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一倍返投,这支专项母基金招GP | 科促会母基金分会参会机构一周资讯(5.21-5.27)
母基金研究中心· 2025-05-27 01:00
为更好地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 2 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 . 一倍返投,这支专项母基金招 GP 4 . 国寿投资携手首程控股、财信人寿设立公募 REITs投资基金 5 . 财信金控与深高新投举行工作会谈 6 . 国新资本党委书记、董事长郑则鹏一行到访恒健控股公司 7 . 金浦产业投资基金管理有限公司赴咸阳财金交流座谈 01 一倍返投,这支专项母基金招GP 为贯彻落实江苏省委省政府部署要求,发挥长期资本、耐心资本、战略资本作用,促进江苏省 战略性新兴产业发展,着力打造发展新质生产力的重要阵地,江苏省战略性新兴产业母基金 (以下简称 "省级母基金")与盐城市共同出资设立江苏盐城绿色低碳产业专项母基金(有限合 伙)(以下简称"产业专项母基金"),规模2 ...
十载春秋,这家投资机构走出一条“超级进化之路”
母基金研究中心· 2025-05-27 01:00
Core Viewpoint - The article discusses the transformative impact of technological advancements on China's economy, particularly focusing on the semiconductor industry and the investment strategies of Linxin Investment, which has successfully navigated this evolving landscape over the past decade [2][3][4]. Group 1: Semiconductor Industry Growth - The Chinese semiconductor industry has experienced significant growth, evolving from a nascent stage to a robust sector with substantial investments driving its development [3][4]. - Linxin Investment has played a crucial role in this evolution, participating deeply in the semiconductor sector and witnessing its transformation firsthand [5][6]. Group 2: Investment Strategies and Achievements - Over the past ten years, Linxin has managed nearly 10 billion RMB, investing in over 130 semiconductor projects, with 18 achieving IPOs and total exit amounts exceeding 17 billion RMB [7]. - The firm has adopted various investment strategies, transitioning from mergers and acquisitions to early-stage investments, and focusing on deep industry integration and restructuring [6][7][8]. Group 3: Key Investments - Linxin's notable investments include significant stakes in leading semiconductor companies such as Lanqi Technology and Zhongwei Company, which have yielded substantial returns [12][19]. - The investment in Lanqi Technology, which saw a dramatic increase in market value post-IPO, exemplifies Linxin's successful investment approach [18][19]. Group 4: Evolving Investment Logic - Linxin's investment logic has matured, emphasizing the importance of understanding industry dynamics and identifying potential leaders within the semiconductor space [20][22]. - The firm has developed a dual strategy of early-stage investments and mergers, aiming to capitalize on both emerging technologies and established companies [33][34]. Group 5: Institutional Development - Linxin has undergone significant institutional evolution, transitioning from a small team to a more structured organization capable of managing larger funds and complex investments [40][41]. - The firm has focused on enhancing its fundraising capabilities and operational management to support its growing portfolio and ensure sustainable growth [42][43]. Group 6: Future Outlook - The semiconductor industry is entering a new phase characterized by both overcapacity in low-end products and scarcity in high-end technologies, presenting unique investment opportunities [33][34]. - Linxin aims to leverage these opportunities through strategic acquisitions and investments in innovative technologies, reinforcing its commitment to driving technological advancement in the industry [46][47].
