S Continuation Fund takes over, capital exit channels continue to expand

The secondary market for private equity is heating up, and S continuation funds are becoming an important tool for institutions to revitalize existing assets and alleviate corporate buyback pressure. On February 24, the latest S continuation fund under JingShuiHu Venture Capital—Suzhou Industrial Park JingShuiHu SaiRui Venture Capital Partnership (Limited Partnership)—completed an oversubscribed establishment and has achieved full capital contribution and investment delivery. The above case indicates that S funds can not only alleviate liquidity issues but also serve as a "buffer" for corporate growth and capital exit. According to statistics from ZERONE, from 2011 to 2025, approximately 78,900 private equity investment funds have been filed in China, of which 57,700 funds are still in existence, accounting for about 73%. A large number of funds are facing exit pressure, bringing vast development space to the S fund market