涉及总金额3 9 8 . 9 3亿元人民币。 作者 | 私募通 来源 | 决策投资圈 （ID：PEDATAMAX） 清科创业（0 1 9 4 5 .HK）旗下私募通统计：截至本周五下午，募资、投资、上市和并购共 1 5 3 起 事 件 ， 涉 及 总 金 额 3 9 8 .9 3 亿 人 民 币 。 从 交 易 金 额 来 看 ， 本 周 金 额 较 大 事 件 是 ： 2 0 25年5月1 4日，航天时代电子技术股份有限公司对北京航天时代光电科技有限公司进 行增资，出资金额是1 7 . 7 2亿人民币。从交易事件地域分布看，目前主要分布在浙江省、 江苏省和广东省，占比为浙江省19.6%，江苏省1 5 . 7%，广东省1 4 . 4%。 01 本周募资情况 本周新登记股权投资基金管理人共计0家，取消备案登记6家，全年截至目前累计股权投 资基金管理人数量为3 3家。本周新增备案基金数量为65只，规模总计250.82亿元，本周 备 案 基 金 募 资 最 多 的 为 海 南 平 泰 横 海 私 募 股 权 投 资 基 金 合 伙 企 业 （ 有 限 合 伙 ） ， 募 集 3 3 .01 亿 人 民 币 。 全 ...

事实上，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， 主要体现在 ： 1、 对子基金的目标实现程度、投资运营情况等开展评价，能够及时发现运作问题并加以修正，确 保子基金不偏离既定方向。 2、 可营造公平公开的营运环境，提高国资LP的资源配置效率。 3、 通过绩效评价，可判断出子基金目标的合理性、基金管理团队的专业能力及目标达成情况，进 而采取相应的激励或约束措施，确保基金长期稳健运作和目标的实现。 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 ...

Core Insights - The 2025 PE Shenyang Investment and Financing Activity Week was held in Shenyang, focusing on innovation, development, and opportunities to support the city's goal of becoming an open and innovative regional financial center [1][2] - The Shenyang PE Index was introduced as a key metric to observe the regional financial ecosystem, highlighting the city's mission to become an international center in Northeast Asia [1][2] Group 1: Investment and Economic Development - Shenyang is the only pilot city for new-type technological transformation in Northeast China's manufacturing sector, leveraging policies like "Creative Investment Seventeen Articles" to enhance market vitality [2] - The city is focusing on ten key industries, including artificial intelligence and low-altitude economy, to cultivate hard technology industry clusters [2] - The investment ecosystem is innovating with a "fund + industry" model, utilizing government-guided funds to attract social capital and elevate the value chain [2] Group 2: Financial and Technological Integration - The Huanggu District aims to enhance financial resource allocation efficiency through the transformation of technological achievements and the optimization of financial services using digital technology [2] - A new ecosystem is being developed where finance nurtures technology and technology empowers finance, creating a virtuous cycle [2] Group 3: Strategic Collaborations and Networking - Strategic cooperation agreements were signed between China Securities Journal and Shenyang Fund Industry Association, as well as between Huanggu District and 20 strategic partners [2] - Multiple investment institutions reached preliminary agreements with Shenyang's hard technology enterprises during the event [2][3] - Over twenty projects from various fields, including artificial intelligence and advanced manufacturing, engaged in interactive exchanges with more than a hundred investment institutions through online roadshows [3]

Group 1 - The core viewpoint emphasizes the importance of venture capital (VC) and private equity (PE) in supporting the development of new productive forces in China, with a focus on "early investment, small investment, long-term investment, and hard technology" [1][2] - The VC/PE industry has become a significant part of the asset management sector, with an average annual new investment principal of 1.2 trillion yuan from 2021 to 2023, accounting for 3% to 4% of the new social financing scale during the same period [1] - The establishment of the National Venture Capital Guidance Fund aims to attract nearly 1 trillion yuan in local and social capital, addressing the funding shortages faced by innovative enterprises [2] Group 2 - There has been an increase in the efficiency of institutional actions, with several mother funds significantly shortening the time from establishment to investment [3] - The investment landscape shows a clear trend towards early-stage investments, with A-round and early-stage financing transactions accounting for 61.8% of the total number of transactions [3][4] - Small-scale investments are becoming mainstream, with transactions under 100 million yuan making up 67.1% of the total, indicating a shift towards smaller early-stage projects [4] Group 3 - The VC/PE industry is experiencing a return of confidence, with positive market changes and stable policies driving optimism among investors for opportunities in 2025 [4] - The government's support for the tech market and enterprises is evident through various policies, including the establishment of the National Venture Capital Guidance Fund and the issuance of technology innovation bonds [5]

