1 2月5日，《人民日报》刊发中国证监会主席吴清的署名文章，题为《提高资本市场制度的包 容性适应性（学习贯彻党的二十届四中全会精神）》。 值得关注的是，我们发现，文章中多处对私募股权和创投基金提出明确肯定与支持： 母基金研究中心认为，吴清此次发声肯定了私募股权创投基金的重要作用，并释放出畅通募投 管退全链条机制的利好信号。 我们关注到，今年以来，证监会十分关注私募股权投资行业的发展： 1 0月2 7日，2 0 2 5金融街 论坛年会在北京金融街开幕，吴清在演讲中强调，新产业、新业态往往需要更大规模的耐心资 本投入和更灵活、更包容的融资环境，以利于更好支持创新资本形成和创新动能培育。这也肯 定了私募股权创投基金作为创新资本的重要作用。 6月1 8日，在2 0 2 5陆家嘴论坛上，中国证监会主席吴清发表主题演讲，吴清表示，当前，适应 创新规律的资本形成机制不完善。与科技创新"十年磨一剑"的坚守相比， 我们的金融供给仍存 在资金短期化、风险容忍度低等问题，长期资本、耐心资本远远不够 。 吴清指出，更大力度培育壮大耐心资本、长期资本。聚焦私募基金 "募投管退"各环节卡点堵 点，精准发力、畅通循环。积极推动社保基金、保 ...

南方财经记者观察到，"十四五"以来，广东围绕股权投资"募、投、管、退"全链条，密集出台一系列高 含金量政策举措，着力打通"科技—产业—金融"循环堵点，为资本精准赋能战略性新兴产业和未来产业 构建起坚实的制度支撑。 在政策引导、资本集聚与生态优化的同频共振下，广东正加速形成"以投促产、以退促投"的良性循环机 制：科技企业凭借硬核创新吸引资本青睐，资本通过多元化退出渠道实现高效回流，并迅速再投入下一 个创新主体。这一闭环不仅夯实了区域创新底座，也推动产业结构向更高附加值跃升，为打造高质量发 展的新质生产力引擎奠定坚实基础。 "耐心资本"重塑股权投融资格局 科技创新企业普遍具有技术迭代迅速、研发周期长、早期风险高等特征，其成长路径亟需具备长期视 野、能穿越市场周期的"耐心资本"提供全生命周期陪伴与深度赋能。 数据显示，截至2025年二季度，全国私募基金在广东辖区的在投项目达9678个，对应在投本金高达 5851.47亿元。其中，投向中小企业、高新技术企业及初创科技型企业的项目分别达6029个、5145个和 2249个，充分彰显私募基金"投早、投小、投科技"的功能定位正加速落地。 数据背后，是广东以政府引导基金、产业 ...

将投中网设为"星标⭐"，第一时间收获最新推送 中国投资新生态里的GP与LP的关系。 整理丨 陶辉东 陈美 来源丨 投中网 在中国股权投资行业步入深水区的当下，市场资金结构已发生根本性逆转，国资成为绝对主力。这不 仅改变了募资端的版图，更深刻重塑了LP（有限合伙人）与GP（普通合伙人）的博弈规则。我们正 身处一个充满张力的时代：一方面是国家对"耐心资本"的顶层呼唤，另一方面是现实中DPI（投入资 本分红率）、返投任务与保值增值多重考核下的"极限施压"。 在这场关于信任与利益的博弈中，GP如何化解国资LP的"既要又要"？"保姆式监管"是否正在侵蚀投 资的专业性？一场汇聚了国资平台、市场化母基金与头部GP的圆桌对话，让我们得以窥见行业深处 的重担与突围之道。 正如 青岛市创新投资总经理于静 所坦言，行业内反馈的国资LP"既要又要还要"诉求，其实是叠加 了财政资金杠杆效应支持地方经济发展，地方经济结构调整需要及目前国资出资人保值增值的考核的 复合需求。 面对这种压力，简单的迎合往往适得其反， 力鼎资本CEO张学军 一针见血地指出，"强扭的瓜迟早 会出问题"，单纯为了满足返投而忽视产业基础的匹配，最终不仅无法完成业绩， ...

