"优师基金"的帮扶是公益起点，灵均投资表示，希望以AI科技为动力，赋能教育、回馈社会，推动乡村 教育发展，助力教育强国战略。为此，2024年11月，点富科技正式成立，专注于AI智能体技术研发与 应用。 5月11日，灵均投资联合北京师范大学、点富科技发起"点点同行，乡乡同兴—AI点亮乡村振兴"的公益 行动。 此次行动特邀奥运冠军张雨霏担任公益大使，北师大提供学术资源支持，量化私募灵均投资与点富科技 负责技术研发与平台搭建，旨在携手全国832个脱贫县，以AI为桥梁，为乡村链接顶尖资源，打造县域 特色产业振兴示范样本，构建智能化发展新范式。 据了解，本次行动依托能对话、能科普的"点点名片"，通过智能化互动、多维度传播与资源链接，实现 AI科技为脱贫县的振兴服务。首批参与行动的脱贫县，其农特产品、非遗文化、旅游资源等被融入张 雨霏的AI名片。用户通过文字、图片、视频查看，或与名片进行语音对话互动，便能实时了解县域相 关信息。 灵均投资董事长、点富科技创始人蔡枚杰表示，希望未来每一个普通人，都能拥有各类专家的智慧陪伴 和超级工具的高效助力，从而减轻工作与生活的压力。 据悉，运用于该次行动的AI名片内置了学习、健康、心理 ...

兼固资本招聘投资研究实习生（AI、机器人/深圳） 【公司简介】 兼固资本成立于2017年，由凯雷亚洲投委背景的资深投资人创立，专注于AI与机器人领域的早期投资。投资团队多来自于顶级PE机构，凯雷、复星等， PE从业前背景包括HBS、Sloan、麦肯锡、JPM、中金、中投等；我们致力于挖掘具有颠覆性技术的初创企业，已投资多家行业标杆项目。加入我们，你 将直接参与硬科技赛道的前沿研判，积累一级市场投资方法论。 【岗位职责】 1、行业深度研究 1、硬性条件 • 国内外高校在读，专业不限（金融/计算机/自动化/机械工程等复合背景优先）； • 咨询/投行/PEVC实习经历，或AI实验室/机器人竞赛获奖经历优先； • 自驱力强，适应初创机构快节奏（务实、认真、专注）； • 投资经理带教机制，深度参与项目立项会与投决会； • 弹性办公，优秀者可获全职return offer； • 深圳市南山区北航大厦； • 2025年5月开始实习； 对创业、投资、战略、互联网等行业实习感兴趣的同学，添加小助手发送"实习群"加入Z Intern社群。需要发布实习生招聘信息（免费）可以联系小助手 或者填写表单。 【岗位要求】 【我们提供】 【 ...

拓宽私募基金的融资来源 为创投机构提供更强信用支撑 【导读】多家私募股权创投机构申请科创债发行，培养长期资本、耐心资本投资科技创新产业（300832） 政策明确，支持具有丰富投资经验、出色管理业绩、优秀管理团队的私募股权和创业投资机构发行科技创新债券，募集资金用于私募股权投资基金的设 立、扩募等。发行人可灵活设置债券条款，鼓励发行长期限债券，更好匹配科技创新领域资金使用特点和需求。 近期，央行、证监会联合发布了关于支持发行科技创新债券有关事宜的公告，支持金融机构、科技型企业、私募股权投资机构和创业投资机构发行科创 债，引发关注。 松禾资本表示，政策为股权创投机构开辟了新的募资渠道，有利于培养耐心资本，推动资本市场与创新体系的深度融合，提升资本的长期价值发现和科技 赋能作用。同时，有助于缓解初创企业融资难、融资贵的问题，为科技型企业提供更加多元、稳定的资本支持。 多家受访私募股权创投机构表示，科创债的引入，拓宽了私募基金的融资来源，缓解了募资难问题，有利于培养耐心资本投向硬科技企业。创设科技创新 债券风险分担工具，引入地方政府和市场化增信机构，为创投机构在科技板发行长期债券提供更强的信用支撑。受访机构看好科创债 ...

3月25日，在2025上海全球投资促进大会期间，上海国资并购基金矩阵正式启动。据悉，新 组建的国资并购基金矩阵总规模达到500亿元以上，主要由市属国有龙头企业、金融机构、平 台公司发起，涉及国资国企改革、集成电路、生物医药、高端装备、民用航空、商业航天、文 旅消费等领域。 "当前国家层面鼓励并购重组，以优化产业结构，地方政府设立并购基金是响应国家政策的重 要举措。"水木资本董事长、母基金研究中心创始人唐劲草对21世纪经济报道说。 他指出， 地方政府纷纷入局并购基金也可以看作是招商引资的新模式， 通过并购基金可以将 企业整体或部分业务引入当地。另外，发展并购基金在推动地方产业升级与转型、优化资源配 置、吸引社会资本、提升区域竞争力等方面也有诸多利好。 中国并购环境正不断成熟 安踏全资买下德国狼爪、同程旅行收购万达酒管、博裕基金拟入主北京SKP……近期，国内并 购市场正持续升温。除了上市公司、产业巨头争相入局， 一级市场也涌现出一批并购交易的积 极参与者。尤其是地方国资纷纷设立并购基金，参与力度正不断加大。 在4月底杭州举办的第九届万物生长大会上，浙江金控透露，浙江省正在筹备一只规模100亿 元的并购母基金；4月 ...

