母基金“队伍”持续扩容 探索建设耐心资本与“大胆资本”成行业新趋势

Group 1 - The core viewpoint of the articles highlights the continuous expansion of the mother fund sector in China, with a focus on high-end functional materials and the overall growth of the private equity mother fund market [1][2] Group 2 - The Jiangsu Changzhou High-end Functional Materials Industry Special Mother Fund has successfully completed its registration with a total scale of 3 billion yuan, targeting key areas such as high-performance carbon fiber and biomedical materials [1] - As of December 31, 2024, there are 442 mother funds in the market, an increase of 24, 92, 152, and 169 funds compared to the end of 2023, 2022, 2021, and 2020 respectively, with a total management scale of 45,681 billion yuan [1] - Among the 442 mother funds, there are 326 government-guided funds, 107 market-oriented funds, and 9 S funds, with management scales of 39,429 billion yuan, 6,224 billion yuan, and 28 billion yuan respectively [1] Group 3 - The private equity mother fund industry in China has entered a deep adjustment period since 2019, but has shown signs of recovery since the second half of 2020, with a peak in the establishment of local mother funds in 2021 [2] - The industry is now exploring the construction of "patient capital" and "bold capital," with patient capital characterized by stability, long-term support, and high tolerance for risk and failure [2] - The development of patient capital is seen as essential for adapting to the long and uncertain cycles of technological innovation, with state-owned limited partners being the main force in building this type of capital [2]