广东凯利资本管理有限公司总裁张令佳对《证券日报》记者表示，今年市场利率继续下行，传统固定收 益类资产愈发难以覆盖保险资金尤其是寿险资金的长期负债成本，增配私募股权等权益类资产，可以通 过牺牲部分流动性来换取更高的长期收益潜力。 "今年以来，监管部门发布了一系列鼓励险资加大股权配置力度的政策。"张令佳表示，例如，国家金融 监督管理总局将保险公司投资单一创业投资基金的账面余额占该基金实缴规模的比例上限从20%提高至 30%。同时，进一步加强国有商业保险公司长周期考核，提升了险资对短期波动的容忍度，鼓励其进行 更长期的布局。 今年以来，险资继续加大私募股权基金投资力度。执中数据科技(苏州)有限责任公司(以下简称"执中") 数据显示，在今年(截至12月19日)备案的私募股权基金中，保险机构作为有限合伙人(LP)向私募股权基 金出资合计达1097.56亿元，较去年同期增长55.85%。 业内人士认为，险资加码私募股权投资是宏观经济环境、监管政策导向与险资自身资产配置需求三重因 素共振的结果。未来，预计险资还将继续加大这一领域的投资力度。 寿险公司出资额最大 根据出资总金额看，2025年在私募股权投资领域最活跃的5家保险 ...

Fund Registration - In May 2025, a total of 353 funds were registered, with a total scale of 145.2 billion [1][3] - The registered fund scale decreased by 37% month-on-month but increased by 28% year-on-year [1][3] - The number of newly registered funds decreased by 19% month-on-month but increased by 34% year-on-year [1][3] Fund Types and Regional Distribution - The majority of registered funds in May 2025 were entrepreneurial funds, accounting for 72% of the total [1] - Zhejiang Province led in registered fund scale with 23 billion, while Guangxi ranked third with 15.6 billion [7][9] New Fund Managers - Two new fund managers were registered in May 2025, both state-owned [1][18] - The number of new fund managers decreased by 83% month-on-month and reduced by 4 compared to the same period last year [1][18] Investment and Financing Events - A total of 619 investment and financing events occurred in May 2025, with a total amount of 19 billion [1][21] - The number of events decreased by approximately 3.4% year-on-year and by about 16.5% month-on-month [21] - The A-round was the most common investment round in May 2025 [24] Investment Sectors - Among the 619 financing events, 409 were in the new productivity industry, accounting for 66% [30] - The electronic information sector saw significant financing, with Airwallex raising 300 million in its F round, the highest in May [32] Active Investment Institutions - Active investment institutions in May 2025 included Lushan Chuangxing, ICBC Capital, and Shenzhen Capital Group, among others [34][35]