Core Viewpoint - The establishment of various mother funds across multiple provinces in China is aimed at supporting strategic emerging industries such as artificial intelligence, new energy, advanced materials, and biotechnology, reflecting a strong governmental push towards innovation and technology-driven economic growth [1][25]. Fund Establishments - Multiple regions including Sichuan, Zhejiang, Hunan, Fujian, and Guangdong have announced the establishment or registration of mother funds focusing on sectors like artificial intelligence, new energy, and semiconductor industries [1]. - The Sichuan Higher Education Technology Achievement Transformation Fund has a total scale of 10 billion yuan, with an initial scale of 3 billion yuan, targeting investments in artificial intelligence and other strategic sectors [2]. - The Huzhou Industrial Mother Fund has a total scale of 30 billion yuan, focusing on major projects in new energy and biotechnology [3]. - The Foshan New Momentum Industry Fund aims to create a fund matrix with a total scale of no less than 120 billion yuan over five years, with an initial scale of 20 billion yuan [5]. - The Fujian provincial government plans to establish a 100 billion yuan merger fund and a 100 billion yuan S fund to support technology-driven enterprises [7]. - The Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund has a registered capital of 3.6 billion yuan [15]. Specific Fund Initiatives - The Qingdao Embodied Intelligent Robot Fund aims for a target scale of 10 billion yuan, focusing on robotics and related technologies [13][14]. - The Nanning Angel Fund has a total scale of 31.3 million yuan, targeting investments in artificial intelligence and smart manufacturing [21][22]. - The Suzhou Agricultural Science and Technology Innovation Fund has a total scale of 2 billion yuan, focusing on high-end agricultural technology [23]. - The Xiamen National Trade and Guotai Junan Innovation M&A Fund aims to enhance the healthcare industry through strategic acquisitions [24]. National Policy Support - The recent policy measures from seven departments emphasize the establishment of a National Venture Capital Guiding Fund, which is expected to attract nearly 1 trillion yuan in local and social capital, focusing on cutting-edge fields like artificial intelligence and quantum technology [25].

Core Viewpoint - Corporate Venture Capital (CVC) is emerging as a significant force in the private equity investment industry, particularly as traditional VC firms face challenges in fundraising and investment [3][4][12]. Group 1: Market Dynamics - The primary market in 2025 is characterized by a stark contrast, with leading investment institutions maintaining strong capital reserves while smaller VC firms struggle with fundraising and investment pressures [4]. - The rise of CVC is attributed to the unique financial attributes and strategic collaboration capabilities of industrial capital, which are becoming crucial in market allocation [8][10]. Group 2: Case Study - Vipshop - Vipshop has established a new investment partnership with a registered capital of 1.01 billion yuan, indicating its strategic move into equity investment [7]. - The company reported holding cash and cash equivalents of 26.35 billion yuan and short-term investments of 1.87 billion yuan as of the end of 2024, reflecting a strong cash flow position [8]. - Vipshop's investment strategy may extend beyond domestic markets, potentially focusing on a dual strategy of "cross-border + offline" investments [7][8]. Group 3: CVC's Role and Impact - CVCs are becoming core participants in the primary equity market, with their involvement in transactions rising to 37% in 2024, particularly in strategic sectors like semiconductors, new energy, and AI [14]. - The integration of industrial capital with innovative elements is creating a multiplier effect, enhancing the investment ecosystem [14]. - Recent policies are increasingly supportive of CVCs, with initiatives like the establishment of specialized CVC mother funds to encourage investment and innovation [15]. Group 4: Future Outlook - The private equity investment industry is undergoing significant transformation, with a renewed enthusiasm in the primary market driven by policy support and technological advancements [16]. - Despite existing challenges, there are signals of recovery, and institutions are encouraged to remain engaged in the market [16].

