近日，由深圳市引导基金投资有限公司、深圳市龙岗区引导基金投资有限公司（龙岗金控全资子公 司）、深圳市重投资本管理有限公司、深圳市福田红土股权投资基金管理有限公司共同发起的深圳 市半导体与集成电路产业投资基金"赛米产业私募基金"正式设立，注册落地龙岗，首期注册资本 36亿元。 龙岗金控公司成立于2015年11月，注册资本61.68亿元。公司坚持"产业综合金融服务商"定位，聚 焦引导基金、股权投资、小额贷款、融资担保、融资租赁核心业务，经过多年发展，逐步形成了全 方位的综合金融服务格局，构建了支持企业发展全生命周期的"种子+天使+VC+PE+并购"基金矩 阵，形成了总规模476亿元的产业基金集群；贷款、担保、融资租赁业务板块累计服务企业规模超 650亿元。下一步，公司将持续加大改革发展力度，壮大耐心资本，深化金融赋能产业高质量发 展，积极引导培育战略新兴产业生态，为龙岗打造"四有"现代化城区典范贡献金控力量。 来源：龙岗金控 对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资 ...

Core Viewpoint - The announcement of the selection of fund management institutions for the first phase of the Higher Education Technology Achievement Transformation Fund focuses on the artificial intelligence sector, aiming to promote the transformation and application of technological achievements from universities and research institutes in China [1]. Group 1 - The Higher Education Technology Achievement Transformation Fund is a venture capital fund registered with the Asset Management Association of China, designed to conduct investment activities within the legal framework of the country [1]. - The fund aims to leverage the technological resources of universities and research institutes to empower the development of strategic emerging industries and future industries, fostering new productive forces [1]. - The total scale of the Higher Education Technology Achievement Transformation Fund is 10 billion yuan, with the first phase targeting a scale of 3 billion yuan [1]. Group 2 - The fund will focus its investments on seven key areas: artificial intelligence, new energy, advanced materials, electronic information, high-end equipment manufacturing, biomedicine, and future transportation [1].

本期导读： 2025年，并购与S市场迎来新一轮扩容，地方国资、险资巨头及产业资本竞相入局，为市场注入多 元化活力。 作者丨FOFWEEKLY 本期推荐阅读5分钟 "当下的市场环境，真有种'困兽犹斗'的感觉，募资难、退出难。"有GP无奈吐槽。 募资和退出之困， 如同巨石横路，成为VC/PE核心痛点。事实上，今年以来，越来越多并购基 金、S基金落地，这背后也正是市场解决退出困境的急切探索。 尽管退出难题依然横亘在前，但各地围绕行业发展依旧不遗余力，近期，福建更是重磅出手， 宣 布 打造1300亿母基金矩阵，设立百亿并购基金和百亿S基金。 福建重磅出手 福建重磅出手， 1300亿母基金领航，百亿级并购基金与S基金双管齐下。 近日，福建省政府办公厅印发《关于进一步推动资本市场服务科技型企业高质量发展的若干措施》 （以下简称《若干措施》）。《若干措施》中明确提出，要加大企业并购重组支持力度， 设立规 模达100亿元的省级并购基金， 同时加强并购重组服务和投后赋能，对于成功落地的并购项目给予 重点服务保障。在培育耐心资本服务科技创新方面，福建省也将设立 100亿元的省级S基金 ，旨在 为优质科技型企业持续赋能。 《若干措 ...

5月6日，佛山市新动能产业基金首次联席会议召开，通过了新动能产业基金管理办法、联席会议 工作机制和基金投决会议事规则等文件，正式完成基金基础制度的建章立制工作。这也意味着，佛 山市新动能产业基金将正式开始运作。 每日｜荐读 热文： 社会LP去哪了 热文： 购基金井喷，巨头们开始"买买买" 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 佛山市新动能产业基金运作主体——佛山市新动能产业投资基金合伙企业（有限合伙）已于4月24 日注册成立。 来源：佛山市科学技术局 对接需求请扫码 据悉，今年开春2月打响"新春第一枪"后，短短三个月，佛山市新动能产业基金迎来重大进展！ 在今年2月召开的佛山市高质量发展大会上，佛山正式发布"1+N"佛山市新动能产业基金体系，希 望通过约 5 年时间，打造一个覆盖企业全生命周期、聚焦重点领域、在市场上具有影响力且总规 模不低于 1200 亿元的产业基金矩阵。其中，佛山市新动能产业基金总规模200亿元，首期规模40 亿元（其中自筹资金和社会资本各20亿元），通过"直接投资+母子基金+专项基金"的形式开展投 ...

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。 本期导读： 据不完全统计，截止至2025年4月，我国省级引导基金总计344支，累计注册资本约为2.07万亿。 从 不同年份的设立情况来看，2016年和2022年是省级级引导基金设立的高峰。本文详细梳理省级引导 基金投资偏好及活跃态势。 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，我们对一级市场各类LP进行了最新、最全 的梳理，本系列梳理预计6-8篇，计划涵盖国家级引导基金、地方政府引导基金、险资、银行系、 CVC、市场化LP、S基金、公共型LP等相对活跃的LP类型。希望本系列研究可以给到行业一些帮 助，也欢迎各同仁与我们交流。 省级引导基金特征及优势 在私募股权市场发展中，省级引导基金发挥着不可忽视的重要作用。它通过 "财政出资 + 社会资 本" 模式放大财政资金杠杆，激活社会资本参与，为市场注入长期资本。省级引导基金凭借资金杠 杆、产业导向、区域平衡、风险分担、生态培育等多重机制，成为私募股权市场 ...

