子基金管理费3%，这个省科创母基金来了

Core Viewpoint - The article discusses the newly released "Management Measures for the Science and Technology Innovation Mother Fund in Shaanxi Province," highlighting the establishment of a 10 billion yuan mother fund aimed at supporting technology innovation and venture capital in the region [1][10]. Summary by Sections Fund Structure and Duration - The mother fund has a duration of 20 years, while the sub-funds can last up to 15 years, with extensions subject to approval by the provincial government [3][4]. - The total scale of the fund matrix is projected to reach 30 billion yuan, integrating various funds to support the entire lifecycle of technology innovation [1]. Investment Strategy and Conditions - The mother fund can invest up to 50% in venture capital sub-funds, with seed and angel funds allowed to receive up to 60% [3][4]. - The management fee for sub-funds is capped at 2% per year, with seed and angel funds at 3% per year, which is considered a competitive rate in the current market [5][6]. Risk Tolerance and Loss Allowance - The fund exhibits a high tolerance for losses, allowing up to 70% for seed and angel funds, 50% for venture capital funds, and 30% for industrial funds. Individual projects can tolerate a maximum loss of 100% [7][9]. - This approach reflects a growing trend among national and local government funds to accept full losses, promoting a more risk-tolerant investment environment [8][9]. Policy Alignment and Market Impact - The measures align with national policies aimed at promoting high-quality development of government investment funds, encouraging longer fund durations and reducing fundraising difficulties [4][10]. - The article emphasizes the potential for Shaanxi's initiatives to serve as a model for other regions, fostering a more supportive environment for early-stage investments in technology [7][10]. Recent Achievements - As of June 2023, the provincial government investment guide fund has formed a total scale of 105.54 billion yuan, investing in key industries such as semiconductors and aviation, and supporting over 150 companies [12].