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　　來源：中國基金報

　　【導讀】另類投資管理協會CEO：中國市場不容忽視，另類投資已成主流

　　中國基金報記者 吳娟娟

　　日前，另類投資管理協會（AIMA）CEO Jack Inglis在「中國資產管理論壇2025（香港）」期間接受本報專訪時表示，無論市場如何波動，AIMA對中國的態度從未改變。中國市場規模龐大、創新層出不窮，令人興奮且不容忽視。

　　AIMA CEO： China‘s Market Too Important to Overlook as Alts Go Mainstream

　　「The Chinese market is too large， too innovative， and too dynamic to be ignored．」 Jack Inglis， CEO of the Alternative Investment Management Association （AIMA） said， in an interview with China Fund News during the China Asset Management Forum 2025 in Hong Kong． Regardless of market fluctuations， Inglis said， AIMA‘s commitment to China has never wavered．

　　深耕中國市場

　　Continuing Deep Engagement in the Chinese Market

　　Jack Inglis透露，約12年前，當他加入AIMA時，中國香港的會員就希望AIMA將業務擴展到中國內地。隨後，AIMA與中國證券投資基金業協會（AMAC）建立了密切合作關係。「我們非常自豪地成為第一個與AMAC簽署諒解備忘錄的國際組織。」近年來，AIMA已在紐約、法蘭克福、倫敦、東京、阿布扎比、迪拜和中國香港舉辦了七場中國資產管理論壇，向全球介紹中國資產管理行業。

　　Jack Inglis revealed that around 12 years ago， when he joined AIMA， members in Hong Kong hoped the association would expand its presence into Chinese mainland． AIMA subsequently established a partnership with the Asset Management Association of China （AMAC）． 「We are very proud to have been the first international organization to sign a memorandum of understanding with AMAC，」 he said． In recent years， AIMA has hosted seven China Asset Management Forums in New York， Frankfurt， London， Tokyo， Abu Dhabi， Dubai， and Hong Kong， introducing China’s asset management industry to the world．

　　Jack Inglis表示，AIMA越來越多地服務於那些「走出去」的中國管理人，尤其是在中國香港。「作為國際投資者和全球行業組織，中國市場太大、太令人興奮，創新層出不窮，不容忽視。」

　　Jack Inglis added that AIMA increasingly serves Chinese managers who are 「going global，」 particularly those based in Hong Kong． 「For international investors and for us as a global industry organization， the Chinese market is simply too large， too exciting， and too full of innovation to ignore．」

　　他認為，一方面，中國擁有高素質的人才和不斷發展、日趨成熟的私募基金行業；另一方面，中國資產管理行業的運作實踐正與國際標準融合——這正是AIMA能發揮作用的地方。

　　He believes that， on the one hand， China has a pool of highly skilled professionals and a rapidly developing， increasingly sophisticated private fund industry． On the other hand， the operational practices of China’s asset management industry are converging with international standards—an area where AIMA can add value．

　　機構化運營是長期成功的關鍵

　　Institutionalized Operations Are Key to Long-Term Success

　　AIMA是全球另類投資管理行業的代表性會員機構，覆蓋對沖基金、私募股權、房地產、私募信貸、大宗商品、基礎設施和數字資產等領域，會員遍佈60多個國家/地區，致力於行業教育、政策倡導、監管溝通和最佳實務指南等工作。

　　AIMA is the leading global representative body for the alternative investment management industry， covering hedge funds， private equity， real estate， private credit， commodities， infrastructure， and digital assets． With members across more than 60 countries and regions， it is dedicated to industry education， policy advocacy， regulatory engagement， and the development of best practice standards．

　　在AIMA看來，建立符合機構化標準的運營和合規框架，是長期成功的關鍵，也是全球機構投資者對另類投資的期待。當資產規模增長到一定水平時，這是另類資產管理機構不得不面對的問題。

　　From AIMA’s perspective， establishing operational and compliance frameworks that meet institutional standards is essential for long-term success—and is precisely what global institutional investors expect from alternative investment firms． As assets under management expand， this becomes an inevitable challenge for such institutions．

　　AIMA有大量指導性文件、實踐手冊，以及網絡研討會與培訓課程，幫助會員確保運營標準符合全球機構投資者與各司法轄區監管機構的要求。

　　AIMA provides a wide range of guidance materials， practice manuals， webinars， and training programs to help its members ensure their operational standards align with the expectations of global institutional investors and regulators across jurisdictions．

