广东：优化政府出资的创业投资基金管理 改革完善基金考核、容错免责机制

Core Viewpoint - The Guangdong Provincial Government has issued an action plan to further promote the high-quality development of venture capital, focusing on optimizing the operation of government-funded venture capital funds and enhancing their guiding and leveraging functions [1] Group 1: Government-Funded Venture Capital Funds - The government-funded venture capital funds will support strategic emerging industries and future industries through a "mother fund + sub-fund + direct investment" model [1] - The mother fund will prioritize selecting excellent professional investment institutions to establish more specialized sub-funds, thereby attracting more social capital into venture capital [1] - The government’s investment in sub-funds and direct projects can allow for slight concessions on returns, aiming to facilitate the raising of social capital [1] Group 2: Fund Management and Evaluation - The management of government-funded venture capital funds will be optimized, including reforms to the fund assessment and error tolerance mechanisms [1] - Differentiated assessments will be conducted based on the fund lifecycle and investment areas, with a focus on improving the performance evaluation index system [1] - There will be a slight reduction in leverage ratios and reinvestment requirements, along with an extension of the duration for government-funded venture capital funds and their invested sub-funds [1]