在业内人士看来，国资主导地位的持续强化，是由政策支持、产业导向调整等多方面因素驱动。同时， 银行、保险等金融机构在私募股权投资中逐渐扮演着更加积极和重要的角色。 LP结构仍由国资主导 2025年私募股权市场回暖趋势显著。执中ZERONE数据显示，2025年，LP出资金额和出资笔数分别达 1.82万亿元、9319笔，分别较2024年增长约43%和36%，结束了自2021年以来的下滑趋势。 行业出资结构方面，纵览近年数据，国资性质资金占比稳居主导地位，且呈现持续攀升态势。2021年至 2025年，国资性质资金占比逐年分别为78.9%、80.0%、85.7%、88.8%和90.2%。 近日，执中数据科技(苏州)有限责任公司(以下简称"执中ZERONE")发布2025年私募股权投资行业出资 全景数据，全年LP(有限合伙人)出资金额达1.82万亿元，同比增长超40%，行业出资结构进一步明晰， 国资性质资金稳居主导地位，金融机构则成为出资端的活跃主体。 金融机构参与度提高 2025年，金融机构类长期"活水"资金对私募股权投资市场的参与度提高。全年金融机构累计出资笔数 444笔，出资金额共计2612亿元，同比分别增长约62 ...

根据公开信息统计：截至30日，1月（1月1日-1月30日）募资动态共23起。 KKR开年抄底 「投资界前哨」系投资界旗下专注创投政策风向、 VC/PE 动态公众号，欢迎关注！ KKR来了。 投资界获悉，本周KKR宣布完成25亿美元（约170亿人民币）亚洲私募信贷基金募资，将重点投资于亚太地区的非公开市场 优质信贷资产。 自2019年以来，KKR通过其亚洲信贷策略已在亚太地区完成逾60笔投资项目，其中约83亿美元由KKR出资，交易总值达275 亿美元，涵盖针对医疗、教育、房地产、物流和基础设施等行业的大型企业与金融投资人提供的控股收购融资和定制化资本 解决方案。 独家|开年最大募资诞生，20亿 新年募资开始了。1月23日，恒旭资本宣布完成第四期旗舰基金的首轮关账，募集规模超20亿元人民币，计划终关规模达35 亿元，缔造开年第 一笔大额人民币募资。 在同行印象中，恒旭资本是一家拥有雄厚产业背景和资源的市场化CVC。自2019年设立以来，恒旭资本六年已收获19家上 市企业，过去一年更是接连拿下长风药业、图达通、西安奕材、瑞博生物等6个IPO，被认为是私募股权投资市场中稀缺的兼 具产业背景及市场化机制的CVC之一。 ...

2026年1月26日，中国证券投资基金业协会（以下简称"中基协"）发布私募基金管理人登记及产品备案月报。 数据显示，截至2025年12月末，存续私募股权、创业投资基金管理人11523家，较一年前有所下降（4.6%）；但私募股权投资基金与创业投资 基金存续规模分别达到11.19万亿元和3.58万亿元，较上年同期均有所增长（2.3%和6.5%）。 在基金管理人数量持续出清的同时，PE/VC基金存续规模呈回暖态势，行业结构性变化还在持续。根据投中嘉川CVSource统计，2025年不同类 型LP出资中，国资类平台仍是市场最主要的出资方，出资占比达41.8%，引导基金LP占比为17.6%；国资从规模扩张转向精准赋能，聚焦硬科 技等战略领域发挥"压舱石"作用。 国资在股权投资领域影响力的延续和PE/VC活跃度的回升，在一定程度上呼应了《关于促进政府投资基金高质量发展的指导意见》（国办发 〔2025〕1号，以下简称"国办1号文"）所强调的政府投资基金定位：聚焦重大战略、重点领域和市场不能充分发挥作用的薄弱环节，吸引带动 更多社会资本，支持现代化产业体系建设，加快培育发展新质生产力。 考核、容错与退出：股权投资运行逻辑的再 ...

昆 吾 九 鼎 投 资 控 股 股 份 有 限 公 司 K u n w u J i u d i n g I n v e s t m e n t H o l d i n g s C O . , L t d 2025 年 第 四 季 度 私 募 股 权 投 资 管 理 业 务 经 营 情 况 简 报 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 现将昆吾九鼎投资控股股份有限公司2025年第四季度私募股权投资管理业务主要经 营数据公告如下，供投资者参阅。报告期指 2025 年 10-12 月。 一、报告期内基金募集资金情况 | 类型 | 实缴金额（亿元） | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期内公司管理的基金新增实缴规模 | - | | | | | | | | 年 | 月公司管理的基金新增实缴规模 | 2025 | 1-12 | - | | | | | 截至 | 年 | 月 | 日公司在管基金累计实缴规模 | 2025 | 12 | ...

