信号！“长续航版”政府引导基金频出，让耐心资本更有耐心

Core Viewpoint - The trend of extending the duration of government-guided funds is emerging, with many new funds set to last over 10 years, indicating a shift towards fostering patient capital in the venture capital industry [1][2]. Group 1: Fund Duration Extension - The typical duration of RMB venture capital funds has historically been around 7-8 years, limiting their ability to support technology projects long-term [1]. - By 2025, several regions, including Beijing, Shanghai, and Guangdong, have established new guiding funds with durations exceeding 10 years, some even reaching 20 years [1]. - Shenzhen's Futian guiding fund has set a precedent by extending the duration of its managed sub-funds by 2 years, encouraging other regions to follow suit [1]. Group 2: Sub-Fund Duration and Investment Strategy - New sub-funds are being established with slightly longer durations compared to previous ones, primarily to allow more time for exits [2]. - Despite the extension of mother fund durations, sub-funds typically maintain investment periods of 3-4 years, with most not exceeding 5 years [3][4]. - The investment strategy remains unchanged, focusing on achieving early returns to meet Limited Partners' (LP) strict requirements for DPI (Distributions to Paid-In) [4]. Group 3: Management Fees and Industry Sentiment - The extension of fund durations has not resulted in increased management fees, as fee rates are declining and extended periods do not generate additional management fees [5]. - The industry sentiment is shifting towards a more patient approach, with a focus on long-term investments in hard technology, which is seen as a positive development for the venture capital ecosystem [6][7]. - The introduction of flexible operational models, such as "recycling investment" clauses, is being explored to enhance fund efficiency [6]. Group 4: Challenges and Future Considerations - The natural conflict between long-duration funds and local officials' tenure remains a concern, as officials often prioritize short-term investment progress [6]. - The challenge of managing exits continues to be a critical issue, with the potential for a backlog of unexited projects accumulating over the next 10-15 years [6].