每年两会期间的政府工作报告无疑是中国未来一年发展的 "风向标"。 据新华社报道， 国务院总理李强 5日在政府工作报告中介绍今年政府工作任务时提出，加紧培 育壮大新动能。坚持把发展经济的着力点放在实体经济上，因地制宜发展新质生产力，建设现 代化产业体系。 母基金研究中心关注到，在今年的政府工作报告中，创投再一次被 "力挺"——在"培育壮大新 兴产业和未来产业"部分，报告提出： 高效用好国家创业投资引导基金，大力发展创业投资、 天使投资，政府投资基金要带头做耐心资本，推动更多初创企业加快成长为科技领军企业。此 外，在"大力发展绿色低碳经济"部分提出，设立国家低碳转型基金。 我们就此分析解读如下： 在去年的政府工作报告中也提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本" ；前 年的政府工作报告提到 "鼓励发展创业投资、股权投资， 优化产业投资基金功能"，这确立了创业投资、股权投资在我国经济进入高质量发展新阶段重 要的历史定位，有利于推动股权投资行业持续健康发展。而今本次政府工作报告再次强调 大力 发展创业投资、天使投资 ，这对私募股权投资行业来说，释放了重要的支持信号与利好 ...

将投中网设为"星标⭐"，第一时间收获最新推送 一笔S交易，引发连锁暴跌。 | 作者丨 | 陶辉东 | | --- | --- | | 编辑丨 | 王庆武 | | 来源丨 | 投中网 | PE行业正在上演诡异的一幕： 一方面，各家PE巨头们基本都发布了亮眼的财报，募资额暴增，并实现了创纪录的利润。黑石去年净利润21.4亿美元，同比翻了一倍，创下"四十年最 强业绩"；KKR去年Q4单季募资430亿美元创下四年新高；阿波罗全球全年募资2280亿美元创历史 纪录 ，利润超出市场预期…… 与此同时，它们的股价却一泻千里。刚刚过去的 2 月，几乎成了PE行业的"股灾"之月——黑石的股价单月跌幅达20%，KKR跌了30%，阿波罗全球资 管跌了29%，Ares Managemant跌了33%，凯雷跌了12%，TPG跌了33%。 2月的最后一个交易日（2月27日），又是集体大跳水的一天。黑石跌了3.88%，KKR跌了6.34%，阿波罗全球资管跌了8.57%……这样不讲道理的跌 法，让人恍如回到了2008年金融危机。 虽然，事后来看这两件事中舆论都有点过分夸大了AI的能力，AI还没那么快在专业工作上替代人类。但对传统SaaS商业 ...

"受基金期限刚性约束、业绩承诺力度有限、部分有限合伙人（LP）追求短期回报等因素影响，并购基金参与并购重组仍存在诸多现实障 碍。"今年全国两会前夕，全国政协委员、中信资本董事长兼首席执行官张懿宸在接受证券时报记者采访时表示。 今年是张懿宸作为全国政协委员履职的第十九个年头。他再次关注并购基金这一领域，深入思考如何进一步鼓励和支持并购基金参与资本市场并购重组。 他建议，应持续完善并购基金各项政策，进一步提升并购基金的市场活跃度，从而提升资本市场资源配置效率。 为充分释放并购基金活力，张懿宸建议监管部门可根据业务类型与并购属性，适当放宽业绩承诺、对赌、同业竞争、关联交易等方面的要求，进一步鼓励 持有优质产业资源的并购基金，与产业上下游上市公司开展并购重组；建议监管部门关注并购基金的合理退出诉求，不将其固有的退出属性与耐心资本简 单对立，通过进一步完善并推广S基金、接续基金等工具，为存续期届满的并购基金提供合规顺畅的退出渠道，确保基金退出不影响管理人对上市公司的 长期产业整合规划；监管部门可基于并购基金综合实力、运作规范性及特定行业整合经验，筛选并重点支持头部并购基金管理人参与零售、供应链、现代 服务业等行业整合， ...

