Group 1 - The establishment of the "China International Science and Technology Promotion Association Mother Fund Branch" aims to enhance the role of mother funds in China's capital market and promote the healthy development of the investment industry, particularly the mother fund sector [1][18][20] - A new artificial intelligence industry mother fund of 1 billion yuan has been launched, with an initial subscription of 300 million yuan, focusing on the "AI+" sector, including hardware manufacturing and core technology research [2][6] - The collaboration between CICC Private Equity and Haixing Electric aims to create a new global supply chain ecosystem, emphasizing the importance of private equity in fostering the rapid development of new productivity enterprises [5][7] Group 2 - The establishment of the Bay Area Artificial Intelligence Industry Innovation Alliance, initiated by Yuexiu Industrial Fund, Hong Kong University of Science and Technology (Guangzhou), and Huawei, aims to integrate resources for high-quality industrial development in the Guangdong-Hong Kong-Macao Greater Bay Area [12] - China Life Investment Company and Wan Guo Data signed a strategic cooperation agreement to focus on data center assets and promote multi-level cooperation in REITs and private funds [14] - The launch of the first "non-financial joint guarantee" performance guarantee business by Xiangchuang Guarantee aims to support local enterprises and stimulate regional economic growth [15] Group 3 - Shanghai Guotou Xiandai Artificial Intelligence Industry Mother Fund led the investment in Zhiyuan Robotics, marking a significant milestone in the field of embodied intelligence and showcasing the fund's commitment to supporting innovative technology [16][17] - The ongoing development of the global embodied intelligence market presents significant potential, with the need for patient capital to nurture emerging players in this sector [17] - The focus on deepening the ecological layout of artificial intelligence by Guotou Xiandai aims to transition China's AI industry from "catching up" to "leading" through strategic investments [17]

Group 1 - The current venture capital industry in China faces significant challenges in the entire "fundraising, investment, management, and exit" chain, particularly in terms of insufficient funding supply and ineffective exit mechanisms, which severely restrict the industry's ability to serve the real economy and technological innovation [1] - The introduction of a "technology board" in the bond market aims to support experienced private equity and venture capital firms in issuing long-term technology innovation bonds, thereby attracting more funds for early, small, long-term, and hard technology investments [1][2] - The People's Bank of China plans to create risk-sharing tools for technology innovation bonds, providing low-cost refinancing funds to support private equity firms in issuing low-cost, long-term bonds, which will help reduce their reliance on traditional equity financing [1][2] Group 2 - The introduction of technology bonds increases financial costs and repayment pressure for venture capital firms, which traditionally operate on a "light asset" model, relying on management fees and performance rewards rather than their own capital [2] - The root cause of the fundraising difficulties in the venture capital industry lies in the lack of long-term stable funding supply, with technology bonds being a new fundraising avenue, but the industry also urgently needs market-oriented long-term funds like social security and insurance funds [2][3] Group 3 - Attracting long-term funds into the venture capital sector can create a virtuous cycle of "capital input - project cultivation - value realization - capital circulation," fundamentally addressing the fundraising challenges and promoting technological innovation and industrial upgrading [3] - The key to solving the venture capital investment dilemma and fostering innovation momentum is to promote the entry of long-term funds from social security and insurance into venture capital funds, establishing a market-oriented, long-term capital supply mechanism [3] Group 4 - Recommendations for optimizing long-term fund management include a three-tiered collaborative model involving central government guidance, local platform implementation, and professional institutional operation, aiming to create a robust ecosystem for technology innovation funds [4] - The establishment of a local mother fund ecosystem that coordinates provincial, municipal, and county levels, ensuring efficient fund operation and preventing idle capital [5] Group 5 - A scientific classification and evaluation system for venture capital institutions should be established to enhance the effectiveness of market-oriented operations, focusing resources on high-quality entities [6] - A dynamic management mechanism should be implemented to monitor and adjust the classification of institutions based on performance and compliance, ensuring that support resources are directed towards professional and efficient market-oriented sub-funds [7] Group 6 - To address the exit challenges in venture capital, a standardized secondary market for private equity should be developed, expanding participation from long-term funds and enhancing market liquidity and transaction efficiency [8] - The establishment of a complete ecosystem involving central and local government collaboration, market-oriented fund operation, and efficient exit mechanisms is essential for providing stable capital support for technological innovation strategies [8]

