广东凯利资本管理有限公司总裁张令佳对《证券日报》记者表示，今年市场利率继续下行，传统固定收 益类资产愈发难以覆盖保险资金尤其是寿险资金的长期负债成本，增配私募股权等权益类资产，可以通 过牺牲部分流动性来换取更高的长期收益潜力。 "今年以来，监管部门发布了一系列鼓励险资加大股权配置力度的政策。"张令佳表示，例如，国家金融 监督管理总局将保险公司投资单一创业投资基金的账面余额占该基金实缴规模的比例上限从20%提高至 30%。同时，进一步加强国有商业保险公司长周期考核，提升了险资对短期波动的容忍度，鼓励其进行 更长期的布局。 今年以来，险资继续加大私募股权基金投资力度。执中数据科技(苏州)有限责任公司(以下简称"执中") 数据显示，在今年(截至12月19日)备案的私募股权基金中，保险机构作为有限合伙人(LP)向私募股权基 金出资合计达1097.56亿元，较去年同期增长55.85%。 业内人士认为，险资加码私募股权投资是宏观经济环境、监管政策导向与险资自身资产配置需求三重因 素共振的结果。未来，预计险资还将继续加大这一领域的投资力度。 寿险公司出资额最大 根据出资总金额看，2025年在私募股权投资领域最活跃的5家保险 ...

私募股权收购机构难以出手旗下控股企业，转而想出一套回笼资金、回馈客户的变通办法：把这些企业 卖给自己。 清水湖资本创始人兼管 理合伙人何塞・E・费利西亚诺 2022 年 5 月，私募股权机构清水湖资本的一众投资人齐聚加州一处度假胜地，这里坐拥太平洋绝美海 景，现场香槟佳酿、鲜虾珍馐无限供应。 不过，比起帝王海滩度假俱乐部的旖旎风光，清水湖资本彼时的业绩表现更令人咋舌：公司旗下基金的 回报率突破了几乎所有行业基准线，其中一只基金的年均回报率高达 50%。 据一位参会者及当时会上披露的文件显示，清水湖资本业绩亮眼的一大秘诀是：将旗下控股企业，从自 己管理的一批投资基金，转售给同样由其操盘的另一类基金 —— 业内称之为存续基金。 存续基金的诞生，本是私募机构为解决一大行业顽疾祭出的权宜之计，而清水湖这类机构正深陷这一困 境难以自拔。 私募股权机构的核心商业模式，本是通过举债收购企业、再将其转售获利，但如今这套模式举步维艰。 多年的高利率环境，让多数潜在收购方无力通过举债完成企业收购；私募机构手中积压的待售企业数量 也创下历史新高，超 3.1 万家企业迟迟无法出手。尽管今年年末的并购交易活跃度有所回升，但杯水车 薪， ...

Cryptocurrency Market - Bitcoin and Ethereum are facing ongoing pressure after a strong start in 2025, with Bitcoin down 5.25% to $88,480 and Ethereum down 9.8% to $3,005 [1] - Analyst Tony Sycamore indicates that Bitcoin's momentum is unstable unless it breaks resistance levels between $95,000 and $100,000, with a risk of falling back to $75,000 [1] - Ethereum may test $2,250 again if it fails to break through $3,500 or $3,600 [1] Education Sector - Parents of private school students in Sydney are expected to face an average tuition increase of 7%, more than double the overall inflation rate, with some schools' fees exceeding AUD 50,000 for the first time in 2026 [1] - The Scots College announced a 6.5% tuition increase due to various unavoidable internal and external factors, with fees for senior year exceeding AUD 52,770 [2] Real Estate and Hospitality - Blackstone has acquired Hamilton Island in Queensland for over AUD 1 billion, enhancing its position in the Australian hotel industry [4] - The island features five hotels and numerous restaurants and retail stores, with 70% of the land undeveloped [4] Mergers and Acquisitions - In 2025, Australia's M&A activity saw a total of AUD 151 billion, a 12.1% decline from the previous year, with 1,609 transactions, down 19.4% [5] - Key themes driving M&A activity include geopolitical uncertainty, energy transition, the rise of private capital, and digital transformation, with cross-border buyers remaining dominant [5] - The resource sector led in M&A value with USD 17.9 billion, followed by real estate at USD 14.8 billion and financial services at USD 14.3 billion [5][6] Energy Sector - The Albanese government plans to implement a domestic gas reserve policy, requiring exporters to reserve 15% to 25% of their gas production for the domestic market [6][7] - This policy aims to ensure more affordable gas supply for Australians and improve the negotiating position of industrial enterprises [6] Gold Market - Argonaut predicts gold prices will reach USD 5,000 per ounce in 2026, a 25% increase from previous forecasts, with expectations of significant revenue growth for major Australian gold producers [9] - Target prices for several gold stocks have been raised, with Westgold Resources' target up 30% to AUD 10.30 and Bellevue Gold's target up 20% to AUD 2.40 [10] Regulatory Issues - The Australian Federal Court has ordered ANZ to pay AUD 250 million in penalties for misconduct, marking the highest penalty ever imposed by ASIC on a single entity [10] - The court found ANZ guilty of widespread failures in bond trading management and customer handling, affecting thousands of customers [10]

