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 ...

Group 1 - The core viewpoint of the article emphasizes the rapid development and structural changes in China's private equity mother fund industry, particularly highlighting the transition from high-speed growth to a phase of high-quality development since 2022 [2][3][4] - The article outlines the definition and criteria for mother funds, including minimum capital requirements and investment activity [6][7] - The report provides a comprehensive list of mother funds in China, detailing the number and scale of these funds as of June 30, 2025, indicating a total of 460 mother funds with a total management scale of 348.45 billion RMB, reflecting a decline from previous years [13][14][26] Group 2 - The analysis of newly established mother funds in the first half of 2025 shows a total of 33 new funds, with a significant drop in scale compared to previous years, indicating a trend of reduced fundraising activity [20][23] - The report discusses the overall management scale of mother funds, noting a decrease of 23.7% compared to the end of 2024, with government-guided funds experiencing a 24% decline [26][29] - The article highlights the employment situation within the mother fund industry, reporting a workforce of approximately 9,243, which is a 7.29% decrease from the end of 2024 [19] Group 3 - The article discusses the current state and trends of the private equity mother fund industry, noting that since 2019, the industry has entered a deep adjustment period due to regulatory tightening and external economic pressures [57][58] - It highlights the introduction of significant policy changes, such as the "State Council Document No. 1," which aims to standardize the establishment and operation of government investment funds, promoting a more structured approach to fund management [59][60] - The report indicates a shift towards "patient capital," emphasizing long-term investment strategies and a greater tolerance for project losses, which is becoming a new norm in the industry [66][69] Group 4 - The article notes the emergence of "technology bonds" as a new fundraising tool for private equity firms, allowing them to raise funds for investment in a more flexible manner [72][73] - It discusses the tightening of management fee mechanisms, pushing smaller general partners (GPs) towards a "lightweight" operational model to adapt to the changing market conditions [75][77] - The report emphasizes the importance of nurturing "patient capital" to support the high-quality development of the real economy, indicating a strategic shift in investment focus [68]

Group 1 - The core viewpoint of the articles highlights the continuous expansion of the mother fund sector in China, with a focus on high-end functional materials and the overall growth of the private equity mother fund market [1][2] Group 2 - The Jiangsu Changzhou High-end Functional Materials Industry Special Mother Fund has successfully completed its registration with a total scale of 3 billion yuan, targeting key areas such as high-performance carbon fiber and biomedical materials [1] - As of December 31, 2024, there are 442 mother funds in the market, an increase of 24, 92, 152, and 169 funds compared to the end of 2023, 2022, 2021, and 2020 respectively, with a total management scale of 45,681 billion yuan [1] - Among the 442 mother funds, there are 326 government-guided funds, 107 market-oriented funds, and 9 S funds, with management scales of 39,429 billion yuan, 6,224 billion yuan, and 28 billion yuan respectively [1] Group 3 - The private equity mother fund industry in China has entered a deep adjustment period since 2019, but has shown signs of recovery since the second half of 2020, with a peak in the establishment of local mother funds in 2021 [2] - The industry is now exploring the construction of "patient capital" and "bold capital," with patient capital characterized by stability, long-term support, and high tolerance for risk and failure [2] - The development of patient capital is seen as essential for adapting to the long and uncertain cycles of technological innovation, with state-owned limited partners being the main force in building this type of capital [2]