2010-08-02-投中研究院-Quarterly_Statistics_Analysi_18页_1mb

报告摘要

Overview: In Q2/2010, China's venture capital (VC) and private equity (PE) fundraising market experienced a slight decline in activity compared to Q1/2010. Overall, the market showed a cooling trend as funds at all stages—completing fundraisings, completing first closings, and commencing fundraisings—decreased in number and amount in some cases, reflecting a shift toward more rational behavior after a period of rapid growth.
Key Statistics:
- Funds completing their fundraisings: 23 funds raised USD 5.96 billion, a 13.1% quarter-on-quarter increase in amount, but an 8.0% decrease in the number of funds. Venture funds dominated, accounting for 56.5% of funds completed.
- Funds completing their first closings: 9 funds raised USD 675 million, down 70.7% in amount and 18.2% in number from Q1/2010. Primarily venture funds, with no foreign participation.
- Funds commencing their fundraisings: 12 funds targeted USD 2.859 billion, marking a 33.3% drop in fund count and 59.1% reduction in total target amount from Q1/2010. Most were smaller, RMB-denominated funds launched by new Chinese institutions.
Analysis Highlights:
- Foreign funds saw an increase in fundraising amount despite a decrease in numbers, raising USD 3.16 billion, with a 55.5% quarter-on-quarter growth.
- The market was driven by Chinese funds, which held the majority share across all stages, while new domestic players introduced smaller funds with lower average sizes.
- Overall, the quarter marked a deceleration in fundraising activity, with a greater focus on rational investments and fewer new funds being initiated compared to the previous quarter.