Core Viewpoint - Medline, a global healthcare company, has successfully gone public on NASDAQ, marking the largest IPO in the U.S. this year with a market capitalization exceeding $54 billion, providing substantial returns for its private equity backers [4][7][10]. Company Background - Medline was founded in 1966 by Jim and John Mills, inspired by their grandfather's sewing workshop in Chicago, initially focusing on manufacturing medical garments [8][9]. - The company briefly went public in 1972 but was privatized five years later, remaining a family-owned business until a private equity consortium acquired a majority stake in 2021 [9][13]. IPO Details - Medline's IPO raised approximately $6.26 billion by issuing 216 million shares at $29 each, with significant oversubscription, including cornerstone investments from entities like Singapore's GIC [10][12]. - The IPO not only surpassed the previous largest IPO of CATL in Hong Kong but also set a record for the largest private equity-backed IPO in history [10][13]. Financial Performance - Since the acquisition by private equity firms, Medline's revenue has surged nearly 50%, from $17.5 billion in 2020 to an estimated $25.5 billion in 2024 [13][14]. - The company has maintained a compound annual growth rate of 18% in sales since its inception, showcasing a remarkable growth trajectory [12]. Shareholder Gains - Major shareholders, including Blackstone, Carlyle Group, and Hellman & Friedman, collectively hold significant voting rights and have seen their investments appreciate substantially, with the value of Medline increasing by over $20 billion since the acquisition [15][16]. - Blackstone has already begun to realize profits from the IPO, selling approximately 13.46 million shares for about $382 million [15]. Future Outlook - Blackstone has several upcoming IPO projects, indicating a strong pipeline for future exits, with expectations of achieving one of its largest issuance years [16].

在特朗普迈入其第二个总统任期的第一年，他和他的顾问团队正以罕见的速度和力度，着手改变美国经济在这数十年间的资金流动逻辑。 白宫发言人Kush Desai在一份声明中明确表示，特朗普总统承诺恢复美国作为世界上最具活力经济体的地位，并致力于削减束缚经济创造力的"繁文缛节"。随 着这些政策的逐步落地，从华尔街的交易大厅到普通美国人的401(k)退休账户，资本配置的底层逻辑正在发生深刻变化。 银行监管松绑与流动性释放 为了解决国债市场运作受限的问题，联邦银行监管机构已采取行动放松关键的资本规则。 根据监管层的计划，被称为"增强型补充杠杆率"（eSLR）的指标将 从5%下调，主要贷款机构的这一比率将降至3.5%至4.25%，其子公司的要求甚至更低。 这一变动将于2026年初生效，旨在激励银行向国债和其他政府支持的资产投入更多资金。据估计，这可能为JPMorgan Chase & Co.和Citigroup Inc.等大银行 的子公司释放高达2190亿美元的资本。作为对监管放松的回应，美国最大的四家银行在通过美联储年度压力测试后的第一个完整季度内，股票回购规模几乎翻 了一番，达到210亿美元，股息支付也增长了约10%。 ...

