存续期20年，高容亏100%！陕西省科技创新母基金管理办法（试行）公布

Core Viewpoint - The article discusses the implementation of the "Management Measures for the Shaanxi Province Science and Technology Innovation Mother Fund (Trial)" aimed at promoting technology innovation in the region through government-led investment strategies [1] Group 1: Fund Structure and Investment Strategy - The Science and Technology Innovation Mother Fund has a duration of 20 years, with at least 80% of its investments directed towards venture capital sub-funds, and a minimum of 30% allocated to seed and angel sub-funds [2] - Direct investments in major science and technology projects determined by the provincial government are capped at 5% of the total subscribed capital of the mother fund, with remaining funds allocated flexibly to industry sub-funds or direct investment projects [2] - The mother fund's investment in venture capital sub-funds generally does not exceed 50% of the total scale of the sub-fund, with seed and angel sub-funds capped at 60% [2] Group 2: Management and Fee Structure - The management fee for the mother fund is calculated at 1% per year based on the actual paid-in capital for the investment in sub-funds, and similarly for direct investments [3] - 80% of the management fee is a basic fee, while 20% is determined based on performance evaluation results [3] Group 3: Sub-fund Duration and Focus - The duration of sub-funds is limited to a maximum of 15 years, with extensions subject to approval by the provincial government [4] - Sub-funds focusing on early-stage projects must allocate at least 70% of their scale to such investments [5] Group 4: Investment Criteria for Seed and Angel Projects - Seed projects must meet specific criteria, including being within 5 years of establishment and having sales revenue not exceeding 50 million RMB and fewer than 100 employees [6] - Angel projects must also meet criteria, including being within 8 years of establishment and having sales revenue not exceeding 100 million RMB and fewer than 200 employees [7] Group 5: Risk Tolerance and Loss Absorption - The mother fund establishes a mechanism for due diligence exemption, allowing for a maximum loss tolerance of 70% for seed and angel sub-funds, 50% for venture capital sub-funds, and 30% for industry sub-funds [7]