Core Viewpoint - Sequoia China announced the acquisition of a controlling stake in Golden Goose Group, with Temasek and its wholly-owned asset management company participating as minority shareholders, indicating a strong alignment in strategy and culture between the investors and the brand [3][5]. Group 1: Company Overview - Golden Goose is a rising global fashion brand that combines luxury aesthetics, lifestyle, and sports style, achieving revenue growth from €266 million in 2020 to €655 million in the fiscal year 2024, maintaining a strong growth momentum [4]. - The company has significantly expanded its direct-to-consumer (DTC) channel, increasing the number of global direct stores from 97 to 227 since 2019, and achieved a 21% growth in DTC channels in the first nine months of 2025, resulting in a 13% year-over-year revenue increase [4]. Group 2: Investment Details - The partnership between Sequoia China and Temasek is expected to accelerate Golden Goose's international expansion, leveraging their extensive investment experience in lifestyle and consumer technology brands [5]. - Permira, the previous shareholder, will retain a minority stake and continue to support the brand's future development [3]. Group 3: Leadership and Future Direction - Silvio Campara will continue as CEO, supported by the existing leadership team, while Marco Bizzarri will take on the role of non-executive chairman, bringing extensive experience from leading luxury brands [7]. - The strategic partnership aims to enhance Golden Goose's unique brand identity and expand its global presence, with a focus on maintaining its Italian heritage [12].

国务院国资委 1 2月1 8日消息，国务院国资委近日发布《中央企业违规经营投资责任追究实施 办法》（以下简称《办法》）。 《办法》明确中央企业经营管理有关人员违反规定，未履行或未正确履行职责造成国有资产损 失或其他不良后果，应当追究相应责任的具体情形，包括集团管控、风险管理、购销管理、工 程承包建设、金融业务、科技创新、资金管理、产权管理、固定资产投资、股权投资、改组改 制、境外经营投资以及其他责任追究情形等 1 3个方面9 8种责任追究情形。 母基金研究中心关注到，其中与股权投资相关的规定如下： 金融业务方面的责任追究情形第二条为： 未按规定履行决策和审核备案程序发起设立或出资参 与私募股权投资基金 ； 股权投资方面的责任追究情形： （一）未按规定开展尽职调查，或尽职调查未进行风险分析等，存在重大疏漏； （二）财务审计、资产评估或估值违反相关规定； （三）授意、指使中介机构或有关单位出具虚假报告； （四）未按规定履行决策和审批程序， 决策超出风险承受能力的项目，或未充分考虑重大风险 因素，未制定风险防范预案 ； （五）违反规定以各种形式为其他合资合作方提供垫资，或通过高溢价并购等手段向关联方输 送利益； （ ...

中国母基金行业一周资讯（ 1 2 . 1 3 - 1 2 . 1 9 ） 【资讯解读】 本 周 资 讯 涉 及 的 母 基 金 管 理 规 模 达 9 8 2 . 7 6 亿 元 ， 主 要 分 布 在 北 京 、 江 苏 、 浙 江 、 四 川 、 云 南、广东、山东、海南、湖北、广西、内蒙古 等地区，投资覆盖 航空航天、高端装备制造、 生物医药等 。以下是内容提要和具体资讯。 【内容提要】 基金管理人招募： 母基金设立： 母基金政策： 1 3、浙江： 嘉兴平湖市政府出台《关于促进我市政府投资基金高质量发展的实施意见》 其他： 【基金管理人招募】 01 北京： 北京朝阳空天产业子基金招GP 近 日 ， 朝 阳 科 创 基 金 发 布 公 告 遴 选 朝 阳 空 天 产 业 子 基 金 管 理 机 构 。 为 培 育 新 质 生 产 力 ， 落 实 "商务+科技"双轮驱动战略，加快打造" 3+X"产业集群，支持经济高质量发展与协同创新，北 京市朝阳区科技创新基金拟联合社会资本组建设立空天产业子基金。现公开遴选子基金管理机 构。 据悉，空天产业子基金围绕朝阳区 " 3+X"中的空天领域开展股权投资，即空天产业中 ...

Core Viewpoint - The era of blind pool funds is considered over, with a shift towards more project-specific funds that require certainty in underlying projects for fundraising [1][2]. Group 1: Transition from Blind Pool Funds - The consensus among industry professionals is that blind pool funds are becoming obsolete, with most current fundraising efforts tied to specific projects rather than traditional reserve projects [1]. - Investors are increasingly demanding certainty regarding the underlying projects of funds, whether from state-owned or private investors [1][2]. - The emergence of the "investment and production" era emphasizes the importance of resource integration and value discovery in fund management [1]. Group 2: Rise of Specialized Funds - Specialized funds are regaining popularity due to the strong performance of IPOs in the Hong Kong and A-share markets, particularly among leading technology companies [3][5]. - These funds are generally smaller in scale compared to blind pool funds and focus on specific projects, which makes them more attractive to investors seeking clarity and lower commitment amounts [4][6]. - The recent trend shows that individual LPs and industry players are eager to participate in specialized funds to capitalize on the growth of Chinese technology innovation [5][6]. Group 3: Characteristics and Challenges of Specialized Funds - Specialized funds offer higher certainty as they invest in pre-identified projects with clear growth potential, providing LPs with more control and quicker setup times [6][7]. - However, specialized funds face challenges such as the inability to expand or redeem funds post-registration, which can complicate follow-up investments in successful projects [8][9]. - The competitive landscape means that specialized fund managers must act quickly to secure quality projects, as delays can result in missed opportunities [9][10]. Group 4: Comparative Analysis of Fund Types - While specialized funds are favored for their lower risk and higher certainty, they do not completely eliminate the risks associated with blind pool funds, especially in volatile sectors [9][10]. - Blind pool funds typically have larger scales, allowing for diversified risk management, which can be advantageous in uncertain market conditions [9][10]. - Both fund types have their strengths and weaknesses, and fund managers need to adapt to market trends while building strong relationships with LPs [10].