Core Viewpoint - Multiple local securities regulatory authorities in China are initiating self-inspection and rectification activities for private equity management firms to ensure compliance with regulations and improve operational standards [1][6][10]. Group 1: Regulatory Actions - The Guangdong Securities Regulatory Bureau issued a notice requiring private equity firms registered in the province (excluding Shenzhen) to conduct self-inspections by May 31, focusing on compliance in promotional activities, fundraising, and investment operations [1]. - The Shanghai Securities Regulatory Bureau mandated private equity managers to evaluate their operations and submit self-assessment reports by June 15 [2]. - The Henan Securities Regulatory Bureau launched a special action from April 30 to November 30, 2025, encompassing self-inspection, analysis, on-site checks, and promotional guidance [6]. Group 2: Compliance and Training - Private equity firms are required to organize training sessions for their controlling shareholders and employees to enhance understanding of current laws and self-regulatory rules, aiming to strengthen compliance culture [2]. - Firms must review typical cases of violations published by the regulatory authorities to identify and rectify their own issues [2]. Group 3: Enforcement and Penalties - As of May 9, 2023, various regulatory authorities have issued penalties to nearly 100 private equity managers across 21 regions, with approximately 60% of the penalized firms managing assets between 0-5 billion yuan [8][11]. - Notable firms, including three billion-yuan private equity managers, have also faced penalties for various violations, such as improper fund management and failure to disclose information to investors [8]. Group 4: Industry Trends - The private equity industry is experiencing a wave of exits, with 455 firms deregistering as of May 9, 2023, indicating a tightening regulatory environment [11].

Core Insights - Yale University and Harvard University are facing financial difficulties, leading to significant sell-offs of their private equity portfolios [2][4][6] - Yale plans to sell up to $6 billion of its private equity investments, which represents 15% of its endowment fund [2][4] - Harvard aims to sell approximately $1 billion in private equity assets and issue $750 million in taxable bonds to alleviate financial pressure [5][7] Group 1: Yale University - Yale's endowment fund totals $41.4 billion, but its return rate has declined to 5.7% for the fiscal year 2024, below the 10-year average of 9.5% [4] - Approximately one-third of Yale's endowment is allocated to private equity, which has become a burden due to low liquidity in the current market [4][9] - The decision to sell private equity holdings is aimed at increasing liquidity and providing room for future portfolio adjustments [4][9] Group 2: Harvard University - Harvard's endowment fund stands at $53.2 billion, with a return rate of 6.3% for the fiscal year 2024, also below its long-term target [6][7] - Harvard's financial situation is exacerbated by the freezing of $2.2 billion in federal funding and threats to its tax-exempt status [6][7] - The university's strategy includes selling private equity assets and issuing bonds to enhance liquidity and optimize its investment portfolio [7][9] Group 3: Broader Industry Context - U.S. university endowments are generally facing challenges such as declining investment returns, liquidity issues, and market volatility [9][10] - The overall investment environment for endowments has become more complex due to global economic uncertainties and geopolitical tensions [10] - Despite these challenges, there are opportunities for endowments to adjust their investment strategies and improve risk management [10]

今年几个小伙伴做好了熬夜准备看全程。但实话说，原本都没打算要第一时间做文章，安安静静，享受 问答的过程就好。 但沃伦·巴菲特这次满足了大家想听观点的好奇心，在可能的范围之内已经说的够透了，而且，全程还 充满了很多回忆杀，"查理"的名字出现了几十次。最后一刻突如其来的宣布年底换届，让结束的掌声意 外、不舍、经久不息…… 无论如何，这是独一无二的一届股东会。这也是巴菲特的第60次伯克希尔股东会，全程一共回答了34 个问题（算上贝姬在 上半场最后提醒巴菲特介绍下经营情况的问题）。嗯，想起上上一次股东会，巴 菲特说自己打算回答60个问题呢～～ 值得记录且反复咀嚼，所以就应呼声， 聪明投资者（ID:Capital-nature） 把全程翻译整理出来。全是 绣花活，细细重温的感觉还是很值得。希望这种获得感，也能传递～～ 如果嫌长，可以看我们5月4日一早的先睹为快版。《 5小时直言不讳大谈关税、美国财政和DOGE等话题， 巴菲特股东会意外透露"换届"：年底阿贝尔将正式掌舵伯克希尔！ 》 这是我第 60 次参加伯克希尔年度股东大会。这是有史以来最大的一次，我认为也将是最好的一次。 在正式开始前，我想先和大家分享一些昨天的数据 ...

