政府引导基金延长存续期，创投“募投管退”更从容

Core Insights - The typical duration of RMB venture capital funds has historically not exceeded 10 years, with most lasting only 7 to 8 years, which has forced many funds to exit before companies experience significant growth [1] - In 2025, a shift is observed as new guiding funds established in regions such as Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some extending up to 20 years [1] - Existing guiding funds have also revised their rules to extend their durations, and second-phase funds are now offering longer terms compared to the first phase, allowing for more flexibility in the exit strategies of both parent and subsidiary funds [1]