Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to promote the development of technology finance and industrialization, leveraging government resources to guide social capital towards innovative enterprises and the real economy [1][20][22] - The "Changxing Guangkong Mother Fund," initiated by China Everbright Holdings and Changxing County, has a first-phase subscription scale of RMB 1 billion, managed by the Everbright Holdings mother fund team, to enhance investment in the Yangtze River Delta region [3][6][7] Group 2 - "Jifeng Fund" achieved a successful investment with "Muxi Integrated Circuit (Shanghai) Co., Ltd." listing on the Sci-Tech Innovation Board, with a market capitalization exceeding RMB 330 billion on its first trading day [8][9] - Dongguan Science and Technology Innovation Group signed a strategic cooperation agreement with Dongguan Bank to enhance financial support for technology innovation, focusing on a comprehensive financial service chain [10][12][13] Group 3 - Hengjian Holdings received approval for TDFI qualification from the China Interbank Market Dealers Association, marking a significant breakthrough in direct financing capabilities [14][15] - The "Fujian Jintou" initiative supports the establishment of a solid methionine production project in Quanzhou, enhancing domestic production capacity and reducing reliance on imports [19]

Core Viewpoint - The article discusses the recent policy initiatives by the Sichuan Provincial Government aimed at increasing financial support for technological innovation, particularly through a more lenient loss tolerance mechanism for investment funds [2][3]. Group 1: Policy Initiatives - Sichuan's new plan allows for a maximum investment loss tolerance of 60% for government-guided and state-owned funds, which can be increased to 80% for funds investing in seed-stage companies or future industries, and up to 100% for individual projects [2]. - The policy encourages equity investment institutions to increase their investments in technology-driven enterprises and projects that focus on results transformation [2][3]. Group 2: Loss Tolerance Mechanism - The article highlights a growing trend among local state-owned assets to adopt a 100% loss tolerance for individual projects, indicating a significant shift in investment risk acceptance [3]. - This trend is seen as a positive signal for the venture capital landscape, suggesting that local state-owned assets are becoming more open to the idea of total loss in investments [3]. Group 3: Government and State-Owned Fund Management - Recent policies emphasize the need for optimizing the management and accountability mechanisms of government investment funds, including the establishment of a fault tolerance mechanism [4][5]. - The government aims to create a supportive environment for innovation by allowing for a more flexible evaluation system that does not solely rely on the performance of individual projects or annual profits [5]. Group 4: Long-term Investment Strategies - Sichuan's initiatives reflect a commitment to "patient capital," which is characterized by long-term support and a high tolerance for risk and failure, particularly in the context of technological innovation [6][7]. - The province aims to establish a significant number of private equity and venture capital management institutions by 2030, with a target fund management scale of 4 trillion yuan [8]. Group 5: Fund Duration and Investment Conditions - The article notes that many newly established funds have extended durations of 15 to 20 years, with a significant portion of new funds allowing for a longer investment horizon [9]. - Sichuan's policies also propose that the duration for sub-funds can be extended up to 15 years, demonstrating a commitment to long-term capital [10]. Group 6: Investment Return Requirements - There is a noticeable trend towards lowering the return requirements for government investment funds, with average return multiples decreasing significantly over the past six years [11][13]. - The article mentions that many local governments are increasingly flexible regarding return requirements, allowing for lower ratios and broader definitions of what constitutes a return [12]. Group 7: Future Expectations - The article anticipates that more regions will adopt similar policies to enhance the incentive and fault tolerance mechanisms for government and state-owned funds, promoting the development of long-term, patient capital [13].

Core Viewpoint - The establishment of the Jiangsu Social Security Science and Technology Innovation Equity Investment Fund marks a strategic collaboration between the National Social Security Fund Council and Jiangsu Province, entering a substantive operational phase with an initial scale of 500 billion yuan [1]. Group 1 - The fund aims to focus on key national strategic emerging industries, including advanced manufacturing, artificial intelligence, integrated circuits, new energy, biomedicine, and new materials, to attract more social capital into core areas of technological innovation [1]. - The fund will adopt a "two-tier, joint management" structure to effectively support the development of Jiangsu's industrial system and enhance its influence in technology innovation [1]. - The fund's operational principles emphasize market-oriented, rule-of-law, and professional management, aiming to create a comprehensive service system covering project reserve, investment implementation, and industry empowerment [2]. Group 2 - The fund will adhere to governance requirements led by party building, continuously improve its institutional framework, and optimize cross-regional innovation resource allocation [2]. - The long-term and patient capital will support the integration of technological innovation and industry development, contributing to high-quality economic and social development in Jiangsu [2].

