Core Viewpoint - The article highlights the emergence of a 200 billion yuan "patient capital" initiative in Nanjing, which is leading the national primary market and aims to foster high-quality development through a structured industrial fund cluster [2][3][5]. Group 1: Nanjing's Industrial Fund Initiatives - Nanjing's government has introduced 42 policy measures across nine areas to support advanced manufacturing, focusing on building an industrial fund cluster exceeding 200 billion yuan [5]. - The "4+N" industrial fund cluster aims to establish a mother fund for key industries, allowing for direct investments or investments through special purpose vehicles (SPVs), with individual project investments capped at 100 million yuan [5][6]. - As of January, the "4+N" industrial fund cluster has established 52 funds with a total scale exceeding 1.3 trillion yuan [7]. Group 2: Jiangsu's Broader Capital Strategy - Jiangsu province is developing a clear and distinctive strategic emerging industry fund cluster, with a total scale of 500 billion yuan for the provincial mother fund and 506 billion yuan for the first batch of 14 specialized industry funds [8]. - The provincial mother fund focuses on early-stage, small-scale, long-term investments in hard technology, allowing for a higher tolerance for losses in angel investments [8]. Group 3: Regional Capital Dynamics - The article emphasizes that the Yangtze River Delta region is at the forefront of the primary market recovery, with a surge in the establishment of industrial funds and increased fundraising activity [11]. - Various mother funds have been launched in the region, including social security funds and central enterprise mother funds, with Jiangsu leading in investment frequency by 2025 [12]. - Zhejiang province is also actively preparing a 100 billion yuan future industry fund and has introduced several large-scale fund clusters to support technological innovation and high-quality development [13]. Group 4: Collaborative Efforts in the Yangtze River Delta - The establishment of a 1 trillion yuan national venture capital guidance fund in the Yangtze River Delta signifies a significant collaborative effort among regional state-owned assets from Shanghai, Jiangsu, Anhui, and Zhejiang [14]. - This fund is expected to enhance resource collaboration across the region, reinforcing the Yangtze River Delta's position as a core driver of China's venture capital industry [14]. Group 5: Conclusion on Market Trends - The article concludes that the warming of the primary market and the influx of capital into the Yangtze River Delta region are indicative of a new development cycle, driven by technological innovation and policy incentives [16].

导读： 在当下复杂的投资环境下，投资人一定要顺势而为，拥抱贝塔。 作者｜矛哥 来源 ｜常垒创投 2025，我是如何实现：硬科技，从入门到彻底放弃。 上面这句话不是我说的，但不止一个人跟我说过，无论是一级投资的朋友还是二级的朋友。 之前一个VC投资的朋友曾跟我说过，他们只投资两类商业模型的企业： 要么上来就巨额亏损，需要持续融资； 要么上来就赚钱，后续不太需要融资。 因为其余的业务模型都不支撑VC的投资框架，我觉得还蛮有道理。 当下的科创投资周期跟当年TMT时代的互联网投资越来越像。 都是巨额融资，巨额亏损； 都是商业模式看不懂，花钱补贴客户，短期算不过账； 大洋彼岸，都有成功对标企业；投资机构都要抱团站队，因为结局都看不清。 但也有不同之处。 在TMT时代，钱主要花在了流量获取和补贴C端用户上。 在科创时代，钱也投在了流量上，不过主要是为了博领导的眼球，而补贴主要用在B端大客户上。 在TMT投资时代，政府国资的钱不敢上。 在当下科创时代，市场信仰派的钱却不敢上了。 投资的信仰和价值观本没有对错，只是在不同周期，各种价值观获得的收益反馈却截然不同。 在往期的文章里我们曾提出，2023年会出现一个投资的分水岭，本 ...

该政策旨在推动形成覆盖研发制造、发射服务、数据应用的全产业链集聚发展格局，同时为商业航 天企业提供"绿色通道"政策，在用地方面提供多项支持，包括依法依规保障建设用地指标、土地 出让底价可按标准70%执行、鼓励先租后让等供地方式。 来源：凉山州经济和信息化局 近日，四川凉山州经济和信息化局等4部门印发《凉山州支持商业航天产业集聚发展专项政策（试 行）》，提出设立不低于40亿元的商业航天产业专项基金，支持火箭、卫星研制及应用、航天大 数据等相关企业落地。 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" ...

