当前经济与政策思考：发达国家如何设立国家级并购基金

Group 1: Funding Sources - The funding sources for national-level merger and acquisition (M&A) funds globally fall into three categories: public pensions, sovereign wealth funds, and diversified fundraising [3][8] - Public pensions, according to OECD data, allocated 25.9% of their assets to alternative assets in 2022, with private equity accounting for 55.2% of that, indicating that approximately 7.1% of OECD public pension reserves are directed towards M&A strategies [8] - Sovereign funds, such as Singapore's Government Investment Corporation (GIC), have historically allocated over half of their private equity investments to acquisition strategies, with Middle Eastern sovereign wealth funds playing a dominant role in regional M&A markets [8][9] Group 2: M&A Targets - National-level M&A funds focus on two dimensions: mature assets and strategic sectors [10] - They act as a "relay baton" by not only investing in target companies but also facilitating exits for early shareholders, such as private equity and venture capital funds, thus promoting capital circulation [10] - In strategic sectors, M&A funds aim to protect core assets and enhance supply chain security, as seen in Japan's JIC acquiring semiconductor leader JSR to maintain national technological advantages [11][12] Group 3: Governance and Exit Strategies - Governance structures emphasize professionalism, independence, and sustainability, with a focus on "government guidance and market dominance" to ensure investment decisions remain professional and free from political interference [13] - For example, GIC operates under legal protections that limit government intervention in investment decisions, while Japan's JIC employs a professional management team for its private equity activities [13][14] - Exit mechanisms are designed to ensure liquidity and reinvestment capabilities, with plans for public offerings or sales post-acquisition, as demonstrated by JIC's strategy for JSR [14]