为更好地推动科技金融与科技产业化的发展，对母基金在中国资本市场里所发挥的重要作用进 行系统研究，发挥政府出资产业投资基金等的资源和战略优势，加强政府对社会资本的管理和 引导，促进社会资本流向创新创业型企业和实体经济，推动中国投资行业特别是母基金行业的 健康发展， "中国国际科技促进会母基金分会"（简称"科促会母基金分会"）成立。科促会母基 金分会领导班子所在机构及参会机构共8 5家，科促会母基金分会于每周二更新相关机构的一周 资讯。 【内容提要】 1 .这支天使母基金，拟出资9家GP 2 . 突破 1 5亿元，东科创担保科技创新专项批量担保业务再攀新高 3 . 2 0 2 5年度苏州人才壹号创业投资合伙企业第一批拟参股子基金公示 4 . 中关村资本投资百合光电 专注半导体核心光学零部件 5 . 关于江苏南京先进制造产业专项母基金（有限合伙）子基金遴选结果的公示 6 . 国元基金参加合肥高新区投资生态合作伙伴大会暨基金合作签约仪式 01 这支天使母基金，拟出资9家GP 近日，根据《苏州人才壹号创业投资基金管理办法（试行）》（苏创投〔 2 0 2 5〕2 9 号）规 定，经机构申报、项目初审、尽职调查、投资决策等 ...

今年，险资在股权投资行业作为 LP的出资，成为投资圈里的亮眼焦点。 据母基金研究中心与执中联合研究的数据显示， 2 0 2 5年上半年， 险资在股权投资领域的认缴 出资金额 超 5 0 0亿元 ，同比增长 4 6% 。 近期，中国太保也正式发布了 太保战新并购私募基金（暂定名，以基金正式备案名称为准）， 目标规模 3 0 0亿元，首期规模1 0 0亿元，聚焦上海国资国企改革和现代化产业体系建设的重点 领域，推动上海战新产业加快发展和重点产业强链补链，打造以"长期资本＋并购整合＋资源 协同"为特色的上海国资创新转型生态。 母基金研究中心独家获悉， 太保战新并购私募基金为母基金，一半规模的资金将作为母基金配 置到子基金 。 2 0 2 5年年初至今，已有超过2 0家保险机构参与股权投资，上百亿规模 的基金频现。 从险资的 类型来看， 寿险公司是绝对主力 ，占比近九成。 哪些险资最活跃？上半年出资的险资中， 平安人寿、太平洋人寿、友邦人寿、阳光人寿、中意 资产、中邮人寿等 1 2家机构的出资规模均在1 0亿元以上 。其中平安人寿表现最为亮眼，不仅 出资规模最大，达到 1 5 0亿元，且出资基金数量多达6支。 我们发 ...

Core Viewpoint - The article highlights the establishment of a collaborative mechanism for technological innovation in the Yangtze River Delta region, emphasizing the active role of investment funds and the encouragement of policy support for the growth of technology-driven enterprises [2]. Group 1: Regional Development and Collaboration - The Yangtze River Delta region has seen the establishment of a joint innovation cooperation mechanism among the three provinces and one city, promoting cross-regional collaboration in research tasks, funding, and management [2]. - The region is characterized as a hotbed for investment, with numerous technology innovation enterprises emerging and active industrial funds under supportive policies [2]. Group 2: Investment Opportunities - The Mother Fund Research Center has initiated the selection of the best investment institutions in the Yangtze River Delta for 2025, aiming to encourage excellence in private equity mother funds and the fund industry [2]. - The upcoming announcement on September 28 will reveal the 2025 best investment institutions list, promoting healthy development in the equity investment sector [2]. Group 3: Award Categories - The awards include categories such as the Best Government Guidance Fund TOP20, Best Market-oriented Mother Fund TOP20, Best VC Fund TOP30, Best PE Fund TOP20, and Best Early-stage Fund TOP10 for 2025 [5]. Group 4: Upcoming Events - The Fourth Davos Global Mother Fund Summit and the First World Investment Conference will soon take place, highlighting the growing importance of investment discussions and collaborations [7].

