谢文渊Joseph Hsieh
繁简EN日

每周观察

每周整理四类新闻：全球影响力投资、全球创业投资、台湾创投、家族办公室。摘要附原文连结。

2026 年 10 月第 3 周

全球影响力投资

British International Investment2026-10-12

英国BII五年投入16亿美元，加码东南亚气候金融

英国开发金融机构BII宣布未来五年在越南、印尼、菲律宾、马来西亚与泰国投入16亿美元气候资金，约一半由民间募集；2026至2031年新承诺至少40%投向气候。显示DFI以自有资金带动民间资本进入亚洲能源转型。

学习单字
  • aid dependency援助依赖：国家长期仰赖外援而非自身经济与市场资金
  • carbon intensive economies高碳密集经济体：单位产出排放量高、依赖化石燃料的国家
  • total net assets净资产总额：总资产扣除负债后的规模

BII targets $1.6 billion for South-East Asia climate finance over five years

UK development finance institution BII will deploy $1.6 billion in climate finance across Vietnam, Indonesia, the Philippines, Malaysia and Thailand over five years, about half mobilised from private investors. At least 40% of its new commitments in 2026–2031 will be climate finance, a DFI model for crowding private money into Asia's transition.

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ESG Today2026-10-14

ESMA发布指引，防范基金“正面影响”与转型宣称漂绿

欧盟证券监管机构ESMA发布主题说明，要求基金与债券的影响力宣称须准确、可取得、有实证且即时更新；强调区分投资人影响与被投企业影响、考量意图性与额外性，并不得把投组减碳等同实体经济减排。

学习单字
  • Additionality额外性：若无该投资，正面成果就不会发生的程度
  • greenwashing risks漂绿风险：夸大或误导永续表现而引发的监管与声誉风险
  • real-economy decarbonization实体经济减碳：实际排放量下降，而非仅靠调整投组达成

ESMA guides firms on avoiding greenwashing in impact and climate transition claims

EU regulator ESMA issued a thematic note on impact and transition claims for funds and bonds: claims must be accurate, accessible, substantiated and up to date. Firms should separate investor from investee impact, weigh intentionality and additionality, and not equate portfolio decarbonisation with real-economy cuts.

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ESG Today2026-10-16

836家机构承诺TNFD自然揭露，管理资产逾26兆美元

TNFD表示已有57国836家机构承诺依其建议揭露自然相关资讯，一年内增14%，涵盖管理资产逾26兆美元的金融机构与市值逾10.5兆美元的上市公司。ISSB将推自然揭露实务说明，ISO也将LEAP方法标准化。

学习单字
  • market capitalization市值：股价乘以流通股数的公司总价值
  • nature-related dependencies自然相关依赖：企业营运对水、土壤、生态系等自然资本的依存
  • capacity-building能力建构：提升市场参与者执行标准所需的知识与技能

Over 800 organizations commit to TNFD-aligned nature reporting

TNFD says 836 organizations in 57 countries have committed to aligned nature reporting, up 14% in under a year, including financial institutions with over $26 trillion in AUM and listed firms worth over $10.5 trillion. The ISSB plans a nature practice statement and ISO will turn LEAP into a standard.

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ESG Today2026-10-15

加州气候揭露规则定案，首批排放报告11月10日到期

加州行政法办公室核准温室气体与气候风险揭露规则，营收逾10亿美元并在加州营业的企业须于2026年11月10日前申报范畴一、二排放，约4,000多家美国公司受影响；首年可用前一会计年度资料，免有限确信。

学习单字
  • limited assurance有限确信：第三方对揭露资讯进行较低程度的查核保证
  • prior fiscal year前一会计年度
  • value chain emissions价值链排放：上下游供应链产生的排放（范畴三）

California finalizes climate reporting rules, first reports due Nov. 10

California's Office of Administrative Law approved the state's climate disclosure rules, so companies with over $1 billion in revenue doing business in California must file Scope 1 and 2 emissions by Nov. 10, 2026. More than 4,000 firms may be covered; first-year relief allows prior-year data and no limited assurance.

