邹菁 陈静 | 作者 目录 为匹配项目方融资需求与不同风险偏好的资金，私募股权基金结构化安排已是一种常见且灵活的金融工具。然而，其涉及的收益分配不按出资比例计算与 监管强调的"利益共享、风险共担"的原则存在潜在冲突。在实操中，如何把握结构化基金的合规边界、防范滑向违规的保本保收益，成为私募股权基金结 构设计及合规运作的核心议题。本文旨在梳理关于私募股权基金结构化安排的监管框架，结合实操经验，为投资机构提供合规思路与操作建议。 1 关于结构化安排的多层监管体系 私募股权基金的结构化设计需要遵循法律法规、部门规章、规范性文件及行业自律规则的多重监管规则和监管逻辑，并在其中寻找合规与创新的动态平 衡。 （一）《合伙企业法》的赋权与根本限制 私募股权基金主要采用有限合伙形式，《中华人民共和国合伙企业法》（《合伙企业法》）作为组织与运作的"宪法"赋予私募基金高度意思自治空间，也 设定了一条不可逾越的底线：一方面，第六十九条明确规定："有限合伙企业不得将全部利润分配给部分合伙人；但是，合伙协议另有约定的除外。"该但 书条款为结构化基金中利润向优先级合伙人倾斜提供法律依据，但并未规定有限合伙企业是否可以约定排除风险共担原则 ...

● 本报记者 武卫红 《指导意见》提出，发挥保险资金长期投资优势。培育耐心资本，推动资金、资本、资产良性循环。推 动保险公司在粤设立私募证券投资基金，开展保险资金长期投资改革试点。发挥保险资金周期长、稳定 性高优势，加大对广东集成电路、人工智能、低空经济、生物医药等领域投资力度，推动技术创新和产 业结构优化。 在拓宽保险资金投资渠道方面，《指导意见》明确，支持保险资金通过股权投资计划、私募股权基金、 未上市股权投资等多种形式，为广东科技和产业创新提供长周期权益性资金，支持科创企业、新质生产 力和战略性新兴产业发展。鼓励和引导保险资金与广东省战略性新兴产业投资引导基金深度合作，投资 及设立产业投资类基金、创业投资类基金、私募股权二级市场基金（S基金）等，吸引带动银行信贷跟 进。 为完善保险资金投融对接机制，《指导意见》提出，建立健全"险资入粤"常态化投融资对接机制，搭建 重点项目库，围绕广东重大基础设施、民生保障、百千万工程、科技产业项目、制造业项目等提供一揽 子优质项目供给，吸引保险资金通过股权、债券、股债结合、基金等多种方式，为广东重点项目建设和 企业发展提供中长期资金支持。 广东金融监管局1月6日发布消息 ...

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 ...

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%。 "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。 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家保险机构依次为：中国太平洋人寿保险股 份有限公司，出资额达205.99亿元；中国平安人寿保险股份有限公司，出资额为150亿元；阳光人寿保 险股份有限公司，出资额为114.88亿元；友邦人寿保险有限公司，出资额为106.75亿元；人保 ...

Core Viewpoint - Qianhai is leveraging its position as a financial hub to attract foreign investment, particularly from Hong Kong, aiming for significant advancements in financial openness and resource aggregation by 2025 [2][3]. Group 1: Financial Institutions - Seven key licensed financial institutions have been established in Qianhai, accounting for 60% of the city's new additions, including banks, securities, and futures companies [3]. - Notable new entrants include Fubon Bank (Hong Kong) Shenzhen Branch, which is the first branch of Fubon Bank in mainland China, enhancing the international financial landscape in Qianhai [3]. Group 2: Insurance and Private Equity - Four insurance fund projects initiated by companies like Ping An and Taiping have been launched in Qianhai, representing 80% of the city's new insurance projects, with a total scale of 47.8 billion yuan [4]. - The newly established private equity and venture capital funds in Qianhai account for 30% of the city's total new additions, with a management scale of 40% [4]. Group 3: Financial Technology - Qianhai has established a financial technology research and development center by Future Asset Group, marking a significant step in the smart finance sector [5]. - Major financial institutions such as HSBC and East Asia Bank have set up fintech subsidiaries in Qianhai, facilitating deep integration between Hong Kong capital and mainland innovation [5]. Group 4: Policy and Ecosystem - A total of 518 financial institutions have settled in Qianhai, with foreign capital accounting for approximately 30%, creating a diverse financial ecosystem [6]. - The financing leasing sector has surpassed 250 billion yuan in asset scale, with significant projects like the leasing of China's first domestically produced C919 aircraft [6]. Group 5: Voices and Perspectives - Experts highlight that Qianhai's success in attracting quality financial resources is due to its integrated approach of policy foundation, Hong Kong-mainland collaboration, and industry-finance synergy [7]. - Qianhai is viewed as a practical policy environment that serves as a model for financial openness and a testing ground for RMB internationalization [7].

