主权财富基金去年投资活跃度较过去5年均值翻倍。 本文为IPO早知道原创 作者｜ 罗宾 微信公众号｜ipozaozhidao 据 IPO 早知道消息， 4 月 23 日， 贝恩公司发布 了 《 2025 年中国私募股权市场报告》 。 在超 大额投资交易（单笔超 10 亿美元）数量增长的推动下， 2024 年投资交易总额较上年小幅回升 7% ，达到 470 亿美元。 报告显示，在宏观经济不确定的市场环境下，控股型投资的表现持续坚挺，其平均交易额大幅增长。 从交易量来看，成长型投资继续主导私募股权投资市场， 但控股型投资对价值创造的推动作用进一 步提升，占投资交易总额的比重达到 29% ，创下历史新高 。 贝恩公司全球合伙人、大中华区私募基金业务主席周浩表示： " 私募基金从传统成长型投资向控股 型投资的战略转向，受到了多方面因素的影响：包括经济增长放缓，促使基金转向；私募基金持有公 司的数量增多，带来了更多控股型投资机会；创始人更注重专业管理和业务规模，因此对控股型投资 持更开放的态度。这一转向是否会延续，将是未来值得关注的重要趋势。 " 美元基金和人民币基金的投资 策略看， 美元基金更倾向于医疗、服务、零售等传 ...

以下文章来源于超募研究所 ，作者FOFWEEKLY研究 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 本期导读： 国家级引导基金成为GP优先级最高的募资对象，主要原因在于这类基金具备独特的政策背书、资源 优势以及长期稳定性，能够为GP及其投资项目带来多维度的战略价值。 作者丨FOFWEEKLY研究 本期推荐阅读5分钟 一级市场每年变化很快，在宏观经济承压与产业周期更迭的双重作用下，市场资金端呈现出结构性 调整特征。尽管部分传统LP基于风险规避考量选择阶段性退出，但也不断有新的LP入场并重塑市 场格局。为了帮助GP及市场参与者穿透市场迷雾把握配置风向，我们对一级市场各类LP进行了最 新、最全的梳理，本系列梳理预计6-8篇，计划涵盖国家级引导基金、地方政府引导基金、险资、 银行系、CVC、市场化LP、S基金、公共型LP等相对活跃的LP类型。希望本系列研究可以给到行 业一些帮助，也欢迎各同仁与我们交流。 当前，国家级引导基金成为GP优先级最高的募资对象，主要原因在于这类基金具备独特的政策背 书、资源优势以及长期稳定性，能够为GP及其投资 ...

Core Insights - Prologis has shown steady business development in the Chinese market over the past year, actively fulfilling corporate social responsibilities and creating long-term value for industry, economy, environment, and society [1][2] Group 1: Business Development - Prologis has implemented ESG principles by providing clean energy solutions and efficient infrastructure services, continuously creating value for clients [1] - The cumulative development scale of Prologis's renewable energy assets has exceeded 2GW, with nearly 1GW of new development planned for 2024 [1] Group 2: Strategic Partnerships and Investments - Prologis has launched a distributed green energy investment platform, Luoneng Capital, in collaboration with Baobi New Energy, focusing on high-quality renewable energy infrastructure assets with an expected total investment scale of 10 billion yuan, corresponding to a development scale of approximately 3GW [1] - In 2024, Prologis and its managed funds will inject a total of 2.24 billion USD in new capital into the Chinese market, attracting participation from top international investment institutions [2] - Prologis's subsidiary, Yinshi Capital, has completed fundraising for two RMB funds, enabling investments in over a hundred high-growth innovative enterprises [2]

智通财经4月22日电，私募股权投资公司Thoma Bravo接近达成收购波音公司旗下导航部门Jeppesen的协 议。 ...

