本期导读： 国资国企近两年通过重组，成为"超级LP"的案例屡见不鲜。 作者丨 Eyan 本期推荐阅读5分钟 当前，国有资金已成为一级市场的主要参与者，但随着政府引导基金、国资平台出资成为市场主 流，在客观上也形成了资金错配、资源壁垒等现象。 而跨区域国资协同联动及同职能板块的专业化整 合重组，正成为破解资源分散困局、提升资本配置效率的重要路径。 近两年，各地 国资国企通过重组，成为"超级LP"的案例屡见不鲜。 日前，又一地国资合并，这次是珠海。 珠海超级国资诞生 珠海超级国资诞生，超级LP来了。 过往，华发与格力在股权投资领域的布局也十分活跃，频频发起或参与设立基金及母基金，尤其是 华发集团，据不完全统计，华发集团直接或间接投资，已收获70余家IPO项目。 此次，珠海两大国资重组，被业内人士认为是：国有企业股权架构内的优化重组，意味着珠海将诞 生一个重量级国资平台，对于股权投资行业来讲，也同样意义重大。 国资LP改革新序幕 国资国企近两年通过重组，成为"超级LP"的案例屡见不鲜。 随着一级市场的资金供给结构中，国资的比例越来越高，客观上形成了重复投资、资源壁垒等现 象。同一区域国资争抢项目、基金的情况时有发生 ...

Group 1 - Tomas Riba is an economist and former CFO who focuses on investing in high-quality companies that can compound cash flow over the long term [1] - His investment journey began in 2007, and he has a background in accounting and finance [1] - Riba has experience in various industries including pharma, medical devices, textiles, food, and real estate [1] - He currently teaches courses on "Derivatives for risk management" and "Investment analysis" at a Master's Degree program in Financial Management [1] - Riba's investment strategy emphasizes companies with strong competitive advantages, operating in growing industries, expanding margins, low debt, and aligned management [1]

Core Viewpoint - PennantPark Floating Rate Capital Ltd. has successfully closed a $301 million debt securitization through its subsidiary, demonstrating resilience in challenging capital market conditions and achieving historically low AAA pricing [1][2]. Debt Structure - The debt issued in the securitization is structured as follows: - A-1 Loans: $30 million (9.9% of capital), coupon of 3 Mo SOFR + 1.45%, expected rating AAA - A-1 Notes: $141 million (46.8% of capital), coupon of 3 Mo SOFR + 1.45%, expected rating AAA - A-2 Notes: $12 million (4.0% of capital), coupon of 3 Mo SOFR + 1.60%, expected rating AAA - B Notes: $21 million (7.0% of capital), coupon of 3 Mo SOFR + 1.85%, expected rating AA - C Notes: $24 million (8.0% of capital), coupon of 3 Mo SOFR + 2.30%, expected rating A - D Notes: $18 million (6.0% of capital), coupon of 3 Mo SOFR + 3.30%, expected rating BBB - Subordinated Notes: $55.02 million (18.3% of capital), not rated - Total: $301.02 million [2]. Financial Strategy - Proceeds from the debt will be used to repay a portion of PSSL's $325 million secured credit facility, and PSSL will retain all Subordinated Notes to maintain exposure to the performance of the securitized assets [2][1]. - The reinvestment period for the term debt securitization ends in April 2029, with a final maturity scheduled for April 2037 [2]. Company Overview - PennantPark Floating Rate Capital Ltd. primarily invests in U.S. middle-market private companies through floating rate senior secured loans, including first lien, second lien, and subordinated debt [4]. - The company is managed by PennantPark Investment Advisers, LLC, which oversees approximately $10 billion of investable capital [5][6].

