将投中网设为"星标⭐"，第一时间收获最新推送 他们不追逐短期热点，而是以"十年磨一剑"的耐心，在产业链关键环节构建生态闭环，这种战略定 力正是中国产业升级的深层动力。 来源丨 投中网 潮起潮落 ，总有些力量以坚韧的姿态重塑着 海 岸线。在国内 私募 股权投资市场，一场静水流深的 变革正在发生——国资背景投资机构正以系统性的战略布局，为市场注入兼具稳定性与创新性的新生 动能。他们不仅是资本提供者，更是国家战略与产业升级的桥梁，在科技创新与区域协调发展中扮演 着关键赋能者的角色。 投中 2025 年度最佳国资投资机构榜单通过对近4 00 家国资背景机构的深度调研，量化呈现了国有 资本在 私募 股权投资领域的 动态 。 入榜机构数据显示，半导体、人工智能、新 材料、医疗健康 等科技含量较高的领域 依然是 国资机 构的共同选择，投向科技型企业的数量占比 超过 75% ，与上年度 基本 持平。 这一数据背后，是 国有资本以国家战略为核心，以关键技术突破和重点产业扶持为导向的长期布局。他们不追逐短期热 点，而是以 " 十年磨一剑 " 的耐心，在产业链关键环节构建生态闭环，这种战略定力正是中国产业 升级的深层动力。 | P ...

有限合伙人榜单 有限合伙人榜单通过问卷调研、机构访谈、数据排查与交叉验证的复合流程，对海量数据进行标准化处理与权重 分配，最终形成可量化的总体积分排名。这一过程既是对资本流动性的量化追踪，也是对市场风向的质性解读。 将投中网设为"星标⭐"，第一时间收获最新推送 聚焦中国境内活跃LP群体。 来源丨 投中网 在资本市场的潮汐中，有限合伙人的每一次选择都是对未来的押注。投中2025年度有限合伙人榜单以严谨的视 角，聚焦中国境内活跃LP群体，通过多维度的数据观测与深度调研，勾勒出私募股权投资生态图景的一页。 结合榜单调研数据和投中嘉川CVSource，揭示出了私募股权募资市场的当前趋势，市场整体虽延续下行，但已 触底维稳。 本次调研期内（2024.7.1-2025.6.30）LP向子基金出资的数量对比上一榜单调研期间 （2023.7.1-2024.6.30）下降了约三成。但今年以来，根据投中嘉川CVSource，2025年Q1-Q3中国VC/PE 市场新成立基金数量分别为972只、124只、1475只，新成立基金数量逐步提升，环比增幅明显。 表明当前私 募股权募资市场开始逐渐回暖。 本次有限合伙人榜单将将揭晓 "投中 ...

Core Viewpoint - The Liaoning Provincial Government has issued implementation opinions to promote the high-quality development of private equity investment funds, aiming to establish a multi-level, diversified, and full-cycle private equity investment fund system by the end of 2027, with a target of raising over 180 billion yuan in subscribed capital [1][2]. Group 1: Fund Development Goals - By the end of 2027, the subscribed capital of various funds is expected to exceed 180 billion yuan, and by 2030, it is projected to surpass 250 billion yuan, significantly contributing to the province's high-quality development [1]. - The opinions emphasize the cultivation of diversified investment entities, encouraging venture capital institutions to increase investments in original and leading technology innovation enterprises in Liaoning [1][2]. Group 2: Investment Strategies - The government aims to support the development of patient capital, allowing insurance institutions to invest in venture capital funds and optimizing risk factors for eligible insurance companies [1][2]. - The opinions promote the development of corporate venture capital (CVC) and encourage investments around key links in the industrial chain to accelerate breakthroughs in core technology research and industrial transformation [1][2]. Group 3: Fund Management and Governance - A comprehensive evaluation system for government investment funds will be established, focusing on long-term performance rather than short-term project results [2][4]. - The government will streamline the approval process for establishing investment funds, ensuring that local governments assess and report fund establishment in a timely manner [6][7]. Group 4: Policy Framework and Environment - The opinions call for the optimization of fund management policies, including specific management methods and performance evaluation systems to enhance investor confidence in Liaoning [8][9]. - A risk tolerance and exemption mechanism will be established to encourage innovation and create a supportive environment for fund development [9][11]. Group 5: Collaboration and Coordination - The government will enhance collaboration among various departments to ensure effective management and operation of investment funds, promoting information sharing and coordinated efforts to address challenges in fund development [11][12].