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AgFunderNews2026-10-13

荷兰ABP投入1.5亿欧元，支持SLM欧洲连续覆盖林业基金

APG代表荷兰退休基金ABP承诺1.5亿欧元（约1.67亿美元）投入SLM Silva Fund II，并一次完成募资。基金采连续覆盖林业，先在爱尔兰后扩及欧洲；保留林冠、定期疏伐有助稳定现金流并降低再造林成本。

学习单字
  • stabler cashflows更稳定的现金流
  • real asset manager实质资产管理人：专管土地、林地、基建等实体资产
  • continuous cover forestry连续覆盖林业：分批采伐、维持林冠而非皆伐

Dutch pension ABP commits €150 million to SLM Partners' European forestry fund

APG committed €150 million ($167 million) on behalf of Dutch pension fund ABP to SLM Silva Fund II, its first and final close. The fund backs continuous cover forestry, starting in Ireland then Europe, where keeping canopy and regular thinning can steady cash flows and cut replanting costs.

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ESG Today2026-10-13

非洲自然影响力基金启动，目标1亿美元投资自然碳汇

Finance Earth与FSD Africa推出非洲自然影响力基金，目标1亿美元，2027年首次关帐目标2,000万美元，FSDAi以660万美元担任基石投资人。基金分阶段注资早期自然碳汇专案，并要求碳收益大幅分享给在地社区。

学习单字
  • cornerstone commitment基石承诺：最早、规模较大的出资，用以吸引其他投资人
  • crowd in引入、带动（民间或机构资金跟进）
  • benefit-sharing arrangements利益分享机制：将专案收益分配给在地社区的安排

Finance Earth and FSD Africa launch $100 million Africa Nature Impact Fund

Finance Earth and FSD Africa launched the Africa Nature Impact Fund targeting $100 million, with a $20 million first close planned for 2027 anchored by $6.6 million from FSDAi. It will stage finance for early-stage nature-based carbon projects and require a substantial share of carbon value to go to host communities.

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ESG Today2026-10-14

摩根大通调整永续金融策略，兼顾减碳与能源安全

摩根大通将在融资决策中同时考量减碳、可负担性与能源安全，并把石油、电力、汽车业排放强度目标延至2035年；其2.5兆美元永续发展目标已达1.2兆，但2025年金额降至2,170亿美元，且部分受惠于绿色认定范围扩大。

学习单字
  • financed emissions融资排放：银行贷款与投资所对应的客户碳排放
  • eligibility criteria适格标准：认定某笔融资属于绿色或永续的条件
  • emissions intensity排放强度：每单位产出或营收的碳排放量

JPMorgan recalibrates sustainable finance strategy to weigh energy security

JPMorganChase will balance emissions cuts with affordability, security and reliability, extending oil & gas, power and auto intensity targets to 2035. It has reached $1.2 trillion of its $2.5 trillion sustainable development goal, though 2025 volume fell to $217 billion and broader green eligibility helped.

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ESG Today2026-10-15

ERM调查：投资人转向自行研究与议合，ESG评级信任度下滑

ERM调查管理约23.5兆美元的53位投资专业人士，对ESG评级信任度由3.31降至3.05（满分5），评级作为决策来源从第一跌至第七，自行研究与企业议合居前二；但62%预期强制揭露将增加评级数据使用。

学习单字
  • direct engagement直接议合：投资人与被投企业直接对话以影响其行为
  • benchmarking标竿比较：以指标或同业作为绩效比较基准
  • mainstream investment processes主流投资流程：一般投资决策流程，而非仅限ESG专门策略

ERM survey: in-house research and engagement overtake ESG ratings for investors

ERM's Rate the Raters 2026 surveyed 53 professionals at firms managing about $23.5 trillion. Trust in ESG ratings fell to 3.05 of 5 from 3.31, and ratings dropped from first to seventh as a decision source behind in-house research and engagement, though 62% expect mandatory disclosure to raise their use.

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Insurance Edge2026-10-13

东京海上集团3亿美元锚定IFC新兴市场贷款基金

东京海上HCC以1亿美元担任种子投资人，东京海上日动再投2亿美元，合计3亿美元锚定IFC设立、BlueOrchard管理的新兴市场基金。基金目标20亿美元，让保险与退休基金参与IFC承作的分散贷款，采常青结构可持续申赎。

学习单字
  • seed investor种子投资人：基金成立初期最先投入资金者
  • first closing首次关帐：基金第一阶段募资完成
  • unfunded participations非资金型参与：以担保或保险形式分担贷款风险而不实际出资

Tokio Marine Group anchors IFC emerging markets loan fund with $300 million

Tokio Marine HCC committed $100 million as seed investor and Tokio Marine & Nichido $200 million, a $300 million anchor for an IFC-created, BlueOrchard-managed emerging markets fund targeting $2 billion. It gives insurers and pensions diversified IFC-originated loans in an evergreen, open-ended structure.