母基金作为股权投资行业的 "源头活水"，是推动科技创新和新质生产力发展的关键力量。 2 0 2 4年以来，我国母基金和创投的发展得到各类政策与高层会议的鼓励和支持：2 0 2 4年6月1 9 日，国务院办公厅发布《促进创业投资高质量发展的若干政策措施》，提出积极发展创业投资 母基金；2 0 2 4年7月2 1日，《中共中央关于进一步全面深化改革、推进中国式现代化的决定》 发布，其中提出，鼓励和规范发展天使投资、风险投资、私募股权投资，更好发挥政府投资基 金作用，发展耐心资本；2 0 2 5年的政府工作报告中特别提到"健全创投基金差异化监管制度， 强化政策性金融支持，加快发展创业投资、壮大耐心资本"。 当前，多地纷纷成立大型综合性母基金，争相设立打造矩阵化的 "基金集群"，千亿级基金丛林 频现，通过母基金和创投促进地方产业发展，整合创新资源，建设创新集群，为战略性新兴产 业的发展注入资本动力 。 苏州素有 "最强地级市"之称，在培育产业方面的规划十分明确，围绕" 1 0 3 0 " (即1 0个重点产业 集群和3 0条重点产业链)产业体系，因地制宜优化创新集群布局。作为母基金和创投发展的热 土，苏州打造出了全国 ...

Summary of Key Points Core Viewpoint - The article highlights the recent fundraising activities in the private equity and venture capital sectors, showcasing significant investments and the establishment of various funds across different regions and industries in China. Group 1: Fundraising Activities - A total of 16 fundraising activities were reported from August 1 to August 31, 2025, with a combined scale exceeding 860 billion RMB [1] - Shenzhen collective economy initiated two venture capital funds with a total scale of 3 billion RMB, focusing on artificial intelligence and emerging industries [3] - The "Guoxin Venture Capital Fund" with a registered scale of 100 billion RMB was launched in Yuhuangshan South Fund Town, targeting central enterprises and future industries [4] - Prologis received a 1.5 billion USD investment from the Abu Dhabi Investment Authority to support its growth in new economic sectors [5] - Fengnian Capital's high-end manufacturing fund completed its first close at 1 billion RMB, with an expected final scale of 2.5 billion RMB [6][7] - A new fund established by Tencent and Sunshine Insurance raised approximately 224.3 billion RMB [8] - Wuliangye launched a 1 billion RMB fund for digital economy development [9] - Three investment entities in Hangzhou Fuyang District collectively raised 300 billion RMB [10] - Fuchuang Investment signed a cooperation agreement with Sichuan's achievement transformation fund for a 50 billion RMB sub-fund [11][12] - The first market-oriented science and technology fund in Foshan was established with an initial amount of 4 million RMB [13] - A 10 billion RMB fund was launched at the Beijing Oral Medical Device Innovation Conference [14] - Ningbo's Gongtou Ruijing fund was established with a scale of 10 billion RMB [15][16] - The Changsha Xiangjiang Fund was launched with a total scale of 3 billion RMB, focusing on digital economy and AI [17][18] - The Dadong District government established a technology angel fund with a total scale of 1.6 billion RMB [19] - The Changjiang Gengzhi Fund completed registration with a total scale of 30 billion RMB [20][21] - Zhaoyan Pharmaceutical plans to invest in a 2 billion RMB seed fund in Shenzhen [22] - Lianhua Holdings established a 5 billion RMB industry fund focusing on value enhancement [23] Group 2: Industry Trends and Implications - The fundraising activities indicate a growing trend in private equity and venture capital investments, particularly in technology and emerging industries, reflecting a strategic focus on innovation and economic transformation [1][4][5] - The establishment of various funds across different regions suggests a regional diversification of investment strategies, with local governments and enterprises increasingly participating in venture capital [10][11][12] - The collaboration between public and private sectors, as seen in the partnerships for fund establishment, highlights the importance of government support in fostering innovation and economic development [11][12][19]