那么可能第 6年的时候，g p就会和项目方要钱了：从你的财务数据来看，明年你是上不了市 的，那就把我给你的投资款还给我吧。也就是：回购。 以下文章来源于叫小宋 别叫总 ，作者叫小宋 叫小宋 别叫总 . 一级市场从业，主要看硬科技这里讲点平时不让说的 想聊聊回购的真实模样。本文比较长，整整写了一周，斟字酌句，改了多稿，也在不断关注舆 论动向，希望读者朋友们给一些耐心。 （一）回购 -创始人头顶的大山 点进来本文的，应该对一级市场投资行业的几个参与主体比较熟悉了： l p、g p、项目方。g p 就是常说的"投资机构"，l p出钱给g p，g p投项目。 现在一级市场的基金，存续期大概是 7或8年比较常见，大家都能理解哈？7年的意思是，基金 从成立时点开始算，7年后l p必须把给到g p的钱再拿回来。 然后，上市需要周期的对吧？我 2 0 2 5年申报，2 0 2 6年完成上市，就算极其顺利的了。 2 0 2 6年如果我上市，2 0 2 7年我的股东能够在二级市场完全出清，也算极其顺利的了。 所以，如果我是 g p，比如2 0 2 7年我的基金到期，当我预感我投的项目没办法在2 0 2 5年底前申 报并受理，那我 ...

2 0 2 4年，中国国际科技促进会母基金分会和母基金研究中心（c h i n a -f o f. c om，下同）在深 圳、上海、武汉、广州、成都、杭州、合肥连续举办七场研讨会。为加强私募股权行业内各机 构的合作交流，促进母基金行业健康发展，中国国际科技促进会母基金分会和母基金研究中心 于2 0 2 5年继续在全国各地举办多场LP&GP研讨会。 2 0 2 5年的首场深圳站研讨会已于3月2 6日成功举办，探讨"国办1号文后母基金行业的未来趋 势"。第二场上海站研讨会已于4月2 4日成功举办，探讨"母基金在并购领域的机遇"。第三场研 讨会来到了武汉—— 2 0 2 5年5月2 9日，2 0 2 5 "新时代的母基金"全国研讨会（武汉站）在武汉 市成功举办 。本次研讨会，由中国国际科技促进会母基金分会主办，武汉产业发展基金有限公 司（武汉基金）、武汉科创投资服务联盟联合主办，母基金研究中心承办。本场研讨会的主题 为探讨 " 母基金的多元化退出策略 "，来自政府机构、行业协会、政府引导基金、市场化母基 金、一流投资机构代表等6 0余人齐聚一堂，为中国股权投资行业建言献策。武汉市委金融办资 本市场处相关领导出席会议 ...

5月3 0日，上海国投先导基金官方微信公众号发布公示，根据《上海三大先导产业母基金子基 金公开遴选细则（试行）》，经相应遴选程序， 初步确定上海三大先导产业母基金第二批基金 中选机构名单 （排名不分先后），现予以公布如下： 生物医药 | 序号 | 草学项目 | 中选机构 | 程 全面 | | --- | --- | --- | --- | | 1 | 三一创新投资三期生物医药创业投资基金(拟) | 三一创新(北京) 投资管理有 | 三一创新 | | | | 限公司 | | | 2 | 中生引领（上海）私募投资基金合伙企业（有限合 上海浦东私募基金管理有限公 伙) | | 浦东资本 | | | | la | | | 3 | 上海奥创先导创业投资合伙企业(有限合伙) | 苏州直彤淳辉创业投资管理有 限公司 | 道彤投资 | | র্ম | 上海联新医疗并购私募投资基金合伙企业(有限合 | 上海联新资本管理有限公司 | 联新资本 | | | 伙) (拟) | | | | 5 | 上海凯辉塞诺菲基金(拟) | 凯辉(泉州)私募基金管理有 | 凯辉基金 | | | | 限公司 | | | 6 | 上海齐济先锋协同创新基 ...