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全球创业投资

Crunchbase News2026-10-16

Crunchbase：亚洲第三季新创募资385亿美元，创史上第二高

2026年第三季亚洲新创募得385亿美元，约55%（约210亿美元）流向AI。中国约270亿美元、占七成，印度29亿、新加坡25亿美元均季减；种子轮创多年新高，资金持续集中于中国AI龙头。

学习单字
  • deal counts交易件数，指一段期间内完成的投资案数量，用来与投资金额对照观察市场热度。
  • seed funding种子轮融资，新创最早期向天使或种子基金募集的资金，用于验证产品与团队。
  • venture investment创投投资，泛指创投基金等对未上市新创的股权投资总额。

Crunchbase: Asian startups raise $38.5B in Q3, the second-highest quarter on record

Asian startups raised $38.5B in Q3 2026, the second-highest tally on record, with about 55% (roughly $21B) going to AI. China took about $27B, or 70%, while India ($2.9B) and Singapore ($2.5B) fell quarter on quarter. Seed funding reached its highest level in years.

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Crunchbase News2026-10-16

美国单周十大融资：Modal Labs以157.5亿美元估值募7.5亿美元

10月10日至16日美国前十大融资中，AI云端推论平台Modal Labs由Accel领投D轮7.5亿美元、估值157.5亿美元，年化营收已破10亿美元；3D列印建筑Icon募2亿美元。亿元级大案明显减少，生技与保险案件增加。

学习单字
  • hitting pause按下暂停键，比喻暂时停止某项活动，例如投资人暂停出手。
  • scale back缩减规模，指降低投入或减少某类活动，如减少大型融资案。
  • AI inferenceAI推论，指已训练好的模型实际运算、回应使用者请求的阶段，是云端算力的主要需求来源之一。

Week's top US rounds: Modal Labs raises $750M at a $15.75B valuation as giant deals thin out

In the US top 10 for Oct. 10–16, AI inference cloud Modal Labs led with a $750M Series D from Accel at a $15.75B valuation, after passing a $1B revenue run rate. 3D-printed construction firm Icon raised $200M. Just two rounds reached the hundreds of millions, as investors scaled back on giant deals.

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DealStreetAsia2026-10-14

Affirma Capital出清印度TBO Tek，美元报酬12倍、IRR 49%

新加坡私募Affirma Capital 2018年以约4,200万美元次级交易取得印度旅游平台TBO Tek近半股权，经General Atlantic、IPO与大宗交易分批出清，资本利得4.68亿美元。

学习单字
  • secondary transaction次级交易，指向既有股东购买已发行股份，资金不进入公司本身。
  • block deals大宗交易，指一次性大量买卖上市股票，常用于大股东减持。
  • monetised its stake将持股变现，即出售持股换回现金、实现投资报酬。

Affirma Capital exits India's TBO Tek with a 12x MOIC and 49% IRR

Singapore-based PE firm Affirma Capital fully exited Indian travel platform TBO Tek, earning a 12x MOIC and 49% IRR in dollar terms and $468M in gains. It paid about $42M for a 49.9% stake in 2018, then sold in tranches: to General Atlantic, in the 2024 IPO, and via block deals through October 2026.

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Inc422026-10-14

印度Zetwerk IPO前向锚定投资人募得225亿卢比

印度制造供应链新创Zetwerk在501.2亿卢比IPO申购前，以每股151卢比向锚定投资人募得225.1亿卢比，上限价市值约27亿美元；Peak XV、Accel、Lightspeed等创投借此部分出场。

学习单字
  • anchor book锚定配售簿，印度IPO中于公开申购前先配售给大型机构投资人的部分，用以稳定市场信心。
  • price band价格区间，IPO订定的最低与最高申购价格范围。
  • general corporate purposes一般营运用途，募资说明中未指定具体项目、供公司弹性运用的资金用途。

Zetwerk raises ₹2,251 Cr from anchor investors ahead of ₹5,012 Cr IPO

Manufacturing supply-chain startup Zetwerk raised ₹2,251.2 Cr from anchor investors at ₹151 a share before its ₹5,012 Cr IPO opened on Oct. 15. The top of the price band values it at about ₹25,583 Cr (around $2.7B). Funds linked to Peak XV, Accel and Lightspeed are selling shares in the offer for sale.