| 2 二 | | | | | --- | --- | --- | --- | | | 级 | 100% | 2700000万元 | 企查查APP显示，近日，重庆建源西证私募股权投资基金合伙企业（有限合伙）成立，出资额10亿元，经营范围包含以私募基金从事股权投资。企查查股权 穿透显示，该企业由西南证券（600369）全资子公司西证股权投资有限公司、建设银行（601939）全资子公司建信金融资产投资有限公司等共同出资。 | 基本信息 10 | 法律诉讼 | 经营风险 | 经营信息 | | --- | --- | --- | --- | | 执行事务合伙人 | | | | | | 建信金投私募基金管理 (北京) | 出资额 | 100000万元 | | | 有限公司 | | | | 组织机构代码 | MAK2AMNB-6 | 工商注册号 | l | | 亚亚美型 | 有限合伙企业 | 营业期限 | 2025-11-27 至 2035 | | 人员规模 | - | 参保人数 | - | | 所属地区 | 重庆市长寿区 | 登记机关 | 重庆市长寿区市场监 | | 国标行业 | 资本市场服务 (J67) ∨ | 英文 ...

Core Insights - PAG has set two industry records in the Chinese private equity market over the past year, leading a controlling investment in Zhuhai Wanda Commercial Management for over 60 billion, marking the largest single investment in Chinese PE history, and achieving the largest exit transaction with the core business of Yingde Gas [5][6]. Investment Strategy - The investment in Yingde Gas is described as a textbook "Buy and Build" case, where PAG privatized the company in 2017 for 10 billion HKD, optimizing management and restructuring the business, leading to significant growth in EBITDA from approximately 2.6 billion in 2016 to nearly 7 billion in 2023 [9][10]. - The exit from Yingde Gas in January 2025 resulted in hundreds of billions in capital recovery, showcasing PAG's ability to create a leading industrial gas company in Asia and return it to local capital [10]. Resilience in Investment - The investment in Zhuhai Wanda Commercial Management is viewed as a strategic "bottom-fishing" move during a crisis, with PAG initially investing 2.8 billion USD in a Pre-IPO round in 2021, which included a "bet" clause for a 2023 IPO [12][14]. - Despite the IPO being shelved and Wanda facing significant buyback pressure, PAG demonstrated resilience by doubling down on its investment, leading a new consortium to complete a 66 billion RMB transaction, becoming the largest shareholder in the newly formed "New Dalian Alliance" [14][15]. Market Positioning - PAG's investment in New Dalian Alliance is characterized as a purchase of a light-asset management company rather than high-risk real estate, focusing on the certainty of cash flow from managing over 500 shopping malls and 100,000 merchants [15][16]. - The shift in consortium partners from tech giants like Tencent and Ant Group to Middle Eastern sovereign wealth funds indicates PAG's role as a "super connector" in the capital landscape [17]. Long-term Vision - PAG's strategy emphasizes the importance of local capital in driving the Chinese private equity sector, with a focus on the significant opportunities in the Chinese M&A market, which remains largely untapped by financial investors [25][47]. - The establishment of PAG's first RMB fund in Suzhou, with a size of 3.1 billion, reflects its commitment to actively participate in the Chinese M&A landscape [25]. Investment Philosophy - PAG's disciplined and resilient approach to acquisitions is underscored by its strict valuation requirements and long-term commitment to portfolio companies, ensuring a stable and experienced management team [20][21]. - The firm believes that the current macroeconomic environment, characterized by low asset valuations and favorable interest rates, presents a unique opportunity for high double-digit returns in M&A transactions [42][44].

