Core Viewpoint - The article discusses a framework for selecting General Partners (GPs) for family offices, focusing on three dimensions: scale, specialization, and people [2][4]. Group 1: Scale - Scale can be evaluated from two aspects: the management scale of the institution and the target fund size [6]. - The management scale is crucial as family offices typically invest between 10-30 million. Larger institutions with hundreds of millions in assets may not provide the same level of interaction and opportunities for co-investment [6]. - Smaller institutions, with management scales below 1 billion, are often more appealing as they allow for closer relationships and shared growth opportunities [6]. - The size of the target fund is also important for performance and influence. Many family offices avoid funds larger than 1 billion, as smaller funds allow for greater engagement and quicker returns on investment [7]. Group 2: Specialization - Specialization is considered in terms of sector focus and product focus [8]. - A GP that has long-term experience in a specific sector is more likely to generate alpha returns, as they develop intuition and insights over time [8]. - Product focus refers to the GP's commitment to a single fund at a time, which can reduce conflicts of interest and enhance team focus [8]. Group 3: People - The human factor is critical in investment, and the article outlines ten key attributes to evaluate GPs [9]. - Integrity is essential, as GPs must treat LPs' money with care and responsibility [9]. - Passion for investment is vital; GPs should genuinely love what they do rather than treating it as just a job [10]. - Accumulation of wealth, resources, and knowledge is necessary for GPs to make informed decisions and avoid conflicts of interest [10]. - A clear investment philosophy helps GPs navigate market cycles and maintain focus [11]. - A coherent career trajectory indicates a GP's decision-making process and adaptability [11]. - Humility is important in a rapidly changing market, as it allows GPs to remain open to new ideas and changes [12]. - Intelligence, both emotional and intellectual, is crucial for managing relationships with LPs and project founders [12]. - High success rates in specific niches are a strong indicator of a GP's capability [12]. - Established investment principles reflect a GP's experience and ability to learn from past mistakes [13]. - Organizational structure and culture are key to a GP's long-term success and adaptability [13].

Group 1 - The establishment of China's first pension technology innovation industry fund by China Construction Bank Group's subsidiary, Jianxin Investment, in collaboration with Shanghai Dalinghao Bay Investment Development Group [1] - The fund aims to support the development of hard technology in the pension sector and smart medical applications, creating a comprehensive support system for companies from startup to maturity [1] - The fund emphasizes the role of state-owned capital in guiding investments, focusing on long-term support for technological growth and addressing the needs of the aging population [1] Group 2 - China Construction Bank Group plans to leverage its comprehensive operational advantages to provide financial support for the construction of Shanghai's "five centers" and the upgrade of the pension technology industry [1] - The initiative includes innovative mechanisms such as "investment-loan linkage" and "integration of government, industry, academia, research, and application" to facilitate the transformation of the pension industry towards intelligence, digitization, and industrialization [1] - The goal is to help China seize the global leadership in pension technology and contribute a "Chinese solution" to the challenges posed by an aging society [1]

Core Viewpoint - The establishment of Hubei's first highway development fund aims to inject strong new momentum into the province's transportation strategy, with a total scale of 100 billion yuan [1]. Group 1: Fund Structure and Scale - The Hubei Highway Development Fund adopts a "1+N" mother-child fund structure, with a total scale of 100 billion yuan, where the mother fund is 30 billion yuan [1]. - The provincial finance contributes 10 billion yuan, while Hubei Communications Investment Group contributes 20 billion yuan [1]. - 80% of the fund will be allocated to highway project construction, potentially leveraging 400 billion yuan in infrastructure investment [1]. Group 2: Project Plans and Investments - By 2025, Hubei plans to continue, start, and plan 71 highway projects, covering a total length of 4,213 kilometers and a total investment of 799.2 billion yuan [1]. - Initial funding will focus on the reconstruction and expansion of national highways such as Hu-Yu, Fu-Yin, Jing-Kong-Ao, and Er-Guang [1]. - The fund aims to enhance the "Golden Triangle" main road of Han-Xiang-Yi, facilitating the construction of a comprehensive highway network in Hubei [1]. Group 3: Strategic Goals - The fund is designed to support the construction of Hubei's "13 vertical and 9 horizontal and 4 ring" highway framework, aiming for over 12,000 kilometers of highways [1]. - The initiative seeks to create a connected transportation network, enhancing Hubei's role as a central hub that radiates nationally and connects globally [1].