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Inc422026-10-17

印度新创单周募2.36亿美元，周增92%；AI居各产业之首

10月12日至16日印度新创25笔交易募得2.362亿美元，周增92.2%；AI以5,340万美元居冠，Boldfit完成4,180万美元B轮，Accel投四家最活跃；Tonbo Imaging IPO次日获7.78倍认购。

学习单字
  • new-age tech新经济科技，印度媒体常用来指网路与科技新创（相对传统产业）。
  • made a beeline for一窝蜂涌向、直奔某处，形容投资人争相抢购。
  • public issue公开发行，指公司向大众发行股票，即IPO的公开申购部分。

Indian startups raise $236.2M in a week, up 92%, with AI leading

Indian startups raised $236.2M across 25 deals on Oct. 12–16, up 92.2% from $122.9M the week before. AI led with $53.4M across six deals, Boldfit's $41.8M Series B was the largest round, and Accel backed four startups. Tonbo Imaging's ₹852 Cr IPO was 7.78x subscribed on day two.

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citybiz2026-10-14

Pear VC完成3.33亿美元第五号基金，管理规模破11亿美元

矽谷早期创投Pear VC完成3.33亿美元第五号基金，总管理资产逾11亿美元，并升任三位普通合伙人。资金多数投入pre-seed与种子轮，约两年半内部署；其加速器录取率不到1%，反映顶尖早期基金仍募得到钱。

学习单字
  • assets under management管理资产规模（AUM），基金管理人代客户管理的资产总额。
  • pre-seed前种子轮，比种子轮更早的阶段，通常公司仅有团队与构想。
  • institutional seed机构种子轮，由专业创投基金（而非亲友或天使）主导投资的种子轮。

Pear VC closes $333M Fund V, lifting assets under management past $1.1B

Silicon Valley early-stage firm Pear VC closed its fifth fund at $333M, taking total AUM above $1.1B, and promoted three partners to GP. Most of the money will go to pre-seed and seed deals over about two and a half years, with some held for follow-ons; its PearX accelerator admits under 1% of applicants.

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TechCrunch2026-10-15

Benchmark坦承：AI浪潮正动摇创投“不投竞争对手”的默契

Benchmark合伙人在TechCrunch Disrupt坦言，AI公司扩张太快，投资组合间利益冲突难免；OpenAI与Anthropic已共享数十家投资人。创投“不投对手”默契松动，但早期排他性仍被视为重要。

学习单字
  • unwritten rule不成文规定，业界普遍遵守但未明文化的惯例。
  • compete head-on正面竞争，指两家公司在同一市场直接抢夺相同客户。
  • board observer董事会观察员，可列席董事会但无表决权，常由投资人指派。

Even Benchmark says AI is eroding the VC pact against backing rivals

At TechCrunch Disrupt, Benchmark's partners conceded that fast-moving AI companies make conflicts between portfolio firms hard to avoid. OpenAI and Anthropic now share dozens of investors, and a dispute between Factory and Cognition pulled in Khosla, which backs both. Benchmark says exclusivity still matters at the earliest stage.

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台湾创投

工商时报2026-10-16

国发基金净值上看4兆元，天使方案已投308家新创

国发会主委叶俊显表示，以现行股价计国发基金净值约4兆元。截至7月直接投资120家、金额1,097.78亿元，带动民间5,385亿元；天使方案至8月投资308家新创、44亿元。台积电股利仍是收益主力，显示政策基金有余裕加码新创。

National Development Fund's net value nears NT$4 trillion; angel program has backed 308 startups

NDC Minister Yeh Chun-hsien put the fund's net value at about NT$4 trillion at current prices. By July it had made direct investments of NT$109.8 billion in 120 companies, drawing NT$538.5 billion in private money; its angel program had funded 308 startups with NT$4.4 billion by August. TSMC dividends remain the main earner, leaving room to do more for startups.

