投资界·2025-06-13 07:22Core Viewpoint - The article discusses the establishment of the second phase of the Service Trade Innovation Development Guidance Fund, which aims to support the growth of service trade enterprises in China, particularly in the context of foreign trade and digital economy [2][8]. Fund Overview - The total scale of the Service Trade Fund Phase II is set at 10 billion yuan, with a duration of up to 15 years [4][3]. - Key contributors include the Ministry of Finance (2 billion yuan), Shenzhen Investment (1.9 billion yuan), and Hangzhou Industrial Investment (1.5 billion yuan), among others [4][5]. Investment Strategy - The fund will adopt a "mother fund + direct investment" approach, with at least 70% allocated to sub-funds and no more than 30% for direct investments [5][6]. - It will focus on key areas outlined in the "Guidance Catalog for Key Areas of Service Exports" and "Key Development Areas for Service Outsourcing," supporting new business models in health technology, cross-border e-commerce, and digital economy [6][7]. Historical Context - The Service Trade Fund is recognized as the first national-level mother fund in the foreign trade sector, initiated in 2016 to broaden financing channels for service trade enterprises [8][9]. - The first phase of the fund was established with a total scale of 30 billion yuan, primarily targeting digital economy and logistics technology [8]. Market Conditions - The fundraising environment for VC/PE in China remains challenging, with a significant decline in the number and scale of newly raised funds in 2024 compared to previous years [11][13]. - Government funding has become a primary source of capital, while private LPs have become increasingly cautious, impacting the overall fundraising landscape [13].