来源： 甘肃省人民政府 近日，甘肃省人民政府办公厅发布关于促进政府投资基金高质量发展的管理办法 。其中明确提 出，需要强化政府引导，各级财政部门负责统一管理本级政府投资基金，严控新设基金，推动优化 整合已设基金，明确直接管理或委托管理的职责划分，强化统一运作管理。《办法》还指出，需要 培育壮大长期资本、耐心资本，合理确定政府投资基金存续期。各地需要严格落实建设全国统一 大市场部署要求， 建立健全激励容错体系， 不以招商引资为目的设立政府投资基金。 以下为办法原文： 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 热文： 一纸新规，炸出一级市场的管理费焦虑 热文： 今年，上市公司热衷做并购基金 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 ...

Group 1 - The article discusses the recent trend of CVCs (Corporate Venture Capital) entering the A-share market, highlighting a significant acquisition by Chery Automobile's CVC, Hefei Ruicheng, which plans to acquire 25% of Honghe Technology for 1.575 billion yuan, marking it as one of the largest single acquisitions in 2025 [4][6] - Honghe Technology, a leading player in the education information technology sector, reported a revenue of 3.525 billion yuan and a net profit of 222 million yuan in 2024 [7] - The acquisition will result in Honghe Technology entering a "no actual controller" status, with Hefei Ruicheng aiming to optimize incentive mechanisms and enhance industrial synergy post-acquisition [8] Group 2 - The article notes a surge in GP-led acquisitions in the market, with six GP acquisition cases reported since the introduction of the "Merger Six Articles" policy, indicating a growing trend in this area [12] - Various regions are actively establishing merger funds, with a focus on sectors like pharmaceuticals and new-generation information technology, reflecting a broad interest in mergers and acquisitions [13] - The article emphasizes that the current merger market is entering a "golden era," driven by macroeconomic factors such as a new round of easing policies and a slowdown in IPOs, which increases the demand for mergers and acquisitions [14][17]

Core Viewpoint - The establishment of the "Guangdong Province Intelligent Industry Fund" aims to support technological innovation and industrial upgrades for enterprises in Guangdong, particularly those in industrial alliances, with a target scale of 10 billion yuan [1]. Group 1 - The fund has raised an initial capital of 2 billion yuan and will operate under a "government guidance + market-oriented operation" model to gather resources and promote the full-chain development of technology research, achievement transformation, and industrial scaling [1]. - The fund focuses on "technological breakthroughs + scenario implementation" as dual drivers, concentrating on core technology research in AI large models, intelligent robotics, and semiconductor chips [1]. - The fund aims to accelerate the industrialization of technology by promoting vertical application scenarios such as intelligent manufacturing and smart cities, thereby enhancing the value-added of the industry and addressing critical technological challenges [1].