Core Viewpoint - PennantPark Floating Rate Capital Ltd. has successfully closed a $301 million debt securitization through its subsidiary, demonstrating resilience in challenging capital market conditions and achieving historically low AAA pricing [1][3]. Group 1: Debt Securitization Details - The debt securitization consists of a four-year reinvestment period and a twelve-year final maturity [1]. - The total amount of debt issued is $301 million, structured into various classes with different amounts and expected ratings [2]. - The proceeds from the debt will be used to repay a portion of PSSL's $325 million secured credit facility [3]. Group 2: Company Performance and Strategy - The company manages approximately $4.0 billion in CLO middle market assets and aims for continued growth with support from current and new investors [3]. - PSSL will retain all Subordinated Notes through a consolidated subsidiary, maintaining exposure to the performance of the securitized assets [3]. - The term debt securitization is expected to be approximately 100% funded at close [3]. Group 3: Company Background - PennantPark Floating Rate Capital Ltd. primarily invests in U.S. middle-market private companies through floating rate senior secured loans [5]. - The company is managed by PennantPark Investment Advisers, LLC, which has approximately $10 billion of investable capital [6].

Group 1 - The founder of "The Investment Editor's Cut" has over 25 years of experience in the financial and investment industry, currently operating an investor service [1] - The founder previously served as a Senior Managing Editor at Seeking Alpha for approximately 11 years and has experience in treasury management, financial liquidity, currency risk hedge portfolios, and investment arbitrage trades [1] - The founder has a strong interest in behavioral finance and combines investment ideas that are contrarian, event-driven, and structured trades [1] Group 2 - The founder completed the requirements for the CFA Charter in 2003 and is an active member of the CFA Institute [1] - The founder holds a beneficial long position in the shares of BC through stock ownership, options, or other derivatives [1] - The articles and investment ideas presented may reflect personal opinions and are not compensated by any company mentioned [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific stocks Core Insights - The 'national team', represented by Central Huijin, is actively increasing its ETF holdings to stabilize the capital market and rebuild investor confidence, which has positively impacted market sentiment and led to a rebound in the A-share market [2][10][11] - Central Huijin's financial strength and access to liquidity support from the People's Bank of China (PBoC) enable it to significantly increase its market position in extreme scenarios [3][17][20] - The national team's ETF purchases in 2024 reached over RMB 770 billion, indicating a substantial commitment to maintaining market stability [4][33] Summary by Sections National Team's Role - Central Huijin has positioned itself as a "quasi-stabilisation fund" in the capital market, demonstrating its resolve to maintain stability through increased ETF holdings [2][10] - The national team's actions have led to a notable increase in trading volumes of various A-share ETFs since early April 2025 [11][12] Market Impact - The national team's ETF purchases were primarily concentrated in the CSI 300 index, which accounted for 71% of its total net inflow in 2024 [5][10] - The turnover of CSI 500 and CSI 1000 ETFs saw significant increases of 397% and 732% respectively compared to daily averages from the previous year, indicating heightened market activity [5][11] State-Owned Capital Involvement - State-owned capital operation platforms, such as China Chengtong and China Reform, have announced plans to increase their A-share holdings through ETFs, further supporting market stability [21][22] - These platforms are utilizing substantial relending funds (RMB 100 billion and RMB 80 billion respectively) for stock repurchases, indicating a coordinated effort to bolster the market [22][23] Historical Context - The national team's previous interventions, such as in 2015, involved significant market purchases, with aggregate shareholdings exceeding RMB 1.24 trillion, highlighting its historical role in stabilizing the market during downturns [4][39]

将投中网设为"星标⭐"，第一时间收获最新推送 蔚来资本表示，此次晋升不仅体现了公司一贯重视内部人才成长与长期能力建设，也进一步完善了合 伙人架构，为蔚来资本持续深耕产业生态、推动技术创新与可持续发展注入更强动能。 公司官网显示，管宇凡于2017年加入蔚来资本，负责电池、能源和其他前沿技术等相关领域投资工 作，期间负责投资和管理的项目包括容百科技（688005.SH）、联赢激光（688518.SH）、富特科技 （301607.SZ）、中创新航（03931.HK）、上海超导、沃太能源、XREAL等。 在加入蔚来资本前，管宇凡有过多段连续创业经历，并曾就职于中银国际证券二级市场研究团队从事 行研工作。管宇凡拥有德克萨斯农工大学电子工程及自动化的博士学位及浙江大学混合班的学士学 位，博士期间在美国工程院院士 Mladen Kezunovic 的指导下参与了包括美国能源部（DOE）、美国 电力系统工程研究中心（ERPI）、德克萨斯州电力可靠性委员会（ERCOT）等主导的多个工程和科 研项目，并曾任多个核心期刊审稿人，曾获评母基金研究中心40U40优秀青年投资人。 吕元兴于2016年加入蔚来资本，主要负责在科技赛道重点领 ...