9 月 6 日， 中央纪委国家监委网站发布消息称， 证监会原主席易会满涉嫌严重违纪违法，目 前正接受中央纪委国家监委纪律审查和监察调查。 公开资料显示，易会满 1964 年 12 月出生于浙江温州苍南， 1984 年毕业于浙江财政银行 学校（时为直属于中国人民银行的国家重点中专）。 这所学校是央行直属的国家级重点中专，被誉为浙江金融圈 "黄埔军校"，培养了支行副行长 以上干部 5000 余人的金融精英。 易会满后来继续深造，获得了北京大学光华管理学院高级管理人员工商管理硕士学位和南京大 学管理学博士学位。 1984 年从浙江银行学校（现已升格为浙江金融职业学院）毕业后，易会满先在中国人民银行 杭州市分行当过半年计划处计划员， 1985 年 1 月进入工商银行杭州分行，自此开启了在工 行长达 34 年的职业生涯。 他先后担任工行杭州市分行西湖办事处计划股科员、办事处主任、杭州市分行行长、浙江省分 行副行长、江苏省分行行长、北京市分行行长等职。 2000 年，年仅 36 岁的易会满出任工商银行江苏省分行行长。在他任职的四年间，江苏分行 在工行系统内的经营绩效排名从 1999 年的第 9 位提升至 2004 年的第 ...

Core Viewpoint - The article discusses the recent developments in China's mother fund industry, highlighting the management scale of 39.6 billion yuan and the focus on early-stage technology innovation investments across various regions including Jiangsu, Zhejiang, Shaanxi, Sichuan, and Henan [1][2]. Group 1: Shaanxi Province Initiatives - Shaanxi Province is launching a 10 billion yuan science and technology innovation mother fund to attract social capital for early-stage technology investments, focusing on strategic emerging industries such as advanced manufacturing and artificial intelligence [4][6]. - The fund will generally invest up to 50% of a sub-fund's total scale, with a maximum of 60% for seed and angel funds, and will prioritize investments aligned with the province's strategic industry plans [6][7]. Group 2: Zhejiang Province Developments - In Zhejiang, the Jiaxing City Xiuzhou District Science and Technology Investment Fund is being established with an 80% government contribution, aiming to support high-end manufacturing and AI sectors [5][8]. - The fund will have a total scale of 1 billion yuan, with a 10-year lifespan, including a 4-year investment period [8]. Group 3: Jiangsu Province Activities - Jiangsu's Yancheng City is initiating the Huanghai Huichuang Jinshi Mergers and Acquisitions Industry Fund to enhance resource allocation and industrial upgrades, focusing on the "5+2" strategic emerging industries [9][10]. - The fund aims to select quality fund management institutions with rich M&A experience to establish project-based sub-funds [10][11]. Group 4: Other Regional Initiatives - Sichuan has established the Jiuzhou Yuanhe Mother Fund, which will focus on digitalization and intelligent-driven emerging industries, with a strong emphasis on collaboration with leading investment institutions [16][17]. - The first provincial low-altitude economy industry fund in Zhejiang has completed registration with a target scale of 3 billion yuan, focusing on technology-driven enterprises in the low-altitude economy sector [18]. Group 5: Henan Province Initiatives - Henan Province is launching a regular selection process for sub-fund management institutions under its angel investment guidance fund, aiming to attract social capital for seed and early-stage projects [25][30]. - The talent development fund in Henan will focus on supporting innovative projects and early-stage technology commercialization, with a total scale of 30 billion yuan [30][31].

Core Viewpoint - Investment institutions are increasingly opting for profit-sharing agreements instead of traditional buyback agreements due to the pressure of Distribution to Paid-In (DPI) ratios and the changing landscape of project selection [1][2][6] Group 1: Investment Strategies - Many investment firms are now focusing on projects that can provide dividends, as the previous reliance on IPOs for exits is becoming less viable due to a slowdown in the IPO market [1][2] - The term "Down round" has become prevalent, with approximately 70% of newly financed projects experiencing valuation reductions, indicating a market correction and increased caution among investors [3][4] Group 2: Exit Challenges - The current exit environment is challenging, with many funds established during the 2015-2016 period facing difficulties in timely liquidation, leading to repeated extensions [2][5] - The performance of many funds is disappointing, with some even underperforming compared to low-risk investments like money market funds, highlighting the struggles in recovering investments [5] Group 3: Flexible Exit Approaches - A new trend termed "flexible exit" is emerging, where investment firms are adapting their strategies regarding buybacks and are exploring alternative solutions, such as equity stakes in new ventures started by founders [7] - This flexibility includes not enforcing buyback clauses for early-stage projects, allowing for more favorable negotiations on valuations and transparency [7] Group 4: Future Outlook - There is hope for improved exit channels for VC/PE firms, with expectations for favorable policies to be implemented soon [8]

