安徽大动作：让创投力量更加“敢投”

Core Viewpoint - Anhui Province is enhancing its venture capital environment through the release of operational guidelines for angel funds, aiming to encourage early-stage investments in hard technology sectors [1][2]. Group 1: Investment Guidelines - The guidelines propose a series of innovative mechanisms for the entire fund lifecycle, including relaxed government contribution limits and optimized reinvestment mechanisms [1]. - The angel fund group will focus on "early, small, long-term, and hard technology" investments, with specific criteria for eligible companies [2]. - The maximum contribution ratio for single sub-funds is set at 70%, with a dynamic adjustment mechanism based on investment performance [2][3]. Group 2: Reinvestment and Evaluation Mechanisms - The reinvestment recognition mechanism has been made more flexible, allowing for various scenarios where investments can be recognized as reinvestments [3]. - The evaluation of funds will consider overall project investments rather than focusing on individual sub-fund losses, promoting a more comprehensive assessment approach [3][4]. Group 3: Fund Management Optimization - The operational period for high-performing mother funds can be extended up to 20 years, providing more time for successful investments to mature [4]. - Investment agreements will be optimized to reduce stringent requirements, fostering a more conducive environment for fund managers [4]. Group 4: Fund Ecosystem Development - Anhui has established a robust investment fund ecosystem, with a total recognized scale exceeding 200 billion yuan, supporting various key industries [5][6]. - The number of high-tech enterprises in Anhui has significantly increased, reflecting a strong growth rate and a thriving innovation landscape [6].