以下文章来源于超募研究所 ，作者FOFWEEKLY 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研 究内容输出。 导读： 私募股权市场回暖迹象愈发清晰了。 8月份， 政策型 LP活跃度与规模双回升，其中总出资规模环比增长8%，活跃度较 7 月增长 26%。 值得关注的是，财务型LP、金融机构LP活跃度均有提升。根据统计， 金融机构LP出资规模环比 增长36%。 财务型LP 出资活跃度环比上升7%， 规模环比增长 119%，其中外资布局亮眼。 作者丨FOWEEKLY 区域层面，浙江出资规模超越江苏登顶，得益于 QFLP 规则优化及湖州南浔百亿母基金等大额基 金密集落地，资金紧扣地方发展战略并联动头部机构，精准聚焦战略产业。 LP 类型结构 政策型 LP 主导市场，上市公司逆势扩张 根据出资的机构LP类型分布，出资占比最高的是政策型，占比42.34%；其次为产业型，出资占比 36.43%，财务型出资占比16.85%，金融机构出资占比3.94%，公共型出资占比0.44%。 （一）政策型 LP 主导市场，结构性分化显著 2025 年 8 月政策型 LP活 ...

Group 1 - The establishment of QFLP funds is enhancing the integration of international capital with local industries, providing financial support to companies in Kunshan and promoting a new development pattern of dual circulation in the economy [1][4] - As of mid-2023, Wuxi has established 51 QFLP funds with a total scale exceeding $5 billion, focusing on strategic emerging industries such as IoT and biomedicine [1][2] - Local governments are actively revising QFLP pilot policies to facilitate fund establishment and attract foreign investment, indicating a strong commitment to the QFLP initiative [2][3] Group 2 - QFLP funds are becoming a crucial tool for supporting technology innovation by providing new equity financing channels for startups in fields like biomedicine and advanced manufacturing [3][6] - The collaboration between local governments and QFLP fund managers is aimed at aligning investment strategies with local industrial development, enhancing the regional innovation ecosystem [3][6] - The QFLP fund established in Chongqing is expected to fill funding gaps for long-cycle projects in innovative drug development and high-end medical equipment [6][7] Group 3 - QFLP funds are evolving from a mere financing tool to a vital link that promotes the deep integration of industry, technology, and capital [5][7] - The flexibility and efficiency of QFLP funds make them an attractive option for private equity and venture capital managers, facilitating the entry of long-term capital into China [7] - Continuous improvements in QFLP regulations and the establishment of more funds are expected to enhance capital structure optimization and regional innovation ecosystem development [7]

Group 1 - The core viewpoint of the articles highlights the significant progress and achievements of the Qianhai Cooperation Zone in promoting cross-border collaboration between Hong Kong and mainland China, particularly in the construction and financial sectors [1][2][3] - The completion of the Qianhai Innovation Education Group's school marks the first government investment project fully constructed by a Hong Kong enterprise, showcasing the successful implementation of a tripartite management model involving the construction unit, architect team, and contractor [1] - Since the introduction of policies in 2020 to facilitate Hong Kong enterprises and professionals operating in Qianhai, there has been a notable increase in the number of registered Hong Kong enterprises, with nearly 10,000 currently established [4] Group 2 - Qianhai has become a testing ground for institutional reforms, successfully implementing 14 pioneering financial innovations, including cross-border RMB loans and dual-currency bond issuance [2][3] - The QFLP (Qualified Foreign Limited Partner) fund established in Qianhai has attracted significant foreign investment, with a total approved quota of $200 million, focusing on sectors such as healthcare and advanced manufacturing [2] - The Qianhai area has seen a 42.4% year-on-year increase in imports and exports, reaching 706.65 billion yuan in 2024, indicating robust growth in trade activities [5]

Core Insights - The article highlights the recent developments in Limited Partner (LP) activities, showcasing various funds and investments across different regions and sectors in China [2][5][6][8][12]. Group 1: Major LP Activities - Tencent has made a new investment in Chengdu Longzhu Equity Investment Fund, indicating its continued engagement in the venture capital space [2]. - KKR has successfully registered a private equity fund in Shanghai, marking its entry into the RMB fund market [3]. - A new Tencent-affiliated fund, Shenzhen Zhishu Investment Partnership, has been established with a registered scale of approximately 16.08 billion RMB [4]. Group 2: Fund Establishments and Investments - The QFLP project by Qiming Venture Partners has been launched with a total commitment of 200 million USD, focusing on early-stage investments in technology and healthcare [5]. - Jiangsu Xuzhou has registered a new mother fund with a total scale of 3 billion RMB, targeting emerging industries such as new energy and integrated circuits [7]. - A 3 billion RMB fund has been established in Hunan, focusing on digital economy and artificial intelligence [8]. Group 3: Sector-Specific Funds - The Changjiang Gengzhi Innovation Development Fund has been registered with a focus on new materials and high-end equipment [9]. - A new fund in Chongqing has been set up to invest in the new energy intelligent connected commercial vehicle sector [10]. - The Fujian Province has launched a cultural industry fund with a total scale of 1 billion RMB, focusing on the cultural industry ecosystem [12]. Group 4: Regional Fund Developments - Tianjin has registered its first QFLP fund with a capital of 54.5 million RMB, focusing on domestic substitution and digital economy sectors [14]. - The Ezhou city has established a semiconductor industry fund with a total commitment of 300 million RMB [15]. - Hebei Province has set up a 150 million RMB electronic information venture capital fund, focusing on early-stage technology companies [19]. Group 5: Government Initiatives and Policies - The Anhui Provincial Government is establishing a general artificial intelligence industry fund with a target scale of 20 billion RMB [28]. - The Shaanxi Province has introduced a technology innovation mother fund with a maximum loss tolerance of 100% for certain investment categories [26][27]. - The Guangxi Province is launching a technology achievement transformation mother fund with a total scale of 2 billion RMB, focusing on high-end technology projects [25].

Core Insights - The actual foreign investment in Qianhai reached 12.326 billion yuan in the first half of the year, a year-on-year increase of 15.9%, accounting for 59.0% of Shenzhen's total [1] - The Qianhai Shekou Free Trade Zone attracted 10.702 billion yuan in foreign investment, marking a significant year-on-year growth of 40.5% [1] - Qianhai has established itself as a preferred destination for foreign investment through institutional openness centered on regulatory alignment [1] Investment Landscape - The top three industries for foreign investment in Qianhai are finance (29.5%), business services (29.4%), and software and information technology services (17.5%) [2] - Foreign investment in the finance sector grew by 19.5%, while high-tech services saw a remarkable increase of 72.4% [2] - Over 1.2 million foreign enterprises have settled in the Qianhai Cooperation Zone, with 52 companies recognized as multinational headquarters, representing 30.8% of Shenzhen's total [2] Future Developments - Qianhai aims to deepen institutional openness in finance, cross-border data, and healthcare sectors [2] - The Qianhai business environment is considered top-notch in the Guangdong-Hong Kong-Macao Greater Bay Area, attributed to high transparency in government governance and simplified business registration processes [2] - More than 52% of member companies from the South China American Chamber of Commerce plan to establish new offices in Qianhai soon [2]