一众投资大佬,来自这所120岁的顶流高校
母基金研究中心· 2025-05-27 01:00
Core Viewpoint - Fudan University celebrates its 120th anniversary, highlighting its contributions to national development and the cultivation of talent in various fields, particularly in investment and finance [1][9]. Group 1: Fudan University Achievements - Fudan University has established itself as a leading institution with 20 disciplines recognized as first-class, and nearly 80% of its disciplines ranked among the top 100 globally [1]. - The university has produced approximately 500,000 graduates, many of whom have become prominent figures in the investment sector [1]. Group 2: Notable Alumni in Investment - Notable alumni include Shan Junbao, Chairman of CICC Capital, who has over 20 years of experience in private equity and has led investments exceeding 50 billion yuan in various sectors [1]. - Liu Chengwei, Chairman of Yuanhe Holdings, has helped the company grow to manage over 120 billion yuan in assets since its establishment in 2001 [2]. - Ding Guorong, Director of AIIB, represents Fudan's influence in international finance, with AIIB having a capital of 100 billion USD, of which China contributes 50% [3]. - Chen Wei, Chairman of Dongfang Fuhai, has managed over 35 billion yuan in funds and has been influential in the Shenzhen financial sector [4]. - Shao Jun, founder of Dazhong Capital, has led investments in significant companies, showcasing Fudan's impact on the investment landscape [5]. - Mi Qun, founding partner of Light Speed China, has successfully invested in several high-profile companies, demonstrating the entrepreneurial spirit of Fudan alumni [6]. - Hu Xubo, Managing Partner of Qiming Venture Partners, has played a crucial role in the development of the healthcare investment sector, managing assets totaling 9.5 billion USD [7]. Group 3: Fudan University Initiatives - Fudan University has established the Fudan Science and Technology Innovation Fund, with an initial scale of 1 billion yuan, aimed at fostering technology transfer and innovation [9][10]. - The fund will focus on "hard technology" sectors, including life sciences, integrated circuits, and artificial intelligence, to support high-growth projects [10]. - The university's alumni are actively giving back, as evidenced by the establishment of a development fund for Fudan University Affiliated Hospital, with an initial donation of 100 million yuan [8].
刚刚,投资机构首创的AI基准测试xbench诞生!
母基金研究中心· 2025-05-26 04:12
随着基础模型的快速发展和 AI Ag e n t进入规模化应用,被广泛用于评估AI能力的基准测试 (Be n c hma r k)却面临一个日益尖锐的问题:想要真实反映AI系统的客观能力正变得越来越困 难,这其中最直接的表现——基础模型"刷爆"了市面上的基准测试题库,纷纷在各大测试榜单 上斩获高分甚至满分。 因此,构建一个更加科学、长效和反映 AI客观能力的评测体系,正在成为指引AI技术突破与 产品迭代的重要需求。 5月2 6日,红杉中国宣布推出全新的AI基准测试x b e n c h,并发布论文《x b e n c h : Tr a c k i n g Ag e n ts Pr o d u c ti v it y, Sc a li n g wit h Pr o f e ssi o n -Ali g n e d Re a l-Wo rl d Ev a l u a ti o n s》。这是 首个由投资机构发起,联合国内外十余家顶尖高校和研究机构的数十位博士研究生,采用双轨 评估体系和长青评估机制的AI基准测试。x b e n c h将在评估和推动AI系统能力提升上限与技术 边界的同时,重点量化AI系统在真实场景 ...
GP在投委会当“甩手掌柜”,被证监局通报了
母基金研究中心· 2025-05-26 04:12
深圳证监局称,在日常监管中发现,辖区部分私募机构从事让渡产品投资管理职责的 "通道"业 务,将投资管理职责委托他人行使,未独立行使投资决策权,未恪尽职守,未履行谨慎勤勉义 务,违反《私募投资基金监督管理条例》以及《私募投资基金监督管理暂行办法》的相关规 定,损害投资者权益,严重影响行业形象。 5月2 3日,深圳证监局发布了《深圳私募基金监管情况通报( 2 0 2 5年第3期)》,就私募检查发现 的问题及监管要求进行了通报。 根据深圳证监局的通报,这几类典型问题值得行业关注: 关于私募基金管理人的独立决策权,再次被划重点。 此前 ,中国基金业协会编号为 "中基协处分〔2 0 2 4〕4 11号"的纪律处分案例 也 引起了行业热 议。 2 0 2 4年8月,中国证券投资基金业协会(简称"中基协")作出撤销四川银x私募基金管理有限公 司(简称"四川银x ")管理人登记的纪律处分(中基协处分(2 0 2 4)4 11号),中基协认为: 四川银 x管理的私募股权基金由其投资者实际参与投委会决策、对投资标的有决定权 ,且四川 银 x未按合伙协议约定对该基金产品进行投后管理,未能履行私募基金管理人募、投、管、退 等环节的重 ...
