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.
图为以《Trends of private investments from a global perspective》为主题的圆桌论坛
峰会现场举行了以《Trends of private investments from a global perspective》为主题的圆桌论坛。在该论坛中，Palm Drive Capital创始合伙人陈希孟作为主持人，深度对话嘉宾法国储蓄银行（专注于支持中小企业的法国国家级投资平台BPI France的母公司）总监察官Laurent Zylberberg，世界投资促进机构投资大会（WAIPA）执理会理事长詹晓宁，智星证券创始人兼CEO曹峰岩，先锋资本创始人兼CEO廖志宇，上海国投孚腾资本合伙人张琳，华山资本合伙人刘明豫，颐合中鸿律师事务所合伙人虞梦洁。主持人与嘉宾对2024年全球私募股权投资行业的变化趋势进行了分析总结，并展望了2025年的市场发展环境。
A roundtable forum on “Trends of private investments from a global perspective” was held at the summit. Seamon Chan, Founding Partner of Palm Drive Capital, served as the host, together with guests Laurent Zylberberg, General Controller of Caisse des Depots; James Zhan, Chairman of Executive Board, World Association of Investment Promotion Agencies; Kevin Cao, Founder & CEO of AimStar Capital Group Inc; Emma Liao, Founder & CEO of Pioneer Capital & Solutions; Lynn Zhang, Partner of Shanghai Fortera Capital Co., Ltd; Kelly Liu, Partner of WestSummit Capital; Mengjie Yu, Partner of Beijing Alliance J&S Law Firm, analyzed and summarized the changing trends of the global private equity investments in 2024, and look forward to the market development environment in 2025.
母基金研究中心整理出圆桌发言全文，供行业内人士参考交流：
The speech is compiled as follows:
棕榈道资本创始合伙人陈希孟指出，2024年的风险投资市场技术创新与宏观经济因素相互交织，人工智能投资持续火热，但全球经济的不确定性使融资活动趋于谨慎。他展望2025年，对私募股权和风险投资市场持乐观态度，认为这将是一个充满潜力的投资年份。同时，他还关注了国际投资合作动态，并提及了澳大利亚合作伙伴情况以及当地政策对美国与加拿大投资环境产生的影响。
Seamon Chan, Founding Partner ofPalm Drive Capital, pointed out that the venture capital market in 2024 is characterized by the intertwining of technological innovation and macroeconomic factors. Investments in artificial intelligence remain hot, but the uncertainty of the global economy has made fundraising activities more cautious. Looking ahead to 2025, he holds an optimistic view of the private equity and venture capital markets, believing it will be a year full of investment potential. He also highlighted international investment cooperation dynamics, mentioning the situation with Australian partners and the impact of policies on the investment environment in the United States and Canada.
法国储蓄银行总监察官Laurent Zylberberg依据《投资趋势监测报告》指出，国际投资呈下滑趋势，2024年预计下降80%。他分析了区域流动差异和行业投资变化，并预测了2025年FDI的可能增长情况，同时探讨了影响未来投资趋势的关键因素。
Laurent Zylberberg, Inspector General ofCaisse des Depots, cited the Investment Trends Monitoring Report, noting that international investment is on a downward trend, with an expected 80% decline in 2024. He analyzed regional mobility differences and industry investment changes, predicted potential growth in FDI in 2025, and explored key factors influencing future investment trends.
世界投资促进机构投资大会（WAIPA）执理会理事长詹晓宁分享了对全球合作前景的看法。他指出，全球外国直接投资（FDI）在过去3年处于近十年较低水平，但预测未来复苏将是适度且结构性的。他强调了可持续发展需求、技术革命和地缘政治动态对全球供应链结构转型和投资重新分配的影响，并认为在技术创新和经济风险之间找到平衡是实现成功投资的关键。
James Zhan, Chairman of Executive Board, World Association of Investment Promotion Agencies (WAIPA), shared his views on the prospects for global cooperation. He noted that globalforeign direct investment (FDI) has been at its lowest level in a decade over the past three years but predicted that future recovery would be moderate and structural. He emphasized the impact of sustainability demands, technological revolutions, and geopolitical dynamics on the transformation of global supply chain structures and the redistribution of investments. He believes that balancing technological innovation with economic risks is the key to successful investment.