最近， VC/PE在退出方面再迎利好。 港媒消息，香港特区政府财政司司长陈茂波于 2月2 6日出席立法会财务委员会会议，就2 0 2 6至 2 0 2 7财政年度预算案作简报，重点聚焦港股IPO市场，释放强力支持信号。 陈茂波明确表示，目前企业轮候来港上市的情况十分热闹，为高效对接市场需求，港交所与证 监会正全力加班，加快 IPO申请处理进度，力求让更多优质企业顺利登陆港股，这也印证了此 前两大机构"加班提速"的市场传闻。 据悉， 2 0 2 6年以来，港股新股上市申请量保持稳健，港交所披露，当前已有4 8 8家企业排队等 待上市，较此前预估的"逾4 0 0宗"进一步扩容，充分彰显港股市场的强劲吸引力。 陈茂波还晒出港股 IPO亮眼成绩单： 去年香港 IPO募资额达2 8 6 9亿港元，登顶全球第一 。 他直言希望今年能缔造新纪录，且早前已明确预期， 今年港股 IPO市场将稳中有进，集资额 大概率超越去年水平 。 " 今年要迎来退出大年了！我们不少已投企业都在筹备申报港股 。"某VC投资人兴奋地对母基 金研究中心表示。 我们关注到，港交所的上市规则为生物科技公司、特专科技公司开辟上市通道，且允许未盈利 企业上 ...

Summary of The Carlyle Group Update - February 26, 2026 Company Overview - **Company**: The Carlyle Group (NasdaqGS:CG) - **Industry**: Investment Management and Private Equity Core Points and Arguments 1. **Positive Momentum and Growth**: Carlyle is experiencing significant positive momentum, reflecting a transformation and growth strategy that is diversified across strategies, geographies, and distribution channels [3][4] 2. **Leadership Changes**: The firm has made several senior leadership changes to enhance its management infrastructure, including the appointment of three co-presidents and a new CFO [12][11] 3. **Financial Performance**: - Record Fee Related Earnings (FRE) of $1.24 billion, up 50% from 2023, with a FRE margin of 47%, up 1,000 basis points [17] - Distributable Earnings of $1.7 billion, or over $4 per share, up 11% [17] - Fee revenues reached $2.6 billion, reflecting 7% organic growth [17] - Transaction fees hit a record $225 million, nearly triple the level from two years ago [17] 4. **Shareholder Returns**: Carlyle has increased capital returned to shareholders by 70% through share repurchases and dividends while investing in growth initiatives [18] 5. **Future Targets**: - Targeting FRE of $1.9 billion by 2028, representing a 15% compound growth rate [19] - Cumulative inflows of $200 billion from 2026-2028 [19] - Distributable Earnings per share of $6 or more [19] 6. **Market Positioning**: Carlyle emphasizes its global presence and local expertise, which provides structural advantages in sourcing and building management relationships [21][22] 7. **Diversification Strategy**: The firm operates across various asset classes and geographies, which creates durable earnings across cycles [25][26] 8. **Focus on National Security and Economic Growth**: Carlyle is well-positioned to capitalize on rising global defense budgets and the demand for capital across various sectors [27][28] Additional Important Content 1. **Client-Centric Approach**: Carlyle's strategy is centered around client needs, with a focus on delivering exceptional performance and solutions [33][34] 2. **Wealth Management Growth**: The firm aims to grow its wealth management business significantly, targeting $40 billion in wealth evergreen inflows from 2026 to 2028 [50][51] 3. **Global Credit Platform**: Carlyle's Global Credit platform has over $211 billion in AUM, with a focus on diverse credit solutions and a strong origination platform [55][56] 4. **Performance Metrics**: The firm has achieved a 17% CAGR in fee revenue and a 34% CAGR in fee-related earnings over the past three years, demonstrating strong operating leverage [57] 5. **Investment Discipline**: Carlyle maintains a disciplined approach to investment, focusing on quality growth and capital protection [64][65] This summary encapsulates the key points from the conference call, highlighting Carlyle's strategic direction, financial performance, and market positioning within the investment management industry.