创造历史!这家私募基金收购了上市公司控股权
母基金研究中心· 2025-05-25 08:48
Core Viewpoint - The article discusses the first case of a private equity fund acquiring a listed company in the A-share market following regulatory support, highlighting the significance of this transaction in the context of recent policy changes aimed at promoting industry consolidation through private investment funds [1][8]. Group 1: Transaction Details - On May 23, Tianmai Technology announced that its actual controller would change, with Suzhou Qichen Equity Investment Partnership acquiring 26.10% of the company's shares, making it the controlling shareholder [1]. - The acquisition was initiated by Suzhou Qihan, which planned to establish a merger fund to purchase the shares for 452 million yuan, reflecting a 16% discount compared to the company's market value prior to suspension [2]. - Following the transaction, the shareholding structure will change significantly, with the new controlling shareholder being Suzhou Qichen and the actual controller being Kuang Ziping [3]. Group 2: Financial Performance and Conditions - The agreement includes clauses to maintain the company's listing status, requiring the company to ensure that its audited revenue does not fall below 100 million yuan in 2025 and 2026, and that it does not incur losses in 2026 [4]. - Tianmai Technology's revenue for 2023 and 2024 was reported at 220 million yuan and 163.7 million yuan, respectively, with net profits of -54.87 million yuan and -60.83 million yuan [5]. Group 3: Institutional Support and Future Plans - Suzhou Qichen was established with a capital contribution of 460 million yuan, backed by notable investors including Yuanhe Holdings and Kunshan Chuangye Holdings Group [6]. - The new controlling entity aims to enhance the company's operational capabilities and profitability, with plans for potential asset sales, mergers, or partnerships within the next twelve months [8]. - This acquisition marks a significant milestone as the first case of a private equity fund acquiring a listed company under the new regulatory framework aimed at facilitating such transactions [8].
这个省的创投母基金要发力了
母基金研究中心· 2025-05-24 08:48
Core Viewpoint - Shaanxi Province is actively promoting the development of mother funds and venture capital to stimulate innovation and entrepreneurship, supporting the growth of venture investments and driving industrial transformation and quality improvement [1][2]. Group 1: Policy Measures - The "Measures for Promoting High-Quality Development of Venture Capital in Shaanxi Province" includes 24 policy measures across seven areas, involving 20 government departments [1]. - The measures focus on the entire cycle of venture capital, addressing key concerns in fundraising, investment, management, and exit [1][2]. - The provincial government has established a guiding fund to attract social capital to key sectors, with 42 sub-funds set up and investments totaling 12.114 billion yuan, leveraging an additional 61.024 billion yuan from other capital sources [1]. Group 2: Fund Management and Performance - The provincial finance department aims to enhance the management of government investment funds, implementing a classification system for venture and industrial investment funds, optimizing fund establishment processes, and increasing fund sizes [2]. - New measures include improving performance evaluation systems and establishing a mechanism for rewarding and exempting due diligence responsibilities, thereby enhancing the market-oriented operation of government investment funds [2][4]. - The measures emphasize a higher tolerance for losses in early-stage funds and explore the cancellation of certain investment return requirements [3]. Group 3: Encouragement of Innovation - The policy environment encourages state-owned capital to take more risks, with a focus on long-term and patient capital to support the real economy [4]. - The government aims to create a supportive atmosphere for innovation and risk-taking, establishing a comprehensive evaluation system that does not solely rely on individual project performance [4][5]. - The initiative seeks to establish more market-oriented mother funds across the country, promoting early-stage investments in technology and strategic emerging industries [5].
