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】 01 返投1倍， 这支省级母基金招GP了 根据《国务院办公厅关于促进政府投资基金高质量发展的指导意见》（国办发〔 2 0 2 5〕1号）精神，以及《福建省人民政府办公厅关于进一步 推动资本市场服务科技型企业高质量发展的若干措施》（闽政办〔2 0 2 5〕9号）相关要求，福建省金融投资有限责任公司（以下简称"福建金 投"）拟设立目标规模5 0亿元，第一批目标规模2 0亿元的福建省新质生产力并购系列子基金（以下简称"子基金"）。为吸引优秀机构积极参与 基金组建，现向全国公开遴选子基金管理机构，有关事项公告如下： 一、福建省省级政府投资基金有限公司简介 福建省省级政府投资基金有限公司（以下简称 "省级母基金 ...

Core Viewpoint - The article discusses the increasing trend of private equity firms acquiring stakes or controlling interests in publicly listed companies in China, particularly following regulatory changes that encourage such activities [1][4][5]. Group 1: Recent Transactions - In early 2023, Qiming Venture Partners became the controlling shareholder of Tianmai Technology for a transaction price of 452 million yuan, marking a significant case of private equity control over a listed company since the introduction of new merger regulations [1]. - In March 2023, shareholder Liu Tao of Shankai Intelligent announced the transfer of 5,024,332 shares (5% of total shares) to Lingchang Investment, which aims to enhance the company's investment layout based on its growth potential [1]. - On May 8, 2023, *ST Changyao signed a restructuring investment agreement with six institutions, including Sichuan Jiadaobowen, which plans to invest 593 million yuan for 245 million shares, becoming the controlling shareholder post-restructuring [2]. Group 2: Market Trends and Regulatory Changes - The article highlights a growing trend among investment institutions to explore controlling stakes in listed companies, particularly after the release of the new restructuring regulations on May 16, 2023, which encourage private equity funds to participate in mergers and acquisitions [4][5]. - The revised restructuring regulations introduced a "reverse linkage" arrangement for private equity funds, reducing the lock-up period for certain transactions, which is seen as a significant benefit for easing exit difficulties [5]. - There is a notable increase in the establishment of state-owned capital merger funds, with over ten regions in China releasing supportive policies for mergers and acquisitions [5]. Group 3: Industry Dynamics - Many private equity firms are establishing dedicated merger departments to focus on acquisition opportunities, reflecting the burgeoning merger market in China [7]. - The average salary for merger managers in China can reach 500,000 yuan, with senior positions earning between 800,000 to 1.2 million yuan, indicating a competitive talent market in this sector [7]. - The article anticipates a surge in merger activities, with the potential for more private equity funds to engage in significant transactions following the implementation of the new restructuring regulations [8].

此前股权投资机构已展开探索试点发行科创债，初步缓解了GP的融资难题，但远未"解渴"。 而在业内人士看来，新规可以大为缓解GP的资金压力，让GP成为"耐心资本"，并引导GP进 一步聚焦集成电路、人工智能等硬科技领域。 新规还为股权投资机构引入政府增信、知识产权质押等风控工具，这些都有助于股权投资机构 构建"政策护航+市场化运作"模式，通过组合投资、强化尽调、动态监管等手段，对冲早期项 目的高风险，推动资金高效赋能战略性新兴产业。 困扰股权投资机构多时的融资难题，现在有了新的解题方案。 近日，中国人民银行、中国证监会联合发布新规，明确支持股权投资机构和创业投资机构发行 科技创新债券， 这为GP（普通合伙人）打开了一扇低成本、长周期的融资"新大门" 。 缓解GP融资压力 支持股权投资机构发行科创债，能够将债权资金引入科技创新领域，并撬动更多社会资本进 入，有效缓解GP募资难的问题，提振市场信心。长期限债券则为GP提供了长期资本和"耐心 资本"，通过将债券期限与基金存续期相匹配的设置，能够帮助GP保持耐心和战略定力，缓解 退出压力，熬过周期，等待环境改善。 母基金研究中心创始人唐劲草表示，科创债不仅拓宽了股权投资机构 ...