Group 1 - The event "Tide Surging Capital Gathering: Seeking Quality for a New Future" is held in Nantong, focusing on the high-quality development of the multi-level capital market [2][4] - The event is co-hosted by the Nantong Municipal Party Committee, the Nantong Municipal Government, and Shanghai Securities Journal, featuring various specialized sessions on artificial intelligence, marine economy, and biomedicine [4] - Notable speakers include Tang Jincao, former Vice President of Renmin University Wu Xiaoqiu, and others, discussing the collaboration between Nantong and national funds [5] Group 2 - Several funds, including the National Service Trade Fund and the National Investment Biomanufacturing Fund, were officially launched during the event, along with strategic cooperation agreements signed with provincial financial groups [5] - In 2023, Nantong established over 30 new funds with a total scale exceeding 50 billion, and initiated more than 130 new capital investment projects with planned investments exceeding 30 billion [5]

Core Viewpoint - Sequoia China announced the acquisition of a controlling stake in Golden Goose Group, with Temasek and its wholly-owned asset management company participating as minority shareholders, indicating a strong alignment in strategy and culture between the investors and the brand [3][5]. Group 1: Company Overview - Golden Goose is a rising global fashion brand that combines luxury aesthetics, lifestyle, and sports style, achieving revenue growth from €266 million in 2020 to €655 million in the fiscal year 2024, maintaining a strong growth momentum [4]. - The company has significantly expanded its direct-to-consumer (DTC) channel, increasing the number of global direct stores from 97 to 227 since 2019, and achieved a 21% growth in DTC channels in the first nine months of 2025, resulting in a 13% year-over-year revenue increase [4]. Group 2: Investment Details - The partnership between Sequoia China and Temasek is expected to accelerate Golden Goose's international expansion, leveraging their extensive investment experience in lifestyle and consumer technology brands [5]. - Permira, the previous shareholder, will retain a minority stake and continue to support the brand's future development [3]. Group 3: Leadership and Future Direction - Silvio Campara will continue as CEO, supported by the existing leadership team, while Marco Bizzarri will take on the role of non-executive chairman, bringing extensive experience from leading luxury brands [7]. - The strategic partnership aims to enhance Golden Goose's unique brand identity and expand its global presence, with a focus on maintaining its Italian heritage [12].

国务院国资委 1 2月1 8日消息，国务院国资委近日发布《中央企业违规经营投资责任追究实施 办法》（以下简称《办法》）。 《办法》明确中央企业经营管理有关人员违反规定，未履行或未正确履行职责造成国有资产损 失或其他不良后果，应当追究相应责任的具体情形，包括集团管控、风险管理、购销管理、工 程承包建设、金融业务、科技创新、资金管理、产权管理、固定资产投资、股权投资、改组改 制、境外经营投资以及其他责任追究情形等 1 3个方面9 8种责任追究情形。 母基金研究中心关注到，其中与股权投资相关的规定如下： 金融业务方面的责任追究情形第二条为： 未按规定履行决策和审核备案程序发起设立或出资参 与私募股权投资基金 ； 股权投资方面的责任追究情形： （一）未按规定开展尽职调查，或尽职调查未进行风险分析等，存在重大疏漏； （二）财务审计、资产评估或估值违反相关规定； （三）授意、指使中介机构或有关单位出具虚假报告； （四）未按规定履行决策和审批程序， 决策超出风险承受能力的项目，或未充分考虑重大风险 因素，未制定风险防范预案 ； （五）违反规定以各种形式为其他合资合作方提供垫资，或通过高溢价并购等手段向关联方输 送利益； （ ...

中国母基金行业一周资讯（ 1 2 . 1 3 - 1 2 . 1 9 ） 【资讯解读】 本 周 资 讯 涉 及 的 母 基 金 管 理 规 模 达 9 8 2 . 7 6 亿 元 ， 主 要 分 布 在 北 京 、 江 苏 、 浙 江 、 四 川 、 云 南、广东、山东、海南、湖北、广西、内蒙古 等地区，投资覆盖 航空航天、高端装备制造、 生物医药等 。以下是内容提要和具体资讯。 【内容提要】 基金管理人招募： 母基金设立： 母基金政策： 1 3、浙江： 嘉兴平湖市政府出台《关于促进我市政府投资基金高质量发展的实施意见》 其他： 【基金管理人招募】 01 北京： 北京朝阳空天产业子基金招GP 近 日 ， 朝 阳 科 创 基 金 发 布 公 告 遴 选 朝 阳 空 天 产 业 子 基 金 管 理 机 构 。 为 培 育 新 质 生 产 力 ， 落 实 "商务+科技"双轮驱动战略，加快打造" 3+X"产业集群，支持经济高质量发展与协同创新，北 京市朝阳区科技创新基金拟联合社会资本组建设立空天产业子基金。现公开遴选子基金管理机 构。 据悉，空天产业子基金围绕朝阳区 " 3+X"中的空天领域开展股权投资，即空天产业中 ...

