Core Insights - The overall salary level in the VC/PE industry continues to decline in 2024, with the median annual salary for front-line investment managers dropping to 300,000 yuan [2][3] - There is an increasing disparity in salary levels among different types of institutions, with first-tier investment firms maintaining higher base salaries but experiencing significant reductions in bonuses [2][3] - The decline in salaries is attributed to a lack of new capital entering the market, leading to difficulties in fundraising and poor performance of existing funds [3][7] Salary Trends - The salary reduction trend has intensified since 2023, with base salaries being cut significantly, and some institutions reporting reductions of nearly 50% in bonuses [3][8] - Many institutions have implemented cost-cutting measures, including layoffs and salary reductions, with some firms reporting a 20% annual reduction in staff [3][4] - National state-owned enterprises (SOEs) are also facing salary cuts and restructuring, with some investment departments being entirely dissolved due to poor past performance [4][6] Employment Shifts - Investment professionals are increasingly transitioning to other roles or industries due to the challenging market conditions, with some taking on side jobs or moving to operational roles within their firms [7][8] - The perception of SOEs as stable employment options has changed, with many professionals experiencing layoffs or significant changes in job responsibilities [4][5][6] - The implementation of a "last place elimination" policy in some SOEs has further intensified job insecurity among investment professionals [6] Market Outlook - The investment community has adjusted its expectations, with many professionals now viewing any positive returns as a significant achievement, moving away from unrealistic high-return narratives [8] - The current investment landscape is characterized by a focus on hard technology, requiring patience and a longer investment horizon for returns [8] - The cyclical nature of the market has led to a recognition that personal development and skill enhancement are crucial for navigating the current challenges [8]

Core Viewpoint - 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, promote social capital towards innovative and entrepreneurial enterprises, and support the healthy development of the investment industry, particularly the mother fund sector [1][26]. Group 1: Jiangsu Green Low-Carbon Mother Fund - Jiangsu Province has set up a green low-carbon industry special mother fund in collaboration with Yancheng City, with a total scale of 2 billion yuan [3]. - The fund aims to support the integration and development of strategic emerging industry clusters in Yancheng City and optimize the local modern industrial system [4]. - The fund is structured as a limited partnership with a duration of 15 years, including an 8-year investment period and a 7-year exit period [7]. - The total investment structure includes contributions from various entities, with the provincial mother fund contributing 500 million yuan, accounting for 25% [8]. - Investment will focus on green low-carbon industries, including new energy, smart energy, and green environmental protection [10]. Group 2: TaiKang Asset and Carbon Neutrality - The "TaiKang Asset-Financial Communication-Yuanjing New Energy Holding Real Estate Asset Support Special Plan (Carbon Neutrality)" was successfully launched with an issuance scale of 285 million yuan and a term of approximately 50 years [13]. - This project marks a significant step in the securitization of clean energy assets and provides innovative solutions for enterprises with green electricity and ESG needs [13]. Group 3: Industry Collaboration and Development - Tianchuang Capital engaged in discussions with Feynman Power and other entities to promote the development of green low-carbon aviation fuel in the Beijing-Tianjin-Hebei region [15][16]. - The Guangzhou Development Zone Fund Investment Group conducted research and exchange activities with Guangdong Yuecai Fund to explore innovative mechanisms for state-owned capital funds [17][18]. - Guoyuan Fund participated in the Hefei High-tech Zone Investment Ecological Partner Conference, signing a cooperation fund to enhance regional economic development [21]. - Xiamen's municipal leadership emphasized the importance of government investment funds in attracting projects and capital to promote technological and industrial innovation [24][25].

当前，在许多基金到期的节点， 返投认定成为很多 GP和LP沟通的工作重点 。 "目前我们 遇到的难题是，为了完成返投或招引，推荐的项目落地难， 带项目来却落不下 。 想实现返投，并非单纯的仅仅只从返投这个行为理解就够了，觉得我只要能带项目来就可以 了。从我们的实践来看，难点主要是两方面，一方面是返投认定，你觉得完成了返投但不一定 会被成功认定；另外一方面就是带项目来，却落不下。 " 某 VC机构合伙人吴涵（化名） 对母 基金研究中心表示。 另一位 VC机构的执行董事也向母基金研究中心表达了类似的观点："这种现象确实存在 ， 并 且很普遍 。所谓 ' 落不下 ' ，有可能是企业不好，有可能是并不符合当地招商的精准需求， 也有可能是地区的承载能力不够。 从我们亲身体验来看，很大一部分项目难落地，也有话语体 系不同的原因，项目方和当地关注的重点不同、要求不匹配等，比如流程慢时间难以满足项目 融资需求、难以提供项目所需的支持等。 " 返投认定或考核的结果，也直接影响着 GP的管理费。 "我们没有完成去年的返投任务，被扣管理费了。按照要求，上年度的考核结果不合格，扣除 了我们2 0%的管理费。"某VC机构合伙人王东（化 ...

