上海国资：可约定提前退出

Core Viewpoint - Shanghai has officially released the "Shanghai Municipal Government Investment Fund Management Measures (Trial)" which establishes a comprehensive management system for government investment funds, covering the entire process from fundraising to investment, management, and exit [1][2]. Fund Classification - The management measures define government investment funds as those established by various levels of government through budget arrangements, either solely or in partnership with social capital, using market-oriented methods to guide social capital in supporting relevant industries and innovation [3]. - Government investment funds are primarily classified into two categories: industrial investment funds and venture capital funds, each with specific investment focuses [5]. Fund Establishment - The measures emphasize strict control over the establishment of new funds, preventing the same government from setting up multiple funds in the same industry to avoid homogenization and fragmentation [6][20]. - New government investment funds should generally have a lifespan of no more than 10 years, with exceptions for venture capital funds and those focused on strategic emerging industries [7][14]. Fund Management - Management fees for funds should be based on actual contributions or investments, with differentiated management fees during investment and exit phases [8][28]. - The measures require that government investment funds operate under a market-oriented approach, with government departments respecting the operational rules of the funds and not interfering in daily management [19][26]. Fund Exit - The measures allow for voluntary early exits from funds under certain conditions, such as underperformance or prolonged idle funds, with government contributions able to exit according to agreements [9][10]. - Funds are generally not allowed to engage in circular investments, and any returns should be promptly allocated to investors [30][31]. Overall Impact - The new management measures are a response to the earlier national guidelines aimed at improving the quality and effectiveness of government investment funds, indicating a shift towards a more structured and efficient investment ecosystem in Shanghai [2][12][14].