EQT于1944年在瑞典成立，承袭根植于北欧传统的责任、协作与长期主义理念，目前已发展为全球最 大的私募市场投资机构之一。EQT的投资版图目前已覆盖私募股权、基础设施、实物资产及私人财富 解决方案等领域，依托遍及欧洲、亚太与美洲的全球化平台开展资本管理业务。EQT专注于通过积极 所有权策略，打造富有韧性的被投企业，并为投资者持续创造可持续的长期价值。 2026年伊始，EQT宣布收购全球领先的私募二级市场投资机构科勒资本（Coller Capital），这标志着 我们将正式进入私募市场增长最快的细分领域之一，并将打造一个更强大、更多元化的全球平台。 EQT与科勒资本携手，旨在共同打造业内最多元化、最具规模优势的私募市场平台之一。EQT将借此 拓宽客户解决方案、深化机构合作关系、在私人财富和保险领域继续扩张，并进一步推动数据驱动的流 动性解决方案。 2025年，面对波谲云诡的市场环境，EQT始终坚守审慎的投资策略执行，在全球范围内取得出色的退 出表现，同时对新投资项目坚持严格筛选原则。在波动的市场环境中，EQT创下有史以来最强劲的年 度退出表现，基金总退出额达190亿欧元。同时，EQT在全球多个地区与行业的投资保 ...

Group 1 - Blackstone Group is in advanced talks to acquire residential service provider Champions Group for approximately $2.5 billion [2] - The acquisition is expected to be announced as early as Tuesday, pending any last-minute obstacles [2] - This transaction indicates that private equity firms are seeking safe havens in industries less susceptible to disruption from artificial intelligence [2] Group 2 - Champions Group, headquartered in Orange County, California, focuses on essential home services such as heating, air conditioning, plumbing, and electrical services [2] - Odyssey Investment Partners invested in the company, then known as Service Champions, in 2021, although specific terms were not disclosed [2] - Residential service providers like Champions generate resilient cash flows, even during economic downturns, as consumers rely on them for essential repairs and maintenance [2] Group 3 - Recent weeks have seen investor sentiment fluctuate due to concerns that tools like Anthropic and ChatGPT may lead to the decline of many software-related businesses under alternative asset management firms [3]

Group 1 - Blackstone Group is in advanced talks to acquire Champions Group for approximately $2.5 billion [1] - The acquisition is expected to be announced as early as Tuesday, pending any last-minute obstacles [1] - Champions Group, based in Orange County, California, focuses on essential home services such as heating, air conditioning, plumbing, and electrical services [1] Group 2 - The deal reflects private equity firms seeking safe havens in industries less susceptible to disruption from artificial intelligence [1] - Companies like Champions are expected to generate resilient cash flows even during economic downturns, as consumers rely on them for essential repairs and maintenance [1] - Recent investor sentiment has been volatile, with concerns that AI tools like Anthropic and ChatGPT may threaten the software-related businesses of alternative asset management firms [2]

Core Viewpoint - The article emphasizes the importance of strengthening venture capital institutions and leading technology enterprises as part of China's strategic focus on innovation and technology finance services [5][6]. Group 1: Policy and Strategic Direction - The article highlights a significant deployment for the venture capital industry, indicating a positive signal for growth and support from the government [5]. - It mentions that the Central Economic Work Conference in December 2025 underscored the role of venture capital and private equity in supporting technological innovation [6][9]. - The government has introduced various policies to enhance the venture capital environment, including the "17 Measures for Promoting High-Quality Development of Venture Capital" released in June 2024 [9]. Group 2: Investment Trends and Practices - The current trend in the venture capital industry is characterized by a focus on early-stage, small-scale, long-term investments in hard technology, which has become a mainstream consensus among funds [6][7]. - There has been a notable increase in the establishment of angel funds, with over 30 angel mother funds set up in China, totaling over 800 billion yuan [6][7]. - The concept of "patient capital" is gaining traction, emphasizing the need for long-term support and tolerance for risks and failures in technology innovation investments [8][9]. Group 3: Future Outlook - The article anticipates that the venture capital industry will continue to respond to central government calls by enhancing early, small, long-term, and hard technology investments [10]. - It expresses confidence that the venture capital sector will play a crucial strategic role in fostering new productive forces in China [10].

从区域经济协同的角度看，该基金的成立是长三角一体化从顶层规划走向产业微观协作的重要体现。在上海金融科技、苏州高 端制造、杭州数字经济已形成壁垒的格局下，湖州通过绑定头部资本，正试图在长三角产业链分工中抢占细分赛道高地。基金 有望聚焦湖州传统优势产业如绿色制造、生物医药等领域的补链强链项目，同时借助中金网络投向长三角协同项目，实现本地 化与全国化的平衡发展。 然而，这种模式也面临着潜在挑战。政策目标与市场回报之间的矛盾可能影响基金的投资决策，国资基金通常要求的5-7年退出 周期与PE项目平均8-10年的退出周期也存在错配风险。要实现可持续发展，需要建立健全容错机制和长效考核体系。值得注意 的是，当前A股注册制深化、北交所扩容的背景下，中金的IPO通道优势或许能加速基金退出，形成投资-退出-再投资的良性循 环。 据天眼查工商信息显示，近日湖州中金启新股权投资合伙企业成立，出资额达100亿元，执行事务合伙人为中金私募股权投资管 理有限公司，由湖州市多家国资平台共同出资设立。这一事件标志着地方政府产业引导基金从"单一输血"向"市场化赋能"的转 型，为区域经济发展注入新的活力。 传统政府引导基金往往存在行政化决策导致的 ...

