关于公开征集陕西省科技创新母基金子基金管理机构（第一批）公告

Core Viewpoint - The Shaanxi Province Science and Technology Innovation Mother Fund aims to promote early-stage technology innovation investments by publicly soliciting sub-fund management institutions nationwide, with an initial scale of 10 billion RMB [2]. Group 1: Fund Structure and Investment Focus - The Mother Fund is a venture capital fund focusing on early-stage technology innovation, established with contributions from provincial and municipal financial departments and state-owned enterprises [2]. - The fund emphasizes government guidance and policy orientation, targeting investments in hard technology and strategic emerging industries such as advanced manufacturing, new-generation information technology, aerospace, new materials, new energy, biotechnology, artificial intelligence, and quantum technology [2]. - The first batch of sub-funds will prioritize seed and angel funds, encouraging investments in sectors aligned with Shaanxi's strategic emerging industries [5]. Group 2: Sub-Fund Requirements - Sub-funds must adopt a limited partnership or corporate structure, with a minimum scale of 200 million RMB for venture capital sub-funds and 100 million RMB for seed and angel sub-funds [3]. - The Mother Fund's investment in a sub-fund generally does not exceed 50% of the total scale, with a maximum of 60% for seed and angel sub-funds [3]. - Sub-funds registered outside Shaanxi will have a maximum investment ratio of 20% from the Mother Fund [4]. Group 3: Investment Strategy and Criteria - At least 70% of the funds from venture capital sub-funds must be directed towards projects with no more than three financing rounds, with specific criteria for seed and angel stage projects [6][7]. - Seed stage projects must be within five years of establishment, with annual sales not exceeding 5 million RMB and fewer than 100 employees [6]. - Angel stage projects must be within eight years of establishment, with annual sales not exceeding 10 million RMB and fewer than 200 employees [7]. Group 4: Management and Fundraising Capabilities - Sub-fund management institutions must be legally established in China, with a minimum paid-in capital of 10 million RMB and a management team with at least three members having over five years of investment experience [8]. - The management institution must demonstrate fundraising capabilities that match the proposed fund size, with priority given to those that have already secured 30% of the total fund size [9]. - Institutions should ideally rank among the top 50 in the industry, with some flexibility for those with strong industry backgrounds or connections to reputable academic and research institutions [9]. Group 5: Application Process - Interested institutions must submit a letter of introduction and a scanned copy of their business license to receive the application guidelines [10]. - After receiving the guidelines, institutions have 15 working days to submit their application materials, which must include both electronic and physical copies [11]. - The application process includes initial review, due diligence, project pre-review, investment decision-making, public announcement, and signing of legal documents [12].