天津出台创投新政：最高出资80%，不过度关注返投倍数和基金收益

Core Viewpoint - The article highlights a significant shift in the investment landscape, with policies being restructured to alleviate the challenges faced by General Partners (GPs) in fundraising and investment, indicating a national policy breakthrough [2][3]. Summary by Sections Policy Changes in Tianjin - Tianjin has introduced comprehensive measures to support venture capital, increasing the maximum government investment ratio from 50% to 80%, which is a notable breakthrough in the field [6][7]. - The new policies aim to address the entire investment chain, including fundraising, investment, management, and exit strategies, with 24 specific measures targeting these areas [6][8]. Fundraising Initiatives - The government will optimize the investment ratio of government venture capital funds, allowing for a higher contribution from municipal and district finances [7]. - There is an emphasis on attracting long-term capital, such as insurance funds, to invest in venture capital funds, addressing the "fundraising difficulty" issue [7][8]. Investment Support - Incentives will be provided to venture capital institutions to focus on early-stage investments in hard technology, supporting startups in need [8]. - Regular project recommendations will be made to venture capital institutions to alleviate the problem of a lack of investment projects [8]. Management Adjustments - The policies will adjust the performance indicators for government venture capital funds, reducing the focus on return multiples and fund yields to enhance the role of fiscal funds in fostering innovation [8][9]. - A new evaluation mechanism for state-owned venture capital funds will be explored to mitigate the concerns of investment decision-makers regarding post-investment accountability [8][9]. Exit Strategies - The policies will broaden exit channels for venture capital institutions, supporting various methods such as equity buybacks, share transfers, and mergers and acquisitions [9]. - The aim is to create a smooth cycle of capital exit, recovery, and reinvestment [9]. National Trends in Venture Capital - The article notes a nationwide trend of local governments enhancing their venture capital policies, with regions like Sichuan and Wuhan also implementing supportive measures [11][12]. - The overall investment environment is improving, with local government funds expanding and new policies providing comprehensive support for GPs and projects [11][12]. Market Dynamics - The investment market is showing signs of recovery, with increased activity from limited partners (LPs) and a stabilization in investment events and scales [14][15]. - The article indicates that the investment landscape is undergoing significant changes, driven by both policy support and technological advancements [17][18].