Group 1 - The number of newly registered private equity funds has been declining, with only 54 new registrations in 2023 compared to 448 in 2022 and 312 in 2023 [3] - In April 2024, there were 16 new registrations, with a total of 5 private securities funds and 12 private equity and venture capital funds [3] - The trend shows a significant decrease in new registrations over the past three years, indicating a cooling market for private equity [3] Group 2 - Despite the decline in new registrations, there has been a surge in the registration of private securities products, with 3,491 products registered by April 30, 2024, a 38.81% increase from the previous year [3][4] - Stock strategies remain the dominant approach, accounting for 63.02% of the registered products, while multi-asset and futures strategies are gaining popularity [4] - Quantitative private equity products represent 43.83% of the total registered private securities products, with stock quantitative strategies leading the way [4] Group 3 - Small-scale private equity firms are the main contributors to the registered products, with 1,240 products from firms managing between 0-5 billion and 407 products from those managing between 5-10 billion [4] - The enthusiasm for A500 index enhancement products has increased, with 165 products registered in 2024, primarily driven by large private equity firms managing over 100 billion [4] - The growth of quantitative strategies in the private equity sector is attributed to improved liquidity in the A-share market and a rising demand for stable returns from investors [4]

Core Insights - Jeito Capital has promoted Mehdi Ainouche to Partner and Julien Elric to Senior Principal, reflecting the firm's growth and commitment to internal talent development [1][6] Group 1: Promotions and Roles - Mehdi Ainouche joined Jeito in 2020 and has played a crucial role in the investment cycle, particularly with the successful sale of EyeBio to Merck & Co for up to $3 billion [2][3] - Julien Elric joined Jeito in 2021 and has been instrumental in financing and clinical development strategies, notably contributing to the investment and exit of HI-Bio acquired by Biogen Inc. for up to $1.8 billion [4][5] Group 2: Company Overview - Jeito Capital is a leading global Private Equity fund focused on biopharma, dedicated to financing and accelerating medical innovations with a patient benefit-driven approach [7] - The firm has built a diversified portfolio of clinical biopharmas addressing high unmet medical needs, with a presence in Europe and the United States [7]

Company Overview - Jeito Capital is a leading independent Private Equity fund focused on biopharma, dedicated to financing and accelerating the development of groundbreaking medical innovations [7] - The firm has a diversified portfolio of clinical biopharmas that address high unmet medical needs, with a strong presence in Europe and the United States [7] Promotions and Team Development - Mehdi Ainouche has been promoted to Partner, and Julien Elric to Senior Principal, reflecting Jeito's commitment to talent development and internal career progression [1][6] - Mehdi joined Jeito in 2020 and has played a crucial role in the investment cycle, particularly noted for the successful sale of EyeBio to Merck & Co for up to $3 billion [2] - Julien joined Jeito in 2021 and has been instrumental in financing and clinical development strategies, contributing to the investment and exit of HI-Bio™ acquired by Biogen Inc. for up to $1.8 billion [4] Leadership Insights - Dr. Rafaèle Tordjman, Founder and CEO of Jeito Capital, expressed delight in the promotions, highlighting the significant contributions of Mehdi and Julien to the firm's mission of unlocking the potential of portfolio companies [6]

以下文章来源于LP波谱 ，作者王满华 LP波谱 . 本账号专注LP市场报道。"波浪、谱系"是识别市场的维度，也是定义市场的坐标；此外，波谱（Pop Art）也意为放低意义与史诗的执念，认同商业的日常之美。 将投中网设为"星标⭐"，第一时间收获最新推送 本次相当于完成首关，而且已经达到基金目标募资额的一半以上。 作者丨 王满华 来源丨LP波谱 5月8日，由原GGV分拆出的亚洲业务Granite Asia，宣布旗下私募信贷（Libra Hybrid Capital Fund）已成功完成 锚定募资 ，规模超过2.5亿美元。 纪源资本向投中网透露， 这是Granite Asia自2023年分拆后开始筹划的新业务，也是Granite Asia 多资产策略的核心支柱。本次相当于完成首关，而且已经达到基金目标募资额的一半以上。 从这一段话中可以获取两个信息，一是投资方向上，瞄准的是科技驱动型公司、以及正在经历数字化 和技术转型的传统企业，这也契合了"GGV"此前的核心投向。并且在阶段上，指向的是成长型、成 熟企业。 之所以锚定成长型企业，Granite Asia也在新闻稿中给出了解释：全球的不确定性中，地区资本正愈 发开始 ...

