辽宁省印发《辽宁省省级政府投资基金管理办法》

Core Viewpoint - The article outlines the management regulations for the provincial government investment fund in Liaoning Province, aiming to enhance market-oriented, legal, and professional management while leveraging fiscal funds to drive investment opportunities and economic development [1]. Group 1: Fund Structure and Objectives - The provincial government investment fund is a policy-oriented fund established by the provincial government, operating in a market-oriented manner, and aims to guide investments in key industries and innovative sectors [1][2]. - The fund is divided into two main categories: industrial investment funds targeting mature and growth-stage enterprises, and venture capital funds focusing on seed and early-stage companies [2][3]. Group 2: Management Framework - The management structure consists of a decision-making committee, an office, and a management institution, with the committee responsible for strategic decisions and investment plans [3][4]. - The office, located in the provincial finance department, is tasked with organizing the development strategy, managing fund operations, and conducting performance evaluations [4][5]. Group 3: Investment Operations - The fund primarily invests through partnerships with social capital and other government funds, direct equity investments in strategic projects, and other approved investment methods [7]. - Minimum subscription sizes for industrial and venture capital funds are set at 50 million and 30 million respectively, with specific investment limits on individual enterprises and requirements for investment in local companies [7][9]. Group 4: Exit and Profit Distribution - The fund's exit strategy is based on agreed conditions, with a focus on shared benefits and risk management among investors [12]. - The fund cannot guarantee principal protection or minimum returns to investors, ensuring a balanced approach to profit sharing and loss allocation [12][13]. Group 5: Risk Control and Supervision - Sub-funds must appoint custodial banks for fund management, and the management institution is responsible for establishing a comprehensive risk management and performance evaluation system [13][14]. - Regular reporting and performance evaluations are mandated to ensure transparency and accountability in fund operations [13][14].