受访专家表示，今年以来，多家银行理财子公司积极投身权益市场，为优质上市公司发展注入中长期资 金。但需要关注的是，受限于投研能力等，银行理财子公司权益投资能力有待进一步强化。 在政策大力引导中长期资金入市的背景下，作为重要的资金力量之一，银行理财子公司在权益市场上的 存在感日渐增强。从参与上市公司定增，到"现身"A股IPO网下"打新"、港股IPO基石投资名单，再到布 局宽基指数ETF，银行理财资金正借助多元渠道积极入市。 相较之下，大部分理财子公司在IPO网下"打新"等权益市场中却并不活跃。"这主要源于风险偏好、投研 能力和产品定位差异。"上海金融与发展实验室主任曾刚对《证券日报》记者表示，这种分化反映出行 业整体权益投资能力仍在起步期，头部机构开始形成领先优势，中小机构在组织体系、投研机制、激励 约束等方面尚需优化。 "打新"成突破口 当前，银行理财子公司正通过多种方式参与权益市场，尤其是今年3月份A股IPO网下"打新"对理财公 司"开闸"后，银行理财子公司的"打新"动作频频。 国产GPU公司沐曦股份12月8日公布的网下初步配售结果显示，宁银理财有限责任公司（以下简称"宁银 理财"）、兴银理财有限责任公司（以 ...

Core Insights - The establishment of the Shanghai Jindongge Private Investment Fund marks a renewed influx of insurance capital into the private equity investment market, with partners including China Merchants Jin'ao Life and Lian'an Life [1][2] - Insurance capital is increasingly diversifying its investment strategies to engage in key industrial clusters and supply chain investments, which helps address low interest rate challenges and enhances long-term asset allocation [1][4] Group 1: Recent Developments - The Shanghai Jindongge Private Investment Fund was established in late November with a capital contribution of approximately 900 million yuan, with partners contributing over 30% each [2] - China Life and Cainiao have deepened their strategic cooperation to establish a logistics investment fund exceeding 1.7 billion yuan, focusing on high-standard logistics infrastructure in the Yangtze River Delta [2] - The Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund has been registered, with a target scale of 30 billion yuan, focusing on state-owned enterprise reform and modern industrial system construction in Shanghai [2][3] Group 2: Investment Trends - Insurance capital has been actively participating in multiple private equity funds this year, including those established by PICC Capital and Sino-Italian Asset Management [3] - The trend of insurance capital acting as limited partners in venture capital and private equity funds is increasing, leveraging professional investment institutions' market insights and industry resources [4] Group 3: Strategic Collaboration - Experts suggest that insurance capital should build a collaborative investment system with industry players and research institutions to achieve deep integration of capital, industry, and research [5] - Collaborative efforts can enhance the scientific and forward-looking nature of investment decisions, promoting synergy among innovation chains, industrial chains, and financial chains [5] Group 4: Policy Support - Recent policies have been introduced to support insurance capital's participation in private equity fund investments, with local governments actively involving insurance capital in equity investments [6][7] - The Shenzhen Municipal Financial Management Bureau has proposed enhancing the role of government investment funds to attract long-term capital, including insurance companies, to invest in key industries such as integrated circuits and biomedicine [6][7]

Group 1 - The establishment of Shanghai Jindongge Private Investment Fund marks a renewed influx of insurance capital into the private equity investment market, with partners including China Merchants Jin'ao Life and Lian'an Life [1] - Insurance capital is increasingly participating in private equity funds to address low interest rate challenges, broaden asset allocation channels, and enhance long-term asset holdings [1][2] - Recent collaborations, such as the partnership between China Life and Cainiao to create a logistics investment fund exceeding 1.7 billion RMB, highlight the focus on high-standard logistics infrastructure in key regions [1] Group 2 - The Guotai Haitong Zhongji Xuchuang Technology Equity Investment Fund has been registered, with a target scale of 30 billion RMB, focusing on state-owned enterprise reform and modern industrial system construction in Shanghai [2] - The active participation of insurance capital in private equity funds this year is attributed to changing asset allocation needs amid declining market interest rates [2][3] - Insurance capital is increasingly acting as limited partners in venture capital and private equity funds, leveraging professional investment institutions for better industry positioning [3] Group 3 - Policies supporting insurance capital's participation in private equity investments have been continuously improved, with local governments facilitating the introduction of long-term funds [3][4] - The Shenzhen government has proposed initiatives to enhance the role of government investment funds in promoting venture capital and private equity development [3] - Future trends indicate a strengthening of insurance capital's involvement in private equity investments, necessitating the establishment of appropriate assessment mechanisms [4]