本期导读： 制定基金绩效评价制度、构建符合国资基金特点的绩效评价指标体系，对于实现基金的业绩目标、 政策效益，保障基金良性运营有较为重大的意义。 目前在杉域负责咨询业务，包括基金投前可行性研究，商业尽调，GP图谱，基金绩效评价，专题 培训、基金/项目退出等方案设计。 本期推荐阅读5分钟 近几年，国资LP已经成为了私募股权基金的出资主力，存量基金加上增量基金，规模可以说是十 分庞大。 但大多数国资LP对已投的子基金尚未建立完善的绩效评价体系， 即便实行了，由于团队 的从业年限及对私募股权行业的理解程度，实践经验，制定的相关评价指标比较笼统， 并未实现 绩效评价工作应有的客观分析及激励和监管作用。 在实践中，由于评价指标不清晰或者缺失以及 投资数据不完备、子基金配合程度不够、资料真实性需要验证等因素，导致评价工作无法取得预期 的效果。 作者丨 杉域资本董事总经理 王春杰 | 利益相关方 | 利益诉求 | | --- | --- | | 国资 | 产业 招引、产 业结构调整及升级、挖掘优质项目、保值增值、政策及 社会效益、区域上下游配套产业协同创新和发展、跟投、让利退出等 | | 社会资本 | 投资收益、资源生态、 ...

Financial Data and Key Metrics Changes - The company reported record fee-related earnings (FRE) of $311 million, up 17% year-over-year [6][20] - The FRE margin reached 48%, the highest level in several years [6][19] - Distributable earnings (DE) were at a record $455 million [6][19] - Assets under management (AUM) increased to $453 billion, a 6% year-over-year growth [20] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated record FRE in Q1, nearly double from the previous year, with AUM growing 12% to $89 billion [12] - Global Credit's quarterly FRE surpassed $100 million for the first time, a nearly 50% increase from last year [13] - Global Private Equity results were in line with expectations, with significant capital returned to investors [23][24] Market Data and Key Metrics Changes - The company noted strong inflows of $50 billion over the past year, including $14 billion in Q1 alone [20] - European private credit deployment increased by 150% year-over-year, reflecting strong demand for private credit solutions [13] Company Strategy and Development Direction - The company is well-positioned to capitalize on new investment opportunities due to its long-term investment horizon and capital-light model [10] - Carlyle is focusing on diversifying its client solutions and enhancing its global wealth strategy [15][24] - The company aims to leverage its brand and platform to drive growth in key areas, particularly in private equity and credit [56] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there are uncertainties, the long-term trends driving demand for private capital remain strong [10][11] - The company is actively engaging with limited partners (LPs) and remains open for business despite market volatility [34][36] Other Important Information - The company has $84 billion of dry powder available for investment [10] - Carlyle's diversified platform allows it to mobilize resources effectively during market volatility [17][24] Q&A Session Summary Question: Impact of trade policy and tariffs on investment activity - Management discussed the cautious optimism among LPs and the need for thoughtful capital deployment in light of trade policy changes [30][34] Question: Corporate private equity franchise outlook - Management indicated no major adjustments to the timing of CP9, driven by deployment pace [38][39] Question: Insurance wins and fundraising guidance - Management clarified that the $40 billion flow guidance includes the recent insurance wins and strong performance in wealth products [46][48] Question: FRE margin and expense outlook - Management expressed satisfaction with the 48% FRE margin and indicated that expenses are well-planned for the year [51][52] Question: Fundraising for AlpInvest and future growth - Management highlighted the strong performance of AlpInvest and the expected continuation of fundraising efforts [55][60] Question: Endowment sector stress and its implications - Management downplayed the potential impact of endowment shifts on private capital allocation, viewing it as isolated [62][64] Question: Inorganic growth opportunities in insurance - Management expressed a preference for organic growth but remains open to accretive acquisitions if they make sense [68][70] Question: Opportunities in Japan - Management noted the dynamic nature of the Japanese market and the company's strong position there [76][78] Question: Capital markets and deployment strategy - Management emphasized a capital-light approach while focusing on execution activity levels across the platform [84][86] Question: Real estate fund updates - Management confirmed that the activation of fees on the real estate fund would lead to growth in management fees in Q2 [90]