日前，小商品城、昭衍新药等多家上市公司发布公告披露参与设立产业基金的进展。 小商品城在公告中指出：近日，公司与招商局资本管理（北京）有限公司及参与本基金的其他合伙 人共同签署了《合伙协议》，协议主要内容如下： 1、合伙目的 围绕创新服务贸易发展机制、发展数字贸易，加强与社会资本的协同配合，有效发挥 财政资金的政策引导和杠杆放大效应，带动社会资本支持服务贸易创新发展，推动数字贸易改革创 新发展，培育外贸新业态新模式，激发服务贸易发展新动能，推进贸易强国建设。 2、合伙期限 本合伙企业工商登记的合伙期限最长为十五（15）年，自《营业执照》载明的成立日 期起算。虽有前述约定，普通合伙人可根据全体合伙人的一致意见，报请商务部、财政部按程序研 究确定延长或提前终止本合伙企业的合伙期限。 3、出资方式 （1）所有合伙人之出资方式均为以人民币现金出资。 （2）全体合伙人同意，本合伙企业的各合伙人应于普通合伙人根据本合伙企业项目投资的具体资 金需求情况签发的各期缴付出资通知书分期进行缴付，每期的缴付出资由全体合伙人按实际认缴出 资比例缴付。为各期出资缴付之目的，普通合伙人将提前向各合伙人发出该期缴付出资通知书，列 明该合伙人 ...

以下文章来源于超募研究所 ，作者FOFWEEKLY研究 超募研究所 . 结合实操业务及公域&私域数据，为私募股权行业从业者（FOF、LP、GP等）提供专业性、垂直类研究内容输出。 地市级引导基金主要特征及优势 当前，地市级引导基金凭借其独特的政策优势和资源禀赋，正日益成为GP募资的重要选择。GP选择地市级引导基金的核心逻辑在于平衡政策红利与 市场化运作，优先考虑产业匹配度高、条款灵活、资源协同性强的区域合作。其基金不仅能为GP提供稳定的资金来源和项目资源，更能通过政府背 书和产业协同，为投资组合创造多维度的战略价值，实现长期可持续发展。同时，地市级引导基金提供产业链精准扶持、创新返投机制、高效决策通 道、综合服务支持和多元退出方案，赋能GP实现高效投资与退出。 地级基金具备以下主要特征： 本期导读： 据不完全统计，截止至2025年4月，我国地市级引导基金总计584支，累计注册资本约为1.69万亿。 而从近5年的情况来看，新设立的地市级引导基金则主要分布于南宁、南通、无锡与苏州等靠近长 三角城市。 作者丨FOFWEEKLY研究 本期推荐阅读5分钟 引言 为了帮助GP及市场参与者穿透市场迷雾把握配置风向，我们对一 ...

Group 1 - The core viewpoint of the article is the establishment of the Yangtze River Delta Digital Cultural Industry Fund, which aims to integrate culture and technology, focusing on the digitalization of cultural industries and the industrialization of digital technologies with a total scale of 10 billion yuan and an initial phase of 3 billion yuan [1] - The fund is primarily sourced from and invested in the Yangtze River Delta region, indicating a regional focus on cultural and technological integration [1] - Shanghai has developed a modern industrial system that deeply integrates culture and technology, with plans to emphasize "culture + AI" to further promote the fusion of digital technology and cultural creativity [1] Group 2 - The fund is initiated by companies such as China Cultural Industry Investment Mother Fund Management Co., Ltd. and Shanghai Jingwen Investment Co., Ltd., with participation from various other investment entities [1] - Notable participants in the fund's establishment include Haitong Kaiyuan Investment Co., Ltd., Anhui Cultural Tourism Investment Holding Group Co., Ltd., and Ningbo Yongyuan Investment Fund Co., Ltd., with additional potential investors in discussions [1]

近期， 天津市人民政府办公厅发布关于调整完善天津市海河产业基金管理规定有关事项的通知。 通知指出：引导基金对并购母基金出资比例最高可达50％，对券商类并购母基金出资比例最高可 达70％，引导带动社会资本参与标的项目投资，使引导基金在项目端出资比例不超过50％。母基 金对单个企业的投资额不得超过基金资产总值的20％，对以并购重组为目的的母基金除外。 此外，通知还明确 引导基金存续期延长至2040年。 峰会： 「2025母基金年度论坛」盛大启幕：汇聚中国力量！ 以下为通知原文： 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 来源：天津市人民政府 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 对接需求请扫码 每日｜荐读 榜单： 「2025投资机构软实力排行榜」评选启动 ...