Core Viewpoint - Local mother funds are increasing their contribution ratios to promote investment in strategic emerging industries and high-tech enterprises, reflecting the implementation of national policies aimed at enhancing government investment fund efficiency [1][2][3]. Group 1: Contribution Ratios - Jingzhou has announced a new 2 billion yuan mother fund, with contribution ratios for sub-funds reaching up to 40% for mother funds and 99% for talent and technology innovation sub-funds [1]. - Tianjin's guidelines allow for a maximum contribution ratio of 50% for merger mother funds and 70% for brokerage merger mother funds [2]. - Sichuan has raised the contribution ratio for state-owned capital to 70% for venture capital funds, with special circumstances allowing for early establishment and operation [2]. Group 2: Policy Implementation - The recent adjustments in contribution ratios by local mother funds align with the State Council's document promoting the high-quality development of government investment funds [3]. - The trend of increasing contribution ratios is summarized as "Five Widens and One High," indicating a more flexible approach to registration, contributions, returns, incentives, and error tolerance, while enhancing efficiency [3][4]. Group 3: Return and Incentive Mechanisms - The average return multiplier requirement for government guidance funds has decreased by over 40% in the past six years, with many funds now requiring a return multiplier of around 1.5 [4][5]. - Newer guidance funds are incorporating incentive measures and error tolerance clauses to encourage better performance and risk-taking among fund managers [5][6]. Group 4: Efficiency Improvements - Many local guidance funds are optimizing their recruitment processes, aiming for a completion time of no more than three months from application to approval [7]. - The ongoing adjustments in fund management practices are expected to attract more high-quality equity investment institutions [7].

Core Viewpoint - Hefei has established itself as a leading venture capital city through government-led industrial investments, evolving from a focus on infrastructure to becoming an ecosystem builder for industries, particularly in the context of the Fengxi County's development [1][3][17]. Group 1: Transformation of State-owned Capital Platforms - Hefei's state-owned capital platforms have transitioned from "urban infrastructure service providers" to "industrial ecosystem builders," showcasing a successful model of government-led investment [1][3]. - The Fengxi Industrial City Group has transformed into a comprehensive operator for industrial development, integrating capital into the county's key industries, including new energy and smart vehicles [3][6]. - The group has successfully launched local enterprises like Kobalt on the Beijing Stock Exchange, demonstrating the vitality of Hefei's venture capital gene in county-level economies [1][3]. Group 2: Financial Innovations and Achievements - The Fengxi Industrial City Group recently achieved a "Double AAA" credit rating, facilitating a shift from land-based finance to equity-based finance for local governments [4][6]. - The group issued a non-public bond of 1 billion yuan with a record-low interest rate of 2.1%, marking a significant achievement in the capital market [4][6]. - As of June 2025, the group has established 33 cooperative funds with a total scale of nearly 400 billion yuan, leveraging state-owned capital to attract over five times the amount in social capital [6][12]. Group 3: Investment Strategies and Ecosystem Development - The Fengxi Industrial City Group employs a "1+3+X" fund matrix strategy to effectively allocate limited capital towards industries aligned with local strengths [6][7]. - The group focuses on a comprehensive service model that includes project selection, equity/fund investment, and operational support, creating a full-cycle service capability [7][8]. - The investment logic emphasizes a "point-to-surface" approach, fostering a chain reaction in the local economy through strategic investments in key projects [8][10]. Group 4: Talent and Infrastructure Development - The group integrates talent services with industrial development, establishing partnerships with local universities to attract high-level talent and promote research outcomes [15][16]. - It has created a talent housing initiative, providing over 1,226 rental apartments to support talent retention and local employment [15][16]. - The group has developed 38 industrial parks covering approximately 2.3 million square meters, enhancing the local infrastructure to support industrial growth [14][16]. Group 5: Future Outlook and Strategic Insights - The Fengxi Industrial City Group ranks 44th in total revenue and 38th in total assets among county-level state-owned platforms, highlighting its strong potential for growth [16]. - Key strategic insights include maintaining a focus on local industrial strengths, innovating mechanisms for market-oriented assessments, and embedding projects within the industrial chain to maximize collaborative value [16][17]. - The group's approach serves as a replicable model for county-level economic transformation, emphasizing the importance of a collaborative ecosystem involving government, industry, and community [17].