Summary of Key Points Core Viewpoint The article highlights the recent fundraising activities in the investment sector, showcasing a total of 14 fundraising events that collectively exceed 250 billion RMB, indicating a robust investment climate and a focus on strategic sectors such as technology, renewable energy, and automotive industries [2]. Group 1: Fund Establishments - The GaoTou YiDa ZhanXin Soft Information Fund has been established with a scale of 1 billion RMB, focusing on early-stage and growth-stage enterprises in the software and information services sector in Nanjing [5][6]. - The CICC Private Equity and Renault Group have signed a partnership agreement to establish a strategic fund for the new energy vehicle industry, marking a significant collaboration in the automotive sector [9][10]. - The ChengTong KeChuang (Jiangsu) Fund has been signed with a target size of 10 billion RMB, aimed at integrating technological innovation with industrial development in Jiangsu [11][12]. - The ZhongKe ChuangXing Pioneer Venture Capital Fund has completed its first closing at 2.617 billion RMB, focusing on early-stage hard technology projects, particularly in the "Artificial Intelligence+" domain [14][15]. - The national-level sub-fund Dongfang Jiafu (Ordos) has officially settled in Ordos with an initial closing of 1.6 billion RMB, targeting small and medium enterprises in strategic sectors [16]. Group 2: Fund Collaborations and Investments - SISPARK has signed new fund agreements with Fengwu Capital, Kaifeng Venture Capital, and Yongxin Ark, enhancing collaboration in the AI sector [17][18]. - KKR has launched its first onshore RMB fund in Shanghai, with a scale exceeding 400 million RMB, marking a significant entry into the Chinese market [20]. - The Changjiang Industry Group has established a 5 billion RMB specialized vehicle fund to support the transformation and upgrading of the automotive industry [21][22]. - Renhe Capital has announced the establishment of its 21st private equity fund, focusing on key technology sectors [23]. - The Kaihui (Dassault) Digital Industrial Fund has been established in Jing'an, aimed at promoting digital transformation in the industrial sector [24][25][26]. Group 3: Fund Performance and Future Outlook - Changshi Capital has completed a fundraising of 728 million RMB for its third phase hard technology fund, supported by various industry leaders and financial institutions [27]. - Shenzhen Investment Control Capital has successfully launched two AIC pilot funds, contributing to the local economy and innovation ecosystem [28][29]. - The Kaihui Smart Energy Fund II has been established with a scale of 1 billion RMB, continuing the successful model of its predecessor to drive innovation in the renewable energy sector [30].

Core Viewpoint - The article discusses the innovative measures introduced by the Anhui Provincial Science and Technology Department in the "Guidelines for High-Quality Operation of the Anhui Angel Fund Group," which aims to optimize the operation of government investment funds and enhance the investment environment for General Partners (GPs) in the region [2][3][5]. Summary by Sections - The investment conditions for sub-funds allow for a maximum contribution of 70% from a single mother fund, with a return investment requirement of only 1x, which is considered highly favorable in the industry [2][3]. - The management fee for sub-funds is set at 2% of the actual contributions, aligning with market practices and providing reassurance to GPs [3][4]. - The guidelines allow for an extension of the operational period of well-performing mother funds to 20 years, reflecting a commitment to "patient capital" that can endure long investment cycles typical in technology innovation [5][6]. - The investment agreement terms have been optimized to reduce stringent requirements such as "betting" clauses and unlimited joint liability, addressing current industry concerns [6][7]. - The evaluation mechanism for funds has been improved, focusing on overall project investment rather than individual sub-fund losses, which promotes a more supportive regulatory environment [6][8]. - Anhui has been proactive in establishing a robust mother fund system, with significant investments in specialized and innovative enterprises, demonstrating a commitment to fostering a vibrant investment ecosystem [10][11]. - The "Hefei Model" is highlighted as a successful approach to attract social capital through government investment, emphasizing the importance of creating a supportive environment for venture capital [12][13]. - The article notes that Anhui's investment matrix is expected to continue evolving, driving industrial transformation and attracting reliable limited partners (LPs) to support GPs [15].

