护航耐心资本：多地提出容亏100%，国资创投尽职免责持续优化

Core Viewpoint - State-owned venture capital is becoming an important player in the entrepreneurial investment market, with recent policy optimizations enhancing the operational environment for these funds [1][3][4] Group 1: Policy Changes and Optimizations - Recent adjustments in due diligence exemption policies have created a more favorable environment for state-owned venture capital, allowing for higher tolerance of losses, including 100% loss acceptance for individual projects in some regions [1][3][4] - The "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" emphasizes the establishment of a fault-tolerant mechanism and encourages a supportive atmosphere for innovation and failure [3][4] - Various provinces have introduced policies allowing for significant loss tolerances, with some regions permitting up to 100% loss for individual projects, indicating a shift towards a more risk-tolerant investment approach [4][5][6] Group 2: Implementation Challenges - The effective implementation of due diligence exemption policies faces challenges, particularly in coordinating across multiple departments such as auditing and discipline inspection [6][7] - There is a need for clear, quantifiable guidelines to facilitate the execution of these policies, as many fund managers still encounter inquiries and accountability issues that may dampen investment enthusiasm [7][8] - The establishment of a collaborative mechanism among auditing, discipline inspection, and other relevant departments is crucial for the successful rollout of these policies [7][8]