近日，为推动宜兴市产业转型升级，加快构建高质量发展格局，宜兴新动能产业基金合伙企业（有 限合伙）（以下简称"新动能母基金"）公开遴选产业子基金管理机构。 来源：宜兴国控 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 新动能母基金成立于2021年，为私募股权投资类FOF基金，总规模50亿元，合伙期限为40年，由 宜兴市级国有企业联合出资组建，管理人为宜兴市宜财私募基金管理有限公司。新动能母基金围绕 宜兴市创新驱动与产业强市战略，通过与国家级母基金、国内外头部投资机构深化合作，投资私募 股权、创业投资子基金，促进宜兴产业的转型升级和高质量发展。 ...

根据公告，基金拟以人工智能引导 "科技创新、产业升级"为主线，与上海市和浦东新区市区两级 开展合作，以参股型私募股权投资方式，重点投向人工智能技术和相关应用，以及包括集成电路、 生物医药等其他各类科技创新产业，符合保险资金配置需求。 来源：中国人寿保险股份有限公司 近日，中国人寿保险 股份有限公司发布公告，称公司与多方联合设立 汇智长三角（上海）私募基 金合伙企业（有限合伙）（最终名称以工商登记信息为准）（"合伙企业"）。合伙企业全体合伙 人认缴出资总额为人民币50.515亿元，其中，中国人寿认缴出资额为人民币40亿元。国寿资本投 资有限公司（"国寿资本"）将作为合伙企业的管理人。 该合伙企业的共同成立方包含 上海浦东引领区投资中心（有限合伙） （"浦东创投"）、上海国投 先导人工智能私募投资基金合伙企业（有限合伙）（"国投先导"）及国寿基础设施投资管理有限 公司（"国寿基础"）（各方均作为有限合伙人），创智和瑞（上海）企业管理有限公司（"创智和 瑞"）（作为普通合伙人）及领智盈（上海）企业管理合伙企业（有限合伙）（"领智盈上海"） （作为特殊有限合伙人）。 热文： 谁押中了沐曦股份？ 荐读： 2025募资市 ...

根据条款，交易基础对价为32亿美元，以EQT普通股形式发行，每股定价为355瑞典克朗（"基础 对价股"），约合8100万股（约占已发行股份的7%）。 近日，殷拓集团（EQT）在官网发布公告宣布收购全球知名二级交易巨头科勒资本（Coller Capital），管理其公司100%的股份。 据悉，EQT将控制科勒资本基金的普通合伙人实体，以及最新私募股权二级基金旗舰基金（CIP IX）10%的持股权益。 该基金于2025年12月31日最终收割，计费承诺金额为102亿美元，基金 总规模达到142亿美元。 EQT有权投资科勒资本所有未来封闭式基金的持股35%。 每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 该交易需获得监管批准及部分科勒基金投资者同意批准，预计交易将于2026年第三季度完成。交 易完成后，科勒资本将在EQT内成立一个新的商业平台，品牌名为"Coller EQT"。Coller EQT将 与EQT现有的私募资本和实物资产业务板块并列，成为新的二级业务板块的一部分。Jer ...