深圳迎来一支重磅国资基金。 1 2月1 5日，注册规模1 8 9 . 0 1亿元的"深圳市国创引科创投资合伙企业（有限合伙）"（以下简 称"国创引科创基金" ） 正式注册成立，注册地为深圳市前海深港合作区南山街道。 | 企业名称 | 深圳市国创引科创投资合伙企业(有限合伙) | | | | --- | --- | --- | --- | | 执行事务合伙人 | 面 深圳市国创引投资有限公司 | 登记状态 2 | 存续 | | | | 成立日期 | 2025-12-15 | | 统一社会信用代码 2 | 91440300MAK3JH2F13 | 出资额 | 1890100万人民币 | | 工商注册号 | 440300227824859 | 纳税人识别号 2 | 91440300MAK3JH2F13 | | 营业期限 | 2025-12-15 至 无固定期限 | 纳税人资质 | | | 企业类型 | 有限合伙 | 行业 | 资本市场服务 | | 參侯人数 | | 英文名称 | Shenzhen Guochuang Yinke Innov | | | | | (自动翻译) | | 登记机关 | | 主要经营场所 2 ...

Core Insights - The article discusses the increasing trend of consumer companies becoming Limited Partners (LPs) in investment funds, particularly focusing on upstream and downstream industries as well as high-tech sectors like big data and artificial intelligence [2][3]. Group 1: CVC Growth and Market Dynamics - The landscape of the primary market is changing, with Corporate Venture Capital (CVC) gaining prominence as traditional VC's influence declines. Major companies like Alibaba, Tencent, and Ant Group are investing significantly, surpassing traditional VC firms [4][5]. - CVCs are characterized by their strategic investment approach, focusing on long-term growth and innovation rather than just financial returns. This shift is driven by the need for companies to align investments with their core business strategies [5][6]. Group 2: Investment Trends and Statistics - In 2024, 55% of newly minted unicorns had CVC participation, and CVCs accounted for nearly 40% of large investments, indicating their growing importance in the investment landscape [6]. - The "chain leader + fund" model is emerging, where leading companies in an industry chain spearhead investments through industry funds, attracting additional capital from various sources [6]. Group 3: Notable Investments and Partnerships - Companies like Nanji E-commerce and Beitaini are actively participating in fund formations, with Nanji E-commerce committing up to 50 million yuan to a new fund and Beitaini investing 5 million yuan for a 5% stake in a healthcare fund [4][6]. - Tencent and Alibaba are also making significant investments in various funds, indicating a broader trend of established companies seeking to leverage their resources and expertise through strategic partnerships [8][9]. Group 4: Future Outlook and Strategic Considerations - The diversification of LP sources is becoming a notable trend in the private equity sector, with CVCs expected to play a crucial role in the market moving forward. By 2025, more CVCs are anticipated to enter the VC/PE space, contributing to the industry's growth [10][11]. - CVCs are increasingly focused on selecting General Partners (GPs) based on their ability to align with strategic goals and deliver financial returns, emphasizing the importance of specialized and innovative approaches in investment selection [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, promoting the flow of social capital to innovative and entrepreneurial enterprises [1][44] - The Fujian Province Minrong Bank AIC Fund was launched with a target scale of 2 billion yuan, focusing on sectors such as information technology, artificial intelligence, and healthcare [3][6] - The Jiangsu Yancheng Green Low-Carbon Industry Special Mother Fund has registered its first industrial sub-fund with a total scale of 500 million yuan, targeting investments in new energy and green technologies [7][8] Group 2 - The Guangming Science and Technology Innovation Mother Fund has officially started operations with a target scale of 5 billion yuan, focusing on seed and angel investments in the "2 0+8" industrial clusters in Shenzhen [29][31] - Hunan Caixin Capital has completed investments in two intelligent enterprises, demonstrating its capability to integrate resources and support technological innovation [33] - The Anhui Gaotou Guotai Haitong Health M&A Fund has successfully registered with a scale of 500 million yuan, focusing on innovative drug development in the biopharmaceutical sector [34] Group 3 - The Chongqing government-led seed fund has successfully facilitated a significant financing round for Hanpei Biotechnology, marking a breakthrough in nurturing early-stage tech projects [39][41] - The Zhejiang Provincial Innovation Investment Group is actively recruiting for various positions, emphasizing its role in managing provincial government industry funds and supporting technological innovation [9][11][19]

