Group 1 - The article emphasizes the importance of understanding complex economic phenomena and the underlying logic to seize investment opportunities and mitigate risks [1] - It highlights three selected books that illustrate the significance of knowledge, experience, and logic in the investment field [1] Group 2 - "Understanding Today's World: 90 Economic Questions" by Robert Solow discusses the universal relevance of economics in daily life, covering topics from personal finance to national development [2][4] - The book presents economic concepts in simple language, avoiding complex mathematical formulas, to help readers grasp economic principles [4][5] Group 3 - "2+20: Why Private Equity Can Outperform the Market" by Sachin Kajiulia explores the operational mechanisms of private equity, including project selection, due diligence, and post-investment management [7][9] - The book explains the "2+20" fee structure, which consists of a 2% management fee and a 20% profit share, as a fundamental principle of the private equity industry [9][10] Group 4 - "Reverence and Irreverence: The Autobiography of Sam Zell" details the transformative impact of Sam Zell on the real estate industry and his role in popularizing REITs as a recognized investment tool [12][14] - The autobiography illustrates Zell's entrepreneurial spirit, emphasizing the importance of risk-taking, market insight, and innovative thinking in business [14][15]

Group 1 - The global private equity market has shown signs of structural recovery in 2024, with an increase in investment and exit activities, but fundraising continues to face pressure [1][2] - In 2024, the global private equity M&A transaction volume reached $602 billion, a 37% year-on-year increase, while total exits amounted to $468 billion, up 34% [1] - Fundraising in the industry declined for the third consecutive year, totaling $1.1 trillion in 2024, a 24% decrease compared to the previous year and a 40% drop from the historical peak in 2021 [1] Group 2 - The secondary market for private equity has become a crucial liquidity solution, driven by renewed investment and exit activities in the primary market, creating diverse exit demands [1][2] - The tightening fundraising environment has led to discount opportunities in transactions, further stimulating secondary transactions (S transactions) [1][2] Group 3 - The secondary market transaction volume from 2016 to 2024 has shown a trajectory of "volatile growth - pandemic pullback - structural recovery," with 2024 marking a record high of $162 billion, a 45% increase year-on-year [5][6] - The recovery is influenced by liquidity pressures on sellers and new capital influx for buyers, leading to a more mature secondary market ecosystem [6][30] Group 4 - In 2024, LP-led transactions accounted for $87 billion (54% market share), while GP-led transactions reached $75 billion (46% market share), reflecting balanced market development [9][10] - The concentration of top investors in LP-led transactions has increased, with the top eight investors holding 50% of the transaction share [9] Group 5 - GP-led transactions primarily involve mergers and acquisitions, with 82% of the total GP-led market transaction volume [10][14] - The use of continuation funds has become prevalent, capturing 79% of the GP-led market share, indicating a preference for long-term management of core assets [14][21] Group 6 - The pricing of GP-led transactions has improved, with 87% of single-asset continuation fund transactions having a discount rate of over 90% in 2024 [21][23] - LP-led market pricing has also seen a general improvement, with average pricing rising to around 90% of net asset value [23][26] Group 7 - The trading behavior in the secondary market has matured, characterized by the rise of co-investment models, concentration of quality assets, and innovation in deferred payment tools [24][30] - The trend of co-investment has increased, with the proportion of small institutions participating as co-leads rising from 8% in 2023 to 15% in 2024 [27][28] Group 8 - The market is witnessing a shift towards high-quality assets, with a decrease in small transactions and an increase in larger deals [28] - The use of deferred payment tools has tripled, with flexible terms and risk mitigation measures becoming more popular among market participants [29][30]

伴随 退出端的退出 "堰塞湖" ，科技型企业投资退出周期被拉长， 最近，很多 GP都在忙着给 基金做延期，尤其是2 0 1 5 - 2 0 1 6成立的那一波基金，基本上都是一延再延，甚至有基金已经延 期三次了。 同时，耐心的民间资金可以等待 7年8年，却难以等待1 2年、1 5年，民间资金进入 创投行业的热情被进一步打击。 "募资难，最难是募社会LP的钱。"已从业十余年的资深IR韩含（化名）对母基金研究中心感慨 道。 由于目前的市场环境下，国资出资人普遍要求市场化资金占到一定比例（往往是 5 0%左右）， 因此，即使国资仍在踊跃布局，因为缺乏民间资金，中国新设市场化基金募集困难的局面雪上 加霜，形成了当前基金募集的巨大"堵点"。VC/PE行业要见到钱才行，需要有更多社会LP、更 多资金，GP才能募齐一支基金，VC/PE行业才能正常的运作。 那么， 社会 LP都去哪了 ？ 韩含告诉母基金研究中心，近年来 高净值个人配置私募股权基金 的 比例断崖下跌， 出资越来 越保守；母基金方面， 市场化 的 母基金 基本都 没钱 了 ， 现在做得好的 市场化母基金管理 人基本上都去应聘地方国资母基金的管理人 了 ， 旗下的 ...

