Core Insights - The article highlights the recent developments in Limited Partner (LP) activities, showcasing various funds and investments across different regions and sectors in China [2][5][6][8][12]. Group 1: Major LP Activities - Tencent has made a new investment in Chengdu Longzhu Equity Investment Fund, indicating its continued engagement in the venture capital space [2]. - KKR has successfully registered a private equity fund in Shanghai, marking its entry into the RMB fund market [3]. - A new Tencent-affiliated fund, Shenzhen Zhishu Investment Partnership, has been established with a registered scale of approximately 16.08 billion RMB [4]. Group 2: Fund Establishments and Investments - The QFLP project by Qiming Venture Partners has been launched with a total commitment of 200 million USD, focusing on early-stage investments in technology and healthcare [5]. - Jiangsu Xuzhou has registered a new mother fund with a total scale of 3 billion RMB, targeting emerging industries such as new energy and integrated circuits [7]. - A 3 billion RMB fund has been established in Hunan, focusing on digital economy and artificial intelligence [8]. Group 3: Sector-Specific Funds - The Changjiang Gengzhi Innovation Development Fund has been registered with a focus on new materials and high-end equipment [9]. - A new fund in Chongqing has been set up to invest in the new energy intelligent connected commercial vehicle sector [10]. - The Fujian Province has launched a cultural industry fund with a total scale of 1 billion RMB, focusing on the cultural industry ecosystem [12]. Group 4: Regional Fund Developments - Tianjin has registered its first QFLP fund with a capital of 54.5 million RMB, focusing on domestic substitution and digital economy sectors [14]. - The Ezhou city has established a semiconductor industry fund with a total commitment of 300 million RMB [15]. - Hebei Province has set up a 150 million RMB electronic information venture capital fund, focusing on early-stage technology companies [19]. Group 5: Government Initiatives and Policies - The Anhui Provincial Government is establishing a general artificial intelligence industry fund with a target scale of 20 billion RMB [28]. - The Shaanxi Province has introduced a technology innovation mother fund with a maximum loss tolerance of 100% for certain investment categories [26][27]. - The Guangxi Province is launching a technology achievement transformation mother fund with a total scale of 2 billion RMB, focusing on high-end technology projects [25].

Group 1 - KKR has successfully launched its first onshore RMB fund in Shanghai, marking a significant milestone in its investment strategy in China [1][2][4] - The new fund, named Kaide Shipu (Shanghai) Private Investment Fund Partnership, was registered with the Asset Management Association of China and is managed by Kaide Private Fund Management (Shanghai) Co., Ltd [2][3] - The fund has attracted notable limited partners, including Ping An Capital and the Singapore-based TPC, indicating strong interest from both domestic and international investors [3][4] Group 2 - KKR's Shanghai office, which has been operational since 2017, has recently expanded, reflecting the firm's commitment to deepening its presence in the Chinese market [4][5] - The firm has a history of significant investments in China, totaling over $7 billion since entering the market in 2007, with notable investments in leading companies such as Nanfang Battery and Mengniu Dairy [5][6] - KKR's investment strategy focuses on mature industries with stable competitive landscapes, aiming for companies with strong pricing power and operational efficiency [6] Group 3 - The recent surge in foreign investment in China is highlighted by the A-share market reaching a historic milestone, with a total market capitalization exceeding 100 trillion yuan for the first time [9] - There is a growing recognition among global investors that the best assets are in China, with increased interest in Chinese technology companies and innovative sectors [9][10] - The trend of foreign capital entering the Chinese market is expected to continue, driven by the country's position as a major global supply chain and consumer market [10][11]

Group 1 - The core viewpoint indicates that domestic equity allocation is being reduced while waiting for policy and profit recovery in late August [1] - Commodity allocation is maintained with a focus on infrastructure and export chains, while gold remains a part of the allocation strategy [1] - In the overseas market, U.S. stocks are being reduced due to high valuations, while U.S. Treasury bonds are still being allocated [1] Group 2 - There is a slight increase in allocation to RMB funds to alleviate pressure from a weak dollar, while a reduction in allocation to dollar-denominated funds is noted due to concerns over interest rate cuts [1] - The overall strategy remains defensive, with a focus on the policy and data turning points expected in late August [1]

