Company: NOAH
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0001410578-25-000852
Chunk: 102

Company: NOAH HOLDINGS LTD
Filing Date: 2025-04-24
Form: 20-F
Item: Item 4
Chunk 102
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 equity investments. As of December 31, 2024, our real estate investments primarily included one office building in Shanghai through an FOF investment, namely Gopher Aroma Plaza. Our real estate investments as of December 31, 2024 also included seven rental apartment projects in the United States.
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●   Multi-strategy and other investments. Our multi-strategy investments primarily include multi-asset portfolios and family office accounts. We use asset allocation principles to build multi-asset portfolios and multi- or single-family office accounts. Starting from the third quarter in 2019, we stopped investing in private credit products and started to redeem all outstanding private credit products. By the end of the second quarter in 2021, Gopher had successfully exited approximately RMB30 billions of private credit product investments, marking an important milestone of transformation to NAV-based products.
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Our domestic asset management operations under Gopher continue to focus on managing primary market exits and cross-border ETF products in the secondary market. Due to the absence of new fundraising for RMB-denominated private equity funds in 2024, the gradual expiration of legacy products is expected to reduce the management fee base. In response, we are accelerating the expansion of our overseas investment product offerings through Olive and growing our secondary market asset management business. For a discussion of the change of our asset management product mix during the three years ended December 31, 2022, 2023 and 2024, see “Item 5. Operating and Financial Review and Prospects—A. Operating Results—Factors Affecting Our Results of Operations—Key Performance Indicators—AUM.”
Our Portfolio Companies 
Our Gopher/Olive Funds strive to invest into companies with great growth potential through private equity investments to generate attractive investment returns. Over the years, our Gopher/Olive Funds have invested in many portfolio companies that have achieved outstanding performance and hence generating more performance-based income, which demonstrates our strong asset management capabilities. As of December 31, 2024, Gopher/Olive’s AUM included approximately 130 Gopher/Olive PE/VC FOFs, which in aggregate invested in more than 300 funds managed by third parties, and directly or indirectly through these funds, invested in more than 9,000 companies, many of which had achieved substantial growth. As of December 31, 2024, more than 600 companies Gopher/Olive invested in had successfully become listed companies