这支国家级母基金二期要来了

Core Viewpoint - The establishment of the second phase of the National SME Development Fund has been approved by the State Council, aiming to attract more social capital to support the growth of early-stage SMEs [1][2][3] Fund Overview - The National SME Development Fund, initiated in 2020, has a registered capital of 35.75 billion yuan, with a total scale exceeding 1000 billion yuan through investments in sub-funds [1] - Currently, 46 sub-funds have been established under the National SME Development Fund, with a total scale exceeding 1200 billion yuan and investments in over 2000 projects [2] Market Impact - The National SME Development Fund serves as a market-oriented mother fund, providing liquidity and support to the equity investment industry, which is crucial for alleviating fundraising difficulties [2][3] - The establishment of the second phase of the fund is expected to further enhance the investment environment for hard technology and innovative enterprises [3][4] Investment Trends - The investment focus has shifted towards "early-stage, small-scale, long-term, and hard technology," which has become a mainstream consensus among mother funds and venture capital [4][5] - The number of angel mother funds has surged, with over 30 established and a total scale exceeding 800 billion yuan, indicating a growing emphasis on early-stage investments [4] Patient Capital - The concept of "patient capital" has gained traction, characterized by long-term support and a high tolerance for risk and failure, which is essential for the long growth cycles of technology innovation [5][6] - National state-owned limited partners (LPs) are seen as key players in building patient capital, with initiatives to extend fund durations and improve error tolerance mechanisms [6] Future Expectations - The second phase of the National SME Development Fund is anticipated to provide more support for private equity funds in related fields, enhancing the overall investment landscape [6][7] - The upcoming Fourth Davos Global Mother Fund Summit in 2026 will serve as a platform for discussing the future of the global mother fund industry [7][9]