Core Insights - Shanghai has introduced a fund share valuation guideline to enhance the standardization and efficiency of S transactions in the private equity secondary market [1][4] - The S transaction market has seen a decline in activity over the past two years, contrasting sharply with previous years [3] - The valuation of fund shares is critical for S transactions, and the new guidelines aim to address the challenges posed by information asymmetry and complex transaction structures [4] Group 1: Valuation Guidelines and Market Dynamics - The newly released valuation guidelines provide a comprehensive framework for valuing fund shares, incorporating various mainstream valuation methods for both listed and unlisted equity [4] - The Shanghai Equity Custody Trading Center has previously launched a fund share valuation system, and the new guidelines are expected to further establish a widely accepted pricing system [4] - The S transaction platform serves as a crucial liquidity channel for the trillion-level private equity market, alleviating exit pressures for private equity firms [4][5] Group 2: Market Performance and Future Outlook - In 2024, the Shanghai S transaction market is projected to grow against the trend, with new transaction amounts expected to exceed 10 billion yuan [5] - As of May 18, the platform has completed 121 fund share transactions totaling approximately 25.24 billion yuan and 44 share pledge transactions amounting to about 9.93 billion yuan [5] - The S fund market is still in its early development stage, with a significant amount of existing assets (estimated between 15 trillion to 20 trillion yuan) seeking exit channels, but the effective buyer base remains limited [8] Group 3: Industry Ecosystem and Collaboration - The healthy development of the S fund market is closely linked to ecosystem building, as evidenced by the Shanghai S Fund Alliance's efforts in organizing training and resource sharing among members [9] - A report on post-investment management has been released, highlighting the importance of enhancing post-investment management capabilities for institutions to navigate complex market challenges [9] - Shanghai's position as a financial and innovation center, along with government support, provides a favorable environment for establishing a robust S fund market [10]

Core Viewpoint - The liquidity crisis in private equity is highlighted by Yale University's significant sale of $60 billion in private equity assets, which has seen little interest from buyers despite being offered at a discount [1][2][3] Group 1: Yale University's Asset Sale - Yale University announced the sale of its private equity assets, marking a historic move as it is the largest LP-initiated sale globally [2] - The expected price for the assets was around 90% of face value, but reports indicate that the actual offers are significantly lower, with discounts reaching up to 15% [2][3] - The urgency to complete the sale before the fiscal year-end has led to a lack of competitive bids, reflecting a broader trend of liquidity challenges in the market [2][3] Group 2: Broader Market Trends - The trend of LPs selling assets at steep discounts is becoming more common, with recent reports indicating discounts of 10% to 20% on LP-led sales [3] - Harvard University and Texas Tech University are also looking to sell private equity assets, but face similar challenges with low offers [3] - The overall market for private equity exits is under pressure, with a significant number of funds entering extended periods without returns [5][6] Group 3: Impact on LPs and GPs - Many LPs are expressing frustration over the lack of returns, with reports indicating that a majority of funds established since 2015 have not returned more than half of the invested capital [5][6] - The liquidity crisis is prompting LPs to reassess their investment strategies, leading to a tightening of capital and increased scrutiny on fund performance [6][7] - The emergence of "zombie funds," which have not exited or raised new funds, is indicative of the challenges facing the industry [7][8] Group 4: Industry Adaptation - Some GPs are reducing fund sizes and returning capital to LPs as a strategy to navigate the current market conditions [9] - The shift away from traditional VC models is evident, with firms exploring alternative investment avenues to attract capital [8][9] - The industry is undergoing a significant transformation, with a focus on survival and profitability becoming paramount for both GPs and LPs [9]

彭博对冲基金指数 的初步数据显示，在彭博宏观对冲基金指数的带动下，对冲基金上个月下跌0.4% 。数据显示，今年以来对冲基金下跌了1%。宏观基金录得1.9%的最大跌幅，信贷基金涨幅最大，达 1.7%。 截至2025年4月30日的彭博对冲基金策略收益 2025年4月 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。 私募股权市场回顾 Ares Management公司私人信贷的增长势头丝毫未减 Millennium Management从Pamalican撤资 彭博另类投资简报 行业亮点 新发行私募股权基金 请在彭博终端运行 HF 查看指数，在 HFS 查看感兴趣的对冲基金的业绩数据。 如需在彭博私募数据库中列出您的对冲基金业绩，请联系chuang28@bloomberg.net 寻求帮助。 扫码查看完整简报，您将了解以下市场动态： 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 一家管理200亿美元的中国对冲基金在四月的港股抛售潮中借 ...

