政府引导基金“长续航”创投“募投管退”更从容

Core Viewpoint - The extension of the duration of RMB venture capital funds is expected to positively impact the industry by allowing for longer-term investments and exits, fostering a more patient capital environment [1][5]. Group 1: Fund Duration Extension - Historically, RMB venture capital funds had a lifespan of no more than 10 years, with many lasting only 7-8 years, limiting their ability to support technology projects until they reached significant growth [1]. - As of 2025, many newly established guiding funds in regions like Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some extending up to 20 years [1]. - Shenzhen's Futian guiding fund has set a precedent by extending the duration of its managed sub-funds by 2 years, prompting other regions to follow suit [1][2]. Group 2: Impact on Sub-Funds - New sub-funds are being established with longer durations, typically around 10 years, which is an increase of approximately 3 years compared to previous funds [2]. - Despite the extension of mother fund durations to 15-20 years, the actual operational time for sub-funds remains around 10-12 years due to the investment period constraints [2][3]. - The investment period for sub-funds is generally set at 3-4 years, and this has not changed significantly despite the overall extension of fund durations [3][4]. Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is seen as a positive signal, enhancing confidence in long-term investments and the development of patient capital within the venture capital ecosystem [5]. - Government guiding funds are expected to play a crucial role in fostering patient capital, as the shift towards longer fund durations helps alleviate short-term pressures [5]. - Some regions are exploring more flexible operational models for mother funds, such as eliminating the distinction between investment and exit periods, which could further enhance investment efficiency [5].