Group 1 - The core viewpoint of the article is the announcement of the regular selection of sub-fund management institutions by the Henan Investment Group to promote angel investment in seed and early-stage projects, aiming to foster strategic emerging industries and accelerate the development of new productive forces [1][6][33] - The Henan Angel Investment Guidance Fund has a total scale of 3 billion yuan, with an initial scale of 1 billion yuan, managed by Henan Jin Investment Management Co., Ltd. [6][10] - The selection process for sub-fund management institutions will be open-ended, encouraging diverse applicants including institutions with funding or industry experience [8][31] Group 2 - The application guidelines include relaxed registration area requirements, with sub-funds expected to be registered primarily in Henan Province [8][10] - The maximum contribution limit for sub-funds has been increased, allowing for a total contribution of up to 200 million yuan for a single sub-fund [10][12] - The investment period for sub-funds is generally not to exceed 10 years, aligning with the overall timeline of the angel mother fund [11][12] Group 3 - The article outlines a reward mechanism for sub-funds that meet the return investment requirements, allowing for a buyback of the angel mother fund's shares under certain conditions [20][21] - The investment focus for sub-funds includes key industries in Henan such as new materials, equipment, new energy vehicles, and modern light textiles [50][51] - Sub-funds are required to invest at least 60% of their total scale in early-stage projects [51]

Core Viewpoint - The article highlights the active role of the Fujian provincial government investment fund in attracting VC/PE attention through various initiatives and funding announcements, which is seen as a positive development for private equity investment in China [2][3]. Group 1: Fund Activities and Announcements - On August 22, the Fujian provincial government investment fund announced the selection of GP for the second batch of specialized sub-funds, following the public announcement of the first batch of five sub-fund managers on July 21 [2]. - The provincial fund has been active this year, launching multiple funds with target sizes of 1 billion for a biomedicine fund, 5 billion for a merger fund, 5 billion for an S fund, and 3 billion for a cultural tourism fund, indicating consistent progress and announcements [2]. - The fund's establishment and operations are efficient, having received government approval in February and subsequently releasing the first batch of sub-fund selection announcements in March [3]. Group 2: Policy Support and Mechanisms - The Fujian provincial fund has implemented positive incentives for sub-funds, allowing for profit-sharing based on development outcomes, with a maximum of 50% of government investment returns [4]. - Significant adjustments have been made to the fund management guidelines, including lowering the minimum return ratio from 1.5 times to 1 time the government investment and establishing a compliance exemption mechanism for investment failures under certain conditions [5]. - The fund's investment period has been extended to 30 years, reflecting a commitment to "patient capital" that can endure long investment cycles typical of technology innovation [6]. Group 3: Strategic Goals and Collaborations - Fujian aims to establish a comprehensive fund matrix, targeting the creation of a 300 billion functional fund group and a 1 trillion industrial fund group within five years, enhancing the role of government-led funds [7][9]. - The provincial government has successfully set up nine government investment funds totaling 13.3 billion, focusing on industries such as digital technology, new energy, and biomedicine [8]. - Collaborations with leading industry players and national funds are being fostered to enhance the resilience and security of industrial supply chains, with specific funds established for carbon neutrality and biomedicine [10]. Group 4: Future Outlook - The article anticipates that Fujian's continuous optimization of policies and mechanisms will enhance its attractiveness to VC/PE, driving talent, enterprises, and resources to the region [11]. - The upcoming 29th World Investment Conference and the 8th Sharjah Investment Forum are expected to facilitate discussions on emerging industries and foreign investment cooperation [12].