德勤：2025年亚太私募股权年鉴——中国市场聚焦（英文版）（22页）.pdf

1、Asia Pacific Private Equity 2025 AlmanacDeloitte Private EquityA greater return on ideasChina Edition01Asia Pacific Private Equity 2025 Almanac|China EditionContentsExecutive Summary 02Market Insights The fundraising in 2024 China PE/VC Market 04The Investment in 2024 China PE/VC market 08The Exit i

2、n 2024 China PE/VC market 10Appendix 14Our Approach 18Deloitte China Private Equity team 181.State-owned capital refers to equity and the interests formed through the states direct investments into enterprises via financial appropriations,investment returns,and other means.It is state-owned and mana

3、ged by state asset regulators authorized by the State Council or local governments.02Executive SummaryCapital Reconfiguration:Transformation in Chinas 2024 Private Equity LandscapeChinas private equity(PE)industry faces tough challenges valuation adjustments,geopolitical tremors,and anaemic IPO exit

4、s but the private equity industry players have shown great resilience,adapting with to the new landscape with practical and pragmatic responses.Investors that once chased explosive growth are now pivoting to policy-aligned bets:hard-core technology breakthroughs and advanced manufacturing.Chinese in

5、vestors are trying to exhibit a dialectical equilibrium between risk aversion and strategic assertiveness in their decision-making.Limited Partner(LP)commitments have turned selective,yet strategic capital flows have surged into sectors deemed“national imperatives”.General Partners(GPs)are recalibra

6、ting their playbooks by embracing joint ventures with state-owned capitals1,co-investing with global sovereign wealth funds,and mastering the art of cross-border secondary exits.However,pain points still linger:regulatory whiplash,talent gaps in post-deal management and value creation,and the haunti