“长续航版”政府引导基金频出，让耐心资本更有耐心

Core Insights - The trend of extending the duration of government-guided funds is emerging, with many new funds 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] - This change is expected to foster a more patient capital environment, potentially altering the fundraising, investment, and exit dynamics within the venture capital industry [1][6] Group 1: Fund Duration Changes - Local government-guided funds are increasingly extending their durations, with regions like Shenzhen leading the way by announcing a 2-year extension for existing funds [1][2] - New funds are being established with longer durations, typically around 10 years, compared to previous funds which had shorter lifespans [2][4] - Despite the extension of mother funds' durations, the actual operational time for sub-funds remains limited, often around 10-12 years due to investment and exit periods [2][4] Group 2: Investment Strategies and LP Expectations - The investment periods for sub-funds have not significantly changed, with most still set at 3-4 years, as LPs demand quicker returns on investment [4][5] - The focus on achieving a high DPI (Distributions to Paid-In) ratio has led to a more strategic approach in project selection, balancing quick returns with long-term investments [4][5] - The management fee structures are also evolving, with a decrease in fees despite longer fund durations, as the exit period's fee base remains small [5][6] Group 3: Industry Sentiment and Future Outlook - The extension of fund durations is seen as a positive signal, promoting a more relaxed and patient investment mindset within the industry [6][7] - There is a recognition of the challenges related to exits, with concerns that unresolved exit issues could lead to a backlog of projects, creating a "backwater" effect [6][7] - The introduction of flexible operational models, such as "recycling investment" clauses, is being explored to enhance fund efficiency and address previous limitations [6][7]