对接需求请扫码 每日｜荐读 热文： 社会LP去哪了 据介绍，湖州市产业母基金总规模300亿元，采用"子基金+直投"模式。直投模式强化链主引领， 重点支持总投资10亿元以上重大引领性项目落地，重点投向新能源汽车及关键零部件、半导体及 光电、人工智能、高端装备、低空经济、生物医药等领域。子基金模式支持投早、投小、投硬科 技、投重大科创平台，子基金设立数量达30只。 来源：湖州发布、中国证券报 近日，2025湖州未来大会开幕。 热文： 购基金井喷，巨头们开始"买买买" 会上，发布了总规模300亿元的湖州市产业母基金和全市首批15个应用场景、25个场景项目；各区 县作了投资环境视频推介；106个项目集中签约，总投资691.2亿元，涵盖新能源汽车及关键零部 件、半导体及光电、生物医药、高端装备等制造业，以及人才、科技、现代服务业及农业等领域。 报告： 哪些LP在活跃出资？——《LP全景报告2024》发布 报告： 独角兽的"新双轮驱动"：《2025中国CVC影响力报告》发布 ...

Core Viewpoint - The article highlights the establishment and registration of multiple mother funds across various regions in China, focusing on sectors such as robotics, artificial intelligence, new materials, and digital economy, indicating a strong push towards innovation and investment in strategic industries [1][2][28]. Group 1: Fund Establishments - Over 10 mother funds were announced or registered in regions including Shanghai, Zhejiang, and Guangdong, targeting industries like robotics, aerospace, and renewable energy [1]. - The Shanghai Science and Technology Innovation Fund has completed registration with a target size of 8 billion yuan, aiming to support the development of high-tech enterprises [3][4]. - The first industrial development merger mother fund in Quzhou has been established with a registered scale of 2 billion yuan, focusing on key industries and emerging sectors [6]. Group 2: Investment Strategies - The Jiangsu Taizhou Health Advanced Manufacturing Industry Fund and the New Materials Industry Fund have been registered with a total scale of 2 billion yuan, emphasizing direct investment and the establishment of sub-funds [10][11]. - The Xiangxi Prefecture has set up a 1 billion yuan industrial development guidance fund to support 11 key industrial chains, including ecological tourism and new materials [12]. - The Huangpi District has launched an industrial development fund to support strategic emerging industries and technology innovation, with a focus on high-end manufacturing and modern agriculture [15][16]. Group 3: Government Initiatives - The People's Bank of China is working on a "Technology Board" for the bond market to support financial institutions and technology companies in issuing innovation bonds, with nearly 500 market institutions planning to issue over 300 billion yuan in bonds [35][36][37]. - Guangdong Province is establishing a comprehensive industrial investment fund system with a total scale exceeding 1 trillion yuan, aiming to attract social capital and support early-stage investments in hard technology [28]. Group 4: Fund Management and Operations - The Guizhou Ecological City Development Fund is seeking GP for its sub-funds, focusing on ecological construction and urban development projects [7][8]. - The Zhejiang Green New Materials Fund has a first phase scale of 4 billion yuan, targeting sectors like high-end equipment and green materials [27]. - The Jiangsu Marine Economy Investment Fund has been established with a scale of 2 billion yuan, focusing on strategic emerging industries [30][31].

Group 1 - The core viewpoint of the article highlights the contrasting IPO trends between A-shares and Hong Kong stocks, with the latter experiencing a surge in IPO activities due to the introduction of the "Specialized Technology Company Line" [2][4][10] - The "Specialized Technology Company Line" policy aims to facilitate the listing process for specialized technology and biotechnology companies, allowing them to submit applications confidentially, which is expected to alleviate the exit difficulties faced by investors in the primary market [3][6][8] - The Hong Kong Stock Exchange has seen a significant increase in IPO activities, with 17 companies listed in the first quarter of 2025, raising a total of HKD 18.7 billion, nearly four times the amount raised in the first quarter of 2024 [11][12] Group 2 - The introduction of the "Specialized Technology Company Line" is viewed as a major benefit for early-stage companies, as it reduces the risk of sensitive information leakage and enhances the autonomy of companies preparing for listing [8][14] - The new policy is expected to attract more high-quality companies to list in Hong Kong, reshaping the capital market landscape, particularly for innovative sectors like biotechnology [14]

Group 1 - The core viewpoint of the article is the establishment of two strategic emerging industry mother funds in Taizhou, Jiangsu, with a total scale of 2 billion yuan, aimed at investing in new materials and health industries [1][2] - The mother funds will operate under a "direct investment + establishment of sub-funds" model, creating a three-tier structure to support the upgrading of traditional industries and the development of emerging industry clusters [1] - The funds aim to leverage social capital to mobilize over 10 billion yuan, focusing on key areas and weak links in the industrial chain, accelerating the transformation of scientific and technological achievements, and nurturing leading enterprises with core competitiveness [1] Group 2 - The next steps involve accelerating the investment deployment of the funds, including the selection of sub-funds and direct investment projects, with a focus on identifying quality targets through intensive visits and due diligence [2] - The initiative aims to contribute financial strength to the high-quality development of local industries and position Taizhou as a distinctive industrial hub in the Yangtze River Delta [2]

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比较笼统， 并未实现 绩效评价工作应有的客观分析及激励和监管作用。 在实践中，由于评价指标不清晰或者缺失以及 投资数据不完备、子基金配合程度不够、资料真实性需要验证等因素，导致评价工作无法取得预期 的效果。 作者丨 杉域资本董事总经理 王春杰 | 利益相关方 | 利益诉求 | | --- | --- | | 国资 | 产业 招引、产 业结构调整及升级、挖掘优质项目、保值增值、政策及 社会效益、区域上下游配套产业协同创新和发展、跟投、让利退出等 | | 社会资本 | 投资收益、资源生态、 ...