上海市政府投资基金管理办法（试行）发布

Core Viewpoint - The newly published Shanghai Municipal Government Investment Fund Management Measures (Trial) aims to establish a more scientific and efficient management system for government investment funds, promoting high-quality development and better serving the economic development of Shanghai [2]. Fund Establishment - Government investment funds are defined as funds established by various levels of government through budget arrangements, either solely funded or co-funded with social capital, using market-oriented methods such as equity investment to guide social capital in supporting relevant industries and innovation [2]. - The government investment funds should focus on significant national and local strategies, key areas, and weak links where the market cannot fully play its role, attracting more social capital to enhance technological innovation and high-end industry leadership [3]. - The funds are categorized into industrial investment funds and venture capital funds, with industrial funds focusing on key links in the industrial chain and venture funds supporting early-stage investments in hard technology [3]. Fund Management - The management of government investment funds should adopt a company or limited partnership structure, establishing a scientific investment framework and preventing excessive layering that could hinder policy objectives [7]. - Fund managers must possess professional capabilities and relevant experience, and the selection of fund managers should be done through market-oriented methods [8]. - The operation of government investment funds should follow principles of government guidance, market operation, scientific decision-making, and risk prevention, ensuring that daily management is not interfered with by administrative means [19]. Fund Exit - The exit conditions for government investment funds should be clearly defined in the fund's articles or partnership agreements, with market-oriented methods used to determine transfer prices upon exit [24]. - Fund managers are required to establish exit management systems and develop exit plans, ensuring that the distribution of funds upon exit is timely and in accordance with fiscal regulations [11][28]. Budget Management - The fiscal department is responsible for budget management of government investment funds, ensuring that the budget is scientifically compiled based on the fund's development plans and investment operations [30]. - Fund managers must prepare annual funding plans, which are subject to review by the relevant supervisory departments before being submitted to the fiscal department [31]. Supervision and Risk Prevention - The fiscal and supervisory departments are tasked with implementing comprehensive performance management of government investment funds, focusing on the achievement of policy objectives and the social benefits of major strategic projects [35]. - Fund managers must establish internal control systems to prevent illegal transactions and ensure compliance with laws and regulations [39].