Core Viewpoint - Shanghai's future industry fund is actively investing in multiple sub-funds, demonstrating a commitment to early-stage and hard technology investments, which is crucial for revitalizing the industry amid a challenging fundraising environment [2][3]. Group 1: Investment Activities - On February 9, Shanghai Future Industry Fund announced plans to invest in five sub-funds, marking its fourth batch of sub-fund announcements this year, with a total of 23 sub-funds funded within less than a year [2]. - The fund's total scale was expanded from 10 billion to 15 billion yuan, with 8 billion yuan already paid in, reflecting a proactive approach to building "patient capital" [3]. - Shanghai has seen a significant increase in new registered equity funds, with 153 new funds registered this year, a 109% increase year-on-year, and a total registered capital of 215.1 billion yuan [3]. Group 2: Fund Establishments - Recent months have seen the establishment of several significant funds in Shanghai, including a 3 billion yuan AI CVC fund and a 500 billion yuan Taibao M&A fund [4][5]. - The Taibao M&A private fund aims for a target scale of 300 billion yuan, focusing on key areas of state-owned enterprise reform and modern industrial system construction [5]. - District-level initiatives include the establishment of a 100 billion yuan strategic investment fund in Minhang District, aiming to leverage social capital and create a comprehensive fund ecosystem [6]. Group 3: Policy Support and Ecosystem Development - Shanghai's government has implemented measures to support the equity investment industry, including the establishment of district-level guiding funds of no less than 10 billion yuan [8]. - The city is also focusing on mergers and acquisitions, with plans to cultivate M&A funds and streamline the establishment process for qualified funds [9][10]. - The government has introduced policies to optimize the management and evaluation of state-owned capital, promoting a market-oriented approach to fund management [13][14]. Group 4: Future Outlook - The ongoing investment and policy support are expected to enhance Shanghai's position as a hub for private equity and venture capital, attracting more investment institutions to settle and develop in the city [11][12]. - The establishment of the S fund aims to create a capital relay mechanism for cultivating the sci-tech industry, further solidifying Shanghai's role in the national investment landscape [14].

2 0 2 5年1 2月1 4日，第二届海南自贸港创新投资发展论坛暨"百家基金海南行"投资大会于海南 海口隆重举办。本届论坛以"封关启航，资本向南"为主题，由海南省财政厅指导，海南省财金 集团有限公司、银河创新资本管理有限公司主办，海南财金银河私募基金管理有限公司、深圳 市天使投资引导基金管理有限公司、中金资本运营有限公司、海南基金业协会、母基金研究中 心（www. c h i n a -f o f. c om，下同）承办，招商银行股份有限公司海口分行、交通银行股份有限 公司海南省分行、中国银行股份有限公司海南省分行联合承办。 1 2月1 4日上午，主论坛正式开幕。海南省人民政府党组成员、秘书长，海南省财政厅党组书 记、厅长蔡强代表海南省政府向与会嘉宾表示热烈欢迎和衷心感谢。他指出，在海南自贸港全 面封关运作进入最后4天倒计时的关键节点，本届论坛的举办具有重要意义。海南因改革开放 而生，也因改革开放而兴，建设海南自贸港是党中央着眼未来的战略先手棋，彰显了我国扩大 对外开放、推动经济全球化的坚定决心。1 2月1 8日的封关运作，与十一届三中全会召开的历史 时期相呼应，体现了党中央对海南的高度重视与殷切期望，将成 ...

为把握全岛封关运作正式启动的重大契机，推动投资海南，引资入琼，助力海南自贸港现代化 产业体系建设与封关运作平稳开局， 第二届海南自贸港创新投资发展论坛暨 " 百家基金海南 行 " 投资大会 将 于 2 0 2 5年1 2月1 4日在海南海口隆重举办 。 本届论坛以 " 封关启航，资本向南 "为主题，由海南省财政厅指导，海南省财金集团有限公 司、银河创新资本管理有限公司主办，海南财金银河私募基金管理有限公司、深圳市天使投资 引导基金管理有限公司、中金资本运营有限公司、海南基金业协会、母基金研究中心 （www. c h i n a -f o f. c om，下同）承办，招商银行股份有限公司海口分行、交通银行股份有限公 司海南省分行、中国银行股份有限公司海南省分行联合承办。 论坛汇聚政府领导、知名投资人、专家学者及产业领袖等各界精英，围绕政府投资基金发展、 新质生产力培育、产业投资热点趋势、财政金融数字化转型等核心议题开展深度研讨，凝聚发 展共识，共商奋进之策。论坛活动将采用主题演讲、政策解读、圆桌对话、项目路演等多元形 式全方位、多角度展现海南自贸港的独特发展机遇与广阔前景，积极推动各方务实合作，引导 资本与创新 ...