Group 1 - The Ruian Yueke Emerging Industry Venture Capital Fund Partnership (Limited Partnership) has been established with a total investment of 2 billion RMB [1] - The managing partner is Guangdong Yueke Mother Fund Investment Management Co., Ltd., which will engage in private equity investment, investment management, and asset management activities [1] - The fund is co-invested by Ruian Chuangyi Equity Investment Co., Ltd., Guangdong Emerging Industry Investment Fund Partnership (Limited Partnership), and Guangdong Yueke Mother Fund Investment Management Co., Ltd. [1]

Group 1 - Zhengzhou Guochuang Zhanxin Industry Investment Mother Fund Management Partnership (Limited Partnership) has been established with a capital contribution of 5 billion RMB [1] - The fund is managed by Henan Guochuang Mixed Reform Fund Management Co., Ltd. and Zhengzhou Industrial Investment Group Co., Ltd. as partners [1] - The fund's business scope includes private equity investment, investment management, asset management, and venture capital [1] Group 2 - The fund is registered with the Zhengzhou Market Supervision Administration Free Trade Zone Service Center [2] - The fund's operational period is from January 14, 2026, with no fixed term [2] - The fund is classified under other capital market services in the national industry standard [2]

Core Viewpoint - The establishment of the Suqian Industrial Cluster Development Fund (Limited Partnership) with a total investment of 5 billion yuan aims to engage in private equity investment, investment management, and asset management activities [1][2]. Group 1 - The fund has a registered capital of 5 billion yuan, which is approximately 500 million [2]. - The fund is co-funded by Suqian Industrial Development Group Co., Ltd. and other partners [1]. - The fund's business scope includes private equity investment, investment management, and asset management, specifically targeting unlisted companies [2]. Group 2 - The fund is classified under the capital market services industry [2]. - The registered office is located at 2480 Development Avenue, Suqian City, Jiangsu Province [2]. - The fund is set to operate until December 23, 2025, with no fixed termination date thereafter [2].

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund Partnership has been established with a total investment of 450.5 billion yuan, focusing on private equity investment, investment management, and asset management activities [1][2]. Group 1: Fund Structure and Partners - The fund is a limited partnership, with the Shenzhen Innovation Investment Group Co., Ltd. as a wholly-owned subsidiary of Shenzhen Hongtu Venture Capital Co., Ltd. and China Resources Capital Management Co., Ltd. as key contributors [1][2]. - The main partners include: - National Venture Capital Guidance Fund Co., Ltd. with a contribution of 2 billion yuan, representing 44.40% of the total [3]. - Shenzhen Guochuang Yinke Technology Innovation Investment Partnership (Limited Partnership) contributing 1.89 billion yuan, accounting for 41.95% [3]. - Other partners include Shenzhen Hongtu Venture Capital Co., Ltd. and China Resources Investment (Tianjin) Co., Ltd. with smaller contributions [3]. Group 2: Operational Details - The fund is registered in Shenzhen, with its main operational site located in the Qianhai Shenzhen-Hong Kong Cooperation Zone [2]. - The fund's operational scope includes private equity investment and investment management, subject to regulatory approvals [2].

Group 1 - Hunan Jin Furong Gaichuang Aerospace and Marine Industry Development Fund Partnership (Limited Partnership) has been established with a total investment of 3 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-funded by Hunan Zhanshin Industry Development Fund Partnership (Limited Partnership) and ICBC Financial Asset Investment Co., Ltd. [1] Group 2 - The executing partner is Hunan Gaoxin Zongheng Asset Management Co., Ltd. and ICBC Capital Management Co., Ltd. [2] - The fund is registered in Changsha, Hunan Province, with a business duration until December 19, 2025 [2] - The fund's main operating location is at No. 360, Dongfeng Road, Kaifu District, Changsha City, Hunan Province [2]