凯雷联合创始人DAVID RUBENSTEIN：对日本私募 股权投资的兴趣日益浓厚。 ...

将投中网设为"星标⭐"，第一时间收获最新推送 募资难，还是根源。 作者丨 陶辉东 来源丨 投中网 面对募资难，黑石又一次祭出了保底大法。 FT 近日报道，黑石集团旗下欧洲房地产基金在今年 3 月份一笔 10 亿欧元的募资中，承诺了 9.25% 的年回报率。若回报率 低于这一数字，黑石将以自有资金进行补偿。这是继 2022 年黑石与加州大学投资办公室签下最低收益条款之后，第二次运用 此种方式募资。 在全球 PE 行业，为特定 LP 提供"保底收益"或"回报担保"极为罕见。黑石上一次这么做曾在业内引发了广泛讨论和争议， 甚至被指责"破坏行业公平"。彼时，外界普遍认为黑石的做法是"危机应对下的非常规手段"，不能被视为行业趋势。但三年 不到，黑石签保底已经梅开二度了。 作为全球 PE 老大，黑石的一举一动都备受关注，难道全球 PE 行业的祖宗之法真要变了？ 不仅如此， BEPIF 披露的文件显示，从 2024 年到 2025 年一季度， BEPIF 还通过二级市场大举抛售 BPPE 的股份。 BPPE 的全称是 Blackstone Property Partners Europe ，是黑石旗下另一只面向欧洲市场的永 ...

Group 1: Overview of David Rubenstein - David Rubenstein is best known for co-founding the private equity giant Carlyle Group, which manages $453 billion in assets for various institutional investors [1] - As of May 13, 2025, Rubenstein's net worth is $3.9 billion [1] Group 2: Early Life and Education - Rubenstein was born in 1949 in a low-income neighborhood in Baltimore, Maryland, as the only child of a homemaker and a World War II veteran [2][3] - He graduated high school at 16 and later attended Duke University on a scholarship, followed by the University of Chicago Law School [3] Group 3: Career Path - After obtaining his law degree, Rubenstein worked at the law firm Paul, Weiss, Rifkind, Wharton & Garrison and later served as chief legal counsel to Senator Birch Bayh [4][8] - He was involved in Jimmy Carter's presidential campaign and served as a domestic policy advisor in the White House [8] Group 4: Founding of Carlyle Group - In 1987, Rubenstein co-founded Carlyle Group with two partners, initially raising $5 million to start the firm [11] - Carlyle's first buyout fund raised $100 million by 1990, and the firm has since raised billions for over 100 different funds [11][12] Group 5: Declaration Capital - In 2017, Rubenstein transitioned to a role as co-executive chairman of Carlyle and founded Declaration Capital, focusing on venture capital and growth equity [12] - Declaration Capital has $2.2 billion in assets under management and invests in growth equity and real estate [18] Group 6: Family Involvement - Rubenstein's daughter, Alexa Rachlin, leads Declaration Partners LP, focusing on strategic investments [13][15] - Another daughter, Gabrielle (Ellie) Rubenstein, co-founded Manna Tree, a private equity firm focused on health and nutrition [17] Group 7: Recent Transactions - In 2024, Declaration Partners completed a secondary market transaction, packaging minority stakes in 11 assets valued at approximately $90 million [21] - Rubenstein led a group to acquire the Baltimore Orioles for about $1.7 billion in March 2024 [22] Group 8: Philanthropy and Other Roles - Rubenstein is a prolific author with five published books and hosts several television programs [25] - He is also a significant philanthropist, having pledged to donate over half of his wealth to charitable causes [27]

Market Overview - Yale University is selling up to $6 billion of its private equity portfolio, marking its first large-scale divestment from private holdings, with a reported 15% discount on the assets to prioritize liquidity [2] - The National Financial Regulatory Administration issued a notice regarding significant equity investments in unlisted companies by insurance funds, emphasizing compliance with specific regulations for investment platforms and private equity funds [2] - Beijing's healthcare authorities and nine departments released measures to support high-quality development in innovative pharmaceuticals, including the establishment of a 50 billion yuan healthcare industry fund and a 10 billion yuan pharmaceutical merger fund [3] - Two funds in Shunyi District, Beijing, were established with a total of 10 billion yuan, focusing on advanced sectors such as new energy vehicles and artificial intelligence [5] - A national artificial intelligence fund with a total scale of 60.6 billion yuan was established to promote high-quality development in the AI industry, covering the entire AI value chain [5] - The second AIC fund in Haidian District, Beijing, was successfully established with a registered capital of 100.5 million yuan, co-funded by market institutions [6] - The first "city-district-town" collaborative equity investment fund in Shunyi District was launched with a subscribed scale of 525 million yuan, focusing on new energy vehicles and aerospace [6]