　　何為AIMA所稱的「健全實踐」？Jack Inglis舉例說明：第一，估值（valuation）是關鍵領域，因為它涉及基金管理人與投資者之間的利益是否一致；第二，經營管理層面的問題——許多基金創始人來自銀行或自營交易部門，創業後需要重新學習如何運營一家企業；第三，網絡安全是AIMA最頻繁更新的指南主題，不分大小機構都面臨同樣的風險。AIMA提供的、管理人廣泛使用的工具包括盡職調查問卷，它告訴投資人在投資前應該如何了解一家管理人。

　　Jack Inglis highlights three key examples of sound practices． First， valuation represents a critical area because it determines whether the interests of fund managers and investors are properly aligned． Second， operational management poses challenges for many fund founders who come from banking or proprietary trading backgrounds and must learn to run a complete business after launching their own firms． Third， cybersecurity remains the most frequently updated topic in AIMA‘s guidance， as firms of all sizes face similar threats． To support these practices， AIMA provides widely used tools such as due diligence questionnaires that help investors assess managers before committing capital．

　　未來資金可能繼續流入對沖基金等

　　Capital Likely to Continue Flowing into Hedge Funds etc．

　　談及未來12個月另類投資領域的趨勢，Jack Inglis介紹，當前全球公開市場不確定性高企：宏觀經濟問題、地緣政治緊張、全球格局碎片化等促使投資者更傾向於增加另類資產配置。

　　Discussing trends in the alternative investment space over the next 12 months， Jack Inglis noted that considerable uncertainty persists in global public markets， ranging from macroeconomic challenges and geopolitical tensions to broader global fragmentation.This uncertainty is prompting investors to increase allocations to alternative assets．

　　未來一年，資金最可能流入對沖基金，尤其是那些與公募市場相關性較低的策略——比如量化市場中性、全球宏觀策略等，而不是高槓杆的多頭股權型基金。波動性上升與潛在市場擾動也將為這些策略提供更多機會。

　　Over the coming year， capital is most likely to flow into hedge funds， particularly strategies with low correlation to public markets—such as quantitative market-neutral and global macro funds—rather thaninto highly leveraged long-only equity funds． Rising volatility and potential market disruptions are also expected to create more opportunities for these strategies．

　　據安永（EY）預測，到2030年全球另類投資行業的規模可能從目前的約22萬億美元增長到30萬億美元，意味着未來五年還有約7萬億美元的潛在增長空間。

　　According to forecasts from Ernst & Young （EY）， the global alternative investment industry could expand from roughly $22 trillion today to $30 trillion by 2030， representing about $7 trillion in potential growth over the next five years．

　　另類投資已成主流

　　Alternative Investments Have Become Mainstream

　　35年前，一群對沖基金行業人士在倫敦創立了另類投資管理協會。彼時，他們認為需要一個機構代表對沖基金行業。1990年AIMA剛成立時，對沖基金行業管理的資產規模不到1000億美元。到2025年，全球對沖基金總資產已超過5萬億美元。如今AIMA在60多個國家擁有超過2000家企業會員，業務領域也超越了對沖基金，涵蓋私募股權、私募信貸、房地產、基礎設施等另類投資的方方面面。

　　About 35 years ago， a group of hedge fund professionals founded the Alternative Investment Management Association in London， believing that the industry needed a unified voice． When AIMA was established in 1990， hedge funds collectively managed less than $100 billion． By 2025， that figure has surpassed $5 trillion． Today， AIMA has more than 2，000 corporate members across over 60 countries， and its work now extends well beyond hedge funds to cover all major segments of alternative investments， including private equity， private credit， real estate， and infrastructure．

　　一定意義上，另類投資已漸成主流。

　　In many ways， alternative investments have become part of the mainstream．

　　Jack Inglis介紹，根據今年早些時候對機構投資者的調查，目前投資者最有可能減少配置的是被動的純多頭股票，而最有可能增加配置的則是另類投資，特別是對沖基金和私募信貸。其他銀行的調查也顯示了類似趨勢。

　　Jack Inglis noted that， according to a survey of institutional investors earlier this year， the asset class investors are most likely to reduce is passive long-only equities， while the largest expected increase is in alternative investments—particularly hedge funds and private credit． Similar trends have been observed in surveys conducted by other financial institutions．