Financial Data and Key Metrics Changes - The company raised and deployed over $1,400,000,000 in gross new fee-paying AUM, marking a record fundraising quarter [6] - Revenue for the first quarter was $67,700,000, a 2% increase year-over-year [20] - Fee-paying assets under management increased to $26,300,000,000, reflecting a 10% year-over-year growth [20] - GAAP net income decreased to $4,700,000 from $5,200,000 in the prior year quarter [23] - Adjusted net income (ANI) was $23,500,000, representing an 8% decrease year-over-year [23] - FRE margin was 45% in the first quarter, holding flat year-over-year [24] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $1,200,000,000 [21] - Venture capital solutions raised and deployed $82,000,000 [21] - Private credit strategies added $162,000,000 to fee-paying assets under management [21] - Total catch-up fees in the quarter were $2,800,000, with direct and secondary catch-up fees totaling $2,200,000 [22] Market Data and Key Metrics Changes - The company closed RCP Direct five with nearly $1,000,000,000 in commitments, a record for RCP [6] - The acquisition of Qualitas Funds added 1,300 LPs to the platform, significantly expanding the global LP base [8] - The company expects to have more than 15 funds in the market throughout the year [7] Company Strategy and Development Direction - The strategic plan focuses on optimizing organizational structure, driving organic growth, and enhancing transparency [10] - The company aims to deepen and expand its LP base through new investment vehicles and distribution channels [12] - The acquisition of Qualitas Funds is seen as a strategic fit to expand geographic footprint and asset class exposure [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current operating environment despite potential market volatility [10] - The company anticipates at least $4,000,000,000 of organic gross fundraising in 2025 and double-digit revenue growth [9] - Management highlighted the resilience of strategies in the middle and lower middle market, which are less affected by market fluctuations [15] Other Important Information - The company announced a 7% increase in quarterly dividend to $3.75 per share [24] - Approximately $15,000,000 of stock was repurchased in the first quarter, with $28,500,000 remaining in the share repurchase program [18][25] - The company expects a low single-digit cash tax rate in 2025 due to tax assets [28] Q&A Session Summary Question: Clarification on catch-up fees related to RCP Direct fund - The April 10 date mentioned was the announcement date, not the close date [30][31] Question: Early results of cross-marketing with 5,000 LPs - The focus is on optimizing data and capitalizing on synergies with the Qualitas Funds team [32][34] Question: Guidance on step downs and expirations - The company is not changing its guidance on step downs and expirations at this time [39] Question: Impact of Qualitas on tax and M&A - The acquisition structure will not change tax amortization, and there is an increase in potential M&A opportunities [46][49] Question: Sentiment from endowments and foundations - There has been little to no impact from recent volatility, and the company is positioned to provide liquidity solutions [57] Question: Contribution from SMAs in fundraising - There was a strong contribution from the SMA pipeline, and the company is focused on providing customized solutions [70][72]

Financial Data and Key Metrics Changes - The company reported record fee-related earnings (FRE) of $311 million, up 17% year over year [5][20] - FRE margin reached 48%, the highest level in several years [5][20] - Distributable earnings (DE) were $455 million, marking a record start to the year [18] - Assets under management (AUM) increased to $453 billion, up 6% year over year, driven by $50 billion of inflows over the past year [19][20] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated record FRE in the first quarter, nearly double from the same period last year, with AUM growing 12% to a record $89 billion [11] - Global Credit saw quarterly fee-related earnings surpassing $100 million for the first time, an increase of nearly 50% from last year [12] - Global Private Equity results were in line with expectations, with significant capital returned to investors, totaling nearly $8 billion over the past year [23] Market Data and Key Metrics Changes - The company noted strong momentum in private credit solutions, particularly in European lending, where deployment increased by 150% year over year [12] - The number of public companies in the U.S. has decreased nearly by half over the past two decades, while the number of private companies has increased more than fivefold, indicating a shift towards private market access [10] Company Strategy and Development Direction - The company is well-positioned to capitalize on new investment opportunities with $84 billion of dry powder available [8] - Carlyle is focusing on diversifying its business lines and leveraging its global brand to drive growth, particularly in wealth management and private equity [14][55] - The strategic initiative to grow capital markets is accelerating, with a record $150 million in fees generated over the past six months [13] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there are uncertainties, the long-term trends driving demand for private capital remain strong [9][19] - The impact of recent trade policies on investor sentiment and risk appetite was discussed, with management indicating that the majority of their portfolio is U.S.-based and less affected by tariffs [6][7] Other Important Information - The company has seen a doubling of evergreen inflows over the past year, indicating strong performance in its global wealth strategy [14] - Carlyle's diversified platform allows it to mobilize resources effectively during periods of market volatility [16] Q&A Session Summary Question: Impact of trade policy and tariffs on investment activity - Management noted that while there is a cautious approach among investors, there remains a willingness to deploy capital as long as policy implementation progresses positively [30][32] Question: Future of private equity franchise and fundraising - Management indicated no major adjustments to the timing of Fund IX, with a focus on performance and deployment in Fund VIII [36][91] Question: Insurance wins and fundraising guidance - The $40 billion flow guidance includes the recent insurance transactions, with strong performance in wealth products noted [45][96] Question: Endowment sector stress and its implications - Management does not foresee a significant decline in allocations to private capital from endowments, viewing potential opportunities for capital deployment [61][62] Question: Strategic alternatives in the insurance space - Management expressed a preference for organic growth but remains open to accretive acquisitions if they make sense [68][72] Question: Opportunities in Japan - The company highlighted a strong position in Japan, with expectations for continued growth in the market due to evolving corporate stewardship and asset management capabilities [76][78]