大力发展耐心资本。支持保险机构按照市场化原则投资辽宁省创业投资基金，保险资金投资创业投资基 金穿透后底层资产为战略性新兴产业未上市公司股权的，支持符合条件的保险公司根据监管规定优化风 险因子。支持符合条件的创业投资机构发行公司债券、科创债等，拓宽资金来源。 辽宁省人民政府网站11月26日消息，近日，辽宁省人民政府办公厅印发《辽宁省人民政府办公厅关于促 进私募股权投资基金高质量发展的实施意见》。《意见》明确，到2027年底，全省多层次、分领域、全 周期私募股权投资基金体系基本形成，市场活跃度不断增强，各类基金认缴规模力争突破1800亿元；到 2030年底，各类基金认缴规模力争突破2500亿元，对全省高质量发展的贡献度明显提升。 《意见》提出，培育多元化投资主体。通过政策优惠和产业优势的叠加效应，引导创投机构加大对辽宁 原创性、引领性科技创新企业投资力度。鼓励科研机构、创新创业平台机构等参与创业投资。促进企业 风险投资（CVC）发展，围绕产业链关键环节开展股权投资，加快核心技术研发突破和产业转化。 完善风险容忍与容错免责机制。优化政府投资基金全链条、全生命周期考核评价体系，不简单以单个项 目或单一年度盈亏作为考核 ...

Core Viewpoint - The Liaoning Provincial Government aims to promote the high-quality development of private equity investment funds, targeting a subscription scale of over 180 billion yuan by the end of 2027 and over 250 billion yuan by the end of 2030, significantly contributing to the province's high-quality development [1][11]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to enhance the private equity investment fund ecosystem, ensuring a multi-level, diversified, and full-cycle fund system by 2027 [11]. - The plan emphasizes the importance of private equity funds in modernizing the industrial system and fostering innovation [11]. Group 2: Strengthening Investment Institutions - The government will cultivate diverse investment entities and encourage venture capital institutions to invest in innovative technology companies [12]. - Shenyang and Dalian are designated to become influential regional private equity investment hubs, aiming for double-digit annual growth in fund subscriptions [3][13]. Group 3: Expanding Fundraising Channels - The government will enhance the role of government investment funds and establish a matrix of funds to support strategic emerging industries [14]. - National-level funds will be encouraged to set up special funds or make direct investments in Liaoning [15]. Group 4: Enhancing Industry-Investment Connections - The plan focuses on connecting private equity investment institutions with key industry clusters and facilitating collaboration between various stakeholders [15]. - An online platform named "Chuangtou Liaoning" will be developed to optimize the matching of investment institutions and innovative projects [15]. Group 5: Strengthening Fund Management - The government will promote the standardized operation of government investment funds and establish a mechanism for investment linkage and profit-sharing [16]. - A risk tolerance and error-correction mechanism will be implemented to support fund managers and state-owned investors [16]. Group 6: Broadening Exit Channels for Funds - The initiative aims to facilitate the listing and acquisition processes for invested companies, enhancing market exit strategies for private equity funds [17]. - The development of secondary market funds (S Funds) will be promoted, encouraging investments from various financial institutions [17]. Group 7: Building a Healthy Industry Ecosystem - A comprehensive management mechanism will be established to promote the high-quality development of private equity investment funds [18]. - The government will enhance the credit environment and strengthen industry regulation to ensure the protection of investors' rights [18].