Group 1: KKR's Expansion in the Middle East - KKR announced plans to further expand its operations in the Middle East, establishing a dedicated investment team led by Julian Barratt-Due [2] - The new team aims to leverage the growing economic potential of the region, particularly in the Gulf Cooperation Council (GCC) countries [2] - KKR's move reflects a shift in global capital flows from traditional Western centers to emerging hubs, driven by structural reforms and favorable demographic trends in the Middle East [2] Group 2: Blackstone's Record Fundraising - Blackstone's latest European real estate fund, BREP Europe VII, has raised €9.8 billion (approximately $10.6 billion), making it the largest European real estate fund ever to receive third-party capital commitments [3] - The fund's success indicates a renewed interest in the European real estate market and underscores Blackstone's leading position in this sector [3] - Blackstone has managed approximately $315 billion in real estate equity investments since its inception in 1991 [3] Group 3: Zhuhai's New State-Owned Platform - Zhuhai is advancing state-owned enterprise integration reforms, exemplified by the formation of Zhuhai Technology Industry Group through a partnership between Zhuhai Huafa Group and Zhuhai Gree Group [4] - The new group will become a shareholder in Gree Jin Investment, reflecting a trend of local government optimizing state capital allocation [4] - This initiative is part of a broader movement towards "specialized and intensive" operations of local state-owned enterprises amid economic transformation [4] Group 4: Zero One Venture's Fundraising - Zero One Venture announced the completion of its new RMB 500 million fund, with limited partners from various state-owned and market-oriented funds [6] - The fund focuses on intelligent manufacturing and cross-border ventures, targeting quality projects from angel to Series B rounds with investments ranging from RMB 5 million to 50 million [6] - This fundraising marks Zero One Venture's integration into the RMB investment ecosystem, reflecting a strategic shift in early-stage investment in China [6] Group 5: Zhipu AI's IPO Preparation - Zhipu AI has initiated the IPO process, becoming the first among the "six small tigers" in the large model sector to do so, with plans to complete the process by October 2025 [7] - The company has secured significant strategic investments, totaling over RMB 10 billion, from various government and private entities [7] - This move signifies a transition in China's AI large model industry from technological competition to commercial validation [7] Group 6: Cloud Whale's Financing - Cloud Whale announced the completion of a $100 million financing round, led by Tencent and the Beijing Robotics Industry Fund, and is preparing for a Pre-IPO phase [8] - The company focuses on home robotics, aiming to evolve from traditional appliances to comprehensive space cleaning solutions [8] - The anticipated launch of its first embodied intelligent product is expected within two years, reflecting a growing interest in the embodied intelligence sector [8] Group 7: Li Weike Technology's Investment - Li Weike Technology has secured several million yuan in strategic financing from Hefei Baohe Venture Capital and listed company Miaolan Te [10] - The company specializes in AR glasses and has developed core functionalities such as real-time translation and AI meeting minutes generation [10] - This funding reflects a shift in AR industry investment logic from pure technology focus to industry collaboration [10]

Core Viewpoint - The pressure from the Trump administration on U.S. universities is leading to significant sell-offs in the stock market, with Yale University planning to sell up to $6 billion of its private equity portfolio, representing 15% of its $41.4 billion endowment fund [1][2]. Group 1: University Actions - Yale University is seeking to sell its private equity investments, marking its first secondary market sale [2]. - Harvard University may also begin selling liquid assets and issuing more debt if its tax-exempt status is revoked, which could trigger a domino effect impacting the financial system [2][3]. - The Department of Homeland Security has terminated a $2.7 million grant to Harvard, which has already rejected government reform demands, indicating financial strain [2]. Group 2: Market Implications - The sell-off by prestigious universities like Yale and Harvard could lead to a liquidity crisis in the private equity market, as these institutions are significant players in the sector [3][7]. - The current liquidity issues in the private equity industry are reflected in the stock price declines of major firms like Blackstone and Apollo, which have dropped over 20% this year [7]. - The forced sales of high-quality assets by top institutions may lead to a re-evaluation of valuation models in the market [7][8]. Group 3: Broader Economic Impact - The potential sell-off of approximately $500 billion in private equity assets held by U.S. university endowments could create significant market turbulence [8]. - The global impact of this liquidity crisis is already being felt, with warnings from the European Private Equity Association about potential effects on emerging market asset prices [8]. - The ongoing pressure from the Trump administration could exacerbate the situation, potentially becoming a tipping point for the market [8].