Core Viewpoint - The article emphasizes the importance of cash returns (DPI) in private equity, highlighting Lone Star Funds' significant cash distribution to its limited partners (LPs) as a benchmark in the industry [1][6]. Group 1: Lone Star Funds' Performance - Lone Star Funds plans to return approximately $3.5 billion (around 250 billion RMB) to its LPs, marking a significant liquidity event for the firm [1][3]. - The firm has managed over $85 billion in private equity and credit strategy assets since its inception in 1995, and its recent exits have led to substantial returns for its investors [2][3]. - Lone Star's Fund XI, which began investing in 2019, has a DPI of 0.9x, while its previous fund from 2017 has a DPI of 1.35x, contrasting sharply with the broader industry average of 0.1x for funds post-2019 [3]. Group 2: Recent Exits and Returns - A notable exit was the sale of AOC, a Dutch chemical company, for $4.35 billion, yielding over three times the initial investment and generating approximately $1.8 billion in cash for Lone Star [4]. - Lone Star is also set to receive $1.1 billion in dividends from Novo Banco, a Portuguese bank in which it holds over 70% stake, with an IPO expected soon [4][5]. - Other contributions to the cash distribution include investments in Titan Acquisition Holdings and GTT Communications, which underwent successful restructuring [5]. Group 3: Industry Context and Challenges - The article discusses the broader challenges faced by the private equity industry, including a liquidity crisis where LPs are experiencing significant delays in capital returns, with many waiting over 13 years for full liquidation [9][12]. - The average dividends paid by private equity funds in the past three years have been half of historical averages, leading to a record backlog of unsold private equity transactions amounting to $3 trillion [9][12]. - The sentiment among LPs is shifting, with many expressing frustration over the lack of cash returns and a growing emphasis on DPI as a critical performance metric [8][9].

Core Viewpoint - EQT Group is actively recruiting in Japan, anticipating that the country may become its largest market in Asia over the next five years [1] Group 1: Company Strategy - EQT Group has entered the Japanese market since 2021 and has made two investments in the country [1] - The company plans to expand its teams in private equity, infrastructure, and real estate in Japan [1] Group 2: Investment Activity - EQT Group's notable investment includes the acquisition of the education company Benesse for $1.4 billion, scheduled for 2024 [1]

未来，浦发银行北京分行将继续围绕"五篇大文章"，深化科技金融服务，充分发挥浦发优势，强化创新赋能，进一步 助力科创企业拓宽融资渠道、降低融资成本，为北京建设国际科技创新中心贡献"浦发力量"。 本文来源：浦发银行北京分行 浦发银行作为投资者，高效联动分支行，积极参与投资首批科技创新债券。浦发银行北京分行第一时间协助亦庄国投 顺利完成首批科创债券的发行。亦庄国投作为头部私募股权投资机构、创业投资机构，凭借多年深耕硬科技投资形成 的产业生态优势，壮大了北京集成电路、智能制造、商业航天、人工智能等战略性新兴产业。本期债券发行利率 1.94%/年，创亦庄国投发行债券以来同期限最低，有效降低了融资成本。 近年来，浦发银行北京分行大力发展科技金融，积极融入北京国际科技创新中心建设发展大局，紧跟政策创新，落地 科技企业并购贷款试点业务、上市公司股票增持贷款等创新业务，支持培育新质生产力。此次科技创新债的发行，浦 发银行北京分行作为主承销商，为债市"科技板"正式"开板"增势赋能，助力打通债券资金与创投资本的循环通道。 5月12日，浦发银行参与主承销的全国首批科技创新债券、北京首单股权投资机构科技创新债券——"北京亦庄国际投 资 ...