Group 1 - Chengdu has launched its first future industry fund with an initial scale of 1,120 million yuan and a long-term scale of 2,600 million yuan, focusing on ten future industry sectors including humanoid robots and quantum technology [2][3] - KKR has registered a private equity fund in Shanghai, with notable domestic LPs including Ping An Capital and Schroder, indicating a significant shift in the domestic dollar fund ecosystem [4] - Changshi Capital has completed a fundraising of 728 million yuan for its third hard technology fund, with contributions from various industry players and financial institutions [5] Group 2 - The Suzhou Taikang No.1 equity investment fund has been established with a total contribution of 310 million yuan, involving multiple local investment partners [7] - The Changjiang Special Automobile Industry Investment Fund has been registered with a total scale of 50 million yuan, focusing on specialized vehicles and high-end manufacturing [8] - Hangzhou plans to establish a 200 million yuan direct investment fund to support early-stage technology startups [9] Group 3 - A new biopharmaceutical industry fund has been launched in Shanghai with an initial scale of 10 million yuan, involving local enterprises and government support [10][11] - The Yunnan Dianzhong New Area Industry Guidance Fund has been established with a scale of 50 million yuan, focusing on non-listed enterprises [12] - The Shanghai Baoshan Zhongying Fuyiao Venture Capital Fund has been launched with a total scale of 50 million yuan [13] Group 4 - The Guangxi Technology Achievement Transformation Mother Fund has been initiated with a total scale of 200 million yuan, aimed at supporting technology enterprises [14] - The first provincial-level biopharmaceutical industry fund in Fujian has been launched with an initial scale of 100 million yuan, targeting innovative drugs and vaccines [15] - The first industrial venture capital mother fund in Guangxi has been registered with a total scale of 500 million yuan [16] Group 5 - The Anhui National Control University Achievement Transformation Venture Capital Fund has been registered with a total scale of 100 million yuan, focusing on high-tech fields [17][18] - The first batch of sub-funds under the Jiading District New Industry Fund has been established, with a total scale of 1.5 million yuan for each sub-fund [19] - A new industrial mother fund has been established in Zhangzhou with a scale of 50 million yuan [20] Group 6 - Shenhuo Co., Ltd. has announced a contribution of 1.2 billion yuan to establish a high-quality industrial development fund [21] - Beijing's Science and Technology Innovation Fund has approved additional investments in a new equity investment partnership [22] - Ningbo's Angel Investment Guidance Fund is planning to establish two new sub-funds [23] Group 7 - The Fujian Province Specialized and New Mother Fund has announced the selection results for five sub-fund management institutions, with an initial scale of nearly 1 billion yuan [24] - Chengdu's Angel Mother Fund is planning to invest in a new sub-fund with a target scale of 300 million yuan [25] - Nanjing's Talent Phase I Development Fund is set to invest in a new sub-fund [26] Group 8 - The Inner Mongolia Key Industry Guidance Fund is in the process of selecting a management organization [27] - The Hainan Free Trade Port Construction Investment Fund is planning to invest in a new sub-fund with a scale of 1 billion yuan [28] - The Huai'an Industrial Investment Fund is reviewing proposals for two new sub-funds [29] Group 9 - Sichuan Borui Rongben Fund is seeking GP partners to support strategic emerging industries in Ya'an [30] - Zhongjin Yaoshen Mother Fund is recruiting GP partners to leverage state-owned capital for industrial development [31] - Tianjin has introduced new policies to support venture capital development, allowing for higher government investment ratios [32][33] Group 10 - Guangzhou Development Zone is promoting the biopharmaceutical industry with a 500 million yuan mother fund to support early-stage investments [34]

Core Viewpoint - The article highlights a resurgence of foreign investment in China's primary market, driven by technological breakthroughs and policy incentives, with global private equity giants increasingly establishing RMB funds in China [2][4][12]. Group 1: Foreign Investment Trends - KKR has launched a RMB fund, marking a significant step in its strategic expansion in China, which is more aligned with the local market compared to previous USD funds [5][9]. - Other global private equity firms, such as Warburg Pincus, Hanley Capital, and L Catterton, are also accelerating their investments in China, indicating a broader trend among foreign investors [11]. - The establishment of KKR's RMB fund is seen as a new approach for foreign general partners (GPs) to invest in domestic assets, reflecting a shift in strategy [9][10]. Group 2: Market Sentiment and Future Outlook - After a period of low investment interest, foreign limited partners (LPs) are showing a strong recovery in their willingness to invest in Chinese assets, particularly in sectors like AI and robotics [12][13]. - The year 2025 is anticipated to be a pivotal turning point for foreign investment in China, with many international LPs restarting or initiating new investment plans [11][12]. - The article emphasizes that the evolving global economic landscape is prompting a reassessment of China's market potential, leading to increased confidence and investment from foreign entities [13].