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经济日报／联合新闻网2026-10-14

数发部百亿AI新创方案：46家入选、10家核定投资2.55亿元

数发部与国发基金合推的“加强投资AI新创实施方案”10年100亿元，自2025年3月受理以来已审4梯次、46家入选，核定投资10家约2.55亿元，带动民间约5.7亿元。相较百亿规模，实际拨款进度仍偏慢。

MODA's NT$10 billion AI startup program: 46 selected, 10 approved for NT$255 million

The 10-year, NT$10 billion AI startup investment scheme run by MODA and the National Development Fund has completed four rounds since March 2025, selecting 46 companies. Ten have been approved for about NT$255 million in investment, drawing roughly NT$570 million of private capital, so deployment still lags far behind the headline budget.

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经济日报2026-10-14

私募公会与国发会座谈：盼劳退投入国内私募、设新兴管理人名单

私募股权公会10月13日与国发会副主委詹方冠座谈，建议将产创条例透明课税扩及收购与成长型基金、劳退小额试投国内私募基金，并仿日本设新兴管理人名单。詹方冠表示国发基金已可直接投资私募基金，超额储蓄已逾25兆元。

PE association presses NDC to steer pension money into local funds and back emerging managers

At an Oct. 13 roundtable with NDC Deputy Minister Chan Fang-kuan, the Taiwan Private Equity Association asked for pass-through taxation to extend to buyout and growth funds, a small pilot allocation from the labor pension fund to domestic PE, and a Japan-style emerging manager list. Chan said the National Development Fund may now invest in PE funds directly, and that excess savings top NT$25 trillion.

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经济日报（中央社）2026-10-15

中华电以CVC培育逾80家新创，再设两家AI子公司

中华电执行副总陈元凯表示，公司透过企业创投已投资培育逾80家半导体、资安与AI新创，近期另设云端生成式AI与边缘AI软体两家子公司，并以7家海外子公司协助新创出海。电信龙头加码CVC，成为新创重要策略资金。

Chunghwa Telecom has backed 80-plus startups via CVC and adds two AI subsidiaries

Chunghwa Telecom EVP Chen Yuan-kai said the carrier has invested in and nurtured more than 80 semiconductor, cybersecurity and AI startups through corporate venture capital. It recently set up two subsidiaries for cloud generative AI and edge AI software, and uses its seven overseas units to help startups expand abroad, making it a growing source of strategic capital.

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经济日报2026-10-15

资诚：近两年创投投AI新创比重77.5%，家族办公室转向新创

资诚10月14日在亚湾新创园与证交所合办媒合会，引用调查指近两年一般创投投资AI新创比率达77.5%，企业创投仅24.5%。资诚观察家族办公室正从不动产转向策略性新创投资，并推创新板作为南部新创募资与退场管道。

PwC Taiwan: VCs put 77.5% of deals into AI startups as family offices pivot to startups

At an Oct. 14 matchmaking event with the stock exchange at Kaohsiung's Asia New Bay startup park, PwC Taiwan cited survey data showing 77.5% of general VCs invested in AI startups over the past two years, against 24.5% of corporate VCs. It said family offices are moving from real estate toward strategic startup stakes, and pitched the Innovation Board as a funding and exit route for southern startups.

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中央社2026-10-15

台湾首度在TechCrunch Disrupt办专场，约15家新创赴旧金山

TechCrunch Disrupt在旧金山登场，台湾受邀办专属论坛，工研院、群联与新创展示先进制造与AI落地应用；中企署支持约15家医疗、半导体与AI软体新创参展。今年主轴为AI走入实体世界，台湾硬体供应链优势成为打入矽谷的切入点。

Taiwan hosts its own forum at TechCrunch Disrupt, with about 15 startups in San Francisco

Taiwan was invited to host a dedicated forum at TechCrunch Disrupt in San Francisco, where ITRI, Phison and local startups showcased advanced manufacturing and real-world AI. About 15 healthcare, chip and AI software startups exhibited with SMEA support. With this year's theme being AI moving into the physical world, Taiwan's hardware supply chain gives its startups a way in.

