Venture(US:VEMLY) Xin Hua Cai Jing·2025-12-27 00:53Core Viewpoint - The National Venture Capital Guidance Fund has been launched, with three regional funds established to attract diverse investments and support early-stage companies in key innovation sectors [1][2]. Group 1: Fund Positioning - The Guidance Fund is positioned around "four persistences": focusing on early-stage investments, maintaining a long-term investment horizon, operating in a market-oriented manner, and serving as a benchmark for other funds [2]. - It targets seed, startup, and early to mid-stage enterprises, emphasizing support for groundbreaking technology and innovation [2]. - The fund has a 20-year lifespan, with a 10-year investment period and a 10-year exit period, allowing for patient capital to support long-term growth [2]. Group 2: Fund Structure - The fund operates under a three-tier structure: a central fund, regional funds, and sub-funds, with a focus on collaboration between central and local governments and social participation [4]. - The regional funds will invest primarily in sub-funds, with at least 80% of investments directed towards sub-funds and a maximum of 10 billion yuan per sub-fund [4][5]. - The management of the funds will be conducted by selected professional teams, ensuring a market-driven approach to fund operations [4]. Group 3: Financial Contributions - The fund is backed by 100 billion yuan from the national treasury, utilizing long-term special government bonds to encourage social capital participation [7]. - The fund aims to support "hard technology" sectors and strategic emerging industries, aligning with national development plans [7]. - It will play the role of an "angel investor," focusing on high-growth potential startups and sharing the risks associated with early-stage investments [8]. Group 4: Performance Management - The fund will implement a performance evaluation system that emphasizes overall effectiveness and post-investment support rather than focusing solely on individual project outcomes [3][8]. - The Ministry of Finance will ensure compliance and effectiveness in fund operations, enhancing risk management across the entire investment lifecycle [8].