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][13]. - The National SME Development Fund Co., Ltd. has completed the signing and establishment of its seventh batch of sub-funds, focusing on advanced manufacturing, information technology, and new energy materials, with a total scale of 26.17 billion yuan for one fund [2][3]. - The "Shenzhen Capital Group" was recognized as an excellent case by the State-owned Assets Supervision and Administration Commission (SASAC), highlighting its focus on core business and innovation in risk investment [6][4]. Group 2 - The first S fund in Yancheng has been successfully established, focusing on technology and healthcare sectors, and aims to support the growth of quality enterprises through a "project + sub-fund" investment approach [7]. - Everbright Holdings successfully issued 30 billion yuan in panda medium-term notes with a record low coupon rate of 2.09%, indicating strong market demand and investor confidence [8]. - Changjiang Industrial Group and Silk Road Fund are collaborating on overseas industrial cooperation, aiming to enhance China's capital influence in global markets [9][10]. Group 3 - Shanghai Fosun Group and Fujian Jin Investment are engaging in business exchanges to support the healthy development of the private economy, focusing on asset revitalization and fund investment [11].

李强强调，科技成果转化需要良好环境作支撑，要坚持有效市场和有为政府相结合，完善支持 政策和市场服务，形成高效协同、富有活力的成果转化体系。要完善激励机制，遵循科技成果 转化规律，推进职务科技成果赋权和资产单列管理改革，更好激发各方面的积极性。要加大资 金支持，进一步拓宽思路， 更多运用市场力量，吸引社会资本加大投入 ，鼓励金融机构创新 金融产品和服务方式， 发展多层次资本市场，提供多元化融资渠道 。要加强公共服务，规划 引导支持建设一批科技公共服务平台，为科技成果供需双方提供全方位服务。 ( 新华社 ) 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。 6 月 9 日，国务院以 " 深化科技成果转化机制改革，推动科技创新和产业创新融合发展 " 为 主题，进行第十四次专题学习。国务院总理李强在主持学习时强调，要深入学习贯彻习近平总 书记重要指示精神和党中央有关决策部署，通过多方面协同发力， ...

母基金研究中心据公开信息统计， 2 0 2 5年5月1日至5月3 1日资讯涉及的募资动态共1 5起，折 合人民币规模合计超过3 0 0 亿元。以下是内容提要与具体资讯。 【内容提要】 01 礼来亚洲基金成功设立第七期生物医药基金 凯易代表领先生物医药风险投资公司礼来亚洲基金（ LAV）完成其第七期美元生命科学基金礼 来亚洲第七期基金（LAV Fu n d VII, L.P.）的募集。该基金以封顶金额最终交割，获得来自全 球各地的各类机构投资者的踊跃认购，包括主权财富基金、养老金、捐赠基金、大家族办公 室、大型企业和母基金。 02 东南大学无锡校友科创转化基金发布 1 . 礼来亚洲基金成功设立第七期生物医药基金 2 . 东南大学无锡校友科创转化基金发布 3 . 静水湖创投首期 FOF基金完成募集设立 4 . 鲁信创投首批登陆债市 "科技板"成功发行5亿元科技创新债券 5 . 中国石化资本成功发行 9亿元科创债 6 . 元禾控股发行科技创新债券 7 . 东方富海科创债落地 8 . 光源创新前沿孵化基金完成首期募资 9 . 祥峰二期天使基金募集收官 重点关注早期科技项目 1 0 . 嘉御资本落子天津 11 . 毅达 ...

