2013年上半年,PE市场的表现基本验证了我们之前“行业进入衰退期”的判断:IPO暂停封锁了机构最为依赖的退出渠道;存续期基金回报预期骤降,基金募集承压;资金量收紧与经济弱复苏信号的重叠,对投资环节形成了挤压;同时,投资标的质量回落,对项目退出形成反响掣肘。现如今的PE市场,正如荆棘的玫瑰,虽然面临困境、荆棘刺手,但经历了风雨之后,未来依然会如玫瑰般瑰丽绽放。PE市场的当前困境 In the first half of 2013, the performance of the PE market basically verified our previous judgment that “the industry is entering a recession”: the IPO suspension blocked the institutions’ most dependent exit channels; the expectation of survival of the life-saving funds plummeted and the fund-raising was under pressure; the funds The amount of tightening and the weak economic recovery signal overlapping, forming a squeeze on the investment sector; the same time, the quality of investment targets down, the project exit to form a reaction constraints. Today’s PE market, just as thorns rose, despite the difficulties, thorn thorns, but after the storm, the future will still bloom like a rose. PE market’s current dilemma