Core Viewpoint - The article discusses the recent changes in the management fee structure for private equity funds in Guangdong Province, highlighting a shift towards a "management fee reconstruction era" where fees are primarily sourced from fund earnings or interest rather than principal [1][33]. Group 1: Fund Organization Forms and Management Fees - Private equity funds are primarily organized in three forms: limited partnership, corporate, and contractual [2]. - Limited partnership funds are the most common, involving general partners (GP) and limited partners (LP), with management fees typically deducted from the fund's assets [2]. - Corporate funds may be self-managed or externally managed, with management fees either internalized as operational costs or paid to external managers based on agreements [3]. - Contractual funds are less common due to regulatory concerns but have flexible operational characteristics, with management fees usually defined in the fund contract [4]. Group 2: Management Fee Calculation Methods - Management fees are calculated based on three dimensions: base, rate, and time, with a simplified formula: Management Fee = Base × Rate × Time [5]. - The industry standard for direct investment funds is a "2+20" model, where management fees are around 2% of fund size, and performance fees are 20% of profits [6]. - Different types of funds have varying management fee rates based on their investment focus, with industry funds typically having lower rates compared to early-stage funds [7][8]. Group 3: Management Fee Sources - Management fees can be categorized as "internal" (deducted from fund assets) or "external" (paid separately by investors), with the former being more common and operationally convenient [26][27]. - The recent guidelines emphasize that management fees should be sourced from fund earnings, not directly from investors, to enhance fund performance accountability [33][28]. Group 4: Trends in Management Fee Structures - The article notes a trend towards linking management fees to performance metrics, with some funds adopting a dual structure of base and performance fees to balance operational costs and investment goals [32]. - New regulations in Guangdong Province stipulate that management fees should primarily come from fund earnings, marking a significant shift in industry practices [33].

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 healthy development in the investment industry, particularly in mother funds [1][40][42] - The Hubei Provincial Government Investment Guidance Fund is a policy-oriented mother fund established by the Hubei provincial government, which is now inviting applications for GP selection [3][4] - The "West (Chongqing) Science City High-tech Startup Investment Fund" is being launched to strengthen financial services for the real economy in Chongqing, focusing on sectors like smart connected vehicles and biomedicine [12][22] Group 2 - The latest "Global Private Capital Barometer" by Coller Capital indicates that 45% of LPs plan to increase allocations to private credit assets, reflecting a shift towards more defensive investment strategies amid macroeconomic uncertainties [21][22][23] - The Nanjing Innovation Investment Group successfully issued a technology innovation corporate bond worth 1 billion yuan, marking a historical low interest rate for similar bonds [24][26][27] - Guangdong Hengjian Investment Holding Co., Ltd. successfully issued a 5 billion USD three-year senior fixed-rate bond, achieving the lowest issuance yield for local state-owned enterprises since 2023 [30][31] Group 3 - The UAE delegation visited Futian Capital to explore international capital cooperation opportunities, focusing on technology innovation and industry development [32][34][35] - China Resources Henan Pharmaceutical Co., Ltd. engaged in discussions with Yuzi Holdings Group to explore collaboration in the pharmaceutical sector [36][38][39]

Core Viewpoint - The Wuhan Municipal Government has released an action plan aimed at promoting high-quality development of technology finance and establishing a national technology finance center by 2027, with a target of exceeding 3 trillion yuan in equity investment fund scale [1]. Group 1: Key Measures in the Action Plan - The plan encourages government investment funds to collaborate with listed companies and key enterprises in the industry chain to establish merger and acquisition funds, with a maximum government investment ratio of 1:1 [2][11]. - It proposes practical measures across all stages of fund management, including increasing the contribution ratio of sub-funds to over 50% and extending the maximum duration of funds to 15 years [2]. - The plan allows government investment funds to invest up to 20% of the new investment amount in seed and angel funds, enhancing the role of government investment funds [2][4]. Group 2: Tolerance for Losses - The action plan introduces a groundbreaking tolerance for losses, allowing seed funds and angel funds to incur losses of up to 80% and 60% respectively, with single projects allowed to incur losses of up to 100% [4][7]. - This tolerance mechanism is seen as a significant breakthrough in the national context, as it allows for a higher overall loss tolerance at the fund level compared to individual project levels [4][6]. - The plan reflects a broader trend where local state-owned assets are increasingly accepting full loss tolerances, indicating a shift towards a more risk-tolerant investment environment [6][8]. Group 3: Fund Evaluation and Management - The action plan emphasizes the need for a scientific evaluation system for funds, stating that individual fund or project profits and losses should not be the sole basis for assessment [5][10]. - It aims to create a favorable environment for innovation and risk tolerance, encouraging the establishment of a comprehensive evaluation system that aligns with the characteristics of the venture capital industry [9][10]. - The plan also highlights the importance of a flexible and market-oriented approach in the management of mother funds, with low return requirements and fewer restrictions on fund management teams [18][19]. Group 4: M&A Fund Development - The action plan outlines a strategic focus on the establishment of merger and acquisition funds, which is expected to stimulate activity in the primary market following the recent regulatory changes [12][15]. - The introduction of the new merger and acquisition regulations is anticipated to facilitate private equity fund participation in significant transactions, enhancing the overall market dynamics [13][16]. - The plan positions Wuhan as a hub for mother fund development, with multiple funds established to support the growth of equity investment in the region [17][18].

