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.
图为汉柏巍董事总经理 Scott Voss
汉柏巍董事总经理Scott Voss发表了题为《Global Market Update》的演讲，全面介绍了汉柏巍业务概况、投资策略、市场与主题分析、具体投资案例与合作伙伴，以及定量投资科学团队的能力，特别是汉柏巍在私募股权领域的全球布局，同时提供了汉柏巍对未来市场趋势和投资机会的深入见解。
Scott Voss, Managing Director of HarbourVest delivered a speech entitled "Global Market Update", which comprehensively introduced HarbourVest's business profile, investment strategy, market and theme analysis, specific investment cases and partners, and the capabilities of the quantitative investment science team, especially HarbourVest's global layout in the private equity field. It also provided HarbourVest's in-depth insights into future market trends and investment opportunities.
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:
汉柏巍是一家拥有40多年历史的机构，其第一支基金为专注于风险投资的母基金，是早期尝试此类投资的机构之一。如今，汉柏巍已发展成为管理近1500亿美元资产的庞大机构，拥有超过1200名全球员工，为投资者提供多种进入私募市场的途径。
HarbourVestis an institution with over 40 years of history. Its first fund focused on venture capital fund-of-funds, making it one of the early pioneers in such investments. Today, HarbourVest has grown into a massive institution managing nearly $150 billion in assets, with more than 1,200 employees worldwide, providing investors with multiple avenues to access the private market.
汉柏巍的核心竞争力在于其平台优势。在基金结构方面，汉柏巍强调成为重要的LP，投资于顶尖GP的基金。同时，汉柏巍利用这些关系，直接与普通合伙人共同投资企业。此外，汉柏巍还成为普通合伙人的二级市场投资者，为希望或需要提前退出的现有投资者提供流动性，这是其打造竞争优势的关键所在。
HarbourVest's core competitive advantage lies in its platform capabilities. In terms of fund structures, HarbourVest emphasizes becoming a keyLimited Partner (LP) by investing in funds managed by top-tier fund managers. At the same time, HarbourVest leverages these relationships to co-invest directly with General Partners (GPs) in enterprises. Additionally, HarbourVest acts as a secondary market investor for GPs, providing liquidity to existing investors who wish or need to exit early, which is a critical aspect of its competitive edge.
汉柏巍与全球超过200位GP建立了活跃的合作关系，并将这些GP分为不同类别。其中，核心合作伙伴包括一些在私募市场具有影响力的公司，它们的交易塑造了行业的面貌。此外，汉柏巍还通过收购和在风险投资领域的战略性布局，补充这些核心伙伴的生态网络，形成互补的交易组合。
HarbourVest has established active partnerships with over 200 GPs globally and categorizes these GPs into different tiers. Among them, core partners include some influential companies in the private market whose transactions shape the industry's landscape. Moreover, HarbourVest complements these core partnerships with tactical investments in the acquisition and venture capital sectors, forming a diversified and complementary deal portfolio.
在私募市场中，数据获取能力是保持竞争优势的重要因素。尽管私募市场通常不透明，但汉柏巍凭借其地位，可以获得丰富且透明的内部数据。汉柏巍拥有一支由30人组成的定量投资科学团队，他们利用自身及行业数据，为投资组合构建、GP选择和现金流预测提供建议，这已成为汉柏巍业务的核心部分。
In the private market, access to data is a key factor in maintaining a competitive edge. Although the private market is typically opaque, HarbourVest's position enables it to access rich and transparent internal data. HarbourVest has a 30-member quantitative investment science team that leverages both proprietary and industry data to provide recommendations for portfolio construction, fund manager selection, and cash flow forecasting, which has become a core aspect of HarbourVest's operations.
当前市场中，投资者难以忽视宏观环境的影响。政治和地缘问题始终是核心议题，深刻影响了投资者的决策方式以及资金的配置方向。在汉柏巍的投资组合中，无论是风险投资还是杠杆收购，都围绕着几个关键主题展开：通货膨胀与利率、全球化或去全球化、供应链安全、国家安全与网络安全，以及人工智能的全面应用。
In the current market, investors cannot ignore the impact of the macro environment. Political and geopolitical issues remain central topics, profoundly influencing investor decision-making and capital allocation strategies. In HarbourVest's investment portfolio, whether in venture capital or leveraged buyouts, several key themes are emphasized: inflation and interest rates, globalization or de-globalization, supply chain security, national security and cybersecurity, and the widespread application of artificial intelligence (AI).
此外，流动性创新也成为一个重要主题。在当前流动性稀缺的环境中，二级市场的创新为投资者提供了灵活性和退出选项。同时，“从公共到私人”的趋势也日益明显，越来越多的公司选择从公开市场退市并转为私有化，这对私募股权行业来说既是机遇也是挑战。
Additionally, liquidity innovation has become an important theme. In the current environment of scarce liquidity, innovations in the secondary market provide investors with flexibility and exit options. At the same time, the trend of "from public to private" is becoming increasingly evident, with more companies choosing to delist from public markets and transition to privatization. This presents both opportunities and challenges for the private equity industry.
（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)