Core Insights - The global economy is gradually moving towards a new equilibrium after significant disruptions, with China's economy demonstrating strong resilience and potential, evidenced by a GDP growth rate of 5.2% in the first three quarters and a 9.6% year-on-year increase in high-tech manufacturing value added [2] - The private equity investment industry is expected to experience a comprehensive rebound by 2025 after several years of stagnation, revitalizing the sector [2] - Investment institutions (LPs and GPs) are facing a new ecosystem where their roles are increasingly blurred, necessitating precise judgment and rapid adaptation to create value for investors, enterprises, and themselves, which will be a key competitive advantage in the next economic cycle [2] Investment Industry Youth Leaders Selection - The "2025 Investment Industry Youth Leaders 100" selection aims to identify future leaders in the private equity investment sector, focusing on individuals with foresight, innovation, and long-term growth capabilities [4] - The selection process will cover the entire scope of China's private equity investment industry, seeking outstanding individuals who can contribute to sustainable industry development [4] GP Youth Leader Award - The GP Youth Leader award will evaluate candidates based on fundraising, investment, management, and exit performance, considering both hard and soft skills [5] LP Youth Leader Award - The LP Youth Leader award will assess candidates based on management scale, investment funds, and industry influence, focusing on active participation and sustainable development capabilities [7] Selection Criteria - The selection is primarily aimed at practitioners in the private equity investment industry (GP/LP), with a focus on those who apply for the evaluation [9] - Candidates must be under 49 years old, hold senior management positions, and have demonstrated outstanding operational capabilities and significant contributions in the industry [13]

Core Viewpoint - In 2025, China's private equity market is undergoing a deep transformation characterized by a mild recovery in fundraising and investment, while traditional IPO exit channels are shrinking, leading to a surge in S transactions and mergers and acquisitions. The market is predominantly led by state-owned capital, with over 80% of funds directed towards hard technology sectors, indicating a trend of "early, small, and hard technology" investments [4][5]. Group 1: Market Overview - The private equity market in China shows signs of recovery with nearly a 10% increase in both fundraising and investment after a period of deep adjustment [5]. - Traditional IPO exit channels, except for Hong Kong, are continuously narrowing, prompting the industry to explore diversified exit routes represented by S transactions, which have seen a significant year-on-year increase [5]. - State-owned capital dominates the market, accounting for over 80% of total funding, with a strong focus on sectors like semiconductors and advanced manufacturing [5][15]. Group 2: Changes in LP Functions and Positioning - The function and positioning of Limited Partners (LPs) have shifted to fully support national strategies, moving from a financial to an industrial focus [6][7]. - The trend of "exit, fundraising, investment, and management" has reversed to "exit, fundraising, investment, and management," indicating a more strategic approach [6]. - There is a noticeable trend towards direct investment by LPs, reflecting a deeper engagement in the market [6][7]. Group 3: Fundraising and Investment Trends - In the first three quarters of 2025, the total committed capital from institutional LPs to private equity funds reached approximately 12.4 trillion yuan, marking a 9% year-on-year increase [13]. - A total of 3,438 funds were registered in 2025, a 15.18% increase compared to the previous year, with private equity funds accounting for 35% of the total [13]. - The structure of newly registered funds shows a narrowing gap between private equity and venture capital funds, with both types of funds having nearly equal proportions [13]. Group 4: Regional and Sectoral Insights - Beijing and Shanghai are the top regions for funding scale, while Jiangsu and Zhejiang are the most active provinces in terms of overall investment activity [23][24]. - Policy-driven LPs are increasingly active in regions like Jiangsu, Zhejiang, Shanghai, Beijing, and Anhui, reflecting a geographical concentration of investment activity [35]. Group 5: Future Outlook - The private equity market is expected to continue its recovery trajectory, with a focus on high-quality transformation and a more professionalized approach to LP allocations [5][9]. - The establishment of S funds and merger funds is becoming a practical tool for facilitating exits and promoting industrial upgrades [36]. - The government is pushing for a unified market structure, which will likely reshape the landscape of private equity investment in China [37].

