天津创投新政：最高出资80%，不过度关注返投倍数和基金收益

Core Viewpoint - The article highlights a significant shift in the investment landscape in China, particularly in Tianjin, where new policies are being implemented to alleviate the challenges faced by venture capital firms, focusing on the entire fundraising, investment, management, and exit process [3][11]. Fundraising - Tianjin has introduced a policy allowing the combined contribution from municipal and district finances to reach up to 80%, a notable increase from the previous cap of 50% [4][7]. - The measures aim to attract long-term capital, such as insurance funds, to invest in venture capital funds, addressing the "fundraising difficulties" faced by the industry [7][8]. Investment - The new policies provide incentives for venture capital institutions to focus on early-stage investments in hard technology, supporting startups in critical phases [8]. - Regular project recommendations will be made to venture capital institutions to address the issue of a lack of investment opportunities [8]. Management - Adjustments to the policy indicators for government investment funds will reduce the emphasis on return multiples and fund performance, allowing for a more functional use of public funds [9]. - A new assessment mechanism for state-owned venture capital funds will be explored to alleviate concerns about post-investment accountability [9]. Exit Strategies - The policies aim to broaden exit channels for venture capital institutions, including options like equity buybacks, share transfers, and mergers, to create a healthy cycle of capital exit, recovery, and reinvestment [10]. - Recent measures also support the establishment of acquisition funds and streamline exit processes, enhancing the overall investment environment [10]. National Trends - The article notes a nationwide trend of local governments implementing supportive policies for venture capital, with regions like Sichuan and Wuhan also announcing significant measures to boost the industry [12][13]. - The shift in assessment logic, such as Tianjin's reduced focus on return multiples, indicates a move towards a more collaborative approach between government and investment institutions [14]. Market Activity - The investment market is showing signs of recovery, with an increase in fundraising activities and a stabilization in the number of investment events and scales [16]. - The combination of policy relaxation and technological innovation is expected to enhance investor confidence and lead to a more vibrant primary market [17].