辽宁吹响创投“集结号”：22条举措精准发力 力争2500亿元基金认缴规模

Core Viewpoint - Liaoning Province has launched a set of 22 specific measures to promote the high-quality development of private equity investment funds, aiming to enhance the financial support for technological innovation and establish a robust investment ecosystem by 2027 and 2030 [1][2]. Group 1: Development Goals - By the end of 2027, the private equity investment fund system in Liaoning is expected to reach a scale of over 180 billion yuan, with a focus on enhancing market activity [1]. - By the end of 2030, the target is to exceed 250 billion yuan in fund subscriptions, significantly contributing to the province's high-quality development [1]. Group 2: Investment Focus - The new measures emphasize not only attracting more capital but also ensuring it is directed towards the right industries, particularly original and leading technological innovation enterprises in Liaoning [2]. - The plan encourages the participation of research institutions and innovation platforms in venture capital, promoting corporate venture capital (CVC) development to support key industry chain segments [2]. Group 3: Regional Development - Shenyang and Dalian are identified as key cities to develop regional private equity investment hubs, aiming for double-digit annual growth in fund subscriptions [3]. - The establishment of a favorable environment for sovereign funds and other institutional investors through platforms like the China (Liaoning) Free Trade Pilot Zone is also highlighted [3]. Group 4: Capital Patience - The measures advocate for the development of "patient capital," allowing insurance institutions to invest in venture capital funds, thereby supporting strategic emerging industries [3][4]. - The focus is on creating a conducive atmosphere for long-term investments, recognizing the inherent risks and long return cycles associated with hard technology investments [5]. Group 5: Industry Alignment - The plan stresses the importance of aligning investment with industrial needs, enhancing connections between private equity firms and enterprises within key industry clusters [4]. - It aims to leverage educational and research resources to facilitate collaboration between private equity firms and innovation entities [4]. Group 6: Risk Management - The introduction of a risk tolerance and error-correction mechanism is designed to foster a "willingness to invest" environment, optimizing the evaluation system for government investment funds [5]. - The measures include differentiated management for venture capital and industrial investment funds, allowing for higher government contribution ratios in venture capital [6]. Group 7: Exit Strategies - The plan outlines strategies to improve exit channels for private equity investments, including facilitating listings and mergers for invested companies [6]. - It also aims to enhance the functionality of equity trading markets to support better information disclosure and transaction services for private equity investments [6]. Group 8: S Fund Development - The measures promote the development of secondary market funds (S Funds), encouraging government investment funds to initiate S Funds and attract investments from banks, insurance, and trust funds [7]. - The overall strategy aims to create a comprehensive ecosystem for private equity investment, ensuring clear directions for investment and exit channels [7].