Core Viewpoint - The era of blind pool funds is considered over, with a shift towards more project-specific funds that require certainty in underlying projects for fundraising [1][2]. Group 1: Transition from Blind Pool Funds - The consensus among industry professionals is that blind pool funds are becoming obsolete, with most current fundraising efforts tied to specific projects rather than traditional reserve projects [1]. - Investors are increasingly demanding certainty regarding the underlying projects of funds, whether from state-owned or private investors [1][2]. - The emergence of the "investment and production" era emphasizes the importance of resource integration and value discovery in fund management [1]. Group 2: Rise of Specialized Funds - Specialized funds are regaining popularity due to the strong performance of IPOs in the Hong Kong and A-share markets, particularly among leading technology companies [3][5]. - These funds are generally smaller in scale compared to blind pool funds and focus on specific projects, which makes them more attractive to investors seeking clarity and lower commitment amounts [4][6]. - The recent trend shows that individual LPs and industry players are eager to participate in specialized funds to capitalize on the growth of Chinese technology innovation [5][6]. Group 3: Characteristics and Challenges of Specialized Funds - Specialized funds offer higher certainty as they invest in pre-identified projects with clear growth potential, providing LPs with more control and quicker setup times [6][7]. - However, specialized funds face challenges such as the inability to expand or redeem funds post-registration, which can complicate follow-up investments in successful projects [8][9]. - The competitive landscape means that specialized fund managers must act quickly to secure quality projects, as delays can result in missed opportunities [9][10]. Group 4: Comparative Analysis of Fund Types - While specialized funds are favored for their lower risk and higher certainty, they do not completely eliminate the risks associated with blind pool funds, especially in volatile sectors [9][10]. - Blind pool funds typically have larger scales, allowing for diversified risk management, which can be advantageous in uncertain market conditions [9][10]. - Both fund types have their strengths and weaknesses, and fund managers need to adapt to market trends while building strong relationships with LPs [10].

深圳迎来一支重磅国资基金。 1 2月1 5日，注册规模1 8 9 . 0 1亿元的"深圳市国创引科创投资合伙企业（有限合伙）"（以下简 称"国创引科创基金" ） 正式注册成立，注册地为深圳市前海深港合作区南山街道。 | 企业名称 | 深圳市国创引科创投资合伙企业(有限合伙) | | | | --- | --- | --- | --- | | 执行事务合伙人 | 面 深圳市国创引投资有限公司 | 登记状态 2 | 存续 | | | | 成立日期 | 2025-12-15 | | 统一社会信用代码 2 | 91440300MAK3JH2F13 | 出资额 | 1890100万人民币 | | 工商注册号 | 440300227824859 | 纳税人识别号 2 | 91440300MAK3JH2F13 | | 营业期限 | 2025-12-15 至 无固定期限 | 纳税人资质 | | | 企业类型 | 有限合伙 | 行业 | 资本市场服务 | | 參侯人数 | | 英文名称 | Shenzhen Guochuang Yinke Innov | | | | | (自动翻译) | | 登记机关 | | 主要经营场所 2 ...

Core Insights - The article discusses the increasing trend of consumer companies becoming Limited Partners (LPs) in investment funds, particularly focusing on upstream and downstream industries as well as high-tech sectors like big data and artificial intelligence [2][3]. Group 1: CVC Growth and Market Dynamics - The landscape of the primary market is changing, with Corporate Venture Capital (CVC) gaining prominence as traditional VC's influence declines. Major companies like Alibaba, Tencent, and Ant Group are investing significantly, surpassing traditional VC firms [4][5]. - CVCs are characterized by their strategic investment approach, focusing on long-term growth and innovation rather than just financial returns. This shift is driven by the need for companies to align investments with their core business strategies [5][6]. Group 2: Investment Trends and Statistics - In 2024, 55% of newly minted unicorns had CVC participation, and CVCs accounted for nearly 40% of large investments, indicating their growing importance in the investment landscape [6]. - The "chain leader + fund" model is emerging, where leading companies in an industry chain spearhead investments through industry funds, attracting additional capital from various sources [6]. Group 3: Notable Investments and Partnerships - Companies like Nanji E-commerce and Beitaini are actively participating in fund formations, with Nanji E-commerce committing up to 50 million yuan to a new fund and Beitaini investing 5 million yuan for a 5% stake in a healthcare fund [4][6]. - Tencent and Alibaba are also making significant investments in various funds, indicating a broader trend of established companies seeking to leverage their resources and expertise through strategic partnerships [8][9]. Group 4: Future Outlook and Strategic Considerations - The diversification of LP sources is becoming a notable trend in the private equity sector, with CVCs expected to play a crucial role in the market moving forward. By 2025, more CVCs are anticipated to enter the VC/PE space, contributing to the industry's growth [10][11]. - CVCs are increasingly focused on selecting General Partners (GPs) based on their ability to align with strategic goals and deliver financial returns, emphasizing the importance of specialized and innovative approaches in investment selection [10][11].