Institutional LPs Venture into the Equity Investment Market, Selecting GPs with Three Major Considerations

Since August, the establishment of Tianjin Jiayu Equity Investment Fund and Suzhou Kuanyu Equity Investment Fund has attracted market attention. Both funds have deep involvement from insurance funds, with the former's limited partners consisting entirely of insurance funds. According to the reporter's analysis, since 2025, insurance funds have significantly sped up their equity investment layout in the primary market. According to ZERONE statistics, in the first half of 2025, insurance funds' subscribed capital in the equity investment field reached 52.4 billion yuan, a year-on-year increase of 46%. It is worth noting that in this round of insurance fund cooperation, in addition to state-owned enterprises, there are also several top-dollar funds and market-oriented venture capital institutions among the general partners. Market analysis points out that the accelerated entry of insurance funds into the primary market is driven by policy relaxation on one hand and on the other hand, it is also one of the paths for insurance funds to seek diversified allocation under the downward trend of interest rates. With long-term funds like insurance funds continuing to enter the market, the long-term funds that were eagerly awaited in the primary market will gradually be transformed into actual investments, injecting more vitality into the market.