Group 1 - Xiamen Industrial M&A Equity Investment Fund has been registered with a total scale of 5 billion yuan, entering the operational phase [2] - The fund is jointly funded by Xiamen Financial Holding Co., Xiamen Jinyuan Investment Group, and Jinyuan Capital Management, focusing on direct investments to support mergers and acquisitions [2] - The fund aims to leverage financial capital to empower leading industries through mechanisms like "fund investment + merger loan interest subsidies" [2] Group 2 - Chongqing Yufu Industrial M&A Restructuring Private Equity Fund has been established with a scale of 2 billion yuan, reflecting a trend of local governments setting up M&A funds [2] - Recent years have seen a surge in M&A support policies from national and local governments, with various entities including state-owned assets and listed companies actively participating [2] - The Yibin Harmony Green Industry Fund is a collaboration among state-owned assets and industrial capital from multiple regions, indicating a broader trend of regional cooperation in investment [2] Group 3 - The policy environment for M&A in China has been continuously optimized, with increased participation from various stakeholders including state-owned enterprises and private equity firms [3] - Local M&A funds have been established at an accelerated pace, with significant funds launched in cities like Shanghai, Beijing, and Shenzhen, focusing on strategic sectors [3] - State-owned M&A funds are becoming crucial in driving enterprise growth, enhancing industry concentration, and guiding social capital towards emerging strategic industries [3]

作为首家在"新三板+H股"两地上市的创投机构，天图投资（01973.HK，833979）分别于12月1日、12月 2日在港交所及新三板发布公告，拟向独立第三方昆山诺源睿源管理咨询全数出售其持有的优诺乳业有 限公司（以下称"优诺中国"）的45.22%股权，现金代价为8.14亿元（人民币，下同）。此外，其他卖方 持有优诺中国约41.74%的股权，也将出售优诺中国的全部权益，总对价为7.513亿元。 天图投资是一家领先的私募股权投资者及基金管理公司，为机构投资者、高净值人士管理资本，并通过 其管理的基金及自有资本直接进行投资。公司认为，本次出售事项提供了一个机会，实现投资回报并履 行所管理基金退出义务，可增加公司的流动性并用于其他投资机会。天图投资表示，未来将继续深耕消 费品领域，依托多年沉淀的产业资源、实战经验与用户洞察，持续发掘并赋能更多优秀品牌与创新企 业，为股东及全体投资人创造稳定、可持续的长期价值。 值得一提的是，公开信息显示，昆山诺源睿源管理咨询有限公司背后股东是IDG资本。IDG资本的总部 位于中国香港，是中国市场最活跃的私募股权基金管理人之一，其专注于消费、科技、大健康等领域投 资，除收购优诺中国外 ...

Core Insights - PAG has set two industry records in the Chinese private equity market over the past year, leading a controlling investment in Zhuhai Wanda Commercial Management for over 60 billion, marking the largest single investment in Chinese PE history, and achieving the largest exit transaction with the core business of Yingde Gas [2][3] Part 01: "Exit" - A Textbook Case of Buy and Build - PAG's operations with Yingde Gas exemplify a textbook-level "Buy and Build" case, starting with the privatization at a cost of 10 billion HKD in 2017, followed by management optimization and strategic acquisitions [5][6] - EBITDA increased from approximately 2.6 billion in 2016 to nearly 7 billion in 2023, with annual profits surpassing 3 billion [5][6] Part 02: "Entry" - Resilient Turnaround - PAG's investment in Zhuhai Wanda Commercial Management began in 2021 with a Pre-IPO investment of 5.3 billion USD, where PAG contributed 2.8 billion USD [8][9] - In 2024, PAG led a new consortium to complete a transaction valued at 66 billion RMB, becoming the largest shareholder of the newly formed "Xinda Alliance" [10][11] Part 03: Why PAG? - PAG is one of the few funds capable of executing large-scale acquisitions in China, demonstrating extreme discipline and resilience in its acquisition style [14][15] - The core team has an average tenure of 8-9 years, ensuring deep engagement and long-term support for portfolio companies [15][16] Part 04: Core Market, Core Configuration, Core Position - Despite macroeconomic challenges, PAG continues to invest decisively in the Chinese market, launching its first RMB fund with a size of 3.1 billion, focusing on M&A transactions [18][19] - PAG believes that local capital should drive the private equity sector in China, as the domestic market presents significant opportunities [19][20] Part 06: A Strategy of Special Opportunities and Distressed Restructuring - PAG's approach involves identifying opportunities in distressed situations, as seen in both Yingde Gas and Wanda Commercial Management cases [31][32] - The firm emphasizes understanding the business logic and cash flow sustainability of investments, rather than solely focusing on technological advancements [30][32] Part 07: PAG's Local Perspective - The current macroeconomic environment, characterized by lower interest rates, creates favorable conditions for M&A investments in China [35][36] - The Chinese M&A market remains largely untapped by financial investors, presenting a "blue ocean" opportunity for firms like PAG [38][39]

