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深度丨“长续航版”政府引导基金频出,创投“募投管退”更从容
Sou Hu Cai Jing·2025-08-15 02:40

Core Viewpoint - The trend of extending the duration of government-guided funds is emerging, with many new funds established in 2025 having a lifespan of over 10 years, some even reaching 20 years, which is a significant shift from the previous norm of 7-8 years [1][2]. Group 1: Fund Duration Extension - The Shenzhen Futian guiding fund announced a 2-year extension for its managed sub-funds, setting a precedent in the domestic guiding fund industry [2]. - Various provinces and cities, including Hubei, Jiangsu, Shanghai, Guangdong, Beijing, and Shenzhen, are launching "long-lasting" guiding funds to cultivate patient capital [2]. - The overall trend shows that newly established sub-funds have slightly longer durations compared to previous ones, allowing more time for exits [2][3]. Group 2: Investment and Exit Strategies - Despite the extension of the mother fund's duration, the investment period for sub-funds remains largely unchanged, typically set at 3-4 years [5]. - The strict requirements from Limited Partners (LPs) regarding DPI (Distributions to Paid-In) are influencing the investment strategies, with a focus on quick returns [6]. - The industry is increasingly prioritizing a balanced portfolio that includes both fast-return and long-term projects to enhance DPI [6]. Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is viewed positively, fostering confidence in long-term investments, particularly in hard technology sectors [9]. - The shift towards longer fund durations is expected to alleviate short-term pressures, allowing for a more patient capital approach [9][10]. - There are concerns regarding the natural conflict between long-term fund cycles and the tenure of local officials, who may prioritize immediate investment progress [9].