　　他表示，目前北美的大型養老基金對另類投資的配置權重可能接近30%，這在一定程度上表明另類投資已成為主流。投資者希望在純多頭股票表現出色時增加另類投資敞口。眼下，日本股市創歷史新高，中國內地和香港市場表現出色，美國納斯達克和標普指數也表現得非常好。儘管如此，這伴隨着巨大的不確定性。另類投資可作為投資組合中傳統投資敞口的分散工具，降低與傳統投資的相關性。

　　He said that major North American pension funds now allocate close to 30% of their portfolios to alternative investments—an indication that the asset class has entered the mainstream． Investors are increasingly seeking to expand alternative exposure even when long-only equities are performing strongly． Currently， Japanese equities are hitting record highs， Chinese mainlandand Hong Kong markets are performing well， and both the Nasdaq and S&P are robust—yet all amid significant uncertainties． Alternative investments， he noted， serve as effective diversifiers， reducing portfolio correlation with traditional asset classes．

　　最近幾年，大量資金涌入另類投資領域。針對另類投資領域是否已過度擁擠的問題，Jack Inglis表示，並無跡象表明擁擠正在造成危險。全球市場上會不時出現急劇調整，這可能是由量化信號引起的，但這些波動會非常快速地自我修正。在非公開市場，雖然有更多資金進入、交易競爭更激烈，但目前沒有證據表明利差已縮小到投資私募股權或私募信貸相比公開市場沒有任何優勢的程度。

　　In recent years， substantial capital has flowed into alternative investments． Addressing concerns about potential overcrowding， Jack Inglis said there is no evidence that it poses systemic risks． While global markets occasionally experience sharp corrections—sometimes triggered by quantitative signals—these fluctuations tend to self-correct quickly． In private markets， though competition for deals has intensified as more capital enters， there is still no indication that spreads have narrowed to the point where private equity or private credit no longer offer an advantage over public markets．

　　管理機構對最優秀人才的競爭激烈，他們樂於支付高薪吸引頂尖人才，這意味着他們認為該領域還有更多機會。

　　Competition among management firms for top talent remains intense， and their willingness to pay premium compensation suggests they still see abundant opportunities in the space．

　　私募信貸增長可持續

　　Growth in Private CreditIs Sustainable

　　AIMA副CEO Jiří Król介紹，私募信貸是近年來另類投資的重要增長領域，有機構預計幾年後私募信貸市場規模可達7萬億美元。

　　Jiří Król， Deputy CEO of AIMA， noted that private credit has been one of the fastest-growing segments within alternative investments in recent years， with some institutions projecting that the market could reach $7 trillion within a few years．

　　AIMA於10年前設立另類信貸委員會（ACC），專門代表私募信貸管理人。其主要工作包括：數據研究——幫助投資者、監管者理解私募信貸的風險與機遇；市場發展——推動各國放寬非銀行主體直接放貸的監管限制；產品創新——推動類似美國BDC（商業發展公司）的機制在歐洲、英國、新加坡、加拿大等市場落地。

　　A decade ago， AIMA established the Alternative Credit Council （ACC） to represent private credit managers． Its main initiatives include data research—to help investors and regulators better understand the risks and opportunities in private credit； market development—to advocate for the easing of regulatory restrictions on non-bank direct lending across jurisdictions； and product innovation—to promote mechanisms similar to U.S． Business Development Companies （BDCs） in Europe， the UK， Singapore， Canada， and other markets．

　　私募信貸增長是可持續的趨勢。Jiří Król表示，從投資者角度看，回報依然具有吸引力，尤其對保險機構而言。隨着全球各地監管機構完善證券化規則，保險與零售資金的參與度將進一步提升。無論從資產端還是資金端來看，私募信貸的增長都具有堅實基礎，而非泡沫化現象。

　　Private credit growth， he said， is a sustainable trend． From an investor’s perspective， returns remain attractive—particularly for insurance institutions． As regulators around the world refine securitization frameworks， participation from insurance and retail investors is set to rise further． Whether viewed from the asset side or the capital side， the expansion of private credit is underpinned by strong fundamentals rather than speculative excess．

　　他表示，這一趨勢也體現在資產管理行業的併購浪潮中。近年來，許多傳統資產管理公司積極收購私募市場尤其是私募信貸領域的機構。如今，全球最大的資產管理公司幾乎都在同時提供傳統資產管理與另類投資服務。

　　He added that this trend is also evident in the wave of mergers and acquisitions across the asset management industry． In recent years， many traditional asset managers have actively acquired firms in the private markets—particularly in private credit． Today， nearly all of the world’s largest asset management firms offer both traditional and alternative investment solutions．

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責任編輯：宋雅芳