Group 1 - Zhengzhou has established a mother fund with a scale of 5 billion RMB to empower local strategic emerging industries [2] - Various regions including Guangxi, Jiangsu, and Sichuan have announced the selection of General Partners (GPs) for mother funds focusing on sectors like information technology, high-end equipment, biomedicine, and new energy [2][3] - The National Development and Reform Commission is advancing the establishment of a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [3] Group 2 - Nanjing Jiangning District has launched a 10 billion RMB mother fund aimed at promoting the development and transformation of dominant local industries [4] - The Sichuan Province has initiated the fourth batch of GP recruitment for its 5 billion RMB results transformation investment guiding fund, focusing on cutting-edge technology and future industries [6] - The Guangxi Guoyuan Industrial Fund has been established with a scale of 2 billion RMB, targeting strategic emerging industries such as artificial intelligence and biomedicine [7] Group 3 - The Shanghai Pudong New Area has set up a 2 billion RMB seed fund focusing on artificial intelligence [10] - The Hefei City Special Fund for specialized and innovative enterprises has been established with a total scale of 1.5 billion RMB, targeting high-potential small and medium-sized enterprises [12] - The Xiamen Torch Science and Technology Fund has launched its second phase with a scale of 100 million RMB, focusing on strategic emerging industries [13] Group 4 - The Jiangxia District has established a 1 billion RMB artificial intelligence fund, focusing on the entire AI industry chain [15][16] - The Nanjing New Industry Medical Health Fund has completed registration with a planned scale of 2 billion RMB, focusing on mergers and acquisitions in the medical sector [19] - The Hubei Province Port and Shipping Development Fund has completed an expansion, raising its total scale to approximately 2.8 billion RMB [20] Group 5 - The Shaanxi Low-altitude Aviation Industry Fund has been established with a scale of 300 million RMB, focusing on investments in unlisted enterprises [21] - The Guochuang Zhongshan Fund has been established with a focus on medical devices, aiming to foster innovative and high-growth enterprises [22] - Hengxu Capital has completed the first closing of its fourth flagship fund with a scale exceeding 2 billion RMB, aiming for a total closing scale of 3.5 billion RMB [23]

每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 为深入贯彻落实四川省委十二届三次全会关于"重构政府产业基金引导体系，打造千亿级母子基金 集群"的决策部署，充分发挥政府产业引导基金杠杆放大效应，广泛吸引社会资本投资实体经济， 助力四川现代化产业体系加快构建，根据四川省成果转化投资引导基金合伙企业（有限合伙）（以 下简称"成果转化基金"）工作安排，现面向社会公开预征集第四批子基金管理机构。 据悉，成果转化基金总规模50亿元，聚焦前沿科技和未来产业，坚持"投早、投小、投硬科技"。 成果转化基金不低于70%用于设立子基金，对单一子基金出资不超过40%，子基金应注册在四川省 内。 来源：中信建投资本 ...

每日｜荐读 热文： 谁押中了沐曦股份？ 荐读： 2025募资市场年度观察：一年聊过239家LP的真实感受 荐读： 2025年IPO退出盘点：哪些GP赚钱了？ 热文： 投资人"忙疯了" 子基金要求围绕江宁区现代产业体系开展投资业务，重点关注新型电力、新一代信息技术、新能源 （智能网联）汽车、高端智能装备、航空航天、生物医药及新型医疗器械等领域。原则上存续期不 超过10年，其中投资期不超过5年。确有需要的"一事一议"。 来源：南京江宁人才集团 为促进江宁区优势主导产业发展和产业转型升级，充分发挥国有资本在我区产业发展中的投资引领 作用，江宁区相关区属国企和园区国企共同发起设立南京江宁智慧股权投资合伙企业（有限合伙） （以下简称"母基金"），基金规模100亿元，基金管理人为南京天印创业投资管理有限公司（以 下简称"天印创投"）。根据相关运作要求，拟常年公开征集子基金管理机构。 ...

Core Viewpoint - Hengxu Capital has successfully completed the first closing of its fourth flagship fund, raising over 2 billion RMB, with a planned final closing size of 3.5 billion RMB, marking the first significant RMB fundraising of the year [1] Group 1 - The fourth flagship fund of Hengxu Capital received continued support from major shareholder SAIC Group, with financial institutions such as Guotai Junan and Haitong also reinvesting, alongside strong backing from multiple local governments in the Yangtze River Delta [1] - The fund attracted participation from several listed companies and industrial groups, further solidifying the LP structure that includes industry players, financial institutions, and local governments [1] - The fund has introduced a new structural approach by splitting into two funds based in Changzhou and Ningbo, aimed at more precisely addressing the differentiated needs of various LPs [1] Group 2 - Hengxu Capital's partner Liu Zhibin stated that the split is not merely a division but a strategy to better respond to the diverse demands of different LPs, creating a dual-fund model that meets varied preferences while systematically covering the entire investment cycle of innovative enterprises [1]