Financial Data and Key Metrics Changes - The company raised and deployed over $1.4 billion in gross new fee-paying AUM, marking a record fundraising quarter [5] - Revenue for the first quarter was $67.7 million, a 2% increase year-over-year [18] - Fee-paying assets under management increased by 10% year-over-year to $26.3 billion [18] - GAAP net income decreased to $4.7 million from $5.2 million year-over-year [21] - Adjusted net income (ANI) was $23.5 million, representing an 8% decrease from the previous year [21] - The FRE margin was 45% in the first quarter [22] Business Line Data and Key Metrics Changes - Private equity strategies raised and deployed $1.2 billion, while venture capital solutions raised $82 million and private credit strategies added $162 million to fee-paying AUM [19] - The average fee rate in the first quarter was 102 basis points, with expectations to average 103 basis points for the year [19] Market Data and Key Metrics Changes - The company closed the acquisition of Qualitas Funds, adding $1 billion to fee-paying AUM and expanding its global LP base [7][12] - The company expects to have more than 15 funds in the market throughout the year, indicating strong demand for its investment strategies [6] Company Strategy and Development Direction - The strategic plan focuses on optimizing organizational structure, driving organic growth, and enhancing transparency [8] - The company aims to deepen its engagement with larger institutional investors, such as insurance companies and pension funds [11] - The acquisition of Qualitas Funds is seen as a strategic fit to expand geographic footprint and asset class exposure [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential market volatility due to a robust strategic roadmap [9] - The company anticipates at least $4 billion in organic gross fundraising for 2025 and double-digit revenue growth [7] - Management highlighted the resilience of the middle and lower middle market, which is less affected by public market fluctuations [14] Other Important Information - The company announced a 7% increase in its quarterly dividend to $3.75 per share [22] - The cash tax rate for 2025 is expected to be in the low single digits, benefiting from tax assets [26] Q&A Session Summary Question: Clarification on catch-up fees related to RCP Direct fund - Management clarified that the April 10 date was the announcement date, not the close date [30] Question: Insights on cross-marketing with 5,000 LPs - Management discussed efforts to optimize data and capitalize on synergies with the Qualitas Funds team [34] Question: Guidance on step downs and expirations - Management confirmed that guidance on step downs and expirations remains unchanged [38] Question: Impact of Qualitas on tax and M&A - Management noted that the acquisition structure will not change tax amortization and highlighted a robust M&A market [44][45] Question: Sentiment from endowments and foundations - Management reported little to no impact from recent volatility on their LP base and sees opportunities for liquidity solutions [56] Question: Fund contributions to the $4 billion target - Management expressed excitement about various funds, particularly in NAV lending and secondaries, contributing to the fundraising target [58]

Group 1 - The combination of capital and innovation is a key driver of economic growth in the rapidly changing global economy [1] - Private equity involves investing in the equity of non-listed companies, typically injecting capital into mature enterprises to enhance value through operational improvements, market share expansion, or strategic restructuring [1][3] - Private equity funds seek long-term investment returns rather than short-term market fluctuations [1] Group 2 - Venture capital focuses on investing in startups or early-stage companies with disruptive technologies and innovative business models, providing necessary funding and valuable industry experience [3][4] - Investment strategies play a central role in both private equity and venture capital, with private equity funds diversifying their portfolios to balance risk and return [4] - Venture capitalists conduct in-depth research on individual projects to identify high-growth potential investment opportunities [4] Group 3 - The digital transformation of the global economy has made sectors like technology, healthcare, and renewable energy hotspots for investment [4] - The rise of Environmental, Social, and Governance (ESG) investment principles is influencing investment decisions, emphasizing corporate social responsibility and sustainability [4] - Private equity and venture capital not only provide funding but also introduce advanced management practices and technological innovations, driving transformation across industries [4][5] Group 4 - Private equity and venture capital are two pillars of modern capital markets, continuously driving economic development and innovation [5] - As the global economy evolves, private equity and venture capital will play a crucial role in shaping market trends and promoting economic growth [5]