科创债新政落地以来，正显现出积极成效。据不完全统计，截至5月26日，已有多家股权投资 机构发布公告，合计发行和待发科技创新债券的规模超过200亿元。同时，有君联资本、启明 创投、东方富海、毅达资本、金雨茂物、泰达科投、中科创星等12家股权投资机构处于发行注 册过程中。 最新的标志性进展是，5月27日，君联资本收到中国银行间市场交易商协会《接受注册通知 书》，同意在银行间市场发行科技创新债券，与东方富海、江苏毅达共同成为全国首批民营股 权投资机构科技创新债券试点单位。据悉，此次依托央地协同增信机制，君联资本拟发行5亿 元科技创新债券，用于自有资金在所管理的科创基金出资及投资科创企业。 东方富海也获中国银行间市场交易商协会《接受注册通知书》，同意在银行间市场发行科技创 新债券。据悉，该"科创债"项目计划发行总规模15亿元、期限15年，募集资金将用于创投基 金出资及置换等科技创新领域，重点投向人工智能与数字经济、新能源与新材料、半导体、生 物医药等战略性新兴产业。 "过去，民营创投机构发行债券的积极性并不高。科创债新政的推出在一定程度上降低了发行 门槛，并且提供了更清晰的指引和支持，激发了头部民营创投机构的尝试意愿 ...

Core Viewpoint - China Construction Bank (CCB) is launching a 100 billion yuan technology innovation fund cluster to support national technology innovation strategies and enhance financial services in the technology sector [1][4]. Group 1: Fund Structure and Objectives - CCB's equity investment management subsidiary, Jianxin Equity Investment, is responsible for managing the national strategic emerging industry development fund, known as the "War New Fund," which aims for a target scale of 300 billion yuan [2]. - The War New Fund focuses on eight key areas: new generation information technology, high-end equipment, new materials, biotechnology, new energy vehicles, renewable energy, energy conservation and environmental protection, and digital creativity [3]. Group 2: Role of Banking in Private Equity - Bank funds are becoming increasingly important participants in China's private equity investment landscape, with banks being the largest financial institutions in the country [5]. - Recent policy changes have encouraged banks to invest in venture capital and private equity funds, removing previous barriers to entry [6][7][8]. Group 3: Regional Developments in Shanghai - Shanghai is actively promoting venture capital and private equity, with significant fund launches such as the 500 billion yuan Shanghai Industrial Transformation Upgrade Fund and the China Pacific Insurance's 500 billion yuan fund [9][10]. - The city has a strong track record in private equity, particularly in the mother fund sector, with over 40 mother funds and a leading position in managed fund scale [10][11].

2 0 2 5已然接近过半，下行周期中，许多GP的人员正在经历一场" 大换血 "。 "今年， 我们裁掉了一半的年轻投资人、三分之一的传统商科背景投资人，新招了产业背景或 者是硬科技企业背景出身的员工 。原因无他，控制成本，效用最大化：现在已经没有更多精力 和成本去培养和等待年轻投资人成长了，谨慎放缓出手的大环境下本身成长速度就相对慢，这 是节流；至于把传统商科背景投资人换成产业背景的，则是出于业务上的考虑，一方面能找一 些看得懂硬科技的，另一方面，也是因为招引项目、关注并购机会等都需要产业资源和经验， 这是开源。 "华东地区某投资机构合伙人告诉母基金研究中心。 多位投资人告诉母基金研究中心，其所在机构均有类似的计划 。 9 5后投资人小李表示："对年 轻投资人来说，现在这个时期可能是'地狱模式'，我们刚入行就赶上寒冬，出不了手也没积累 起来实战经验和业绩，资源也不丰富，我司有几位和我同龄的员工已经被裁了。我现在也只能 做一些执行的工作，还没被裁掉是因为工资成本低，而且机构还是需要留下几个干基层工作的 人的。在裁员时公司优先保留的还是比较有核心资源的员工。" 除了员工背景的转变， GP内部的部门人员设置也在改变 ...