5月3 0日，由国务院国资委指导、中国诚通控股集团有限公司牵头组建的"诚通科创投资基金 （北京）合伙企业（有限合伙）"在京完成工商登记。 据悉，诚通科创投资基金是首批中央企业创投母基金， 基金规划总规模 3 0 0亿元 ，旨在发挥 投早、投小、投长期、投硬科技的先行示范作用，充分运用母子基金放大投资功能，致力打造 战略性新兴产业 "孵化器"和科技成果转化"助推器"。 该基金首期规模 1 0 0亿元 ，由中国诚通 牵头，联合中国石化、中国航油及北京市海淀区政府共同出资设立，形成了 "央企资本+产业 龙头+地方资源"的多元协同架构，是中国诚通探索央企基金改革实践、打造基金板块特色品牌 的重要布局，彰显了国有资本运营公司在服务国家重大战略中的关键枢纽作用。 投资领域方面， 该基金将锚定 "硬科技"投资主航道 ，重点布局新材料、先进制造、新一代信 息技术三大核心领域，通过 "股权投资+生态孵化"的组合策略，构建从技术攻关到场景应用的 完整投资链条。 诚通科创投资基金重点关注种子期、初创期、成长期的科技创新企业， 基金期限设计达 1 5年 ，将通过对行业科技领军企业、科技成果转化和产业链上下游中小企业的投资，扎实推进科 ...

中国母基金行业一周资讯（ 5 . 2 4 - 5 . 3 0 ） 【资讯解读】 本周资讯涉及的母基金管理规模达6 1 1 . 0 3 亿元，主要分布在上海、广东、 浙江、湖北、湖 南、江苏、四川 等地区，投资人工智能 、生物医药、新能源等 。以下是内容提要和具体资 讯。 【内容提要】 天使母基金除重点考虑与头部机构合作外，还重点关注与中试平台及战略性科技平台进行合 作。中试平台主要指国家、省、市发展改革、经济信息和科技管理相关职能部门认定、发布、 备案的高新区的中试平台、与管委会签订投资协议、共建合作协议等重大合作协议的中试平 台，四川省中试研发有限公司纳入 " 1+N"体系高新区中试平台，通过成都高新区认定的中试平 台。战略性科技平台主要指工业和信息化部批复的国家制造业创新中心、国家发展改革委批复 的国家产业创新中心、科技部批准的国家技术创新中心、四川省人民政府批准建设的天府实验 室、顶尖战略科技力量与成都高新区管委会共建的研究院。申请机构与符合天使母基金管理办 法的管理机构应当就子基金合作建立利益联结机制，满足上述条件申请机构可与天使母基金进 行常态化洽谈合作。 二、合作需求方向 本次天使母基金拟重点征集 ...