Core Insights - In November 2025, the Asset Management Association of China approved the registration of 11 new private equity and venture capital fund managers, including 3 state-owned and 8 market-oriented institutions [5][6]. Group 1: Fund Managers Overview - Zhuhai Yuanfeng Ruizhuo Private Fund Management Co., Ltd. was established on April 18, 2025, with a registered capital of 12 million RMB, and is affiliated with CPE Yuanfeng [7]. - Suzhou Yuanshuo Venture Capital Management Co., Ltd. was established on August 16, 2024, with a registered capital of 10 million RMB, and is associated with the listed company Huaxing Yuanchuang [7]. - Shandong Shehe Private Fund Management Co., Ltd. was established on February 27, 2024, with a registered capital of 18 million RMB, and is a state-controlled private equity investment fund [7]. - Zhongzi Huan (Shenzhen) Private Equity Fund Management Co., Ltd. was established on May 21, 2025, with a registered capital of 100 million RMB, and is controlled by China Resources Recycling Group [7]. - Shanghai Linghe Luhui Private Fund Management Co., Ltd. was established on September 11, 2024, with a registered capital of 10 million RMB [8]. - Guochuang Yangtze River Delta Private Fund Management (Shanghai) Co., Ltd. was established on July 21, 2025, with a registered capital of 10 million RMB, and is a state-owned institution [8]. - Ningbo Fenji Yunze Private Fund Management Co., Ltd. was established on February 11, 2025, with a registered capital of 10 million RMB [8]. - Shanghai Xingqi Future Venture Capital Management Co., Ltd. was established on May 30, 2025, with a registered capital of 10 million RMB [8]. - Guangzhou Metro Capital Private Fund Management Co., Ltd. was established on March 4, 2025, with a registered capital of 30 million RMB, focusing on rail transit-related industries [8]. - Zhuhai Junli Private Equity Fund Management Co., Ltd. was established on August 20, 2025, with a registered capital of 10 million RMB [8]. - Yaodu Private Fund Management (Beijing) Co., Ltd. was established on August 1, 2025, with a registered capital of 10 million RMB, focusing on sectors like semiconductors and new materials [9][10]. Group 2: Registration and Capital Analysis - Among the 11 newly registered fund managers, 9 have a paid-in capital ratio of 100%, while Guangzhou Metro Capital has a paid-in ratio of 33.33%, and Zhongzi Huan (Shenzhen) has the lowest at 15% [14][15]. - The average time taken for the registration process was 115 days, with the fastest being Yaodu Capital at 50 days and the slowest being Yuanshuo Venture Capital at 232 days [16][17]. Group 3: Legal Services - A total of 9 law firms were engaged for the registration of the new private fund managers, with Guohua Law Firm and Shanghai Jintiancheng Law Firm serving 2 institutions each [18][19].

Financial Data and Key Metrics Changes - Quarterly fee-related earnings grew 17% year-over-year to $754 million, while distributable earnings increased 7% to $661 million [5][25] - Fee-bearing capital reached $581 billion, an 8% increase year-over-year, driven by record fundraising [5][24] - The margin for the quarter was 58%, consistent with the prior year, and up 1% over the last 12 months [26][27] Business Line Data and Key Metrics Changes - Infrastructure and renewable power raised $30 billion, deployed $30 billion, and monetized over $10 billion at approximately 20% returns over the past 12 months [11] - The private equity business launched its seventh vintage, focusing on essential service businesses, with expectations for it to be the largest fund ever [18][20] - Real estate business saw approximately $23 billion in property sales, representing $10 billion of equity value over the past 12 months [21] Market Data and Key Metrics Changes - Global M&A volumes increased nearly 25% year-over-year, with $1 trillion in announced deals in the third quarter, the highest since 2021 [7][8] - The demand for electricity is increasing at an unprecedented rate, driven by electrification trends and the surge in electricity demand from data centers [16][17] Company Strategy and Development Direction - The company is launching an AI Infrastructure Fund to capture opportunities in AI-related infrastructure investments, estimated to exceed $7 trillion over the next decade [14] - A landmark partnership with the U.S. government to construct $80 billion in new nuclear power reactors positions the company at the forefront of clean energy initiatives [18] - The company aims to double its business by 2030, with plans to expand product offerings and diversify its investor base [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundraising momentum and expects 2026 to exceed 2025 levels [37][38] - The company is well-positioned to meet the increasing demand for power solutions, leveraging its renewable power business [17][23] - Management highlighted the importance of operational improvement as a key driver of value creation in the current economic environment [73] Other Important Information - The company declared a quarterly dividend of $43.75 per share, payable on December 31 [32] - The acquisition of the remaining 26% in Oaktree Capital Management is expected to close in the first half of 2026, enhancing the company's credit capabilities [9][32] Q&A Session Summary Question: Fundraising momentum and management fee growth outlook for 2026 - Management expects fundraising to exceed 2024 levels and anticipates strong growth in management fees driven by new acquisitions and fundraising [37][38] Question: Credit business fee rate and growth aspirations - The elevated fee rate was driven by a mix shift and one-off transaction fees, with a positive trend expected in the credit business [42][43] Question: Integration benefits from acquiring Oaktree - The acquisition will allow for operational synergies, improved marketing, and client service capabilities, enhancing overall value [49][52] Question: Retail market momentum and distribution strategy - The company is seeing robust momentum in the retail market and is focused on building relationships with key stakeholders to capture growth opportunities [55][56] Question: Corporate direct lending outlook - Management remains cautious about direct lending due to competition but sees strong opportunities in credit related to real assets and infrastructure [60][61] Question: Private equity fund outlook amidst market backdrop - The company is optimistic about its private equity fund due to its focus on essential assets and consistent performance across market cycles [72][75] Question: Broadening the client base for fundraising - The company has dedicated teams targeting small and medium-sized institutions, family offices, and insurance institutions, leading to significant growth [79][80]