智星证券创始人兼CEO曹峰岩深入剖析当前市场人工智能和创新技术的投资趋势，指出在数字化飞速发展时代，人工智能和创新技术成为投资热门焦点。人工智能因大数据积累和计算能力提升，在多行业广泛应用，量子计算、区块链等创新技术也不断突破技术边界带来新机遇。他认为，人工智能和创新技术相关初创企业值得重点关注，其创新商业模式和技术优势有望使其成为行业领军者，同时传统企业数字化转型投资潜力巨大，许多传统行业正引入相关技术提升效率、优化流程和改善体验，投资者可参与转型分享成长红利。
Kevin Cao, Founder & CEO of AimStar Capital Group Inc, analyzed the current investment trends in AI and innovative technologies. In the digital age, they've become investment hotspots. Thanks to big data and better computing, AI is widely used in many industries, and its potential is huge. Technologies like quantum computing and blockchain are also bringing new chances. When it comes to investment, Cao thinks AI and innovation related startups are worth attention for their business models and tech edge, likely to lead the industry. Also, investing in traditional firms' digital transformation has great potential. Many traditional industries are adopting these technologies to boost efficiency, optimize processes, and improve customer experience. Investors can join this transformation and gain from their growth.
先锋资本创始人兼CEO廖志宇分享了她对2024年风险投资市场的看法，特别指出了中国市场面临的挑战，如地缘因素导致的变化。然而，她也看到了中国市场的潜力，尤其是在人工智能和机器人技术领域。同时，她提到了中国市场微观趋势的变化，认为新能源领域将成为新的投资热点，并对中国市场整体持乐观态度。
Emma Liao, Founder and CEO ofPioneer Capital & Solutions, shared her insights on the 2024 venture capital market, specifically addressing the challenges faced by the Chinese market, such as changes caused by geopolitical factors. However, she also sees the potential of the Chinese market, particularly in the fields of artificial intelligence (AI) and robotics. Additionally, she noted changes in micro trends within the Chinese market, identifying the new energy sector as an emerging investment hotspot. Overall, she remains optimistic about the Chinese market.
上海国投孚腾资本合伙人张琳，深入进行了关于中国市场的风险投资现状分析。她指出，中国市场在近年来呈现出复杂多变的风险投资格局，吸引了全球众多投资者的目光。张琳强调，在中国市场进行风险投资，既要关注政策的导向和市场的变化，也要注重自身的风险管理能力，只有在政策、市场和投资者之间找到平衡，才能在复杂多变的市场环境中实现可持续的投资回报。
Lynn Zhang, Partner of Shanghai Fortera Capital Co., Ltd, conducted an in-depth analysis of the current state of venture capital in the Chinese market. She pointed out that the Chinese market has shown a complex and changeable venture capital pattern in recent years, which has attracted the attention of many investors around the world. Zhang stressed that in the Chinese market for venture investment, we should pay attention to the policy orientation and market changes, but also pay attention to their own risk management ability. Only by finding a balance between policy, market and investors can we achieve sustainable investment returns in a complex and volatile market environment.
华山资本合伙人刘明豫强调了教育和高科技领域所蕴含的巨大投资潜力，并详细阐述了公司在这一领域的发展策略。她指出，教育作为社会发展的基石，不仅在培养人才方面发挥着关键作用，而且在技术创新的推动下，在线教育、智能教育设备等细分领域呈现出蓬勃的发展态势，为投资者带来了丰富的机会。
Kelly Liu, Partner of WestSummit Capital, emphasized the great investment potential in the fields of education and high technology and elaborated on the company's development strategies in this field. She pointed out that education, as the cornerstone of social development, not only plays a crucial role in talent cultivation but also shows vigorous development in sub-fields such as online education and intelligent educational equipment driven by technological innovation, bringing abundant opportunities for investors.
颐合中鸿律师事务所合伙人虞梦洁分享了关于律所业务及个人从业经历的相关情况。她指出，该律所成立于2000年，至今已在行业内深耕24年。她强调了律所服务的多元化，业务涵盖多个行业领域，尤其在商业领域表现突出，像公司事务、投资以及并购等相关领域都有涉及。她认为，为公司在合规和监管领域提供最佳实践建议，同时积极争取公司的权利和利益，是律所的核心工作重点。
Mengjie Yu, Partner of Beijing Alliance J&S Law Firm, shared information about the law firm's business and her personal professional experience. She noted that the law firm was established in 2000 and has been deeply engaged in the industry for 24 years. She emphasized the diversification of the law firm's services, covering multiple industry fields, especially outstanding in the commercial field, including corporate affairs, investment, and mergers and acquisitions. She believes that providing companies with best practice advice in the fields of compliance and regulation and actively advocating for their rights and interests are the core focuses of the law firm.
（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 guests)