这个省,国资联手银行系设立百亿母基金
母基金研究中心· 2025-05-23 09:30
中国母基金行业资讯( 5 . 1 7 - 5 . 2 3) 【资讯解读】 本周资讯涉及的母基金管理规模达 8 8 0 . 0 3 亿元,主要分布在 北京、重庆、湖北、江苏、四 川、福建、河南、新疆 等地区,投资 高端装备制造、生物医药、低空经济等 。以下是内容提 要和具体资讯。 【内容提要】 赵波在致辞中代表市委、市政府向出席发布会的嘉宾表示诚挚欢迎,向长期以来关心支持乐山 发展的各界朋友表示衷心感谢。赵波说,产业是一个城市发展与繁荣的根基,产业基金则是撬 动发展的杠杆、链接资源的桥梁。我们坚持 "工业强市、文旅兴市"发展战略,秉持"筑巢引 凤、互惠共赢"理念,聚力打造覆盖全产业链全生命周期、总规模约6 0 0亿元、以" 1+2 "为主体 的产业投资基金群,赋能转型升级、科技创新、开放合作,必将成为乐山高质量发展的"加速 器"、新质生产力的"孵化池",必将为广大基金管理机构和产业投资方带来无限商机、畅享发 展红利。热切期盼更多企业家朋友以"基金链"耦合"产业链",把更好资源引入乐山,把更优项 目落在乐山,携手开创更加美好的明天。 何政表示,乐山此次发布产业投资基金群,是贯彻落实党中央和省委决策部署的具体举措, ...
社会LP去哪里了?
母基金研究中心· 2025-05-23 09:30
伴随 退出端的退出 "堰塞湖" ,科技型企业投资退出周期被拉长, 最近,很多 GP都在忙着给 基金做延期,尤其是2 0 1 5 - 2 0 1 6成立的那一波基金,基本上都是一延再延,甚至有基金已经延 期三次了。 同时,耐心的民间资金可以等待 7年8年,却难以等待1 2年、1 5年,民间资金进入 创投行业的热情被进一步打击。 "募资难,最难是募社会LP的钱。"已从业十余年的资深IR韩含(化名)对母基金研究中心感慨 道。 由于目前的市场环境下,国资出资人普遍要求市场化资金占到一定比例(往往是 5 0%左右), 因此,即使国资仍在踊跃布局,因为缺乏民间资金,中国新设市场化基金募集困难的局面雪上 加霜,形成了当前基金募集的巨大"堵点"。VC/PE行业要见到钱才行,需要有更多社会LP、更 多资金,GP才能募齐一支基金,VC/PE行业才能正常的运作。 那么, 社会 LP都去哪了 ? 韩含告诉母基金研究中心,近年来 高净值个人配置私募股权基金 的 比例断崖下跌, 出资越来 越保守;母基金方面, 市场化 的 母基金 基本都 没钱 了 , 现在做得好的 市场化母基金管理 人基本上都去应聘地方国资母基金的管理人 了 , 旗下的 ...
刚刚,国新办发布会对股权投资释放重磅利好
母基金研究中心· 2025-05-22 08:53
5月2 2日下午, 国务院新闻办公室举行新闻发布会,介绍科技金融政策有关情况,并答记者 问。 母基金研究中心关注到,发布会上公布了许多与股权投资行业息息相关的重要信息和解 读,为行业进一步释放了重要利好,我们整理了相关重点: 近日,科技部会同中国人民银行、国家金融监管总局、中国证监会、国家发展改革委、财政 部、国务院国资委等七部门联合印发了《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》。《政策举措》聚焦创业投资、货币信贷、资本市场、科技保险、债券市场 等 7个方面,提出了1 5项政策举措,既有存量政策的迭代升级,也有增量政策的创新供给,可 谓"干货"满满。 据科技部副部长邱勇介绍, 《政策举措》 提出 设立 "国家创业投资引导基金",引导创业投 资"投早、投小、投长期、投硬科技"。创业投资是支持科技创新的重要生力军。这次《政策举 措》重点围绕畅通创业投资"募投管退"全链条推出一系列新举措,提出扩大金融资产投资公司 股权投资试点范围、支持创业投资机构发债融资等,让创业投资的募资来源更加广泛;鼓励发 展创业投资二级市场基金等,让创业投资的退出渠道更加畅通;特别是提出了优化国有创业投 资的考核 ...