《 对赌回购在投资行业的真实模样 》 今天想分享一下实际在执行层面，回购的样子。 （一）回不回购，合伙人说了算 各位同志，管理层为 2025 年制定的退出金额是 3 亿元，这个金额远高于我们实际触发回购的各项目总 金额。 高于，是因为我们未雨绸缪，针对当前大环境，我们不得不提早回购，未到期回购。同时这也是我们募 资和dpi的需要。 鼓励大家通过老股转让的形式完成退出。如果转不出去，就请大家通过回购的方式。总之，3亿元是刚 性的。 至于那些还没有触发回购的项目，如何说服创始人同意回购，请各位同志开动脑筋，穷尽创造性和积极 性。 小宋，鉴于你 2024 年在退出工作上进步很大， 2025 年希望你承担 1 亿元的退出金额。希望你不要辜负 我们对你的信任。 （二）回购的核心是脸皮要厚 要账，大家都要过吧？或者，至少能想象的到吧？没有技巧，全是歪招。 小宋我见过的要账手段：喝酒，堵门，声东击西，等等。 我真的见过，投资经理和创始人喝了几顿酒，创始人就同意回购了。 关于堵门，不是撕破脸的那种。我以开展投后工作的名义，天天在已投企业呆着。我自费住宿和餐饮， 绝不给企业添乱。 但是企业的一些生产经营会议，我要参加。我时不时 ...

以下文章来源于解码LP ，作者王露 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 作者 I 王露 报道 I 投资界-解码LP 这一幕引人注目。 投资界-解码LP获悉，日前上海杏泽川禾创业投资合伙企业（有限合伙）发生工商变更。 层层穿透，该基金出资人新增了腾讯的身影——即腾讯做起了LP。 这是今年腾讯再次以LP身份出现在创投圈，我们把这个群体视为市场化LP。眼下人民币 募资艰难，每一笔市场化资金都显得弥足珍贵。 腾讯出资了 天 眼 查 显 示 ， 上 海 杏 泽 川 禾 创 业 投 资 合 伙 企 业 （ 有 限 合 伙 ） （ 简 称 杏 泽 川 禾 ） 成 立 于 20 24年5月，出资额约3亿，执行事务合伙人为上海杏泽投资管理有限公司，经营范围为 创业投资、投资管理。 | 企业名称 | 上海杏泽川禾创业投资合伙企业(有限合伙) | | | | | --- | --- | --- | --- | --- | | 执行事务合伙人 2 | 上海杏泽投资管理有限公司 下准 委派代表:刘文溢(来源于中基 杏泽 | 登记状态 2 | 存续 | 天眼评分 (? | | | 协) | 成立日期 | 20 ...

Company Overview - FS KKR Capital Corp. (NYSE: FSK) is a publicly traded business development company (BDC) focused on providing customized credit solutions to private middle market U.S. companies [5] - The company primarily invests in senior secured debt and, to a lesser extent, subordinated debt of private middle market companies [5] Upcoming Financial Results - FS KKR Capital Corp. plans to release its first quarter 2025 results after the close of trading on the New York Stock Exchange on May 7, 2025 [1] - A conference call to discuss the results will be hosted via live webcast on May 8, 2025, at 9:00 a.m. (Eastern Time) [2] Investor Participation - Research analysts wishing to participate in the conference call must register a day in advance or at least 15 minutes before the call [3] - A replay of the call will be available shortly after its conclusion on the Investor Relations section of FSK's website [4] Advisory and Management - FS KKR Capital Corp. is advised by FS/KKR Advisor, LLC, a partnership between FS Investments and KKR Credit [6] - FS Investments manages over $85 billion in assets and provides access to a broad suite of alternative asset classes and strategies [7] - KKR Credit, a subsidiary of KKR & Co. Inc., focuses on generating attractive investment returns through a disciplined investment approach [8]