Core Viewpoint - The article discusses the innovative "LGC model" developed by Shunyi District in Beijing, aiming to address the alignment of interests between General Partners (GP) and Limited Partners (LP) in government investment funds, especially in the context of uncertain capital market exit environments [1][2]. Group 1: LGC Model and Its Features - The LGC model integrates both GP and LP roles within the government, leveraging state-owned financial licenses for credit financing, thus creating a unified investment and lending mechanism [1][2]. - The Shunyi model is characterized by a focus on enhancing capital efficiency and fostering collaboration between different financial entities within the same system, avoiding fragmentation seen in other regions [17][18]. Group 2: Background of Key Personnel - Lyu Yajun, the General Manager of Shunyi State-owned Assets Company, has a diverse background, including experience in international finance and government negotiations, which positions him uniquely to lead the district's investment initiatives [2][5][9]. - His previous roles include significant positions in major financial institutions, where he managed large-scale investment banking teams and participated in high-profile transactions exceeding $20 billion [5][9]. Group 3: Economic Development and Investment Strategy - Shunyi District is transitioning from an industrial zone to an investment-driven area, focusing on developing a modern industrial system with key sectors including new energy vehicles, third-generation semiconductors, and aerospace [10][11]. - In 2023, Shunyi's GDP reached 220.3 billion yuan, with a year-on-year growth of 7%, indicating a strong economic performance [10][11]. Group 4: Investment Fund Development - The Shunyi government initiated its first guiding fund in 2017, with a subscribed scale of 10 billion yuan, and has since established multiple sub-funds, attracting over 350 billion yuan in management scale [11][12]. - The second phase of the guiding fund, with a total scale of 10 billion yuan, is set to be established in 2024, focusing on direct investments managed by local teams [13][20]. Group 5: Market Trends and Future Outlook - The article emphasizes the importance of "patient capital" in the current investment landscape, where long-term investments are becoming more critical due to increased uncertainty in exit strategies [23][24]. - Shunyi aims to redefine investment returns by considering various factors such as financial returns, regional economic contributions, and industry development impacts, with a goal to elevate the district's investment capabilities within 2-3 years [28][29].

Core Viewpoint - China Pacific Insurance has launched a total of 500 billion yuan in two funds aimed at promoting mergers and acquisitions, particularly focusing on the reform of state-owned enterprises and the development of key industries in Shanghai [1][3]. Fund Details - The Taibao Zhanxin M&A Private Fund has a target size of 300 billion yuan, with an initial phase of 100 billion yuan, focusing on key areas of Shanghai's state-owned enterprise reform and modern industrial system construction [3][4]. - Half of the fund's size will be allocated as a mother fund to invest in sub-funds, which is expected to inject patient capital into the mother fund industry [3][4]. Policy Context - The recent release of the CSRC's "Major Asset Restructuring Management Measures" has sparked a wave of discussions around mergers and acquisitions in the primary market, encouraging private investment funds to participate in listed company mergers [4][5]. - The revised measures introduce a "reverse linkage" arrangement for private equity funds, significantly reducing lock-up periods for investments, which is a major benefit for private equity funds engaging in mergers [4][5]. Long-term Capital Dynamics - Long-term capital has been a critical issue for the development of venture capital in China, with the penetration rate of such funds only around 2%-3% [5][6]. - Recent policy changes have positively impacted the entry of long-term capital into the primary market, with the National Financial Regulatory Administration increasing the investment concentration ratio for insurance funds in venture capital funds [6][7]. Investment Trends - Insurance capital has increasingly become a significant player in private equity investments, with over 50 insurance companies participating in funding private equity funds since 2023 [6][7]. - The focus of insurance private equity investments is primarily on sectors closely related to insurance, such as elderly care and health, as well as key areas supported by national strategies like new infrastructure and renewable energy [6][7]. Shanghai's Investment Landscape - Shanghai is actively promoting venture capital and private equity, with significant fund launches and government support for mergers and acquisitions [9][10]. - The city has established a robust ecosystem for mother funds, with over 40 mother funds and a leading position in the country regarding the scale of assets under management [10][11].

