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].

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） 据投资界了解，雅登投资的香港办公室位于香港中环盈置大厦16楼。这是继北京、首尔、新加坡、悉尼 和东京外，该机构在亚太地区的第六个办公室。至此，其全球办公室总数增至21个。 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 ...

Core Viewpoint - The establishment of Adams Street Partners' new office in Hong Kong marks a significant expansion in the Asian private equity market, reflecting a growing interest in the region's investment opportunities [2][8]. Group 1: Company Overview - Adams Street Partners, founded in 1972, is recognized as the "mother fund pioneer" for establishing the world's first private equity fund of funds, currently managing approximately $65 billion in assets [6][7]. - The firm has expanded its presence in Asia with this new office in Hong Kong, which is its sixth office in the region, bringing the total number of global offices to 21 [8]. Group 2: Market Insights - The Hong Kong office is strategically positioned to capitalize on opportunities in the Greater Bay Area, which includes Shenzhen and Guangzhou, highlighting the region's potential for private equity investments [7][8]. - The firm has noted an influx of private equity and venture capital firms moving to Hong Kong, indicating a robust growth in the private equity market in the region [8][9]. Group 3: Investment Trends - There is a noticeable resurgence of dollar funds in the Chinese market, driven by a renewed interest from foreign investors in Chinese technology assets [11]. - Recent activities include the establishment of new offices by other prominent investment firms in Hong Kong, signaling a broader trend of increasing investment activity in the region [10][11].

Core Insights - Shenzhen has established a new private equity investment fund with a total contribution of 1 billion yuan [1] Group 1 - The newly formed fund is named Shenzhen Dinghui Baifu Aerospace Industry Private Equity Investment Fund Partnership (Limited Partnership) [1] - The fund's operational scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Shenzhen Guiding Fund Investment Co., Ltd. and other contributors [1]

人民财讯11月19日电，企查查APP显示，近日，深圳市鼎晖百孚空天产业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、投资管理、资产管理等活 动。企查查股权穿透显示，该企业由深圳市引导基金投资有限公司等共同出资。 ...

Core Insights - Shanghai has established new industrial mother funds and S funds, with a focus on enhancing the private equity market's liquidity and providing exit channels for investors [2][4] - The city is actively promoting venture capital and private equity (VC/PE) investments, with significant government support and a growing number of funds being established [9][10] Group 1: New Fund Establishments - The Shanghai Qingpu Industrial Development Fund and S Fund were launched to inject financial resources into the region's new productive forces [2] - The Minhang District has created a comprehensive fund matrix with a total investment of 100 billion, aiming to leverage social capital and achieve a "100 billion fund, 1 trillion scale" ecosystem [2] - The establishment of the Jing'an Capital Investment Operation Company with a registered capital of 12 billion aims to integrate state-owned fund operations and focus on strategic emerging industries [3] Group 2: Policy Support and Framework - Shanghai's government has introduced measures to optimize the equity investment industry, including the establishment of equity investment clusters with a minimum of 10 billion in district-level guiding funds [3][4] - The city has implemented a series of supportive policies for the equity investment sector, including facilitating the establishment of CVC funds and promoting the development of secondary market funds [3][10] Group 3: Fund Performance and Strategy - The Shanghai Future Industry Fund has been active in investing in multiple sub-funds across cutting-edge fields, completing decisions for 18 sub-funds in five months [5][6] - The fund focuses on "early and small" investments in hard technology, targeting six future industries, including health, information, energy, space, materials, and manufacturing [5][6] Group 4: Market Dynamics and Trends - The establishment of large-scale funds and the active participation of government in the VC/PE space have made Shanghai a focal point for investment institutions [9][10] - The city has seen a surge in the establishment of significant funds, including a 500 billion industrial transformation fund and a 100 billion state-owned enterprise merger fund [8][9]

来源：榆煤基金 每日｜荐读 论坛： 新一批敲钟人，已在路上 荐读： 重新发现香港：科创时代的新蓝图 榜单： 全国首只AIC产业母基金来了 热文： 投资人"忙疯了" 近日，榆煤基金顺利完成榆林科创新城产业发展私募股权投资基金合伙企业（有限合伙）（下称"科创新城投资基金"）的工商注册及资金实缴工作。 该基金由榆林科创新城建设管理委员会牵头，联合榆煤基金与榆林科创新城产业发展集团有限公司共同设立，基金规模2亿元。 科创新城投资基金主要投向榆林市科创新城重大项目以及产业转型发展有关的高端制造、生态环保、科技创新、大健康、文化旅游、现代服务业、生 物医药、数字经济、航空航天、智能无人、低空经济、新能源、新材料等战略新兴产业和未来产业。 ...

Core Viewpoint - The M&A market in China is experiencing an unprecedented surge in 2025, driven by private equity (PE) firms and public companies actively pursuing acquisitions [3][4]. Group 1: Recent M&A Activities - CPE Yuanfeng, a Chinese private equity firm, has partnered with RBI Group, the parent company of Burger King, to establish a joint venture for Burger King's operations in China, with CPE holding 83% of the joint venture [7]. - CPE Yuanfeng will inject $350 million (approximately 2.5 billion RMB) into the joint venture to support restaurant expansion, marketing, menu innovation, and operational improvements [7][8]. - The transaction is expected to be completed in the first quarter of 2026, pending regulatory approvals [8]. Group 2: Market Trends and Statistics - The Chinese M&A market is witnessing a significant increase, with disclosed transaction amounts exceeding $170 billion in the first half of 2025, a 45% increase compared to the same period last year [11]. - There were 29 large-scale M&A transactions (over $1 billion each) in the first half of 2025, with 20 of these being domestic strategic investments, nearly half led by state-owned enterprises [11]. - The Shanghai Stock Exchange reported over 1,000 disclosed M&A transactions since the introduction of the "Six M&A Guidelines" in September 2022, with significant growth in technology-related mergers [11][12]. Group 3: Policy and Government Support - The Chinese government is actively promoting M&A activities through various policies, including the "Six M&A Guidelines" released by the China Securities Regulatory Commission [11]. - Local governments are establishing M&A funds to provide financial support for acquisitions, with cities like Shenzhen and Nanjing announcing related policies [14][15]. - The Shenzhen government aims to complete over 200 M&A projects with a total transaction value exceeding 100 billion RMB by the end of 2027 [14]. Group 4: Future Outlook - The M&A market is evolving from a secondary exit strategy to a critical strategic tool for companies, with increasing participation from professional buyers [16][19]. - The market is expected to continue growing, driven by patient capital, institutional investment strategy transformations, and a more regulated market environment [19].