中国母基金行业一周资讯（ 6 . 7 - 6 . 1 3） 【资讯解读】 本周资讯涉及的母基金管理规模达 1 4 4 5 . 8 8 亿元，主要分布在 浙江、湖北、江苏、山东、黑 龙江、江西、西藏 地区，投资 新材料、生物医药、未来产业等 。以下是内容提要和具体资 讯。 【内容提要】 1、全国：1 0 0亿， 这支国家级母基金落地 2、湖北：这支千亿母基金正式签约设立 3、全国：国家中小企业发展基金第七批子基金完成设立 4、江苏： 南通未来产业天使投资基金登记成立 5、江苏： 常州市未来产业天使基金完成备案 6、湖北： 百亿规模基金落户 武汉 江夏 7、 山东：加大省级引导基金对天使基金出资力度，出资比例提高至 4 0% 8、黑龙江： 黑龙江省龙江创业投资基金 招 GP 9、江西： 江西九江成立高质量产业发展投资基金 1 0、江苏： 江苏连云港新材料产业专项母基金 招 GP 11、西藏： 1 5亿拉萨市产业强市母基金正式起航 1 2、浙江： 杭州市萧山钱江世纪城产业发展基金 招 GP 1 3、江苏： 东大医工融合产业专项子基金 招 GP 01 全国： 1 0 0亿， 这支国家级母基金落地 近日锦波生物和昭衍新 ...

6月1 2日下午，为深入贯彻落实习近平总书记在民营企业座谈会上的重要讲话精神和党中央关 于"因地制宜发展新质生产力、加快建设现代化产业体系"的决策部署，根据北京市壮大战略性 新兴产业、培育未来产业的工作要求，北京市工商联举办支持服务首都战略性新兴产业和未来 产业高质量发展大会。全国工商联副主席安立佳，北京市政协副主席、市工商联主席燕瑛等领 导出席大会并发表讲话，北京市委统战部副部长、市工商联党组书记严卫群主持会议。 图为全国工商联副主席安立佳 图为北京市政协副主席、市工商联主席燕 瑛 会上，北京市工商联通报支持服务首都战略性新兴产业和未来产业工作情况，宣布关于成立 4+1专委会（人工智能、医药健康、具身智能、新能源新材料四个产业专委会和投融资专委 会）的决定，任命主任、副主任，并为主任、副主任颁牌。 图 为 北京市委统战部副部长、市工商联党组书记 严 卫 群 | 主任 | | 北京市工商联投融资 | | | --- | --- | --- | --- | | 张膏糕 | 北京市工商业联合会党组成员、副主席 | 解 骑 唐劲草 | 中国民生银行北京分行行长助理 | | 副主任 | | 邓艳芳 | 北京清控水木投 ...

" 前段时间在社交平台上看到有人分享，被限高是因为担任董事的项目公司被起诉执行了，原 来不止我一个人遇到这种情况。我在去年底也是被限高了，人在家中坐，限高天上来，我担任 董事的项目公司之一被起诉了，这个起诉并不是我所在的投资机构发起的，是其他投资机构因 回购问题起诉了项目， 而法院判决执行时也连带了董事 。 "北京VC投资人李丽（化名）告诉 母基金研究中心。 母基金研究中心从多位有类似经历的投资人处了解到，该情况基本上是从去年下半年新公司法 施行后出现的。 " 新公司法对公司董事的责任要求更高了。担任公司董事，不仅意味着权利，更是责任 。对投 资机构来说，如果投资额较大，在项目公司占股超过 1 0%一般就会要求董事会席位，不过这个 董事的担任并不会实际参与公司的日常经营，更多的是投资权利保障的象征意义。所以，可能 之前大家都没什么感觉，觉得担任项目公司董事是很常规的日常操作，现在都对其后的责任有 了更深刻的体会。"上海某VC机构投资总监对母基金研究中心分析道。 "不过，此类原因造成的限高可以向法院提交申请说明，会解除的。我的限高大概是一个月内 就解除了。但对生活确实是造成了一定困扰，尤其是出差，无法坐高铁飞机 ...

Group 1 - The private equity investment market is facing both challenges and opportunities, with the mother fund industry needing to find ways to navigate these challenges and achieve stable growth through cycles [1] - In 2024, the China International Science and Technology Promotion Association's Mother Fund Branch and the Mother Fund Research Center will hold seven seminars in various cities to promote collaboration and healthy development within the private equity industry [1] - The first seminar in 2025 was successfully held in Shenzhen on March 26, focusing on the future trends of the mother fund industry post the "State Council Document No. 1" [1] Group 2 - The upcoming seminar in Chengdu on June 26, 2025, will explore how to better leverage the synergy between mother funds and sub-funds to empower industrial development [2][4] - The agenda for the Chengdu seminar includes a series of activities such as leadership speeches, thematic sharing, and introductions to various mother fund institutions [4] Group 3 - The 2025 Mother Fund Research Center's special ranking evaluation has officially begun, including the announcement of the 2025 40U40 Outstanding Young Investors list and the 2024 China Mother Fund Panorama Report [8]