Group 1 - The 2025 Sixth China Fund of Funds Summit was successfully held in Beijing, gathering over 300 representatives from government departments, industry associations, mainstream funds, insurance asset management, and top investment institutions [1] - The summit featured a roundtable forum titled "Decoding Long-term Capital LP's Investment Strategies," where industry leaders discussed core considerations for long-term capital LPs when selecting funds and balancing risk and return strategies [2][4] Group 2 - Long-term capital is a key force supporting hard technology and the real economy, with LPs focusing on the professional capabilities and past performance of fund management teams, decision-making processes, risk control systems, and post-investment management capabilities [4] - The Zhejiang Provincial Industrial Fund has established sub-funds exceeding 170 billion to expand cooperation with leading GPs, emphasizing the importance of selecting GPs with significant professional characteristics and stable core teams [4][5] - LPs need to adopt multiple measures to balance long-term investment and returns, including extending investment cycles, refining assessment and due diligence rules, and incentivizing management teams through LP yield concessions [5] Group 3 - The role of long-term capital LPs is evolving, as they increasingly participate in fund governance and strategic guidance, highlighted by recent central government meetings emphasizing the importance of long-term and strategic capital [7] - The concept of patient capital has shifted from traditional financial investment to industrial investment, focusing on promoting the integration and competitiveness of industrial chains through equity investment [8] - Organizations like Zhongguancun Capital are actively engaging with insurance capital and financial institutions to promote the establishment of funds focused on strategic emerging industries, supporting growth projects through additional investments [9] Group 4 - The investment philosophy of companies like Times Bole aligns with the spirit of recent government policies, emphasizing long-term, continuous investment to support industrial upgrades and capital appreciation [9][10] - The thriving development of the fund of funds industry is expected to contribute significantly to the revitalization of China's primary market, technological innovation, and high-quality development [10]

2 0 2 5年，在一级市场整体募资承压的背景下， 架桥资本逆势完成第五期先进制造主题基金的 最终封关 ，落地长三角制造业重镇安徽芜湖。此次募集最引人注目的数据是—— 老LP复购率 高达6 6%，创下近年来垂直领域基金的标杆水平。 这一数字不仅意味着出资人对过往业绩的高度认可，更标志着架桥资本已构建起一支稳定、专 业、具备产业协同能力的 "长期资本同盟"，其"深耕产业、价值共生"的理念正持续赢得市场信 赖。 超三分之二老 LP持续 复购 ！一支高黏性 "LP军团"浮出水面 在 VC/PE行业，LP复购率是衡量GP信任度的核心指标。本期基金高达6 6%的老LP继续出资， 构建起一支稳定、专业、具备产业协同能力的"资本同盟"。 中美联泰大都会人寿保险 更是 为 本期 基金注入稀缺的 " 耐心资本 " 。作为对风控、管理人 稳定性及行业聚焦度要求极高的长期资金，险资的持续支持，是对架桥资本穿越周期能力的有 力背书。 在政策鼓励险资加大权益配置的背景下，这一动作也表明：先进制造已从 "风口赛道"进入"价 值投资"阶段，成为长期资本配置的核心方向。 双轮驱动：锚定高端装备，奔赴 AI新赛道 五期基金延续 "深度聚焦"策 ...

Core Viewpoint - The article outlines the application guidelines for the Qingdao Science and Technology Innovation Mother Fund, emphasizing the importance of supporting early-stage technology enterprises and fostering a "1+0" innovative industrial system in Qingdao [2]. Group 1: Fund Management Institution Application Conditions - The fund management institution must be registered in mainland China with a minimum paid-in registered capital of 10 million RMB and possess strong fundraising capabilities [3]. - The management team should include at least three senior management personnel with over three years of fund management experience and a proven track record of successful investments [3]. - The fund management institution must have no adverse records from administrative or judicial authorities [3]. Group 2: Fund Establishment Requirements - At least 50% of the fund's investment must be directed towards early-stage technology enterprises, with a minimum of 80% of that amount invested in Qingdao-based companies [5]. - The fund must be registered in Qingdao, Shandong Province [6]. - The fund's duration should not exceed 10 years, with exceptions for projects in the process of going public [7]. Group 3: Investment Guidelines - The fund should focus on hard technology and strategic emerging industries, supporting original innovation and high-end technology industrialization projects [10]. - The mother fund's investment proportion in a sub-fund should generally not exceed 30% of the total fund size, with potential increases for high-performing management institutions [11]. - The total investment in a single enterprise should not exceed 20% of the sub-fund's size [17]. Group 4: Decision-Making Process - The sub-fund management institution can submit applications either in person or via email to the mother fund management company [21]. - After initial review, the management company will conduct due diligence and internal pre-investment decision-making based on the findings [24]. - The investment decision will be made by the mother fund's investment decision committee [25].