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Meet创业小聚2026-10-15

台湾人柏林创业NextGO Epi，氧化镓磊晶完成200万欧元种子前轮

由台湾博士周大顺与两名德籍伙伴2025年在柏林创立的NextGO Epi，自称欧洲唯一可量产4吋工业级氧化镓磊晶片业者，7月完成200万欧元（约7,400万台币）Pre-seed轮，用于扩产。公司锁定AI资料中心与电动车电源，近期透过SEMICON Taiwan接触台厂。

Taiwanese-founded Berlin startup NextGO Epi raises €2 million pre-seed for gallium oxide wafers

NextGO Epi, founded in Berlin in 2025 by Taiwanese PhD Chou Ta-shun and two German partners, says it is Europe's only maker able to mass-produce 4-inch industrial-grade gallium oxide epi wafers. It closed a €2 million (about NT$74 million) pre-seed round in July to expand capacity, and targets AI data center and EV power, recently meeting Taiwanese firms through SEMICON Taiwan.

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台湾新生报（Yahoo新闻转载）2026-10-15

中企署率14家新创赴福冈，谈成场域验证与日方订单

经济部中企署10月初率14家新创赴日本福冈，与StartupGo!Go!合办GIH论坛。精拓生技与奎景运算在九州大学医院f-labs启动6个月场域验证，帝阔智慧与日商签MOU并取得订单，阿波罗电力、智颖智能分获福冈国际新创竞赛金、银奖。

SMEA takes 14 startups to Fukuoka, landing a field trial, an order and two awards

SMEA led 14 startups to Fukuoka in early October and co-hosted the GIH forum with incubator StartupGo!Go!. Jingtuo Biotech and Kuijing Computing began a six-month field trial at Kyushu University Hospital's f-labs, Dikuo Intelligence signed an MoU and won an order from a Japanese integrator, and Apollo Power and Zhiying Intelligence took gold and silver at the Fukuoka startup contest.

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家族办公室

中时新闻网（工商）2026-10-16

中国追税境外信托收益，富豪急撤信托、卖股、改身分

路透报导，中国税务机关要求离岸信托相关收益按20%申报补税，期限为10月22日，部分富豪终止信托、卖股甚至放弃香港身分；BCG估中国离岸财富约1.7兆美元，香港、新加坡家办与信托业务恐受冲击。

China's offshore tax drive pushes rich families to unwind trusts, sell shares and change residency

Reuters reports Chinese tax authorities are demanding 20% tax on offshore trust income, with filings due Oct. 22. Some tycoons are terminating trusts, selling shares or dropping Hong Kong residency; BCG puts Chinese offshore wealth near US$1.7 trillion, a direct hit to Hong Kong and Singapore trust and family office business.

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中时新闻网（工商）2026-10-16

遗赠税法修正：死亡前2年赠与并计遗产，改由受赠人按比例负担

台北国税局说明，9月11日公布的遗赠税法修正，规定死亡前2年内赠与特定亲属而并入遗产的财产，由受赠人依比例负担税额；例如遗产4,000万元、税额200万元，受赠200万元的孙子需负担10万元，降低继承人间纷争。

Taiwan's amended estate tax law makes gift recipients pay their share on gifts made within two years of death

Taipei's National Taxation Bureau explained the Sept. 11 amendment: gifts to specified relatives within two years before death, added back to the estate, now make the recipient pay a proportional share of estate tax. In its example, a grandson given NT$2 million from a NT$40 million estate owes NT$100,000 of the NT$2 million bill.

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Asia Asset Management2026-10-14

马来西亚家办计划资产达208亿令吉，2027预算再推多家族办公室模式

马来西亚证监会指出，单一家族办公室奖励计划的指示性管理资产约208亿令吉（约50.9亿美元），2027年预算将新增多家族办公室模式，并延长伊斯兰基金管理税赋优惠，与新加坡、香港争夺区域财富中心地位。

学习单字
  • indicative assets under management指示性管理资产规模，即尚未完全到位、依申报或承诺估算的资产
  • full-service wealth management hub提供完整财富管理服务的金融中心
  • single-submission arrangement单一送件机制，一次申请即可同时在两地审查

Malaysia's family office scheme reaches RM20.8 billion as Budget 2027 adds a multi-family office model

Malaysia's Securities Commission said its single family office incentive scheme now has about RM20.8 billion (US$5.09 billion) in indicative AUM. Budget 2027 adds a multi-family office model and extends Islamic fund management tax breaks, sharpening Malaysia's bid to rival Singapore and Hong Kong as a wealth hub.