Group 1: Policy Changes and Economic Impact - Trump's administration is reshaping the flow of capital in the U.S. economy through aggressive policy changes, including deregulation of banks and a shift in funding from renewable energy to traditional sectors [1][3] - The "Big Beautiful" bill and subsequent regulatory adjustments signal a redirection of funds away from renewable energy projects towards pipelines, cryptocurrencies, and traditional finance [3] - The relaxation of capital rules for banks is expected to release up to $219 billion in capital for major banks, allowing them to invest more in government-backed assets [4] Group 2: Housing Market and Privatization - A controversial proposal aims to end government control over Fannie Mae and Freddie Mac, leading to significant stock price increases for these entities [6] - The privatization discussions are complicated by the Treasury's $360 billion preferred equity stake in these companies, raising concerns about potential increases in borrowing costs for consumers [8] Group 3: Cryptocurrency and Digital Assets - The Trump administration's new stance on digital assets includes the signing of the GENIUS Act, which provides a legal framework for stablecoins, potentially expanding the market from $310 billion to $4 trillion by 2030 [9] - Major banks, including JPMorgan, are actively entering the stablecoin market, while concerns arise about the potential outflow of deposits from small banks to stablecoins [9] Group 4: Energy Sector Changes - The "Big Beautiful" bill has led to the cancellation or postponement of $29.3 billion worth of clean energy projects, as the administration shifts focus towards fossil fuels and nuclear energy [10] - Companies in the clean energy sector are facing significant challenges, including layoffs and project cancellations, as federal support for renewable energy diminishes [10] Group 5: Retirement Savings and Alternative Investments - A new executive order aims to unlock $13 trillion in retirement savings by encouraging investment in alternative assets, which could significantly benefit the private equity sector [11] - This shift may lead to increased access for ordinary investors to financial products previously limited to seasoned investors, despite warnings about potential risks [11]

今年以来，险资继续加大私募股权基金投资力度。执中数据科技(苏州)有限责任公司(以下简称"执中") 数据显示，在今年(截至12月19日)备案的私募股权基金中，保险机构作为有限合伙人(LP)向私募股权基 金出资合计达1097.56亿元，较去年同期增长55.85%。 "今年以来，监管部门发布了一系列鼓励险资加大股权配置力度的政策。"张令佳表示，例如，国家金融 监督管理总局将保险公司投资单一创业投资基金的账面余额占该基金实缴规模的比例上限从20%提高至 30%。同时，进一步加强国有商业保险公司长周期考核，提升了险资对短期波动的容忍度，鼓励其进行 更长期的布局。 业内人士认为，险资加码私募股权投资是宏观经济环境、监管政策导向与险资自身资产配置需求三重因 素共振的结果。未来，预计险资还将继续加大这一领域的投资力度。 寿险公司出资额最大 根据出资总金额看，2025年在私募股权投资领域最活跃的5家保险机构依次为：中国太平洋人寿保险股 份有限公司，出资额达205.99亿元；中国平安人寿保险股份有限公司，出资额为150亿元；阳光人寿保 险股份有限公司，出资额为114.88亿元；友邦人寿保险有限公司，出资额为106.75亿元；人保 ...

