and their superior returns compared to traditional investment strategies [2][3]. Summary by Sections Macro Strategy Overview - Macro strategy involves asset managers making investment decisions based on macroeconomic cycle predictions, allowing for flexibility across various asset classes such as stocks, bonds, currencies, and commodities [2]. - This strategy can capture asset rotation opportunities in different economic conditions, such as increasing investments in commodities like gold during inflation [2]. Performance Data - According to data from "Private Equity排排网," 144 macro strategy products have achieved an average return of 5% this year, surpassing the market average of 2.52% [2]. - Among these products, 135 have reported positive returns, resulting in a high positive return rate of 93.75% [2]. Comparative Performance of Strategies - The following table summarizes the performance of various secondary strategies for the year: - Quantitative Long: 652 products, 6.42% average return - Subjective CTA: 168 products, 5.96% average return - Macro Strategy: 144 products, 5.00% average return - Convertible Bond Trading: 101 products, 4.17% average return - Composite Strategy: 356 products, 4.16% average return [3]. Top Performing Macro Strategy Funds - The article lists the top 20 macro strategy funds based on their performance over the past six months, one year, and three years, showcasing both large and smaller private equity firms [4][7][12]. - Notable funds include "泓湖稳健宏观对冲A类份额" and "路远睿泽稳增," which have demonstrated strong returns and are recognized for their effective macro strategy research and quantitative models [11][16]. Conclusion - The macro strategy private equity funds have shown resilience and adaptability in the current economic landscape, with a significant number of funds outperforming traditional benchmarks [2][3].