随着关税战的来临，私募信贷投资者正积极调整其投资组合，以应对美国市场面临的风险。 据媒体周五报道，根据在5月7日至8日于香港举行的SuperReturn私募信贷亚洲会议上的发言，越来越多 的投资组合经理正在积极寻求其投资组合的地域多元化，以应对来自美国市场日益增长的不确定性。 私募信贷经理们一直在积极评估特朗普关税对其投资的影响，许多人承认，大规模的新关税将会损害企 业，高度多元化的投资组合显得尤为重要。 Albourne Partners Asia Ltd.的亚洲对冲基金和私募信贷投资尽职调查负责人Susan Lee在会议上表示， 即使全球经济增长放缓，亚洲或新兴市场的某些地区仍可能保持强劲的增长势头。也许以资 本解决方案为导向的私募信贷将是一个绝佳的机会，可以利用这种增长，同时获得下行保 护。 许多人仍然看好澳大利亚市场，因为该市场在很大程度上与关税动荡隔绝。 Wingate Group另类投资经理Nick Jacobson在会议上表示，他预计澳大利亚的私募信贷市场将在未来三 年内至少翻一番。QIC Ltd.的澳大利亚私募债务主管Phil Miall表示，这种增长可能来自该国的企业杠杆 贷款和房地产领域， ...

2008年，从硅谷回国的马越创立了"恒拓开源"——用开源软件帮助企业摆脱数据库、ERP等大型软件的束缚，赚到第一桶金之后，马越收购了"开源中国社 区"，后者即是被市场熟知的开源中国。开源中国的发展历经数次转型，从开源社区，拓展到代码托管、代码工具链。商业化探索方面，也经历了从母公司 剥离独立发展，2019年被百度战略控股，最后又在中美竞争、国产替代浪潮中决定重新独立发展，谋求上市的变化。在开源中国最艰难的时候，创始人马越 个人背负了高达1.8亿元的债务，是创业的信念一直支撑他坚持下去。如今的开源中国已经成长为全球第二大的代码托管平台，汇聚了超过1800万开发者。 其自主研发的DevOps工具链已在金融、军工等关键领域广泛使用，市场渗透率达到80%。 昨日，总部位于阿布扎比的阿联酋第二大主权基金穆巴达拉公布了2024年的成绩单。截至2024年末，公司资产管理规模同比增长9.1%，达1.2万亿迪拉姆， 约合2.4万亿人民币，过去五年年化回报率达10.1%。今年是穆巴达拉正式进入中国市场的第十年。在此期间，穆巴达拉已经在华完成了近170亿美元的投 资，约合1230亿人民币，投资超过100个项目，广泛覆盖消费、医疗健 ...

Group 1 - Shenzhen is enhancing its role as a global industrial financial hub through the "Action Plan" aimed at building a high-quality capital market that meets the needs of high-quality economic development [1] - The plan emphasizes the cultivation of "patient capital" to support long-term investments in technology innovation, with a focus on guiding state-owned and government investment funds to become more responsible long-term capital [2] - As of December 2024, Shenzhen has 1,599 private equity and venture capital fund managers, with a total management scale of 1.41 trillion yuan, leading the nation in the number of new private equity and venture capital funds [2] Group 2 - The launch of the "Technology Board" in the bond market coincided with the issuance of innovation bonds by companies like Luxshare Precision and Shenzhen Investment Control, marking a significant step in integrating finance with technology [3] - The "Action Plan" aims to create a diverse financing support system for technology companies, encouraging insurance funds to invest in specific private equity and venture capital funds [3] Group 3 - Shenzhen has 584 listed companies, ranking third in the nation, with a market capitalization of approximately 8.61 trillion yuan, highlighting the city's importance in the capital market [4] - The "Action Plan" focuses on improving the quality of listed companies by enhancing governance and promoting cash dividends, with over 2,300 billion yuan in dividends distributed in 2024 [4][5] - In 2024, Shenzhen's listed companies invested approximately 199.9 billion yuan in R&D, ranking second nationally, with a 9.54% year-on-year increase [5] Group 4 - The "Action Plan" supports the development of leading industry institutions and encourages mergers and acquisitions to strengthen the capital market ecosystem [6] - As of December 2024, Shenzhen has 23 securities companies and 3,107 private fund managers, ranking second and first nationally, respectively [6] Group 5 - The plan promotes high-level opening-up by enhancing cooperation between Shenzhen Stock Exchange and Hong Kong Stock Exchange, aiming to attract quality foreign financial institutions [7] - Shenzhen has five securities companies participating in the first batch of cross-border wealth management pilot programs, leading the nation in this initiative [7]