2017年中国私募市场交易额实现历史第二高，达到730亿美元

主要原因是巨额收购交易的增长，总交易数量从534 笔提升至569笔，交易金额在2016年630亿美元的基础上提高了约100亿美元，此外退出交易数量从去年的237笔增加至393笔

贝恩公司全球合伙人、亚太区私募股权基金业务主席杨奕琦女士接受媒体采访

中国私募股权市场再次迎来辉煌的一年，在取得了历史第二好成绩的同时也巩固了自己亚太区第一大市场的地位。根据贝恩公司今日发布的《2018年中国私募股权市场报告》，2017年中国私募股权市场在2016年出现下滑后反弹实现了730亿美元的全年交易额，较2016年增长了100亿美元。同时，平均交易投资规模也再创历史新高，达到1.28亿美元。

“中国私募股权市场又一次创下佳绩，同时日趋成熟和理性。”贝恩公司全球合伙人、大中华区私募股权基金业务领导李承欢女士表示，“我们的研究表明投资者对中国市场的关注度越来越高，市场的竞争也越来越激烈，想要在中国市场取得成功的投资者必须同时兼顾短期和长期的战略行动。”

互联网和科技行业依然为最受投资者追捧的领域。不过，贝恩公司最新的研究表明，针对这两大行业的投资热情略有降温。尽管交易倍数依然很高，但是与2016年的历史高点相比已略有下降。大中华区的退出交易数量则增长明显，创下了393笔的历史记录，远远高于去年的237笔，退出交易额较2016年基本持平。其中，《报告》表明IPO在2017年迎来复苏。

总体而言，大中华区市场仍旧保持活跃并存在激烈的竞争，私募股权基金依然拥有充足的资金储备。另外值得注意的是，企业兼并购交易活动受到更加严格的资本管控措施和政策的影响，总交易额较历史水平有大幅下滑。

贝恩公司董事经理周志铭与媒体交流

同时，另类资本继续涌入市场，尤其是以阿里巴巴、腾讯、京东和百度为代表的互联网企业持续活跃，广泛投资布局于多个行业。在价值创造方面，大多数基金对被投公司管理层和运营优化方面的表现感到满意，但同时认识到需要在数字化方面迎头赶上，因为这将关系被投企业的长期发展。

“中国私募股权市场在2017年再次取得佳绩，同时我们的研究表明宏观趋势和微观变化对我们的客户和整个行业都有所影响，比如说数字化的重要性不断提升。”贝恩公司全球合伙人、亚太区私募股权基金业务主席杨奕琦女士表示，“中国市场依然是最吸引投资者的市场，但是与此同时，随着宏观经济增长的放缓，企业应当更加关注成本变革和管理等领域并加大在这些领域的投资。”

放眼未来，未来市场环境有可能更具挑战性，因此基金想要在市场上取得成功，就更需要关注投后价值创造，在确保短期速赢的同时也着眼于长期的战略行动，包括：

· 更加重视成本管理和业绩提升

· 更多引入数字化的思考方式

CHINA PRIVATE EQUITY REBOUNDS FROM RECENT DECLINE TO SECOND BEST YEAR ON RECORD WITH US$73 BILLION IN DEAL VALUE

The private equity market in China had another landmark year, registering its second best results on record and cementing its status as the largest market in the Asia Pacific region. After a recent decline, the country rebounded to record US$73 billion in deal value, up from $US63 billion the year before, according to Bain & Company's 2018 China Private Equity Report, released today. As more growth is projected on the horizon, deal size in the market remained positive, with the average investment size remaining high at US$128M.

Moving forward, the competitive landscape in Greater China is expected to remain both dynamic and intense, with PE funds sitting on an ample supply of dry powder. In another interesting development, corporate M&A activity has dipped significantly, compared to historical figures, due to stricter capital control and policy.

Alternative capital also continues to flood the market, especially BATJ, who are increasingly investing in offline and potentially reshaping the offline market. In terms of value creation, most general partners (GPs) feel good about portfolio leadership and commercial excellence, but worry they are behind on digital, which will have significant impact on their portfolios moving forward.

“While the China market had another very successful year, the research has given us a clear picture of the major trends and nuances affecting both our clients and the industry as a whole, such as the importance of digital,” said Kiki Yang, partner with Bain & Company's Private Equity practice and the firm's regional APAC practice co-leader. “The country continues to be one of the most attractive market for investors, but it is clear that firms need to invest and focus on areas such as cost transformation and management going forward as macro conditions become less sanguine.”

Moving forward, the market environment is likely to remain challenging with superabundant capital and fierce competition.  Therefore winning GPs are the ones developing value creation plans with both a ‘today-forward` (short-term wins) and ‘future-back` (strategic moves) perspective, which includes: