政策暖风频吹，创投回购条款未见明显松动！VC/PE实操仍较审慎

Core Viewpoint - The venture capital (VC) and private equity (PE) industry is facing significant pressure regarding buyback clauses, despite recent government policies aimed at increasing tolerance for losses. The overall sentiment in the market remains cautious, with no substantial easing of buyback terms observed [1][2][4]. Group 1: Government Policies and Market Response - Local government guiding funds have introduced policies to increase loss tolerance, with some regions allowing up to 100% loss on individual projects, but these policies have not yet translated into a broader easing of buyback terms in the market [4][6]. - Specific examples include Sichuan province's measures allowing a maximum loss tolerance of 60% for government funds, and even higher for seed-stage investments [4][6]. - Despite these supportive policies, industry insiders report that new limited partners (LPs) have not increased their tolerance for losses, indicating a disconnect between policy intentions and market realities [4][6]. Group 2: Changes in Buyback Clauses - Some VC firms have made slight adjustments to their buyback clauses, such as implementing a "two-year assessment" mechanism, but these changes are not widespread and are accompanied by stricter quality requirements for projects [2][3]. - Innovative cases have emerged, such as allowing founders to swap equity to avoid buybacks, which has received approval from government LPs, indicating a potential shift in approach [2][3]. - Overall, the relaxation of buyback terms remains an exception rather than the rule, with many firms still adhering to traditional cautious practices [2][3]. Group 3: Increased Scrutiny and Pressure on Funds - The scrutiny from government and state-owned LPs has intensified, with requirements for regular reporting and audits becoming more stringent, leading to a tightening of assessments for funds [6][7]. - The complex regulatory environment, including oversight from multiple departments, has made decision-making more cautious and slow, hindering the responsiveness to potential policy relaxations [6][7]. - The combination of increased pressure from LPs and the challenges of exiting investments has led to a rise in fund extensions, with many funds unable to exit as planned [6][7]. Group 4: Future Outlook - The adjustment of buyback clauses is currently a negotiation between policy direction and market conditions, with expectations that as policies are implemented and market mechanisms improve, buyback terms may evolve towards a more accommodating stance [7]. - The industry faces the ongoing challenge of balancing risk control with innovation and inclusivity, which will be a central theme in the near future [7].