Group 1 - The acquisition of Tianmai Technology by Suzhou Industrial Park Qichen Hengyuan Equity Investment Partnership marks the first successful control transfer of a listed company by a market-oriented venture capital institution since the release of the "Six Opinions on Deepening the Reform of Mergers and Acquisitions of Listed Companies" [1] - The Chinese M&A market is expected to recover, with PwC forecasting a total disclosed transaction amount exceeding $400 billion in 2025, a 47% year-on-year increase [1] - The exit strategies for private equity (PE) and venture capital (VC) firms are evolving, with a shift from reliance on IPOs to a more diversified approach, including mergers and acquisitions [1][2] Group 2 - The increase in PE/VC firms acquiring control of listed companies is driven by supportive policies, such as the "Six Opinions" and the revised "Management Measures for Major Asset Restructuring of Listed Companies," which reduce costs and risks associated with capital occupation [2] - The need for resource integration in industries facing intense competition is pushing PE/VC firms to pursue mergers and acquisitions as a means to enhance efficiency and competitiveness [3] - Local state-owned assets are establishing merger funds to participate in industry consolidation, with Shanghai's new state-owned merger fund matrix exceeding 50 billion yuan aimed at enhancing industrial mergers [3] Group 3 - The trend towards diversification in exit channels for PE/VC firms is becoming more pronounced, with an increasing focus on merger exits and S fund transfers alongside traditional IPOs [4] - Despite uncertainties in global trade and geopolitical situations, multiple positive factors are expected to drive growth in the M&A market, particularly in high-tech, industrial products, new energy, biomedicine, and consumer goods sectors [4]

I think if anything, it's made the current environment with geopolitical volatility. Macroeconomic volatility has made us more committed to global diversification. And, you know, we've been investing globally for over 25 years and we've, you know, businesses in Europe, India, China, Southeast Asia and Latin America.We've got investment teams on the ground and it's been about 50% of our investing activity has been outside the U.S. really for the last 15, 20 years. And so that ratio, it hasn't changed at all. ...

行业研究报告 2025 年私募股权投资行业信用回顾与 2026 年展望 金融机构部 高飞 摘要：近年来，国内股权投资市场进入调整阶段，募资金额逐年下降，存续 规模由增转减。2025 年前三季度在二级市场活跃度持续提升的背景下，股权投 资市场投资案例数及金额较去年同期有所增长，退出市场活跃度亦有所回升。 近年来政府投资基金公司表现持续活跃。随着《国务院办公厅关于促进政府 投资基金高质量发展的指导意见》以及《关于加强政府投资基金布局规划和投向 指导的工作办法（试行）》和《政府投资基金投向评价管理办法（试行）》的先 后落地，政府投资基金公司将逐步转变为追求政策效益最大化，新设立的创业及 私募股权投资基金将更契合区域产业发展。因资产端表现较为固化，通常政府投 资基金公司的负债结构以长期债务为主。由于付息偿付较为刚性，年度间投退节 奏较为均衡，账面现金有规律的来源于投资完成清算后收益的公司，往往会拥有 更稳定的盈利表现。 展望 2026 年，募资和退出环节逐步回暖带动私募股权投资市场活跃回升。 政策引导进一步明确，政府投资基金将逐步优化整合，新设基金将围绕政策导向 进行投资。 行业研究报告 一、私募股权投资行业信用回顾 ...

本期 「投资界 Talk」 对话 和暄资本创始人、CEO项与秋 。这是中国PE界罕见的年轻掌 门人：85后，打理着约15亿美元（约人民币100亿），致力于押注全球一线科技公司。面 对镜头，他娓娓聊起个人PE生涯，也坦然复盘当年如何错过字节跳动。遗憾之外，更多是 自信。 关注 投资界视频号 ，直面浪潮中的理性声音。 停下来，聊点不一样——投资界全新视频栏目 「投资界 Talk」 继续与你相约。在这里， 我们力求呈现投资人和创业者未经修饰的独白。 「 我们从河流走向海洋 」 ...

免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 股权穿透则显示，由泰康人寿保险有限责任公司、长城人寿保险股份有限公司、友邦人寿保险有限公 司、中宏人寿保险有限公司等共同出资。 观点网讯：2月9日，企查查查App显示，天津兰沁股权投资合伙企业（有限合伙）于近日成立，执行事 务合伙人为高和明德企业管理服务有限公司，出资额86.01亿人民币，经营范围为以私募基金从事股权 投资、投资管理、资产管理等活动。 ...