国家创业投资引导基金正式启动！国家发展改革委：将逐级吸引社会资本，实现万亿元市场“造血”

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, with three regional funds established to support technology-driven enterprises and strategic emerging industries, aiming to mobilize a total funding scale of trillions of yuan through market-oriented approaches [1][7]. Fund Structure and Investment Strategy - The fund is structured in a three-tier system: "Fund Company - Regional Fund - Sub-Fund," designed to leverage central government funds to attract social capital effectively [3]. - At least 70% of the fund's total scale will be allocated to seed and early-stage enterprises, with a focus on small investments in companies valued below 500 million yuan [5][7]. - The fund emphasizes a long-term investment horizon, with a 20-year lifespan, particularly for sectors like innovative pharmaceuticals that require extended return periods [5]. Market Impact and Performance - Since the announcement of the fund's establishment, the venture capital market has shown signs of recovery, with fundraising amounts increasing by 8% and investment amounts by 9% year-on-year in the first three quarters [4]. - The fund aims to act as an "angel investor," addressing market funding shortages and supporting high-growth seed and early-stage enterprises [7]. Management and Risk Control - A comprehensive management system will be implemented, focusing on overall effectiveness and post-investment support rather than solely on individual project outcomes [6]. - The fund will establish a diversified exit strategy to ensure that investments can be recouped, addressing the current reliance on IPOs for exits [6]. Government Support and Policy Alignment - The fund is backed by 100 billion yuan from the national treasury, with an emphasis on supporting "hard technology" sectors as outlined in national strategic plans [7][8]. - The fiscal department will enhance performance evaluation and risk management to ensure the fund's effectiveness in achieving policy goals and compliance [8].