Core Viewpoint - The establishment of the industrial investment fund cluster in Leshan is a strategic move to enhance the city's economic development and support high-quality growth in the region [1][2]. Group 1: Investment Fund Cluster - The industrial investment fund cluster aims to cover the entire industrial chain and lifecycle, with a total scale of approximately 60 billion yuan, focusing on a "1+2"主体 model [1]. - The fund cluster is expected to serve as an "accelerator" for high-quality development and a "hatching pool" for new productive forces in Leshan [1]. Group 2: Government Support and Collaboration - The initiative is a concrete measure to implement the decisions of the central and provincial governments, aimed at empowering the development of characteristic advantageous industries [2]. - Provincial state-owned capital (state-owned enterprises) funds will leverage their advantages in capital, management, and talent to actively participate in the operation and management of the fund cluster [2]. - The provincial state-owned assets supervision and administration commission will guide and support provincial enterprises to strengthen comprehensive cooperation with Leshan [2].

事实上，制定基金绩效评价制度、构建符合国资基金特点的绩效评价指标体系，对于实现基金的业 绩目标、政策效益，保障基金良性运营有较为重大的意义， 主要体现在 ： 1、 对子基金的目标实现程度、投资运营情况等开展评价，能够及时发现运作问题并加以修正，确 保子基金不偏离既定方向。 2、 可营造公平公开的营运环境，提高国资LP的资源配置效率。 3、 通过绩效评价，可判断出子基金目标的合理性、基金管理团队的专业能力及目标达成情况，进 而采取相应的激励或约束措施，确保基金长期稳健运作和目标的实现。 本期导读： 制定基金绩效评价制度、构建符合国资基金特点的绩效评价指标体系，对于实现基金的业绩目标、 政策效益，保障基金良性运营有较为重大的意义。 目前在杉域负责咨询业务，包括基金投前可行性研究，商业尽调，GP图谱，基金绩效评价，专题 培训、基金/项目退出等方案设计。 本期推荐阅读5分钟 近几年，国资LP已经成为了私募股权基金的出资主力，存量基金加上增量基金，规模可以说是十 分庞大。 但大多数国资LP对已投的子基金尚未建立完善的绩效评价体系， 即便实行了，由于团队 的从业年限及对私募股权行业的理解程度，实践经验，制定的相关评价指标 ...

Group 1 - The capital market may experience phases of bubbles and restlessness, but innovation is worth encouraging and will continue to occur [2][45] - The primary market has seen a constant shift in hotspots this year, with the hard technology sector cooling down while the AI sector is gaining momentum [3][4] - The investment landscape is divided, with top investment firms having ample funds but facing pressure to invest, while mid-tier firms are disappearing and smaller firms are seeking collaboration [5][6] Group 2 - The AI sector has produced several waves of beneficiaries, including major internet companies, AI project service providers, and AI talent [8] - The emergence of Deepseek has led to a reevaluation of previously successful AI projects, highlighting the importance of foundational research and long-term support from major players [9][10] - The current AI investment paradigm is shifting, with fewer entrepreneurs focusing on training foundational models and more on application development [14][15] Group 3 - Successful projects should exhibit potential for explosive growth, clear signal points for validation, unique organizational advantages, and a rebellious spirit in their founding teams [17] - The risks in high-tech investments extend beyond technical risks to include team stability, commercialization, and management challenges [19] - There are prevalent misconceptions among entrepreneurs regarding their project positioning and the nature of their innovations [20][21] Group 4 - Entrepreneurs in the AI space can be categorized into four types: the commercially savvy, the technically focused, the business-oriented, and those who rely on technical support [27][30][32] - The VC industry is characterized by a continuous cycle of opportunity and risk, requiring patience and strategic thinking from investors [36][38] - The essence of VC investment lies in identifying strong teams and making calculated bets based on probability [38][39]

以下文章来源于范阳 ，作者范阳 范阳 . This is a "living media", 目标是建立一种文化, 使前沿科技和风险投资为人类服务，而不是把人类和生态 作为手段。我是一名创业者，科技投资人和内容创作者，这里也是我学习和成长的地方。 本期导读： 创始人选择的不只是资本——他们选择的是自己想要加入的故事。 作者丨 Paul Smaler 编辑丨 范阳 本期推荐阅读5分钟 过去，风投是一门靠"渠道"的生意（ venture capital was a business built on access ）。 如今，风投是一门靠 "注意力" 的生意（ a business built on attention ）。 未来十年的顶级风投机构，不会仅仅因为更好的项目源或更广的人脉而胜出。 它们的成功，将取决于能否规模化、精准化地构建信念（ They'll win because they build belief— at scale, with precision ）——就像一家媒体公司打造全球品牌那样娴熟。 简言之：下一家传奇风投机构的运作模式，会更像现代媒体公司，而非传统的投资合伙制（ The next ...