Core Viewpoint - The article discusses the challenges faced by mid-career investors in the primary market, highlighting a sense of confusion and anxiety among them due to the current market conditions and their career progression [1][2]. Group 1: Mid-Career Challenges - Many mid-career investors feel stuck, unable to advance to partner levels or secure core resources, leading to a sense of being "stuck in the middle" [2][3]. - The competitive advantage of younger employees in terms of energy and cost is noted, with mid-level investors facing pressure to either achieve results or risk being optimized out of their positions [2][3]. - The trend of mid-career investors exploring side jobs, such as selling insurance, has emerged as a response to financial pressures and job insecurity [2][3]. Group 2: Career Transitions - There is an increasing trend of investors transitioning to roles within the companies they previously invested in, which is seen as a smoother career shift due to existing relationships and familiarity with the business [4][5]. - Some investors are diversifying into completely different fields, such as becoming fitness or ski instructors, reflecting a broader search for new opportunities [5][6]. - The shift to roles in financial advisory (FA) or consulting is also noted, as some investors seek more stable opportunities amid a challenging investment environment [5][6]. Group 3: Embracing New Opportunities - A growing number of investors are turning to self-media and content creation as a side venture, leveraging their expertise to generate income through knowledge sharing and online courses [6][7]. - The rise of self-media among investors is seen as a way to expand their networks and share resources, with various monetization strategies being employed, including knowledge payment and advertising [6][7]. - The article emphasizes the importance of adaptability and continuous self-improvement for mid-career investors to remain relevant in a changing market landscape [7].

Core Viewpoint - The article narrates the journey of a grassroots entrepreneur, Lao Song, who, after facing challenges and refusing external financing, eventually agrees to accept investment to accelerate his company's growth, highlighting the dynamics between local government support and private investment in the hard technology sector. Group 1: Entrepreneurial Journey - In 2005, a state-owned enterprise went bankrupt, leading to Lao Song's unemployment and subsequent forced entrepreneurship at the age of 35 [2] - By 2010, Lao Song's company began to take shape, but he struggled to find government support for expansion, ultimately relocating to a less regulated area [4] - By 2015, after years of hard work without seeking loans or government policies, Lao Song's company became profitable and started attracting interest from investment institutions [5][6] Group 2: Investment Dynamics - In 2020, with the launch of the Sci-Tech Innovation Board, local governments established substantial mother funds to support local enterprises, increasing interest from investors in Lao Song's company [6][10] - Despite being recognized as a high-quality enterprise with investment potential, Lao Song remained hesitant to accept financing, leading to concerns from local authorities [9][10] - After a visit from the city mayor, who emphasized the importance of Lao Song's company for local development, Lao Song eventually agreed to accept investment [11][12] Group 3: Financing Announcement - After several months, Lao Song's company officially announced its financing, with investment partners highlighting the alignment of industry vision and the need to address gaps in the supply chain [14] - The city leadership reiterated their long-term support for Lao Song's enterprise, emphasizing the strategic focus on hard technology and the role of the mother fund in facilitating growth [15]

以下文章来源于小贝创投圈 ，作者小贝Edwin 小贝创投圈 . 由资深PE、VC、投行人士发起，通过搭建国内一流创投圈子，培养新一代创投人才的有温度的组织。 近期和一级市场投资的伙伴交流，普遍的反馈是在躺平，特别是市场化的 VC/PE基金。 原因不难理解，甚至问题也是过往十年慢慢积累的，可以说，整个创投行业就在大幅洗牌和重 新梳理阶段。 原因之一，投资人信心严重不足了。 无论是产业方、还是高净值老板和个人，对待长期投资这件事上都几乎到了信心最低点。 国际关系在持续的发酵、国内的内卷趋势在加剧，对微观商业的影响是实实在在的，无论是老 板们还是老百姓都切身感受到了，当年任正非说的 "让寒意传导给每个人"，如今真的实现了。 前几天在给一个大金主家办推荐一个资产，家办负责人的原话是： "除非这个资产打一折，让 老板能捡漏，不然老板绝不会在这个时候出手。" 我和家办老大哥调侃到，起码这位老板还是有意愿的，已经强过 9 0%的老板。很多老板压根真 就躺平了，不然发过去连个声响都没。 我们必须正视现状，在当下，绝对部分个人和企业的长期投资意愿都很弱，这对一级市场在短 期内是极大的弱行情。 原因之二，高收益的资产变得很少。 ...