Core Viewpoint - Recent audit reports from various provinces highlight issues in government investment funds, including lack of clear direction, idle funds, and insufficient performance management, while also acknowledging their role in promoting economic and social development [1][2][3]. Group 1: Audit Findings - Multiple provinces reported that government investment funds have been poorly managed, with funds remaining idle and lacking clear investment targets [1][2]. - In Hebei, a specific fund of 500 million yuan established for technology transformation has not been utilized effectively, remaining idle as of the end of 2024 [1]. - Hubei's audit revealed that 14 funds totaling 2.885 billion yuan have been idle due to procedural issues, and 12 funds failed to align with provincial development goals [2]. Group 2: Policy Developments - The State Council issued a guiding document on January 7, 2025, aimed at standardizing the establishment, fundraising, operation, and exit strategies of government investment funds, marking a significant regulatory advancement [3][4]. - The document encourages the use of mother-fund structures for venture capital funds and proposes adjustments to government funding ratios and performance evaluation periods, particularly benefiting long-cycle sectors like hard technology [3][4]. Group 3: Future Directions - The guiding document emphasizes the need for government investment funds to align with national productivity and avoid investing in structurally problematic industries, shifting focus from attracting external projects to nurturing local industries [5][6]. - The document also promotes the development of private equity secondary market funds and acquisition funds to enhance exit strategies for government investment funds [5][6]. - As of June 30, 2025, there are 460 mother funds in China, with 338 being government-guided funds, collectively managing approximately 299.73 billion yuan [6]. Group 4: Upcoming Events - The 29th World Investment Conference and the 8th Sharjah Investment Forum will take place from October 21 to 23, 2025, focusing on emerging industry development and foreign investment collaboration [7][10].

Core Viewpoint - The 25th China International Investment and Trade Fair emphasizes China's commitment to expanding high-level openness and promoting trade and investment liberalization amidst rising global uncertainties [2][6][10]. Group 1: Event Overview - The event took place from September 8 to 11 in Xiamen, featuring over 100 investment promotion activities and participation from representatives of more than 120 countries and regions [2]. - President Xi Jinping sent a congratulatory letter highlighting China's role as a major contributor to global economic growth and stability [2][6]. - The Future Investment Conference (FIC), initiated by UNCTAD, was held concurrently with the fair, focusing on global dialogue and cooperation in international investment and technological innovation [2][10][12]. Group 2: Key Discussions and Themes - The Future Investment Conference addressed topics such as sustainable investment, green transformation, digital innovation, and life sciences [10][12]. - Discussions included the urgent need to address "data silos" in the AI industry, which hinder data sharing and model training, impacting the performance and scalability of AI technologies [13][16]. - Solutions proposed for overcoming data silos involve establishing cross-regional cooperation and developing infrastructure to facilitate data flow [16]. Group 3: Investment Opportunities - The AI sector presents significant investment opportunities, particularly in addressing data governance challenges and enhancing data sharing mechanisms [16]. - Investment in hard technology sectors, such as robotics, healthcare, advanced manufacturing, and AI, is encouraged, with a focus on vertical applications that solve customer pain points [19][20]. - The importance of a capable founding team, clear development paths, and effective cash flow management is emphasized for successful investment outcomes [19][20].

2 0 2 5年8月3 0至3 1日，" 2 0 2 5第六届中国母基金峰会"在北京成功举办。作为中国母基金行业内 高规格的盛会，今年已经是中国母基金峰会举办的第六届。本届峰会由母基金研究中心 （www. c h i n a -f o f. c om，下同）主办，北京市顺义区发展和改革委员会、北京市顺义区仁和镇 人民政府、北京市顺义区国有资本经营管理有限公司、北京工顺投资管理有限公司协办，来自 政府部门、行业协会、国内主流母基金、保险资管及一流投资机构等单位代表共3 0 0余人齐聚 一堂，为中国母基金行业建言献策。 在圆桌论坛 "国办一号文后政府投资基金行业的变与不变"中，中信建投资本董事总经理肖鹏作 为主持人，深度对话上海国投先导公司总经理温治，招商局资本执委会委员朱正炜，重庆产业 引导基金公司董事长卓仁华，深创投集团华北投资部负责人吕豫，长江产投公司副总经理余 皓，西安财金副总经理任明，启明创投合伙人及人民币基金总经理于佳。主持人与嘉宾们围绕 国办一号文对政府投资基金在投资逻辑、运作模式和产业布局等方面带来的变化展开讨论，同 时也分析了其在支持国家战略、培育长期资本等方面的"未变"之处，并展望了行业未来发 ...

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 ...