本期超越J曲线带来2025年度VC/PE市场报告。募投数量金额同比上涨均三成左右，产业资本募资节奏提速，头部机构投资仍谨 慎。更多详情见下文： 核心发现 · 新设基金数量 2025年，中国VC/PE市场新成立基金数量共计6,127支，较去年同期增加1,293支，同比增加27%；募资规模合计30,860亿元，同比增 加26%。 本期共有3,180家机构参与设立基金，较去年同期2,814家增长13.01%，其中62%的机构成立1支基金，18.6%的机构完成2支基金新 设，19.4%的机构完成3支及以上基金新设。去年同期，成立三支及以上机构占比为15%，机构活跃度同比显著上升。 图1：2016年-2025年新设立基金数量及规模概况 图2：2025年成立不同支数基金的机构数量分布 ·基金新设地区情况 2025年募投市场同比均有不同程度升温，投资及基金数量规模同比增加均在三成左右 机构活跃度同步增加，19.4%的机构完成3支及以上基金新设 各省基金数量普遍高于去年同期，嘉兴、九江、宁波等地同比增势更迅猛 投资市场，头部机构出手次数维持稳定，金额覆盖率仍处于近年来低位 江苏投资交易数量连续多年领跑全国，上海持续坐稳最吸金 ...

Core Findings - The VC/PE market in China has shown significant growth in the first eleven months of 2025, with fundraising increasing by 16.73% year-on-year and investment volume rising by 30.33% [2][4]. Fundraising Analysis - A total of 4,871 new funds were established in the VC/PE market, an increase of 688 funds or 16.73% compared to the same period last year, with a total fundraising scale of 2.29 trillion yuan, up 8.09% year-on-year [2]. - 2,611 institutions participated in fund establishment, a 4.36% increase from 2,502 last year, with 62% of institutions setting up one fund, 19.4% establishing two, and 18.6% creating three or more funds [2]. - The number of institutions setting up three or more funds increased significantly from 12.7% last year to 18.6% this year, indicating a rise in institutional activity [4]. Investment Analysis - The number of investment cases reached 10,007, a year-on-year increase of 30.33%, with a total investment scale of 1.193 trillion yuan, up 31.54% [21]. - The average investment amount remained stable at approximately 1.19 million yuan, reflecting a recovery in the investment market [21]. - VC stage investments accounted for 78% of total transactions, with the investment scale in this stage increasing to 57% [26]. Regional Fund Establishment - Zhejiang province led the establishment of new funds with 1,060 funds, followed by Jiangsu with 764 and Guangdong with 529 [6]. - A total of 31 provinces and regions established new funds, indicating widespread activity across the country [6]. Limited Partner (LP) Contributions - Corporate investors as LPs increased their participation, with their contribution ratio rising from 31.3% in the first half of the year to 34% in the second half [10]. - The number of contributions from bank LPs surged by 84%, while government institutions and insurance capital also saw significant increases [10]. Exit Market Analysis - In the first eleven months of 2025, 250 Chinese companies achieved IPOs, with a VC/PE penetration rate dropping to 54% [44]. - The exit return rate decreased to 272%, while the proportion of overseas IPOs increased to 61% [44].