推动央企创业投资基金高质量发展政策措施解读：发展创业投资，服务科技创新

Policy Overview - The State-owned Assets Supervision and Administration Commission (SASAC) and the National Development and Reform Commission (NDRC) have jointly issued policies to promote the high-quality development of central enterprise venture capital funds, focusing on early-stage, small, long-term investments in hard technology[2] - The policy aims to address issues of reluctance and fear of investment among state-owned enterprises (SOEs) by establishing a compliance exemption mechanism tailored to their characteristics[5] Investment Strategy - Central enterprise venture capital funds are encouraged to invest in seed, startup, and growth-stage technology innovation companies, with a maximum fund duration of 15 years, nearly double that of typical equity investment funds[5] - The policy supports the establishment of various types of venture capital funds, including proof-of-concept funds, seed funds, and angel funds, to facilitate the transformation of technological achievements and the growth of innovative enterprises[5] Risk Management - The policy allows for a higher tolerance for normal investment risks, particularly for funds targeting early-stage projects, and emphasizes a focus on overall portfolio performance rather than individual project outcomes[7] - A compliance exemption mechanism is established to protect fund managers from accountability in cases of investment failure, provided they have acted in good faith and adhered to their fiduciary duties[7] Market Environment - The report highlights the need for a supportive ecosystem for venture capital, which is essential for fostering high-quality development in entrepreneurship and technology innovation[11] - The introduction of a registration system is expected to enhance the financing capabilities of technology innovation enterprises, facilitating a smoother capital flow between technology, capital, and the real economy[10]