当前，股权投资行业正在加强投早、投小、投长期、投硬科技，以耐心资本培育更多企业的科 技创新。 在此背景之下， 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。 奖项包括： 2 0 2 5年以来，股权投资行业迎来众多政策利好。 今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"；而后国办发布的《关于做好金融"五篇大文章"的指导意见》 中，不仅再次明确支持发展股权投资、创业投资、天使投资，也切中行业"痛点"，强调优化私 募股权和创业投资基金"募投管退"制度体系，并在退出渠道畅通方面有所安排（上市、并 购）。 5月1 4日，科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政部、 国务院国资委联合发布《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》，提出发挥创业投资支持科技创新生力军作用，发挥"国 ...

Core Viewpoint - The Guangdong Provincial Government has issued the "Action Plan for Further Promoting High-Quality Development of Venture Capital" to enhance the venture capital ecosystem through a comprehensive approach covering fundraising, investment, management, and exit mechanisms, aiming to strengthen government guidance and policy support for venture capital in the province [1][2]. Group 1: Key Measures and Initiatives - The Action Plan emphasizes the establishment of a robust industrial fund system, aiming to integrate resources to create a total scale of over 1 trillion yuan for industrial and venture capital funds, with provincial funds exceeding 100 billion yuan [2]. - The plan includes initiatives to attract over 100 investment cooperation projects annually by engaging with international sovereign funds and renowned investment institutions [2]. - Guangdong's mother fund system is highlighted as a national leader, with over 50 mother funds managing more than 400 billion yuan, indicating a strong foundation for venture capital development [2]. Group 2: Fund Management and Support - Government-funded venture capital funds will adopt a "mother fund + sub-fund + direct investment" model to support strategic emerging industries and future industries, focusing on selecting excellent professional investment institutions [3]. - The plan aims to optimize the management of government-funded venture capital funds by reforming assessment mechanisms and extending the duration of fund investments [3]. - There is a push for qualified venture capital institutions to issue corporate bonds and debt financing tools, with government financing guarantees to support investments in technology innovation [3]. Group 3: Innovative Fund Structures - The establishment of regional mother funds is expected to enhance collaboration between provinces and cities, promoting local industries and creating a unified provincial strategy [5]. - The "inter-provincial collaborative development mother fund" initiative is noted as an innovative approach that transcends local thinking, fostering cross-regional cooperation [5]. - The direct investment and sub-fund structures are strategically aligned with industry directions, effectively utilizing capital to drive industrial transformation and technological innovation [5]. Group 4: Policy and Regulatory Framework - The Guangdong government has introduced a new regulatory framework that emphasizes long-term investment and the development of patient capital, which is crucial for fostering innovation [10]. - The recent "Guangdong Province Science and Technology Innovation Regulations" highlight the importance of establishing long-cycle venture capital funds and broadening exit channels [10]. - The government aims to create a differentiated performance evaluation system for state-owned venture capital funds, moving away from traditional capital preservation metrics [10].

