每经AI快讯，天眼查工商信息显示，近日，郑州市国创战新产业投资母基金管理合伙企业（有限合伙）成立，执行事务合伙人为河南省国创混改基金管理 有限公司，出资额50亿元人民币，经营范围为以私募基金从事股权投资、投资管理、资产管理等活动，创业投资。合伙人信息显示，该基金由河南省国创混 改基金管理有限公司、郑州产业投资集团有限公司共同出资。 | | 皇公司 都在用的商业商间丁具 | 管老板 做出版 音风险 | | | | | --- | --- | --- | --- | --- | --- | | | 中小企业发展子其全旗下机构 | 郑州市国创战新产业投资母基金管理合伙企业(有限合 8 | 大服一下 | | 商务合作 | | 基本信息 2 | 法律诉讼 | 经营风险 | 经营信息 | 公司发展 | 知 | | 工商信息 ● | | | | | | | 工商信息 历史工商信息0 | | | | | | | 企业名称 | 郑州市国创战新产业投资母基金管理合伙企业(有限合伙) | | | | | | 执行事务合伙人 2 | 河南省国创混改基金管理有限公 司 ER OIL | 登记状态 2 | 存续 | | 天眼评分 ② | ...

企查查APP显示，近日，宿迁市产业集聚发展基金（有限合伙）成立，出资额50亿元，经营范围包含：以私募基金从事股权投资、投资管理、资产管理等活 动。企查查股权穿透显示，该企业由宿迁产业发展集团有限公司等共同出资。 | 15台 企管管 | 宿迁市产业集聚发展基金（有限合伙） 全国企业信用查询 | × 查一下 | | --- | --- | --- | | 基本信息 19 | 法律诉讼 经营风险 | 经营信息 | | 执行事务合伙人 | 登记状态 宿迁产发创业投资有限公司 | 存续 | | | 委派代表：李楠 出资额 | 500000万元 | | 组织机构代码 | MAK3PCDW-X 工商注册号 | 321302000530958 | | 企业类型 | 有限合伙企业 营业期限 | 2025-12-23 至 无固ｽ | | 人员规模 | 参保人数 | - | | 所属地区 | 登记机关 江苏省宿迁市宿城区 | 宿迁市宿城区数据局 | | 国标行业 | 资本市场服务 (J67) ∨ 英文名 | | | 主要经营场所 | 江苏省宿迁市宿城区发展大道2480号418室 附近企业 | | | 经营范围 | 一般项目:以私募 ...

企查查APP显示，近日，粤港澳大湾区创业投资引导基金合伙企业（有限合伙）成立，出资额450.5亿元，经营范围包含：以私募基金从事股权投资、投资 管理、资产管理等活动。企查查股权穿透显示，该企业由深圳市创新投资集团有限公司全资子公司深圳市红土创业投资有限公司、华润资本管理有限公司旗 下华润投资创业（天津）有限公司等共同出资。 | | | 全国企业信用查询 | | 粤港澳大湾区创业投资引导基金合伙企业（有β ◎ | | 查一下 | | --- | --- | --- | --- | --- | --- | --- | | | 基本信息 14 | | 法律诉讼 | 经营风险 | 经营信息 | | | 合伙人信息9 ① | | | E= 股权结构 | | | | | 序号 | | | 合伙人名称 | | 出资比例 ⇒ | 认缴出资额 ÷ | | 1 | | E | 国家创业投资引导基金有限公司 | | 44.3951% | 2000000万元 | | 2 | | 居分 | 深圳市国创引科创投资合伙企业（有限合伙） | | 41.9534% | 1890000万元 | | | + | 引科 | 国有企业 | | | | ...

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]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a year-over-year growth in management fees of 18%, FRE growth of 22%, and after-tax realized income per share of Class A common stock growth of 36% [6][25][32] - The total AUM reached $546 billion, marking a significant milestone as it crossed over $5 trillion for the first time [7][25] - The company declared a quarterly dividend of $1.12 per share, representing a 20% increase over the same quarter last year [4][5] Business Line Data and Key Metrics Changes - Fundraising activities reached over $20 billion in gross new capital commitments, the highest level for Q1 fundraising on record [7][15] - The private credit strategies saw a gross to net deployment ratio of 49%, with capital deployment in drawdown funds increasing nearly 20% over the previous quarter [7][9] - The company experienced strong performance across various strategies, with significant inflows in real estate, infrastructure debt, secondaries, and private equity [15][17] Market Data and Key Metrics Changes - The company noted a shift in market conditions due to increased volatility and uncertainty, particularly following the announcement of tariffs and geopolitical events [8][22] - Despite market challenges, the company maintained a record amount of dry powder, with $142 billion available for deployment [9][12] - The European direct lending business saw a 20% year-over-year increase in deployment, indicating a modest acceleration in the European market [82] Company Strategy and Development Direction - The company aims to leverage its asset-light business model and flexible private market strategies to capitalize on market dislocations [10][11] - A focus on credit-related products is emphasized, with over 72% of total AUM in credit-related assets, primarily senior loans [12][22] - The integration with GCP International is progressing well, with expectations of realizing significant synergies in the coming months [24][76] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about navigating current economic uncertainties, citing a strong investment pipeline and the ability to invest opportunistically [22][37] - The company anticipates slower M&A activity until more certainty regarding tariffs and economic conditions is established, but sees potential for enhanced investment opportunities [22][23] - Management highlighted the resilience of the business model during past market dislocations, reinforcing confidence in future performance [10][37] Other Important Information - The company reported a significant increase in fee-related performance revenues, totaling $28 million, a substantial rise from $4 million in Q1 2024 [27] - The effective tax rate on realized income was reported at 8.1%, with expectations of a lower range of 8% to 12% for the remainder of the year [32] Q&A Session Summary Question: What is the outlook for private credit quality given potential negative GDP growth? - Management indicated that 96% of exposure in the Global Credit business is in senior loans, with low loan-to-value ratios, suggesting limited risk of defaults [40][42] Question: Can you discuss the momentum in wealth management and product growth? - Management noted record capital gathering in wealth management, with a broadening distribution network and new product offerings [50][51] Question: What is the outlook for FRE margin expansion? - Management remains optimistic about achieving zero to 150 basis points of margin expansion, despite some drag from GCP integration [58][59] Question: How is the pipeline for M&A and deployment in the current market? - Management highlighted the ability to invest across various strategies even in a subdued M&A environment, with significant dry powder available for opportunistic investments [63][67] Question: What are the opportunities in the European market compared to the U.S.? - Management noted an increase in investor appetite for European products and a modest acceleration in deployment in Europe [80][82]