Core Viewpoint - Jiuding Investment has announced a projected net loss of 350 million to 300 million yuan for the fiscal year 2025, indicating an increase in losses compared to the previous year [1] Group 1: Reasons for Performance Decline - The decline in performance is primarily attributed to the continuous downturn in the company's private equity investment management business, including reduced management fee income due to existing funds entering the exit phase [1] - The decrease in project exit income compared to the previous year has led to a reduction in management fee revenue [1] - The decline in the valuation of managed projects has resulted in significant fair value losses on the company's own capital investments [1] - Ongoing losses from associated companies have contributed to substantial investment losses for the company [1] Group 2: Real Estate Business Impacts - The company anticipates impairment of certain assets in its real estate business and plans to terminate the recognition of some deferred tax assets [1] - Due to the overall unfavorable conditions in the real estate industry and a declining market environment, the company expects to recognize an impairment provision of approximately 136 million yuan for real estate inventory [1] - The fair value of investment properties is expected to decline further, leading to an estimated fair value change loss of about 40 million yuan for the reporting period [1] - The company will terminate the recognition of deferred tax assets amounting to approximately 80 million yuan based on prudence and future expectations for the real estate business [1]

以下文章来源于超募研究所 ，作者FOFWEEKLY 超募研究所 . 导读： 市场活跃度显著上升，资金配置进入集中执行期。在战略导向牵引下，多元资本加速流向核心技 术赛道，驱动产业协同与高质量发展。 作者丨FOFWEEKLY 12月，LP出资活跃度显著上升，活跃度 环比增长71%，同比增长29.4% ，市场整体活跃水平较上月 出现明显涨 幅 。本月在年末资金集中落位与政策节奏协同推动下，私募股权市场延续并强化了前期形成的 上行趋势 。 从基金备案数据来看，资金向基金端的传导同步加速。12月新备案私募股权投资及创业投资基金共计690只， 环 比增长70.8%、同比增长17.5% 。其中，创业投资基金备案数量为440只，私募股权投资基金为250只。 结合公域&私域数据以及实操咨询业务，为私募股权行业从业者（FOF、LP、GP、企业等）提供专业、垂直类研究内 容。 12月市场活跃度的提升，既与资金安排进入集中执行阶段有关，也反映出资本在产业方向上的阶段性配置结果。在 政策持续加码、战略性产业布局逐步落地以及长期资金入场的共同作用下，不同类型LP呈现出差异化的出资行为特 征。 产业型LP，尤其是具备国资背景的非上市产业 ...

Core Insights - Yinshi Capital's RMB fund management scale is steadily growing, with accelerated collaboration with industrial capital, focusing on hard technology, AI, and new energy sectors, showcasing growth and influence in its investment portfolio [1] - The company aims to combine deep post-investment management with industrial synergy to empower portfolio companies and create long-term value for investors [1] Fundraising and Investment Focus - In October 2025, Yinshi Capital completed fundraising for its first private equity fund focused on new materials and new energy, with a scale of 500 million RMB, targeting innovative companies in the new materials and new energy supply chain [1] - In December 2025, Yinshi Capital was entrusted to manage a fund of 300 million HKD under the Hong Kong government's "New Capital Investor Entry Scheme," aimed at early-stage high-growth potential enterprises [2] Strategic Vision and Market Insights - Prologis' CEO emphasized that the empowerment of cutting-edge technology and continuous application practices will enhance efficiency in logistics, smart computing, and new energy sectors, reshaping industry innovation [2] - Prologis China reported that the logistics infrastructure market's net absorption exceeded expectations, indicating a strong market trend, with logistics companies investing in automation and digital operations to improve quality and ESG performance [2] Product-Driven Growth and Global Opportunities - Yinshi Capital's partner highlighted that logistics robotics and autonomous trucks are entering a new phase of efficiency and industry benefits, focusing on product-driven growth in the global market [4] - Various portfolio companies discussed their strategies for product-driven growth, emphasizing the importance of AI technology and data-driven product iterations to enhance logistics efficiency and safety standards [5] Supply Chain Restructuring and Global Expansion - Yinshi Capital's partner noted that the global supply chain restructuring will evolve over the coming decades, with Chinese logistics and supply chain companies increasingly going global [6] - Industry leaders discussed the importance of digital solutions for efficient cross-border supply chain management and the potential for higher profit returns in overseas markets [6] - Companies are focusing on building world-class enterprises through deep collaboration in culture, products, and teams to seize globalization opportunities [6] Cross-Border Supply Chain Services - Companies are leveraging their expertise in integrated supply chain services to address cross-border complexities and penetrate global markets through mergers and acquisitions [7]