Core Viewpoint - The establishment of Yibin Jinzhigao New Venture Capital Fund Partnership (Limited Partnership) signifies a strategic move in private equity investment, with a total capital contribution of 1 billion RMB [1] Group 1: Fund Details - The fund is executed by Huaxi Jinzhihua Investment Co., Ltd. and has a capital contribution of 1 billion RMB [1] - The operational scope includes private equity investment, investment management, and asset management activities [1] Group 2: Partners Information - The fund is co-funded by Yibin High-tech Industry Investment Service Co., Ltd., Yibin High-tech Chuangling Investment Co., Ltd., and Huaxi Jinzhihua Investment Co., Ltd. [1]

Group 1 - A total of 79 new private equity and venture capital funds were registered in China, with a cumulative subscription amount of 40.448 billion RMB during the week of June 30 to July 6 [1] - The highest number of new funds was in Zhejiang Province, with 18 funds accounting for 22.78% of the total [1] - The largest subscription amount came from Beijing and Hunan, with shares of 13.68% and 13.23% respectively [1] Group 2 - 169 limited partners (LPs) contributed a total of 38.089 billion RMB to the new registered private equity funds, after excluding general partners (GPs) and individuals [2] - The majority of LPs were located in Jiangsu Province, which accounted for 15.38% of the total [2] - The highest subscription amounts were from Hunan and Zhejiang, with shares of 14.21% and 12.81% respectively [2] - Government-backed funds contributed the most, with a total of 30.761 billion RMB, representing 80.76% of the total subscriptions [2]

Group 1 - The private equity industry is experiencing stricter entry requirements and accelerated exits, with 90 private fund managers deregistering their licenses in June alone, while only 11 new licenses were issued [2][3] - The total number of private fund managers has decreased from 24,700 in February 2022 to 19,800 as of May 2023, representing a 20% decline over two years [2][3] - Despite the reduction in the number of managers, the total scale of private funds has increased by 0.36 trillion yuan, reaching 20.27 trillion yuan, indicating a positive cycle of "eliminating the weak and supporting the strong" [2][3] Group 2 - As of the end of May, the total scale of private funds is 20.27 trillion yuan, with private securities funds at 5.54 trillion yuan, private equity investment funds at 10.98 trillion yuan, and venture capital funds at 3.41 trillion yuan [2][3] - The proportion of private equity funds exceeds 50% of the total private fund market scale [2][3] - The number of private fund managers has dropped below 20,000 for the first time in seven years, reinforcing the trend of consolidation in the industry [3][4] Group 3 - New regulations introduced in mid-2023 have raised the entry barriers for private funds, leading to a higher proportion of established firms entering the market [4] - In June, 11 private fund institutions received registration, including major players like Taiping and Temasek, indicating a trend towards more reputable firms entering the space [4] - The tightening of entry standards has made it increasingly difficult for smaller or non-compliant private funds to gain visibility in mainstream investment channels [4] Group 4 - The Shenzhen Securities Regulatory Bureau has reported several cases of typical violations among private funds, highlighting serious deviations from the essence of fund management [5] - Violations include using fund assets for non-financial activities, such as family trust services and even "fortune-telling" under the guise of investment predictions [5][6] - The regulatory body has identified five major issues in private fund operations, emphasizing the need for stricter compliance and oversight [5][6]