国资的容亏大门，敞开的越来越大了。 近日，常德出台《常德市科创引导基金管理办法》（以下简称《办法》）。 《办法》不仅明确 科创引导基金存续期 1 5年（投资期8年，退出期7年），提供耐心资本，还强调坚持市场化运 作机制，政府部门及管理人均不得干预子基金的市场化投资决策。 值得关注的是，在容亏方面，《办法》提出， 按照科创引导基金资金规模的 7 0%设置整体容 亏率 （让利部分作为盈利核算），工作机制会同相关部门，科学制定绩效评价指标体系，对科 创基金全生命周期进行整体性监督和考核评价。 母基金研究中心认为，在引导基金层面的容亏 7 0%是较为突破性的举措，基金层面的整体容亏 率比单项目的容亏更为难得。最近，能容亏1 0 0%的地方国资越来越多，但都是针对单项目层 面的，基金整体层面的容亏7 0%，已是非常有魄力的突破之举。 当前，制定科学的基金考核体制机制成为引导基金行业的关注焦点，本次常德《办法》也提 出，在投资整体有收益的情况下， 可不对单个子基金或单个投资项目进行考核评价 。 "国资的容亏机制建设越来越'大胆'了，如果说去年是国资容亏的大门打开，今年就是全面敞 开。信号很明显： 各地国资逐渐接受全亏，能 ...

2025 The Midas List The World's Best Venture Capital Investors In 2025 近年来，沈南鹏加大了对新能源、消费品和金融科技等领域的投入，投资了可再生能源领域的 远景能源、消费领域的泡泡玛特和卡游，以及金融科技领域的 Tr a d i n gVi ew和Mo n z o等行业翘 楚。这些投资彰显了红杉中国正深入亚太和欧洲等海外市场，持续挖掘并助力具有市场变革潜 力的创新公司。 除沈南鹏外，还有两位中国投资人进入榜单前 3 0名，五源资本创始合伙人刘芹排在第1 2位， 源码资本创始合伙人曹毅则位列第2 9名。 母基金研究中心（ www. china -f o f. c om，下同）正式开启2 0 2 5专项榜单评选 。母基金研究中 心将根据已有的数据支撑与研究分析，于 7月发布2 0 2 5专项榜单，以此鼓励私募股权母基金与 基金行业的优秀机构与人才，促进股权投资行业的健康发展。 欢迎有意者扫描以下二维码，联系咨询母基金研究中心进行申报（ 请备注姓名 +机构名称， 以便通过验证 ）。 | | | | NOTABLE | | --- | --- | ...

Core Viewpoint - The issuance of the first private venture capital "Sci-Tech Bond" by Dongfang Fuhai marks a significant milestone in China's equity investment industry, providing a new fundraising avenue and enhancing the market's LP strength [2][8][10]. Group 1: Project Overview - Dongfang Fuhai has received approval to issue a total of 1.5 billion yuan in Sci-Tech Bonds with a term of 15 years, aimed at funding venture capital investments in strategic emerging industries such as artificial intelligence, new energy, semiconductors, and biomedicine [1]. - The project sets new records in terms of total issuance scale and term length compared to similar projects [1]. Group 2: Impact on Fundraising - The funds raised from the Sci-Tech Bonds can be directly used for contributions to sub-funds, enhancing the fundraising capabilities of venture capital institutions [2]. - The issuance of Sci-Tech Bonds is expected to alleviate the current fundraising difficulties faced by private venture capital institutions, which often struggle to attract market-based funds [2][8]. Group 3: Policy and Market Context - The establishment of the "Sci-Tech Board" in the bond market aims to support experienced private equity and venture capital institutions in issuing long-term Sci-Tech Bonds, thereby driving more funds into early-stage and hard technology investments [3][9]. - Recent government policies encourage venture capital institutions to issue bonds, enhancing their ability to raise stable long-term funds [5]. Group 4: Historical Context and Development - The concept of bond issuance for venture capital has been explored since 2017, with the introduction of the "Double Innovation Bond" policy, which opened up new fundraising channels for private equity funds [6]. - The cumulative issuance of Sci-Tech Bonds has reached nearly 1.2 trillion yuan, with over 820 billion yuan issued this year alone, reflecting a year-on-year growth of over 50% [7]. Group 5: Challenges and Future Outlook - Historically, private venture capital institutions have been less active in bond issuance due to challenges such as low credit ratings and high issuance costs [8]. - The successful issuance of Sci-Tech Bonds serves as a demonstration effect, indicating a potential shift in the fundraising landscape for equity investment institutions [12].