Group 1 - The annual meeting of the Renminbi fund investors for 2025 held by Prologis' private equity investment platform, Yinshi Capital, gathered around 150 guests from 60 investment institutions, portfolio companies, and partners [1] - Yinshi Capital's management highlighted their investment strategy focusing on "hard technology," AI, and new energy sectors, showcasing a robust growth in their investment portfolio [1] - The logistics technology sector is transitioning from technology validation to real efficiency improvements, with logistics robotics and autonomous trucks gaining market attention [1] Group 2 - G7's CEO emphasized the importance of AI in enhancing logistics efficiency and safety standards through data-driven product iterations [2] - Mainline Technology's CEO discussed the shift from technology-driven to product-driven approaches in the autonomous trucking industry, aiming for efficiency and cost-effectiveness for clients [2] - The restructuring of global supply chains is expected to evolve over the coming decades, with Chinese logistics and supply chain companies needing to adapt and redefine their roles [2]

Core Insights - ProLogis announced that its private equity investment platform, Yinshi Capital, held the 2025 annual RMB fund investor conference, indicating a steady growth in fund management scale and an increased focus on hard technology, AI, and new energy sectors [1] Group 1: Company Developments - Yinshi Capital's management partner, Dong Zhonglang, highlighted that logistics robotics companies have gained favor in the secondary market, and the commercialization of autonomous trucks is accelerating, marking a transition in the logistics technology sector from technology validation to real efficiency improvements and industry value creation [1] - The company is focusing on a product-led growth (PLG) model to explore new opportunities and challenges in the global market for Chinese logistics technology firms [1] Group 2: Industry Trends - The global supply chain restructuring is expected to be a continuous trend over the next few decades, with the outflow of China's logistics supply chain becoming an irreversible trend [1] - The emphasis on modern logistics services, intelligent supply chains, new energy, and logistics technology reflects the evolving landscape of the logistics industry in China and Asia [1]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session has outlined a grand blueprint for advancing national strength and national rejuvenation through Chinese-style modernization, emphasizing the importance of building a strong financial nation to support the real economy, promote technological innovation, and facilitate industrial upgrading [1] Group 1: Financial Strategy and Development - The Guangdong Hengjian Asset Management Company aims to implement the spirit of the plenary session as a primary political task, focusing on "serving national strategies and empowering industrial upgrades" [1] - The company recognizes the shift of China's economy towards high-quality development, emphasizing the role of private equity funds in optimizing resource allocation and stimulating market innovation [2] - Hengjian Asset has established a resource integration fund group to support mergers, acquisitions, and the cultivation of strategic emerging industries, managing over 67.7 billion yuan in funds to effectively support local industrial cluster development [2] Group 2: Investment and Industrial Upgrading - The company targets leading enterprises for high-quality investments to drive industrial upgrades, employing a three-step model of "discovering and nurturing—supporting and strengthening—exerting influence" [3] - Hengjian Asset has invested over 25.1 billion yuan in leading enterprises across 20 strategic industrial clusters in Guangdong, successfully facilitating the listing of 8 companies [3] - The company utilizes mergers and acquisitions to strengthen listed companies in Guangdong's manufacturing sector, exemplified by a 2 billion yuan fund that aided in the privatization acquisition of a company valued at approximately 11.1 billion Hong Kong dollars [3] Group 3: Project Attraction and Local Industry Support - Hengjian Asset precisely attracts major projects to meet local industrial development needs, establishing a mechanism for ongoing project alignment with over ten cities in Guangdong [4] - The company has formed two hundred billion yuan strategic industry promotion funds in collaboration with leading banks, successfully facilitating projects worth approximately 3 billion yuan [4] Group 4: Technological Innovation and Self-Reliance - The plenary session emphasizes the central role of technological innovation in national development, with private equity funds identified as key to linking technological innovation with industrial upgrades [5] - Hengjian Asset focuses on core technology breakthroughs, establishing a 10 billion yuan intelligent robotics industry investment fund to address critical industry challenges [6] - The company conducts in-depth research to guide investment strategies, transforming "opportunity investment" into "strategic layout" to support technological breakthroughs [6] Group 5: High-Quality Development Goals - The Central Committee's planning for high-quality development during the 14th Five-Year Plan provides direction for Hengjian Asset's future endeavors [7] - The company aims to integrate its development into the process of Chinese-style modernization, leveraging state capital to optimize resource allocation in key economic sectors [7] - Hengjian Asset is committed to enhancing the competitiveness and risk resilience of key industries in Guangdong through financial support and resource aggregation [7]