20年超长存续期，杭州这只基金聚焦“第一笔投资”！

Core Insights - The launch of Runmiao Fund with an initial scale of 2 billion yuan marks a significant development in early-stage technology investment in Hangzhou, featuring a 20-year duration, setting a record for government-led early-stage innovation funds in China [1] - Runmiao Fund aims to address the resource allocation failures in early-stage investments, focusing on small, long-term investments in hard technology, and positioning itself as a strategic partner rather than a major shareholder [2] Investment Strategy - The fund targets early-stage projects that are less than 5 years old, have fewer than 100 employees, or are valued at under 100 million yuan, specifically in alignment with Hangzhou's industrial framework [2] - Individual investments are capped at 5 million yuan, and the fund will support approximately 100 projects annually, focusing on the funding needs of early-stage enterprises [2] Policy Framework - The "Runmiao Plan" aims to cultivate 50,000 technology SMEs and 3,000 "good seed" enterprises by 2027, with a comprehensive approach to support startups through five key actions and 20 policy measures [3] - Runmiao Fund is part of the "Strengthening Seedlings" initiative, allowing qualifying investment enterprises to be classified as "good seedlings" [3] Performance Evaluation - The fund will not solely rely on the performance of individual projects or annual results for evaluation, promoting a culture of early investment and long-term support [4] - A seven-member investment decision committee, including four external experts, will ensure scientific decision-making and avoid internal biases [4] Collaborative Ecosystem - Runmiao Fund will enhance collaboration with the "3+N" Hangzhou industrial fund cluster, creating a matrix of funds to facilitate subsequent financing for startups [4][5] - The overall goal is to establish a robust investment ecosystem with a total scale exceeding 300 billion yuan through the integration of various funds [5]