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Wealth Professional2026-10-14

BNY Wealth调查：单一家办另类资产占比首度过半达60%

BNY Wealth委托Harris Poll调查290家资产逾2.5亿美元的单一家办，另类资产占配置60%、首度超越传统资产；56%计划加码基础建设，AI连续三年为首要主题（68%），但半流动私募信贷赎回潮带来流动性风险。

学习单字
  • semi-liquid半流动性，指可定期但有限度赎回的基金结构
  • pre-leased预租，资产完工前即已签妥租约
  • illiquidity risk流动性不足风险，资产难以及时变现的风险

BNY Wealth survey: alternatives reach 60% of single family office portfolios, overtaking traditional assets

A Harris Poll study for BNY Wealth of 290 single family offices with at least US$250 million found alternatives now make up 60% of allocations, topping traditional assets for the first time. 56% plan more infrastructure exposure, AI is the top theme for a third year (68%), and redemptions at semi-liquid private credit funds flag liquidity risk.

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Business Standard (Bloomberg)2026-10-16

印度富豪家办押注本土AI新创，力追美中

彭博报导，Premji Invest、Claypond Capital等印度家办加码本土AI新创；印度2013至2025年AI私人投资仅逾150亿美元，远低于美国约7,570亿美元、中国约1,320亿美元，家办耐心资本被视为补足资金缺口的关键。

学习单字
  • patient capital耐心资本，愿意长期持有、不急于短期回报的资金
  • bankroll出资支撑、提供资金
  • upswing上升趋势、回升

Indian billionaire family offices bet on homegrown AI startups to catch up with the US and China

Bloomberg reports family offices such as Premji Invest and Claypond Capital are stepping up bets on Indian AI startups. India drew just over US$15 billion in private AI investment in 2013-2025 versus about US$757 billion in the US and US$132 billion in China, leaving family money to help fill the gap.

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Briefs (citing Bloomberg)2026-10-14

印孚瑟斯创办人Murthy家办计划五年内印度曝险翻倍

为Infosys创办人Narayana Murthy管理14亿美元的Catamaran Ventures，计划五年内将印度投资部位约翻倍，目标年报酬16%至18%，聚焦AI、资料中心与精密制造，反映家办常先于机构资金进场的趋势。

学习单字
  • playbook策略蓝图、操作手册
  • supply chains供应链
  • global specifications国际规格标准

Narayana Murthy's family office plans to double its India exposure, pivoting to AI and precision manufacturing

Catamaran Ventures, which manages US$1.4 billion for Infosys founder Narayana Murthy, plans to roughly double its India exposure within five years, targeting 16-18% annual returns across listed and private deals in AI, data centre infrastructure and precision manufacturing.

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Family Wealth Report2026-10-13

家办用AI：多用“软面向”与任务拆解，少用自写程式

纽约Circulus家族峰会上，业者建议家办把AI用于家族治理与使命宣言等软性工作，以递回拆解处理复杂任务，避免自行“氛围写程式”打造CRM等系统，以免出错或泄漏敏感资料。

学习单字
  • vibe coding用自然语言让AI生成程式、自己不细究程式码的开发方式
  • recursive decomposition递回拆解，把任务层层切成子任务再组合
  • bottleneck瓶颈、限制因素

Family offices and AI: more 'soft side' and decomposition, less 'vibe coding'

At the Circulus Family Summit in New York, executives urged family offices to apply AI to governance and mission statements, break complex work into subtasks via recursive decomposition, and avoid home-built 'vibe coded' systems such as CRMs that can mishandle edge cases and sensitive data.

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Gulf News2026-10-18

阿联获评全球新兴家办目的地第一，DIFC家族实体年增36%

Global Citizen Solutions报告将阿联列为新兴家办目的地首位，总分74、法规与税务满分100；DIFC家族相关实体至2026年6月底达1,408家、年增36%，卡达、印度、马来西亚分居二至四名。

学习单字
  • financial ecosystem金融生态系，指金融机构、市场与服务的整体环境
  • cross-border mobility跨境移动能力，指人员与资产跨国流动的便利度
  • diversification strategies分散配置策略

UAE ranked top emerging destination for family offices as DIFC family entities grow 36%

A Global Citizen Solutions report ranks the UAE first among emerging family office destinations, scoring 74 overall and a perfect 100 on regulation and taxation. DIFC counted 1,408 family-related entities at end-June 2026, up 36% year on year; Qatar, India and Malaysia followed.

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