Core Viewpoint - The revised "Major Asset Restructuring Management Measures" by the China Securities Regulatory Commission (CSRC) aims to deepen the reform of the listed companies' merger and acquisition market, encouraging private equity funds to participate in mergers and acquisitions [1][2][3]. Summary by Sections Revision Highlights - Establishment of a phased payment mechanism for restructuring shares, extending the registration decision validity period for issuing shares to purchase assets to 48 months [2]. - Increased tolerance for changes in financial conditions, competition among peers, and related party transactions [2]. - Introduction of a simplified review process for restructuring transactions, allowing for a decision within 5 working days without the need for review by the M&A Committee [2][3]. - Lock-up period requirements clarified for mergers, with a 6-month lock-up for controlling shareholders of the absorbed company and no lock-up for other shareholders [2]. - Encouragement of private equity funds' participation in mergers and acquisitions, with a "reverse linkage" mechanism for lock-up periods based on investment duration [2][3]. Market Impact - The new regulations are expected to significantly benefit private equity funds, with a notable increase in the number of disclosed asset restructurings, totaling over 1,400, including more than 160 major restructurings since the introduction of the "M&A Six Measures" [3]. - The number of asset restructuring plans disclosed this year has exceeded 600, 1.4 times that of the same period last year, with major restructurings reaching approximately 90, 3.3 times the previous year [3]. - The total amount of completed major asset restructuring transactions has surpassed 200 billion, an increase of 11.6 times compared to the same period last year [3]. Future Developments - The CSRC plans to continue implementing the revised measures to further stimulate the M&A market [4]. - The rise of merger招商 (merger investment promotion) as a new strategy for state-owned capital is noted, with over 10 regions launching supportive policies for M&A funds [5][6]. - The establishment of dedicated M&A departments within investment firms indicates a growing focus on M&A opportunities, with competitive salaries for experienced professionals in this field [7].

Core Viewpoint - Sichuan Province is implementing targeted measures to promote high-quality development of venture capital, emphasizing the importance of "patient capital" to support long-term investments in technology innovation [1][2][3] Group 1: Policy Measures - Sichuan aims to establish a fund scale target of "400 billion" and has clarified the profit-sharing model for government-guided and state-owned funds [1][3] - The province's measures include extending the duration of venture capital sub-funds to a maximum of 15 years, reflecting a commitment to long-term capital [2][3] - The government is promoting a revenue-sharing mechanism between the investment location and the registered location of funds, encouraging local industry funds to participate in investments [4][12] Group 2: Investment Trends - The investment theme in the venture capital sector has shifted towards hard technology, necessitating a longer investment horizon and a more patient approach from investors [2][3] - Recent statistics indicate that nearly 49% of newly established mother funds in 2024 have a sub-fund duration requirement of over 10 years [2] Group 3: Return and Risk Management - The average return requirement for government-guided funds has decreased by over 40% in the past six years, with many funds now requiring a return multiplier of around 1.5 times [5][6] - There is a growing trend of allowing up to 100% loss tolerance for individual projects, which is seen as a significant shift in risk management practices [8][9] - The government is encouraging the gradual relaxation or elimination of buyback clauses in investment agreements, promoting a more flexible approach to project exits [12][14] Group 4: Future Outlook - The measures taken by Sichuan are expected to serve as a model for other regions, fostering a more supportive environment for long-term capital and innovation [12][15] - The ongoing development of a more inclusive and prudent regulatory framework for state-owned capital is anticipated to enhance investment confidence and efficiency [10][11]

Core Viewpoint - The article highlights the recent developments in China's mother fund industry, with a total management scale reaching 208 billion yuan, focusing on investments in high-end equipment manufacturing, biomedicine, future industries, and new materials [2]. Summary by Sections Zhejiang - A new mother fund with a total scale of 30 billion yuan was officially launched at the 2025 Huzhou Future Conference, focusing on major projects in sectors such as new energy vehicles, semiconductors, artificial intelligence, and biomedicine [3]. Henan - The Zhengzhou Aviation Port New Industry Development Equity Investment Fund is seeking general partners to accelerate the development of strategic emerging industries in the aviation port area, with a total scale of 50 billion yuan [5][6]. Hunan - The establishment of the Malanshan Cultural Sub-Fund was completed, focusing on investments in the integration of culture and technology, tourism, new consumption, and sports [11]. - The Hunan provincial government has approved the establishment of nine industry guidance sub-funds and two science and technology guidance sub-funds, with a focus on high-quality industrial development [12]. Jiangsu - The Tai Zhou 20 billion yuan strategic emerging industry mother fund has been successfully registered, targeting new materials and health industries [13][14]. - The Jiangsu Nantong High-end Equipment Industry Special Mother Fund is being established to support the development of strategic emerging industries [28]. National Level - The establishment of a National Venture Capital Guidance Fund was announced, aimed at supporting the growth of technology-based enterprises and promoting the transformation of major technological achievements into productive forces [40]. Other Regions - The establishment of various funds across regions such as Hubei, Sichuan, and Fujian, focusing on sectors like low-altitude economy, technology transfer from universities, and capital market support for technology enterprises [21][24][25].

