【高端访谈】 秉承耐心资本理念 构建“全周期+逆周期+广覆盖”资本生态——专访北京国管董事长吴礼顺

Core Viewpoint - The Chinese equity investment industry is undergoing an adjustment period in 2023, with Beijing establishing eight municipal government investment funds totaling 100 billion yuan to increase capital investment in key areas of technological innovation [1][4]. Group 1: Investment Strategy - The eight funds are designed to create a "full cycle + counter-cyclical + broad coverage" capital ecosystem, focusing on early, small, long-term investments in "hard technology" [4][5]. - The funds have invested 13.71 billion yuan in 145 projects in 2024, leveraging approximately 28.55 billion yuan in social capital, and have invested in 10 unicorns and 48 national-level specialized "little giant" enterprises [5][7]. Group 2: Operational Mechanism - The investment projects are sourced from various government bodies, but the investment decisions are made based on market logic, ensuring a collaboration between effective market mechanisms and proactive government involvement [5][6]. - The funds utilize a Co-GP management model without sub-funds, employing a three-vote system for investment decisions, which requires consensus from government, market institutions, and Beijing Guoguan [6][7]. Group 3: Coverage and Focus Areas - The investment strategy covers eight strategic emerging industries, including robotics, information technology, green energy, advanced manufacturing, and biomedicine, aligning with Beijing's development plans [7][8]. - The funds aim to support projects across all stages of enterprise development, from early to mature phases, and have a project reserve of over 2,600, with more than 600 projects preliminarily selected [8][9]. Group 4: Future Outlook - The Beijing government investment funds are committed to a long investment cycle of up to 15 years, acting as "patient capital" to support companies through challenging market conditions [9][10]. - Future plans include enhancing collaboration with universities and research institutions, focusing on original innovations and the transformation of results, while also targeting leading enterprises in the industry chain [10].