这个省政府基金新规来了，没有规定管理费

Core Viewpoint - The article discusses the implementation of the "Implementation Opinions on Promoting the High-Quality Development of Government Investment Funds" by the Zhejiang Provincial Government, which aligns with the national guidelines aimed at enhancing the development of government investment funds [1][2]. Group 1: Key Measures and Innovations - The "Implementation Opinions" introduce innovative measures, including extending the lifespan of industrial investment funds to a maximum of 15 years and venture capital funds to 20 years, reflecting a commitment to "patient capital" [4][6]. - "Patient capital" is characterized by long-term support, high risk tolerance, and the ability to endure failures, which is essential for adapting to the lengthy and uncertain cycles of technological innovation [4][6]. - The article highlights the need for long-term capital and patient capital, as current financial supply mechanisms are still short-term focused and lack sufficient risk tolerance [6]. Group 2: Fund Management and Oversight - The "Implementation Opinions" emphasize granting fund managers more autonomy in market operations without administrative interference in daily management and investment decisions [7]. - Measures for underperforming funds include changing fund managers, management teams, forced liquidation, and early exit options, which aim to enhance accountability and performance [7][9]. - The article notes the importance of a collaborative regulatory framework to ensure effective execution of policies related to fund oversight and error tolerance [8][9]. Group 3: Fund Structure and Development - Zhejiang has established a "4+1" special fund model, focusing on four major trillion-yuan industrial clusters and a "specialized, refined, distinctive, and innovative" mother fund [11][12]. - By the end of 2024, Zhejiang had set up 17 special funds with a target total scale of 72.5 billion yuan, including 12 industrial cluster funds and 3 science and technology mother funds [13][14]. - The article emphasizes that the establishment of a billion-level advanced manufacturing fund cluster in Zhejiang is scientifically reasonable and can serve as a model for nationwide development [14]. Group 4: Industry Trends and Future Outlook - The article indicates that since last year, Zhejiang has become a focal point for VC/PE fundraising, attributed to its strategic integration of industrial funds with local characteristics [15]. - The introduction of the "Implementation Opinions" is expected to lead to more standardized, market-oriented, and professional development of mother funds in Zhejiang [16].