Core Viewpoint - The article highlights the recent developments in China's mother fund industry, with a total management scale of 759.85 billion yuan, focusing on investments in new materials, biomedicine, and green low-carbon sectors [2]. Summary by Sections Hainan - Sanya City is establishing a 10 billion yuan mother fund to leverage state-owned capital for upgrading tourism and developing high-tech industries, with a focus on modern services and agriculture [4][5]. Anhui - The Anhui Insurance Fund has been established with a total scale of 100 billion yuan, attracting 80 billion yuan from China Life Insurance [6]. Guangdong - Guangzhou Angel Fund plans to invest in eight GP institutions, with a cumulative planned cooperation of 39 institutions and a total fund scale of 106.85 billion yuan [7][8]. Sichuan - The Sichuan Higher Education Technology Achievement Transformation Fund aims to promote technology transfer from universities, with a total scale of 100 billion yuan [9][10]. Jiangsu - Suzhou Angel Investment Guidance Fund is set to invest in two GPs, while Jiangsu Yancheng Green Low-Carbon Industry Special Fund is also seeking GPs [11][21]. Zhejiang - The Zhejiang Zhanxing Industry Relay Fund has been established with a target scale of 50 billion yuan, marking a significant step in improving the multi-level capital market [13]. Fujian - The Zhangzhou Yunxiao Shengcheng Industry Investment Mother Fund has completed its registration with a scale of 300 million yuan [16]. Hubei - The Hubei Xianning High-tech Industry Regional Mother Fund has been officially established with a total scale of 300 million yuan, aiming to attract social capital [17][18]. Jiangxi - The Gan-Shen Industry Mother Fund is being set up with a target scale of 500 million yuan, focusing on electronic information and new materials [19][20]. Hunan - The Xiangxi Jin Fuyuan Industry Development Guidance Mother Fund has been launched with a total scale of 1 billion yuan, focusing on ecological tourism and new energy [22][23]. Other Regions - Two mother funds in Changzhou, Jiangsu, are being established with scales of 50 billion yuan and 30 billion yuan, focusing on new energy and advanced materials [24][25]. - The Shaoxing Guoding Multi-Strategy Equity Investment Fund has successfully completed registration with a target scale of 1 billion yuan [26][27]. - The Yangchun City Government Investment Fund Management Measures have been published to guide investment in new industrial systems [28][29].

最近，各地区国资 S基金的设立十分火热。 2 0 2 5年2月2 6日，建设银行在北京举办科技金融推进会暨创业投资二级市场基金（S基金）战 略合作协议签约仪式。会上，建设银行旗下建信信托与中国信达、成都交子金控、成都策源资 本、合肥兴泰控股签署创业投资二级市场基金（S基金）战略合作协议，首期总规模1 0 0亿元。 这无疑是一支重量级的银行系S基金。并且，其中也有AMC与地方国资的参与。 当前， 我国 S基金正在从分散式向系统化转变、从捡漏型向配置型转变、由粗放式向精细化迈 进 。 母基金研究中心对 "S基金"的定义为：1、从基金的投资者手中收购基金份额或企业股权的母 基金；2、有专门的S基金管理团队；3、已在主管部门或行业协会备案；4、S基金的存续管理 规模不低于1亿元人民币。 我们关注到，自去年以来，各地政府、国资频频入场 S市场，各地S基金频频设立，这池水真 的热起来了：2 0 2 5年2月，江西润信赣投接力基金在中国证券投资基金业协会完成备案，基金 规模5亿元，系江西首支S基金；2 0 2 4年3月，福建省首支S母基金正式发布，目标规模2 0亿 8月6日，由浙江省产业基金参与发起的浙江战兴产业接力基金（ ...

Core Viewpoint - The establishment of the Guangdong-Hong Kong-Macao Greater Bay Area office of the Fund of Funds Research Center aims to enhance collaboration within the region and promote the development of the mother fund industry, aligning with national strategies for high-quality development and innovation [1][11]. Group 1: Event Overview - The event titled "Innovation Driven, Co-Creating the Future" was successfully held in Shenzhen, marking the unveiling of the Greater Bay Area office of the Fund of Funds Research Center [1]. - The event was guided by the Financial Services and Risk Prevention Center of Futian District and organized by the Futian Capital Operation Group and the Fund of Funds Research Center [1][3]. Group 2: Objectives and Goals - The Fund of Funds Research Center aims to promote the development of China's mother fund industry through industry research, news dissemination, intermediary services, and conference exchanges [1]. - The center will focus on addressing key issues in the mother fund industry, providing timely insights and strategies for government and investment institutions [1][5]. Group 3: Strategic Importance - The establishment of the office is seen as a response to the evolving investment landscape in the Greater Bay Area, facilitating a professional and efficient platform for fund practitioners and related enterprises [5][11]. - The initiative is expected to enhance the integration of capital and industry, fostering collaboration in research, talent acquisition, and technology transfer [3][5]. Group 4: Future Activities - The Fund of Funds Research Center plans to regularly host events such as mother fund exchange discussions, LP&GP matching meetings, and industry hot topic seminars in the Greater Bay Area [9]. - The center aims to deepen its engagement in the region, contributing to the collaborative development and innovative practices of the mother fund industry [11].