文：韦亚军 新加坡曹宝记（TPC）集团通过在华平台曹宝记（中国）企业管理有限公司出资0.6亿元，占14.63%， 为第二大LP。 施罗德资本则通过旗下海南三亚施罗德股权投资基金合伙企业（有限合伙）出资0.23亿元，占5.58%，为第三大LP。 通过出资结构，我们可以看出这是典型的"外资GP+境内机构LP"组合。 在过去的2年里，放眼中国一级市场，除了KKR，其他几乎能够叫得出名字的全球PE巨头，包括华平投资、汉领资本（Hamilton Lane）、路威凯腾（L Catterton）、施罗德资本、亚赋资本（Affirma Capital）、博枫（Brookfield）、以及黑石、凯雷、CVC等，都已经募集过或正在募集人民币基金。 摄影：Bob君 募集人民币基金，已经成为跨国PE们的新共识。 近日，KKR境内管理实体开德时璞（上海）私募投资基金合伙企业（有限合伙）在中国证券投资基金业协会完成备案，基金类型为私募股权基金。这标 志着KKR首支在岸人民币基金正式落地。 开德时璞成立于2024年12月，注册地在上海浦东，由KKR香港公司100%控股。 其中，平安资本通过旗下母基平台——金嘉兴平汇利海股权投资合伙企业（有 ...

Core Viewpoint - The article discusses the challenges and dynamics of the current international monetary system, particularly focusing on the role of the US dollar and the potential for the internationalization of the Chinese yuan as a response to the declining dominance of the dollar [2][6][10]. Group 1: US Dollar and International Monetary System - The US, as the issuer of the world's primary reserve currency, maintains economic prosperity by borrowing from other countries, leading to a significant accumulation of debt [3][6]. - Recent data indicates that the US GDP contracted by 0.5% in Q1 2025, primarily due to increased imports driven by tariff policies, raising concerns about the sustainability of the US economy [3][4]. - The dollar index has seen a significant decline, dropping 10.79% in the first half of the year, marking its worst performance since 1973 [4][10]. Group 2: Challenges of Dollar Dominance - The "Triffin Dilemma" persists, highlighting the conflict between the need for the US to run trade deficits to provide global liquidity and the resulting pressure on the dollar's value [6][8]. - The share of the dollar in global foreign exchange reserves has decreased from 71% in 1999 to 57.4% in Q1 2024, indicating a trend towards de-dollarization [9][10]. Group 3: Internationalization of the Chinese Yuan - The article emphasizes the strategic opportunity for the yuan's internationalization amid the multi-polarization of the international monetary system [15]. - Key measures proposed for enhancing yuan internationalization include improving the Cross-Border Interbank Payment System (CIPS), expanding currency swap agreements, and exploring more offshore yuan usage scenarios [15][16][17]. - The issuance of offshore yuan stablecoins is suggested as a new approach to promote yuan internationalization, particularly in the context of digital finance [17][18].

本报讯 （记者昌校宇）4月22日，普洛斯投资（上海）有限公司（以下简称"普洛斯"）发布的《新经济引擎 高质量发展 ——普洛斯中国2024年可持续发展报告》显示，在过去一年，普洛斯在中国市场的业务发展稳中有进，积极履行企业社会责 任，为产业、经济、环境、社会带来长期价值。 普洛斯中国区常务副董事长、执委会主席诸葛文静表示："普洛斯将ESG理念落在实处。通过为客户提供清洁能源解决方 案和高效的基础设施服务，持续为客户创造价值；秉持对投资人负责任的态度开展资产投资和管理，赋能被投企业实现前沿科 技和业务模式的突破。" 具体到报告亮点上，普洛斯新能源资产开发规模持续增长，分布式光伏、集中式光伏、风电以及储能等新能源基础设施累 计开发规模超过2GW，2024年新增开发规模近1GW。战略合作和投资方面，普洛斯与保碧新能源联合发起的分布式绿色能源 投资平台——洛能资本，在2024年完成新能源开发基金一期首轮关账，专注于对工商业分布式光伏、分散式风电等优质新能源 基础设施资产进行投资，预计总投资规模达100亿元，对应开发规模约3GW。 普洛斯通过旗下隐山资本等私募股权投资平台，深度链接智慧供应链与绿色经济，推动被投企业与普洛 ...