Core Insights - IDG Capital is acquiring a 45.22% stake in Yoplait China from Tian Tu Investment for approximately 814 million RMB, with additional sellers holding 41.74% of the equity for a total consideration of 751.3 million RMB [1][2] - The acquisition will retain the existing management team of Yoplait China to enhance brand competitiveness and support regional expansion and product innovation [1] - Yoplait, a brand with a 60-year history, is the second-largest yogurt brand globally and entered the Chinese market in 2013 [2] Company Overview - Yoplait China was established in July 2013 and focuses on the production and sale of yogurt and other dairy beverages [1] - In 2023, Yoplait China reported revenues of 454 million RMB and a net profit of 8.515 million RMB, with projected revenues of 810 million RMB and a net profit of 95.454 million RMB for 2024 [1] Investment Context - Tian Tu Investment views the sale as an opportunity to realize long-term investment returns and enhance liquidity for other investment opportunities [2] - Tian Tu Investment, founded in 2002, specializes in the Chinese consumer sector and has over 25 billion RMB in assets under management, with more than 200 investments [2] - The company reported a revenue of 14.223 million RMB in the first half of 2023, a decrease of 33.78% year-on-year, but achieved a net profit of 76.005 million RMB, reversing previous losses [2]

Core Viewpoint - The issue of equity buybacks has become a focal point of controversy, with calls for friendly negotiation and long-term planning to lay the foundation for healthy corporate development and long-term returns for funds [1] Group 1: Industry Concerns - The China Securities Investment Fund Industry Association (CSIA) has issued an important reminder to private equity and venture capital fund managers, urging the industry to adopt long-term and value investment philosophies, set reasonable buyback terms, and resolve potential disputes amicably to maintain market stability and support the development of the real economy [1][3] - Since last year, the execution difficulties of equity buyback clauses have become a market focus, with some startup tech companies facing severe funding and development pressures due to triggering buyback clauses, while private equity and venture capital funds are caught in an "exit dilemma" affecting normal operations and investor returns [1][3] Group 2: Recommendations and Guidelines - CSIA emphasizes that private equity and venture capital fund managers should enhance their capabilities in value discovery, active management, and valuation pricing, and should ensure that buyback arrangements are scientifically reasonable and do not deviate from the essence of equity investment [3] - The core of CSIA's regulatory requirements for buyback clauses is to return to the essence of equity investment, which is "risk sharing and profit sharing," ensuring that both parties' rights and obligations are balanced [3][4] Group 3: Communication and Resolution - CSIA encourages fund managers to strengthen communication with investors and buyback obligors when buyback conditions are triggered, considering external factors such as macroeconomic conditions and industry policies [6] - The association advocates for a principle of "friendly negotiation and long-term planning" to explore diversified ways to resolve conflicts, such as adjusting buyback targets, extending buyback periods, and lowering buyback rates [6] Group 4: Practical Challenges - The application rate of buyback clauses in domestic primary market investment activities has exceeded 90%, leading to increased conflicts between startup companies and investment institutions [10] - Current challenges faced by investors exercising buyback rights include insufficient repayment capacity of buyback obligors, complex procedures for targeted capital reduction, and discrepancies in the legal nature of buyback rights [10][11] - The newly revised Company Law introduces a mechanism for minority shareholders to request the company to buy back their shares at a reasonable price when controlling shareholders seriously harm the interests of the company or other shareholders, enhancing protection for minority investors [10][11]