Core Viewpoint - The trust industry is focusing on high-quality development during the "14th Five-Year Plan" period, leveraging its institutional advantages to support sectors like advanced manufacturing and technology innovation [2][3]. Group 1: Trust Industry Practices - The trust industry is utilizing its unique advantages such as bankruptcy isolation and direct property registration to support advanced manufacturing and technology innovation [2]. - Three main paths have been established: 1. Equity investment and fund operation, with trust companies setting up private equity and venture capital funds targeting high-end manufacturing and strategic emerging industries [2]. 2. Empowering industrial chains through asset securitization, enhancing liquidity for manufacturing and technology enterprises [2]. 3. Exploring intellectual property trusts to manage and operate patents and trademarks as trust assets, addressing the challenges faced by asset-light tech companies [2]. Group 2: Supporting Key Technologies - Trust companies are innovating in supporting critical technology breakthroughs through: 1. Establishing special trust plans targeting specific "bottleneck" technologies, attracting long-term capital for cutting-edge research [3]. 2. Creating a collaborative model involving scientists, entrepreneurs, and financiers to clarify rights and obligations in technology development [3]. 3. Providing initial R&D loans with the option to convert to equity or profit-sharing upon project success, and exploring partnerships with government risk compensation funds [3]. Group 3: Rural Revitalization - The trust industry is leveraging charitable trusts to support rural revitalization, developing unique service models such as: 1. "Industry empowerment + charitable trust" model to support local agricultural branding and rural tourism infrastructure [4]. 2. "Rural revitalization + talent cultivation" model to fund youth entrepreneurship and vocational training [4]. 3. "Cultural preservation + ecological trust" model for protecting cultural heritage and environmental management in villages [4]. Group 4: Consumer Finance - Trust companies are advised to reposition themselves in consumer finance, focusing on: 1. New consumption areas like green, digital, and health-related services, creating flexible financial products [5]. 2. Collaborating with major dealers in traditional large-scale consumption sectors to provide flexible financing solutions [5]. 3. Addressing the needs of underserved consumer groups, such as migrant workers and graduates, with small, convenient credit support [5]. 4. Developing financial products tailored for rural markets to stimulate consumption [5]. Group 5: Wealth Management and Social Services - The trust industry is seeing significant growth in family trusts and insurance trusts, with total scales exceeding several hundred billion [7]. - Innovative models like prepaid fund management trusts are emerging to enhance social governance, reflecting the trust's social service capabilities [7]. - Future opportunities include: 1. Deeply customized family trusts offering comprehensive solutions for wealth transfer and family governance [8]. 2. Making family and insurance trusts more accessible to middle-class families [8]. 3. Safeguarding consumer rights through independent management of prepaid funds in various sectors [8]. 4. Establishing trusts for vulnerable groups to ensure long-term support for their needs [8].

Core Insights - The investment landscape is showing signs of recovery, particularly in the private equity market, with an increase in newly established funds and a positive outlook for exits through IPOs and mergers [2][4][9]. Group 1: Company Developments - Muxi Co., a prominent player in the domestic GPU market, successfully passed its IPO review, raising over 10 billion yuan in funding and achieving a valuation exceeding 21 billion yuan within five years [1]. - The company has attracted significant investment from top-tier venture capital firms and securities companies, indicating strong market confidence [1]. Group 2: Market Trends - In the first three quarters of 2025, the number of newly established VC/PE funds in China reached 1,475, marking a 16% increase from the previous period and an 18% year-on-year growth [2]. - The private equity market is experiencing a recovery, with a notable increase in the number of funds and total capital raised, suggesting a more favorable investment environment [5][10]. Group 3: Exit Strategies - The primary exit strategies in the private equity market include IPOs, mergers and acquisitions, and secondary share transfers, with IPOs being the most favorable option for returns [5][9]. - In 2025, 161 Chinese companies went public, a 25.8% increase year-on-year, with total fundraising amounting to approximately 193.73 billion yuan, reflecting a robust IPO market [5]. Group 4: Investment Focus - There is a growing emphasis on hard technology and deep industry sectors, with a shift away from consumer and internet sectors towards areas like AI, robotics, and commercial aerospace [12][18]. - The investment direction has become increasingly focused on "new quality productivity" and hard technology, indicating a strategic pivot in the investment landscape [12][18]. Group 5: Regulatory and Policy Environment - Recent regulatory changes, such as the optimization of the Hong Kong IPO process, have boosted confidence in the primary market, leading to increased activity and interest in IPOs [8][9]. - The government is implementing policies to support venture capital development, including differentiated assessments for government-funded venture capital funds [19]. Group 6: Challenges and Opportunities - Despite the positive trends, challenges remain, including market concentration and difficulties for smaller investment firms in accessing quality projects [18]. - The collaboration between securities firms and leading enterprises to establish large-scale funds is seen as a way to enhance investment capabilities and project acquisition [16][20].