把握"降息周期确定性收益"，以多元策略满足保守型资金配置需求 未来一段时间，国际市场预期处于降息周期，国内市场利率也将长期处于低位。国内股权投资主流的人 民币机构越来越多地重视S存量资产，或采取保守型投资策略。除了"重点领域核心资产"外，我们同时 也正在执行数个错峰生息类资产、夹层/结构化的资产的交易，以满足当前市场对安全性和确定性收益 的更高要求。 易凯资本今日宣布，其旗下专注于私募股权二级市场（S交易）的GP/LP服务团队近日完成两笔"重点领 域核心资产"类的S交易，协助2家客户实现了老股规模化退出，此举标志着易凯资本在S交易这一细分 领域的服务能力日趋成熟。 两笔交易分别涉及某大型液氧可回收火箭企业的老股转让以及某国产DRAM龙头企业的专项LP份额转 让。两个项目均位于国家鼓励发展的"新质生产力"核心赛道，两家买方均为具有很高投资能力与投资效 率的国有资本平台。 关注"重点领域核心资产"，以高质量资产链接存量市场与长线资本 随着中国私募股权市场从"增量时代"逐步迈入"存量优化"阶段，传统融资与并购之外，S交易（包括老 股/LP份额退出、接续基金、夹层/结构化方案等）已成为连接GP与LP、资产与流动性的重 ...

Core Insights - The S Fund (Secondary Market Private Equity Fund) has gained significant attention as a tool to activate existing assets in the primary market and enhance market liquidity, with trading volume increasing substantially [1][2] Group 1: Market Overview - In 2024, China's secondary private equity market recorded a total trading scale of 107.8 billion yuan, marking a 46% year-on-year increase and reaching a historical high [2] - The number of transactions reached 395, covering 374 funds, with a notable surge in trading volume observed in the fourth quarter of 2024 [2] - Financial institutions and government funds emerged as the largest sellers, driven by their substantial existing holdings and urgent exit needs [2] Group 2: Buyer and Seller Dynamics - Corporate investors, government funds, and investment institutions were the primary buyers, with corporate investors showing significant activity, albeit mostly in small transactions [2] - Investment institutions saw a notable increase in trading scale compared to 2023, with several general partners (GPs) acquiring limited partner (LP) fund shares, particularly from funds nearing their exit periods [2] Group 3: Fund Types and Performance - Among the traded fund types, 54.5% were venture funds, followed by growth funds at 29.7% and early-stage funds at 7.2%, indicating a strong focus on equity funds [3] - Equity funds accounted for 948 billion yuan in trading volume, representing 88% of the total trading scale, while infrastructure funds contributed 8% [3] Group 4: Investment Trends - The underlying assets of the funds are increasingly concentrated in "hard technology," with the top sectors being electronic information, biomedicine, manufacturing, and enterprise services, aligning with recent financing trends [4] Group 5: Regional Market Activity - By the end of 2024, the Beijing Equity Exchange had facilitated 112 fund share transfers, totaling 14.866 billion shares and 4.846 billion yuan in transaction value, with a diverse range of participants including state-owned enterprises and private institutions [5][6] - The Shanghai private equity and venture capital share transfer platform maintained the highest transaction volume in the country, with 22.555 billion shares traded and a total transaction value of approximately 24.923 billion yuan [6] Group 6: Transaction Characteristics - The S Fund transactions exhibited five key characteristics in 2024, including a focus on late-stage secondary transactions, a leading position in equity fund trading volume and transaction count, and increased complexity in transaction structures [7]

将投中网设为"星标⭐"，第一时间收获最新推送 中国私募股权二级市场目前正处在认知深化与结构优化的关键阶段。 作者丨 投中嘉川 来源丨 投中网 在全球经济格局深度调整、国内产业转型升级与私募股权市场结构性变革的交汇点上，资产多元化配置与流动性管理需求持续升温，叠加国家盘活存量 的政策导向，私募股权二级市场（ Secondary Market ， S 市场）的发展迎来重要契机。 投中嘉川自 2018 年起持续关注并记录 S 市场的发展态 势，现正式推出《 2025 年中国私募股权二级市场专题研究报告》。 报告系统梳理了市场现状，剖析了当前面临的难点与挑战，并提出了前瞻性政策 建议，旨在为行业提供全景洞察与决策参考。 | 报告核心发现 | 数据发现 | 市场调研共识 | | --- | --- | --- | | ¥ 405亿 | 2024年中国基金份额交易规模 | 当下S市场发展阶段: 市场认知已初步建立;生存压力与多重利益驱动GP提升交易参与度;供需 | | | | 两端的国资化趋势强劲,市场挑战加剧。 | | 超1亿 | 2024年基金份额平均交易规模 | 买卖双方难点亟待解决: | | 1000万-3000 ...