中国母基金行业一周资讯（ 5 . 3 1 - 6 . 6） 【资讯解读】 本周资讯涉及的母基金管理规模达 2 3 0 0 亿元，主要分布在 北京、上海、江苏、浙江、广东、 福建 等地区，投资 生物医药、未来新兴产业、半导体等 。以下是内容提要和具体资讯。 【内容提要】 1、江苏： 5 0 0亿超级母基金招GP 01 江苏： 500亿超级母基金招GP 江苏省战略性新兴产业母基金（以下简称 "省级母基金"）是贯彻落实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，推动全省战略性新兴产业发展和未来产业布局的引导 基金，旨在加快打造具有国际竞争力的战略性新兴产业集群，推动江苏成为发展新质生产力的 重要阵地。 一、投资领域 省级母基金以公司制形式运作，坚持市场化、专业化、法治化运作原则，重点投向具有引领作 用的战略性新兴产业、具有前瞻性的未来产业、高新技术产业和先进制造业，推动一批对优化 全省产业布局具有牵引作用的重大产业项目落地，培育一批能有效掌控细分领域和关键环节的 专精特新企业、单打冠军企业。 二、主要架构 2、北京：中关村科学城母基金 一举出资 5家GP 3、北京： 3 0 0亿央企创投母基金设立 ...

Group 1 - The core viewpoint of the article highlights the significant acquisition deal led by PAG, which aims to establish a 50 billion yuan fund to acquire 48 Wanda Plaza properties under Wanda Commercial [1][2] - The acquisition will be executed through a special fund platform, with PAG planning to invest approximately 5 billion yuan in the fund's subordinate shares, taking on primary risks for potential excess returns [1] - A consortium of state-owned banks will provide 30 billion yuan in loan credit, while the remaining 15 billion yuan will be raised through mezzanine financing to attract various investors [1] Group 2 - The acquisition involves 48 target companies located in major cities such as Beijing, Guangzhou, Chengdu, Hangzhou, Nanjing, and Wuhan, with the transaction recently receiving unconditional approval from the State Administration for Market Regulation [2] - PAG, often referred to as "Asia's Blackstone," manages over 55 billion USD in assets and focuses on private equity, real estate, and credit market investments [3] - The article notes a rising trend in private equity fund participation in mergers and acquisitions, with significant examples including Qiming Venture Partners' acquisition of a controlling stake in Tianmai Technology for 452 million yuan [4][5] Group 3 - The recent regulatory changes, including the "924 New Policy" from the CSRC, support private equity funds in acquiring listed companies to promote industrial integration [4][10] - The new regulations encourage the establishment of merger funds and investment funds to facilitate mergers and acquisitions, with a notable reduction in lock-up periods for private equity fund investments [10][11] - The article indicates a growing interest among investment institutions in controlling listed companies, driven by the need for exit strategies and the potential for collaborative optimization with listed firms [9][12] Group 4 - The emergence of dedicated merger departments within investment firms reflects the increasing focus on acquisition opportunities, with many firms actively seeking professionals with merger experience [13][14] - The average annual salary for merger managers in China can reach 500,000 yuan, with higher positions earning between 800,000 to 1.2 million yuan, indicating a competitive market for talent in this area [13] - The article emphasizes the potential for significant growth in the merger and acquisition market, particularly as more private equity funds engage in substantial transactions following the implementation of supportive policies [12][14]