为了落实京沈对口合作国家战略重大举措，进一步将京沈合作深入推进，2025年5月6日至5月12日，由 北京基金业协会、沈阳市基金业协会主办的2025年PE沈阳投融资活动周在沈阳市皇姑区隆重举办。私 募股权投资（Private Equity，简称PE）是通过私募基金对非上市企业进行权益性投资。PE沈阳投融资 活动周将通过多元化、多层次的投融资对接活动，旨在以股权投资服务实体经济、促进科技创新发展， 打造京沈股权投资基金新业态。 本次活动周以"创新·发展·机遇—助力沈阳建设开放创新的区域性金融中心"为主题，邀请40余位投资界 重量级嘉宾、100余家国内外知名投资机构和50余家新闻媒体参加；沈阳市相关地区、市直部门、科研 院所和高科技企业代表等300余人现场参会。 活动周从5月6日投融资预路演拉开帷幕。来自人工智能、医疗、先进制造、新材料等多个领域的二十余 个项目通过线上路演的方式与百余家投资机构在线上互动交流。 5月10日，活动周启动仪式正式开幕。沈阳市委常委、副市长段继阳、原国家经济体制改革委员会副主 任邵秉仁出席活动并发表了开幕致辞。 沈阳市发展和改革委员会党组书记、主任张文哲发布沈阳PE指数时表示，沈阳肩负建 ...

Investment Overview - Shanghai Huitong Energy Co., Ltd. (the "Company") subsidiary Huidexinyuan plans to invest RMB 30 million in a fund managed by Guoyi (Ningbo) Private Equity Investment Fund Management Co., Ltd. [1][2] - The investment aims to leverage professional investment resources in semiconductor key materials and advanced packaging sectors, while also seeking financial returns [2][5] - The investment does not require approval from the Company's board or shareholders and does not constitute a related party transaction or a major asset restructuring as per regulations [2][5] Guoyi Investment Details - Guoyi Investment was established on March 5, 2019, with a registered capital of RMB 35 million [2][3] - The company specializes in private equity fund management and venture capital fund management services, pending registration with the China Securities Investment Fund Association [2][3] Fund Structure and Terms - The fund to be established will have a total size of RMB 110 million, with a duration of 7 years, including a 4-year investment period and a 3-year exit period [4][5] - Management fees are set at 2% during the investment period and 1.5% during the exit period, with no fees during any extensions [5] - The profit distribution mechanism prioritizes the return of principal to investors, with excess returns shared between general and limited partners at a ratio of 20:80 [5] Impact on the Company - The investment is expected to enhance the Company's positioning in the semiconductor sector without significantly impacting its daily operations or financial status [2][5] - The funding will come from the Company's own resources and will not lead to any competition within the industry or constitute a related party transaction [5][6]

Group 1 - The private equity investment market is facing both challenges and opportunities, with the mother fund industry needing to find ways to navigate these challenges and achieve stable growth through cycles [1] - In 2024, the China International Science and Technology Promotion Association's Mother Fund Branch and the Mother Fund Research Center will hold seven seminars across various cities to enhance cooperation and promote healthy development in the private equity industry [1] - The first seminar in 2025 was successfully held in Shenzhen on March 26, focusing on the future trends of the mother fund industry post the "State Council Document No. 1" [1] Group 2 - Wuhan is actively developing mother funds and venture capital, with initiatives to support equity financing for technology-based private enterprises, aiming to create a 3 trillion yuan mother-son fund cluster over the next five years [2] - The upcoming seminar in Wuhan on May 29, 2025, will focus on "Diversified Exit Strategies for Mother Funds," addressing a key topic of interest in the industry [2][3] - The seminar will feature a structured agenda including leadership speeches, thematic sharing, and discussions on mother fund strategies [4]