本期导读： 《政策举措》明确，发挥创业投资支持科技创新生力军作用，发挥"国家创业投资引导基金"支持科 技创新作用、鼓励发展私募股权二级市场基金（S基金）、支持创业投资和产业投资发债融资等。 来源丨 科技部网站 本期推荐阅读5分钟 5月14日，据科技部网站消息，为深入贯彻党的二十大、二十届三中全会精神，认真落实全国科技 大会、中央金融工作会议部署，做好科技金融大文章，构建与科技型企业全生命周期融资需求相适 应的多元化、接力式金融服务体系，科技部、中国人民银行、金融监管总局、中国证监会、国家发 展改革委、财政部、国务院国资委联合发布《加快构建科技金融体制 有力支撑高水平科技自立自 强的若干政策举措》（以下简称《政策举措》）。 《政策举措》坚持问题导向、重点突破，聚焦服务于国家重大科技战略部署，着力构建同科技创新 相适应的科技金融体制，加强对国家重大科技任务和科技型中小企业的金融支持，重点围绕创业投 资、货币信贷、资本市场、科技保险支持科技创新，加强财政政策引导，健全科技金融统筹推进机 制以及完善科技金融生态等七个方面内容，凝练了15项科技金融政策举措。 《政策举措》明确，发挥创业投资支持科技创新生力军作用，发挥" ...

本期导读： 尽管近两年，险资出资节奏有所放缓，但年初以来，依然有近20家险资出手。 作者丨FOFWEEKLY 险资大手笔出手 本期推荐阅读5分钟 这两年，市场感知险资等金融机构出资越来越困难，数据层面来看，险资出资持续维持低位。 据已披露的数据统计，2024年，险资出资私募股权基金规模明显下降，且大额出资下降。 而在险资活跃度持续低迷的背景下，两家险资以130亿元的大手笔出资，打破了近两年，险资在一 级市场的沉寂态势。 130亿，险资大手笔出资了。 近日，北京保实诚源股权投资合伙企业（有限合伙）正式成立，注册资本高达 130.01 亿元，由人 保资本、中意资产、中诚资本三方共同出资设立。天眼查数据显示，该基金于2025 年 5 月 9 日完 成工商注册，执行事务合伙人为中诚资本管理（北京）有限公司，委派代表是孙兆仑。业务范围涵 盖股权投资、投资管理及资产管理等核心领域。 从股权结构来看，人保资本保险资产管理有限公司认缴出资 100 亿元，以76.9172% 的比例成为最 大出资方；中意资产管理有限责任公司紧随其后，认缴30亿元，占比 23.0751%；而执行事务合伙 人中诚资本出资100万元，占比 0.007 ...

Core Viewpoint - The Southeast University Wuxi Alumni Economic Integration Development Conference highlighted the establishment of a 500 million yuan innovation fund and the launch of a new innovation center aimed at fostering collaboration between education, technology, and industry finance [1]. Group 1 - The Southeast University Wuxi Alumni Science and Technology Transformation Fund has a total scale of 500 million yuan [1]. - The newly launched New Quality Productivity Innovation Center aims to create a dual collaborative innovation system integrating education, technology, and industry finance [1]. - Five initial industry projects have been signed and will be incubated, covering fields such as artificial intelligence, electronic information, and cybersecurity [1]. Group 2 - The "Six Dynasties Pine Cup" Fourth Southeast University Global Alumni Innovation and Entrepreneurship Competition focuses on the artificial intelligence and electronic information sectors [1]. - The competition attracted outstanding alumni and 23 high-tech, market-potential innovation projects [1]. - Quality projects will be selected through a competition-based evaluation method and may receive up to 2 million yuan in funding under the "Binhai Light" talent plan [1].