近日，雅登投资（Adams Street Partners）在香港中环举行开业仪式，新办公室正式亮相。投资界获悉， 该办公室位于香港盈置大厦16楼，这是雅登投资在亚洲开设的第6个办事处。 新办公室开业现场：雅登投资合伙人兼亚洲区投资者关系主管Ben Hart（左）、香港金融管理局外汇基 金投资办公室首席投资官（私募市场）黄信成（中）、雅登投资管理合伙人兼全球投资主管Jeffrey Diehl（右） 创投圈对于这家老牌PE并不陌生。最早可追溯至1972年，雅登投资前身曾设立了全球首支私募股权母 基金，被业内誉为"母基金鼻祖"，迄今总资产规模约为650亿美元。十多年前，雅登投资就已落地了北 京团队。 当全球科技资产估值体系重构，美元基金的选择，或许只是更大浪潮的序章。 管理4600亿，老牌PE又开中国办公室 在创投圈，雅登投资曾留下浓墨重彩一笔。 这家老牌PE最早可追溯至1972年，前身是芝加哥第一国民银行旗下的股权投资部门。早在20世纪七八 十年代，该部门便开创了历史——设立全球首支私募股权母基金，并参与发起最早一批S基金，也因此 被业内誉为"母基金鼻祖"。 到了1989年，团队灵魂人物Gary P. Brin ...

Core Viewpoint - The ability to raise funds for General Partners (GPs) is increasingly dependent on performance, return capabilities, and service quality, indicating that the threshold for becoming a GP is rising [2][5]. Group 1: Types of GPs Successfully Raising Funds - **CVC Institutions**: There is a notable interest from both state-owned and market-oriented Limited Partners (LPs) in Corporate Venture Capital (CVC) institutions, especially those with a market capitalization of over 100 billion. These institutions are attractive due to their strong industrial resources, which assist in project acquisition, negotiation, post-investment support, and exit strategies [5][6]. - **Top-tier White Horse Institutions**: These are well-established institutions with significant management scale and performance. They have accumulated LP resources over time, making it easier to secure funding. Although they may not raise as large funds as before, raising 1-2 billion is still feasible due to their established reputation [7][8]. - **Boutique Institutions Focused on Specific Sectors**: These institutions typically manage smaller funds (10-30 billion) and focus on one or two sectors. Their close relationships with project parties and deep industry knowledge allow them to meet LP return expectations effectively [8][9]. - **Industry Funds**: These funds focus on specific sectors like semiconductors, new energy, and healthcare. Their LPs are often looking to invest in these sectors, but fundraising can be heavily influenced by industry cycles. Despite challenges, local government investment platforms and existing LP support can help these funds raise capital [9]. Group 2: Market Conditions and Challenges - Despite a more active market this year, fundraising remains challenging, particularly for market-oriented funds. GPs must rely on their performance and service capabilities to secure investments, as the barriers to entry are becoming increasingly high [9].

Core Viewpoint - Adams Street Partners has officially opened its new office in Hong Kong, marking its sixth office in Asia and a total of 21 global offices, reflecting a strategic move to capitalize on the growing private equity market in the region [1][5]. Group 1: Company Overview - Adams Street Partners, established in 1972, is recognized as the "mother fund pioneer" for creating the world's first private equity fund of funds, with total assets under management reaching approximately $65 billion [3][4]. - The firm has a diverse investment strategy that includes primary markets, secondary funds, growth equity, credit, and co-investments [4]. Group 2: Market Insights - The opening of the Hong Kong office is seen as a significant step, as the region is viewed as a critical hub for connecting with opportunities in the Greater Bay Area, including Shenzhen and Guangzhou [4][5]. - The firm manages $7.5 billion in assets in Asia, with nearly half allocated to the Chinese mainland market, indicating a strong commitment to the region [5]. - There is a noticeable trend of private equity and venture capital firms increasingly establishing a presence in Hong Kong, as many Chinese companies accelerate their international expansion [5][6]. Group 3: Industry Trends - The return of dollar funds to the Chinese market is driven by a combination of emotional recovery and strategic opportunities arising from the global revaluation of technology assets [7]. - Foreign limited partners are showing heightened interest in Chinese assets, with investment teams from various regions conducting extensive research in innovation-rich areas like the Yangtze River Delta and the Greater Bay Area [7].