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]

Group 1 - The article discusses the reality of buybacks in the investment market, particularly focusing on the dynamics between general partners (GPs), limited partners (LPs), and project founders [2][3] - It explains that the typical duration of a fund is around 7 to 8 years, and GPs may request buybacks from project founders if they anticipate that the projects will not be ready for IPO by the end of the fund's term [3][5][6] - The article highlights that many founders may feel compelled to accept buyback terms due to the pressure of securing funding and the lack of alternatives [8][9][12] Group 2 - It points out that the buyback terms are often predetermined in investment agreements, and founders may not fully understand the implications of these terms [8][10][12] - The article notes that the buyback interest rates have increased over time, with rates now reaching 10% to 12% as GPs seek to ensure their returns within the fund's lifecycle [14][16][17] - It emphasizes that the misalignment between the funding cycle and the development cycle of startups leads to the frequent use of buyback clauses, which can be detrimental to the companies involved [20][22][24] Group 3 - The article concludes that the issues surrounding buybacks reflect the immaturity of the investment market, suggesting that a collective effort from all participants is necessary for improvement [23][24][26] - It also indicates that the perspectives on buybacks vary significantly among different stakeholders in the investment ecosystem, including GPs, LPs, and founders [24][25]

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 ...

Core Viewpoint - The Shanghai National Investment Pioneer Fund has announced the selection of institutions for the second batch of funds under the Shanghai three major leading industries mother fund, focusing on biotechnology, integrated circuits, and artificial intelligence [1][5]. Group 1: Biotechnology - The selected institutions for the biotechnology sector include Sany Innovation Investment, Shanghai Pudong Private Fund Management, and Shanghai Zhangjiang Technology Venture Capital [2][5]. - The total investment amount for the Shanghai three major leading industries mother fund is 89 billion yuan, with a focus on long-term investments in hard technology [5]. Group 2: Integrated Circuits - Selected institutions in the integrated circuit sector include Shanghai Zizhu Xiaomiao Langkun Venture Capital and China International Capital Corporation [4][5]. - The fund aims to support the development of the integrated circuit industry through strategic investments and partnerships [5]. Group 3: Artificial Intelligence - The article does not provide specific details on selected institutions for the artificial intelligence sector, but it is included as one of the three major industries targeted by the fund [3][5]. - The fund's strategy emphasizes early-stage investments and the integration of innovative technologies [5]. Group 4: Fund Structure and Strategy - The Shanghai three major leading industries mother fund has a duration of 15 years and is managed by Shanghai National Investment Company, which aims to create a comprehensive fund matrix [5][6]. - The fund structure includes various sub-funds focusing on early-stage startups, future industries, and mergers and acquisitions, designed to match the long development cycles of hard technology [5][6]. Group 5: Future Outlook - The mother fund research center anticipates that the efficient operation of the Shanghai three major leading industries mother fund will serve as a model for the industry, injecting more long-term capital into the market [6]. - The center is also launching a 2025 special list evaluation to encourage excellence in the private equity mother fund sector [7].

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 ...

Core Viewpoint - The article discusses the increasing tolerance for losses in state-owned capital investment funds, highlighting recent policies that allow for significant loss acceptance in various regions, indicating a shift towards a more risk-tolerant investment environment [1][2][3]. Group 1: Policy Developments - Changde has introduced a management approach for its science and technology innovation guiding fund, allowing for a 70% overall loss tolerance, which is a significant move compared to previous single project loss tolerances [1]. - Various regions, including Sichuan and Shenzhen, have set loss tolerance rates as high as 100% for individual projects, reflecting a broader acceptance of potential failures in early-stage investments [2][3]. - The central government has emphasized the need for a more flexible and supportive regulatory framework for state-owned investment funds, encouraging them to take on more risk and act as long-term capital [4][5]. Group 2: Mechanisms for Tolerance and Accountability - The establishment of a comprehensive performance evaluation system that does not penalize individual project failures as long as the overall fund performs well is a key focus [1][5]. - The introduction of a risk compensation mechanism for venture capital institutions aims to alleviate concerns about potential losses, promoting a culture of innovation and risk-taking [6][7]. - Legislative efforts in regions like Hunan are encouraging investment in technology startups without imposing strict repayment obligations on entrepreneurs, further supporting a risk-tolerant investment climate [6]. Group 3: Future Expectations - There is an anticipation for more regions to adopt similar policies that enhance the incentive and accountability mechanisms for government investment funds, fostering a more robust environment for long-term and patient capital [8].