Core Viewpoint - Shanghai is actively enhancing its venture capital and private equity landscape, particularly through the establishment of large-scale mother funds and supportive policies aimed at fostering innovation and investment in key industries such as integrated circuits, biomedicine, and artificial intelligence [2][3][4]. Group 1: Mother Fund Developments - Shanghai's third batch of sub-fund selection for its trillion-yuan mother fund has commenced, focusing on integrated circuits, biomedicine, and artificial intelligence [2]. - Since September 2022, Shanghai Guotou Xiandiao has quickly decided on 36 projects with a total investment of 25.955 billion yuan, attracting over 100 billion yuan in social capital [2]. - The establishment of several significant funds has been noted, including the Shanghai Artificial Intelligence CVC Fund with an initial scale of 3 billion yuan and the Pudong Artificial Intelligence Seed Fund totaling 2 billion yuan [2][3]. Group 2: Mergers and Acquisitions Focus - The Taibao Zhanxin M&A Private Fund aims for a target scale of 300 billion yuan, with an initial scale of 100 billion yuan, focusing on state-owned enterprise reform and modern industrial system construction [3]. - The Shanghai government has introduced an action plan to accelerate mergers and acquisitions, including the establishment of 100 billion yuan funds for integrated circuits and biomedicine [3][4]. Group 3: Policy Support and Ecosystem - The Shanghai government has implemented measures to enhance the investment environment, including the establishment of a 500 billion yuan industry transformation upgrade fund and a 1 trillion yuan mother fund [5][6]. - The city is also focusing on creating equity investment clusters, with each district required to establish a government-guided fund of no less than 10 billion yuan [8][9]. Group 4: Long-term Investment Strategies - Shanghai is exploring long-term mother fund structures, extending the duration of existing funds to foster "patient capital" [6]. - The Shanghai Future Industry Fund, with a total scale of 10 billion yuan, aims to invest in cutting-edge fields such as brain science and synthetic biology, demonstrating a commitment to long-term investment strategies [5][6]. Group 5: Future Outlook - The ongoing policy support and the establishment of large-scale funds are expected to maintain Shanghai's leading position in the mother fund industry and attract more private equity funds [10]. - The Shanghai government is committed to optimizing the entire investment process, enhancing the appeal of the city for investment institutions [10].

Core Viewpoint - The article discusses the transformation of investment attraction strategies in China, emphasizing the shift from traditional tax incentives and subsidies to more regulated and innovative approaches such as government investment funds and merger acquisitions [1][2][6]. Group 1: Regulatory Changes - The implementation of the Fair Competition Review Regulations (Order 783) prohibits preferential tax treatments and selective financial rewards for specific operators without legal basis or government approval [1]. - The Central Committee's decision to further deepen reforms emphasizes the need to standardize local investment attraction regulations and prohibits illegal policy incentives [1][5]. - Many regions have begun to dissolve their investment promotion offices, replacing them with platform companies aimed at industrial development and economic growth [1][2]. Group 2: Emergence of New Investment Models - The traditional "tax incentive" and "reward-subsidy" models are being replaced by a "fund investment" model, where government investment funds are increasingly linked to investment and attraction efforts [2]. - The State Council issued guidelines to promote high-quality development of government investment funds, explicitly stating that these funds should not be established solely for investment attraction purposes [2][5]. - The "first investment, then equity" model is gaining traction, allowing fiscal funds to support R&D and later convert to equity based on pre-agreed conditions, enhancing the efficiency of fiscal fund usage [4][6]. Group 3: Investment Trends and Data - In Q2 2025, the total capital contribution from Limited Partners (LPs) reached 4270.2 million RMB, with state-owned capital contributing 2317.2 million RMB, accounting for 54.26% of the total [3]. - Government-guided funds accounted for 714.6 million RMB, representing 16.73% of the total contributions [3]. - The focus of investment attraction is shifting from external project recruitment to nurturing local industries, reflecting a more sustainable and localized approach to economic development [7]. Group 4: Mergers and Acquisitions as a New Strategy - The rise of "merger investment" is noted as a new strategy for state-owned enterprises to acquire listed companies, particularly in local specialty industries [8]. - This approach is seen as a way to discover new opportunities while ensuring more certainty in investment attraction [8]. - The emphasis on standardizing and increasing transparency in local investment attraction efforts is expected to continue [8].