Core Viewpoint - Anhui Province has upgraded its innovative investment attraction methods, introducing a new set of policies aimed at promoting emerging industries and enhancing investment quality and efficiency through a "dual recruitment and dual introduction" strategy [1][2]. Group 1: Mergers and Acquisitions (M&A) Investment - The policy encourages "M&A investment," with a significant rise in the establishment of state-owned capital M&A funds across various regions, with over 10 areas issuing supportive policies for M&A restructuring and fund establishment [3]. - More than 60% of listed companies on the main board have a market value of less than 10 billion, indicating substantial potential for M&A business development [3]. - Anhui's policies provide a detailed framework for M&A investment, positioning the province as a model for others to follow in this new era of investment strategy [3][4]. Group 2: Innovative Capital Attraction - Anhui's innovation lies in leveraging market-oriented industrial incubation institutions, establishing a provincial new productivity investment platform with a total scale of 20 billion, and optimizing the emerging industry guidance fund system [4]. - The emphasis on collaboration with "chain-leading enterprises" is highlighted, as these enterprises play a crucial role in driving growth across the entire industrial chain [5][6]. Group 3: Fund Development and Efficiency - Anhui has consistently prioritized the development of mother funds and venture capital, with significant policy initiatives aimed at enhancing the investment environment [8]. - The establishment of a 500 billion guidance fund in 2023, which includes 16 mother funds, aims to mobilize social capital and create a comprehensive fund system with a total scale of no less than 2000 billion [9]. - The province's mother funds have demonstrated high efficiency in capital deployment, with a focus on quick selection processes and favorable conditions for general partners (GPs) [10]. Group 4: Hefei's Investment Strategy - Hefei has developed a "fund jungle" strategy, encompassing various types of funds to support the entire lifecycle of enterprises, thereby fostering a conducive environment for innovation [11][12]. - The city has seen significant investment activity, with a total subscription scale of nearly 260 billion and over 1800 projects funded, leading to 87 companies successfully going public or being acquired [12][13]. - Hefei's government aims to establish strategic investment funds focusing on emerging industries, enhancing long-term and patient capital [12].

值得关注的是，《若干政策举措》中对创业投资做出了重磅部署，第二部分内容即为 "发挥创 业投资支持科技创新生力军作用"，我们摘取相关重点并分析解读如下： 5月1 4日，科技部网站消息，科技部、中国人民银行、金融监管总局、中国证监会、国家发展 改革委、财政部、国务院国资委联合发布《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》（以下简称《若干政策举措》，重点围绕创业投资、货币信贷、资本市 场、科技保险支持科技创新、加强财政政策引导、健全科技金融统筹推进机制以及完善科技金 融生态等七个方面内容，提出1 5项科技金融政策举措。 ——我们关注到，这支重磅国家级母基金的设立近期已有官宣：3月6日，十四届全国人大三次 会议在梅地亚中心新闻发布厅举行记者会。国家发展和改革委员会主任郑栅洁在会上表示，我 们加快培育新兴产业和未来产业，近期我们将设立国家创业投资引导基金，目的就是做优做强 做大创新型的企业。 据悉，国家创业投资引导基金主要引导金融资本投早、投小、投长期、投硬科技。聚焦人工智 能、量子科技、氢能储能等前沿领域，通过市场化方式投资种子期、初创期企业，适当兼顾早 中期中小微企业，支撑原创性、颠覆性技 ...