Group 1: Economic Policy Changes - The Trump administration is rapidly altering the flow of capital in the U.S. economy, signaling a shift away from renewable energy projects towards pipeline projects, cryptocurrencies, and traditional finance [1] - A series of regulatory changes, including the relaxation of bank leverage limits and the privatization of mortgage giants, are reshaping the incentive structures within the financial system [1][2] - The administration aims to restore the U.S. as a leading economy by reducing regulatory burdens that stifle economic creativity [1] Group 2: Bank Regulation and Liquidity - Federal banking regulators are relaxing key capital rules, lowering the "enhanced supplementary leverage ratio" (eSLR) from 5% to between 3.5% and 4.25%, effective in early 2026 [2] - This change could release up to $219 billion in capital for major banks like JPMorgan Chase & Co. and Citigroup Inc., leading to increased stock buybacks and dividend payments [2] - Critics warn that these policies may weaken the banking system and increase industry concentration [2] Group 3: Mortgage Market Privatization - A controversial proposal aims to end government control over Fannie Mae and Freddie Mac, leading to significant stock price increases for these entities [3][6] - The Treasury holds $360 billion in preferred equity, making the handling of this asset a central issue in privatization discussions [6] - Potential reforms could raise borrowing costs for consumers, with mortgage rates possibly increasing by 0.2 to 0.8 percentage points [6] Group 4: Cryptocurrency Regulation - The Trump administration is embracing digital assets, having signed the GENIUS Act to provide a legal framework for stablecoins, which could lead to a market growth from $310 billion to $4 trillion by 2030 [7] - Major banks, including JPMorgan, are actively entering the stablecoin market, while Tether seeks a $500 billion valuation [7] - The new regulations require stablecoin issuers to maintain reserves at a 1:1 ratio, potentially increasing demand for U.S. Treasury securities [7] Group 5: Energy Sector Shifts - The administration's policies have led to a significant reversal in energy investment, ending tax credits for electric vehicles and renewable energy projects, resulting in the cancellation or delay of $29.3 billion in clean energy projects [8] - Major companies in the clean energy sector are facing layoffs and project cancellations, while the government is refocusing on fossil fuels and nuclear energy [8] Group 6: Retirement Savings Market - The Trump administration is attempting to tap into the $13 trillion retirement savings market by requiring a reassessment of investment guidelines for retirement plans [9] - This move is seen as a boon for the private equity industry, potentially releasing billions in new capital as funds shift from traditional assets to alternative investments [9] - Critics express concerns about the risks and costs associated with exposing ordinary investors to high-risk financial products [9]

彭博另类投资简报 摘取彭博终端实时数据及热点资讯，为您带来全球私募股权市场和对冲基金市场的 最新动态。彭博另类投资板块涵盖投融资事件、PE/VC基金募资情况、GP数据、对冲基金净值及指 数、机构投资者数据等。 主要内容 私募股权市场回顾 市场回顾 业绩概览 交易亮点 对冲基金市场回顾 市场押注 落子布局，玩家动态 业绩概览 据知情人士透露， 张磊创立的高瓴资本已将三只公开市场基金合并为规模至少为150亿美元的 基金组合，此举为该机构近年来规模最大的一次重组，旨在提升该业务部门的灵活性。 知情人 士称，今年夏季，这家投资机构将其旗舰对冲基金——一只专注于中国境内上市股票的纯多头 基金，以及一只于2023年设立、专门投资超跌中国股票的基金进行了合并。 Sigma Investments在中国的资产管理规模首次突破100亿元人民币（约合14亿美元），跻身中 国顶尖对冲基金行列。 据知情人士透露，这家总部位于纽约的公司在上海的分支机构本月为其 两款境内产品募资超10亿元人民币，加上此前已管理的超90亿元人民币资产，总规模得以大幅 增长。知情人士称，新增资金中约四分之三将投向一款中国股票策略产品，该产品截至9月30日 ...

"全球和中国经济已步入存量时代，而AI技术革命正以前所未有的速度演进。"嘉御资本创始合伙人卫哲 在2025年12月5日的投资人年会上向500余位与会者描绘了新周期的图景。 在私募股权市场资金紧张的背景下，这份包含高度市场化引导基金、上市公司产业资本和领先人民币母 基金的投资人名单，为这家已成立14年的投资机构注入了超过40亿元人民币的新活力。 募资冰河期中的暖流 2025年的私募股权募资市场，水面下的暗流比表面上更为复杂。一方面，社会LP的"消失"已成为行业 普遍困境；另一方面，一批民营企业却在悄然高频出手。数据显示，仅2025年6月单月，浙江省上市公 司作为LP的出资规模就已突破10亿元，位居全国首位。 在这种看似矛盾的市场环境中，嘉御资本成功募集超过40亿元人民币的资金显得尤为珍贵。 与许多投资机构严重依赖单一资金来源不同，嘉御资本的募资结构呈现出多元化和市场化的特点。参与 基金的主要投资人包括长沙、宁波、天津和长三角地区等高度市场化的引导基金、生态联动的上市公司 产业资本和市场领先的人民币母基金，以及多位基金老投资人的持续支持。 这种"市场化引导基金+产业资本+人民币母基金"的组合，在当前募资环境下显示 ...