欢迎加入投资界读者群 LP考核投资进度。 作者 I 周佳丽 报道 I 投资界PEdaily "我们收到了某地LP的函，"华东一家早期基金的投资合伙人忧心，"如果今年二季度末再 不把账上的钱投完，LP就要减资了。" 无独有偶，一位投资总监朋友同样说起这一幕："我们一只基金的投资期已经接近尾声， 但还有大几千万元没投出去，每次汇报LP的时候都要给他们做心理按摩，压力山大。" 我们交流下来的体感是，对很多头部机构来说， 账上的钱迟迟投不出去 。 这 也 是 今 年 VC/PE普遍的烦恼。 看着钱躺在基金里一动不动，LP也心急。"内部有投资指标的考核，但大部分子基金没有 完成，政府正催着投资。"华南某天使投资基金的总经理告诉我们，GP投不出去，他们也 将受到上级的审查。 考验重重，不同的情绪在一级市场流淌着。 投资人苦恼： 有钱，但投不出去 访问一圈投资人，一个几近相同的反馈是： 大多数投资机构虽然没有刻意放缓投资，但整体投资数量相比上一年同期还是下降了约 1 0%，尤其是VC机构出手节奏趋缓。 开年De e pSe e k火爆出圈，拉开了中国资产全面重估的序幕。高昂情绪进一步传导至创投 圈，助推了投资端的流动，正如 ...

将投中网设为"星标⭐"，第一时间收获最新推送 零一创投将持续紧跟国家双循环的发展战略，精准锚定投资方向。 来源丨 投中网 4 月 21 日，零一创投（ 01VC ）宣布已于近期完成新一期 5 亿人民币基金首关。在募集过程中，该基金得到了多地国资、市场化母基金和上市公司 等的大力支持。这也是零一创投中生代管理合伙人募集的首支人民币基金。 据悉，新基金投资方向将继续专注于零一创投所擅长的智能制造与跨境出海领域。投资轮次上， 本期基金锚定天使轮到 B 轮之间的优质项目，单笔投 资金额在 500 至 5000 万人民币之间。 投资策略上，该基金将继续坚持投早投小原则，同时通过投后商业化赋能、多元退出的方式平衡基金的 DPI 和投资收益确定性。 在当前复杂多变的全球经济形势下，零一创投将持续紧跟国家双循环的发展战略，精准锚定投资方向。在智能制造板块，零一通过对机器人、具身智能 等硬科技赛道的前沿探索，助力推动国内产业链和供应链的数智化升级。在跨境出海板块，鉴于我国在众多领域已形成优势供应链，基金将着重推动智 能化产品和先进的运营经验向海外输出，借助跨境电商、新型服务贸易等模式，帮助企业拓展国际市场，助力国内国际双循环相 ...

据深圳证监局消息，前海鸿星(深圳)股权投资有限公司因在从事私募基金业务活动中未按照基金合同约 定向部分投资者披露基金投资、资产负债及可能影响投资者合法权益的重大信息，违反《私募投资基金 监督管理暂行办法》相关规定，被采取出具警示函的行政监管措施。许明浪作为公司信息披露等工作负 责人，因未恪守相关行为规范一并受到监管。 ...

Core Insights - The concept of "patient capital" and "bold capital" is essential for serving the technology industry, aiming for high returns through long-term investments and high-risk commitments [1][2] - Government-led funds are becoming increasingly significant in providing long-term capital for private equity investment, with state-owned capital accounting for 44.4% of new RMB fund contributions in 2024 [1][2] - The establishment of a supportive environment for innovation is crucial, which includes loosening assessment mechanisms for guiding funds and normalizing IPOs to create stable exit expectations [2][3] Investment Environment - The orientation of state-owned limited partners (LPs) directly influences the strategies of general partners (GPs), where patient and bold LPs foster similar traits in GPs [2] - Recent regulations have been introduced to encourage a culture of tolerance for failure, which is vital for fostering innovation [2] - The importance of a smooth exit mechanism is emphasized, as it allows for a continuous cycle of fundraising, investment, management, and exit [2][3] IPO and Exit Strategies - IPOs are highlighted as the most significant and highest return exit method for private equity investments, with a total book return of 53.056 billion yuan from 2015 to 2024 [3] - Approximately 10% of investments have achieved IPO listings, with a recovery of 39% of costs through these exits [3] - There is a call for a more inclusive listing mechanism in the A-share market and the development of diverse exit strategies, including mergers and acquisitions and secondary market funds [3] Entrepreneurial Confidence - The confidence of private entrepreneurs is linked to positive expectations regarding policies, legal frameworks, and the business environment [4] - A supportive legal framework and unwavering support for the private economy are deemed essential for investor confidence [4] - The key to a sustained bull market lies in technological advancement and industrial upgrading, which is rooted in supporting private enterprises and nurturing entrepreneurial spirit [4]