瑞士当地时间2025年1月22日下午，第三届达沃斯全球母基金峰会在瑞士达沃斯的Hotel Strela酒店成功举办。本届峰会以“投资中国 开放创新”为主题，由全球母基金协会主办，母基金研究中心（www.china-fof.com）承办。作为全球母基金行业久违的一次多边对话，本次峰会邀请了近百位全球母基金、基金以及全球领先的风投城市的重量级人物共聚一堂，共同商议跨越经济周期的奥秘，展望全球母基金和基金行业及风投城市的未来发展新方向。
On the afternoon of January 22, 2025, the third Davos Global FOF Summit was successfully held at Hotel Strela in Davos, Switzerland. The summit is hosted by the Global FOF Association and organized by the FOF Research Center (www.china-fof.com). As a long-awaited multilateral dialogue in the global fund of funds industry, this summit invited nearly 100 heavyweights from global fund of funds, funds and the world's leading venture capital cities to gather together to discuss the secrets of crossing economic cycles and look forward to the new direction of future development of global fund of funds, fund industry and venture capital cities.
图为合众集团董事总经理 Roy Baumann
合众集团董事总经理Roy Baumann介绍了合众集团作为全球领先的私募市场投资公司的业务概况、投资策略、投资表现以及在ESG和可持续发展方面的努力。同时，强调了其组合型一级市场投资策略在最大化回报潜力方面的优势。
Roy Baumann, Managing Director of Partners Group, introduced Partners Group’s business profile, investment strategy, investment performance, and ESG and sustainability efforts as a leading global private market investment firm, and emphasized the advantages of its integrated primary investment strategy in maximizing return potential.
母基金研究中心整理出演讲全文，供行业内人士参考交流：
The speech is compiled as follows:
合众集团成立于1996年，其总部坐落于瑞士卢塞恩南部的一个小镇。经过多年的发展，集团已成长为专注于私募市场资产的机构，目前管理的私募市场资产总额达1520亿美元。合众集团的三大区域总部分别位于新加坡、瑞士以及美国科罗拉多州丹佛市，业务覆盖亚洲、欧洲和北美地区。其中，私募股权业务占据集团资产的一半，是其最大的业务板块，也是历史最悠久的业务领域。
Partners Group, founded in 1996, is headquartered in a small town south ofLucerne, Switzerland. Over the years, the group has grown into an institution specializing in private market assets, currently managing a total of $152 billion in private market assets. Partners Group has three regional headquarters located in Singapore, Switzerland, and Denver, Colorado, USA, with its business covering Asia, Europe, and North America. Among its business segments, private equity accounts for half of the group's assets, making it the largest and longest-standing business area.
截至目前，合众集团在私募股权领域的管理规模为780亿美元，自成立以来已在全球范围内投资了超过1100亿美元的私募股权，其中约25%投入了一级市场基金投资。集团拥有一支250人的私募股权团队，其中70人专注于一级市场基金投资，涵盖直接投资、二手份额和整合型投资。在为客户构建投资组合时，合众集团通常从一级基金投资开始，这是其经典的投资策略，占整个投资组合的大约25%，也是后续投资的基础。
As of now, Partners Group's private equity management scale has reached $78 billion, and since its inception, the group has invested over $110 billion in private equity globally, with approximately 25% allocated to primary fund investments. The group has a 250-person private equity team, with 70 members focusing on primary fund investments, covering primary markets, secondary markets, and integrated investments. When constructing portfolios for clients, Partners Group typically starts with primary fund investments, which is itsic investment strategy. This accounts for about 25% of the overall portfolio and serves as the foundation for subsequent investments.
近年来，二级市场迎来了良好的发展机遇。在经济低迷时期，合众集团会转向二级市场，获取在牛市中可能无法获取的资产，并结合二级市场的折扣进行投资。
In recent years, the secondary market has seen significant opportunities for growth. During economic downturns, Partners Group shifts to the secondary market to acquire assets that may not be accessible during a bull market, taking advantage of secondary market discounts for investments.
集团对未来私募股权市场持谨慎乐观态度，预计2025年市场将逐渐走出低谷。为了实现最终目标，与企业直接接触至关重要。合众集团通过增加共同投资和直接投资，更灵活地构建投资组合，为客户提供一站式解决方案。这一策略也是整个行业的发展方向，特别是大型养老金基金和主权财富基金，它们通常从一级基金投资开始，随着成熟度和经验的积累，逐渐转向共同投资或直接投资。
The group holds a cautiously optimistic outlook on the future private equity market, expecting a gradual recovery from the downturn in 2025. Direct engagement with businesses is critical to achieving ultimate goals. Partners Group enhances portfolio flexibility by increasing co-investments and direct investments, providing clients with one-stop solutions. This strategy also aligns with the industry's development direction, particularly for large pension funds and sovereign wealth funds, which typically start with primary fund investments and gradually transition to co-investments or direct investments as they gain maturity and experience.
值得注意的是，私募市场投资行业的两端正在逐渐融合。合众集团是最早从传统私募基金进入直接投资的公司之一，已在二级市场和共同投资领域取得了重大突破。同时，许多大型并购基金和二级市场公司也开始涉足一级基金业务。这表明，仅专注于单一业务已变得越来越具有局限性，大型机构如今更倾向于提供完整的服务组合。
It is worth noting that the two ends of the private market investment industry are gradually converging. Partners Group was one of the first companies to transition from traditional private fund investments to direct investments, achieving significant breakthroughs in the secondary market and co-investment sectors. At the same time, many large buyout funds and secondary market firms are also venturing into primary fund investments. This indicates that focusing solely on a single business segment has become increasingly limiting, and large institutions now tend to offer a complete suite of services.
此外，合众集团还非常注重ESG和可持续发展方面的努力。作为联合国责任投资原则的早期签署方之一，以及首批被道琼斯可持续发展指数接纳的私募市场公司，集团在一级基金业务中积极与GP讨论ESG政策的落实情况，并在基金生命周期内进行监控。合众集团坚信，经济上可持续发展的企业在出售时往往更具价值。
Moreover, Partners Group places great emphasis onESG and sustainability efforts. As an early signatory of the United Nations Principles for Responsible Investment (UN PRI) and one of the first private market companies included in the Dow Jones Sustainability Index, the group actively engages with General Partners (GPs) to discuss the implementation of ESG policies in its primary fund business and monitors them throughout the fund lifecycle. Partners Group firmly believes that economically sustainable enterprises often hold greater value at the time of exit.
（以上内容根据第三届达沃斯全球母基金峰会录音整理而成，未经嘉宾本人审阅）
(The above content is compiled according to the recording of the third Davos Global FOF Summit, and has not been reviewed by the guest himself)