蓝鲸新闻2月26日讯，近日，中国证券监督管理委员会上海监管局发布行政监管措施决定书，剑指上海通盛时富股权投资管理有限公司。 决定书显示，上海通盛时富股权投资管理有限公司在开展私募基金业务过程中，未妥善保存私募基金信息披露方面的资料，违反了《私募投资 基金监督管理暂行办法》的规定。 对此，中国证券监督管理委员会上海监管局现决定对上海通盛时富股权投资管理有限公司采取出具警示函的监督管理措施。 ...

天眼查App显示，近日，贵州黔铝兴链私募股权投资基金合伙企业(有限合伙)成立，执行事务合伙人为 贵州黔晟股权投资基金管理有限公司，出资额20亿人民币，经营范围为私募股权投资基金管理、创业投 资基金管理服务，由贵州黔晟股权投资基金管理有限公司、贵州省新动能产业发展基金合伙企业(有限 合伙)、贵州铝业集团有限公司共同出资。 ...

EQT于1944年在瑞典成立，承袭根植于北欧传统的责任、协作与长期主义理念，目前已发展为全球最 大的私募市场投资机构之一。EQT的投资版图目前已覆盖私募股权、基础设施、实物资产及私人财富 解决方案等领域，依托遍及欧洲、亚太与美洲的全球化平台开展资本管理业务。EQT专注于通过积极 所有权策略，打造富有韧性的被投企业，并为投资者持续创造可持续的长期价值。 2026年伊始，EQT宣布收购全球领先的私募二级市场投资机构科勒资本（Coller Capital），这标志着 我们将正式进入私募市场增长最快的细分领域之一，并将打造一个更强大、更多元化的全球平台。 EQT与科勒资本携手，旨在共同打造业内最多元化、最具规模优势的私募市场平台之一。EQT将借此 拓宽客户解决方案、深化机构合作关系、在私人财富和保险领域继续扩张，并进一步推动数据驱动的流 动性解决方案。 2025年，面对波谲云诡的市场环境，EQT始终坚守审慎的投资策略执行，在全球范围内取得出色的退 出表现，同时对新投资项目坚持严格筛选原则。在波动的市场环境中，EQT创下有史以来最强劲的年 度退出表现，基金总退出额达190亿欧元。同时，EQT在全球多个地区与行业的投资保 ...

Group 1 - Blackstone Group is in advanced talks to acquire residential service provider Champions Group for approximately $2.5 billion [2] - The acquisition is expected to be announced as early as Tuesday, pending any last-minute obstacles [2] - This transaction indicates that private equity firms are seeking safe havens in industries less susceptible to disruption from artificial intelligence [2] Group 2 - Champions Group, headquartered in Orange County, California, focuses on essential home services such as heating, air conditioning, plumbing, and electrical services [2] - Odyssey Investment Partners invested in the company, then known as Service Champions, in 2021, although specific terms were not disclosed [2] - Residential service providers like Champions generate resilient cash flows, even during economic downturns, as consumers rely on them for essential repairs and maintenance [2] Group 3 - Recent weeks have seen investor sentiment fluctuate due to concerns that tools like Anthropic and ChatGPT may lead to the decline of many software-related businesses under alternative asset management firms [3]

Group 1 - Blackstone Group is in advanced talks to acquire Champions Group for approximately $2.5 billion [1] - The acquisition is expected to be announced as early as Tuesday, pending any last-minute obstacles [1] - Champions Group, based in Orange County, California, focuses on essential home services such as heating, air conditioning, plumbing, and electrical services [1] Group 2 - The deal reflects private equity firms seeking safe havens in industries less susceptible to disruption from artificial intelligence [1] - Companies like Champions are expected to generate resilient cash flows even during economic downturns, as consumers rely on them for essential repairs and maintenance [1] - Recent investor sentiment has been volatile, with concerns that AI tools like Anthropic and ChatGPT may threaten the software-related businesses of alternative asset management firms [2]