刚刚，吴清对私募股权和创投基金重磅发声

Core Viewpoint - The article emphasizes the importance of private equity and venture capital funds in supporting innovation and the need for a more inclusive and adaptable capital market system in China [2][3]. Group 1: Support for Private Equity and Venture Capital - The article highlights the Chinese Securities Regulatory Commission's (CSRC) recognition of the significant role of private equity and venture capital funds, indicating a favorable signal for the entire fundraising, investment, management, and exit chain [2]. - CSRC Chairman Wu Qing has stressed the necessity for larger and more patient capital investments to support new industries and business models, which aligns with the characteristics of private equity and venture capital [2][3]. - The focus on "patient capital" is crucial, as it refers to capital that can provide long-term support and is tolerant of risks and failures, which is essential for the long cycles and uncertainties associated with technological innovation [3][4]. Group 2: Development of Patient Capital - The article discusses the need to cultivate and expand patient and long-term capital, addressing the bottlenecks in the fundraising, investment, management, and exit processes of private equity funds [3]. - It mentions that the current investment return logic does not align with the typical five to two-year fund duration, necessitating a shift towards longer-term investment strategies [4]. - The role of state-owned limited partners (LPs) is highlighted as a key player in building patient and long-term capital in China [4]. Group 3: Policy Environment and Support - Since 2024, the policy environment for the venture capital industry has seen significant improvements, with the government increasingly supporting the sector through various measures [6]. - The article references multiple government initiatives aimed at promoting venture capital, including the "17 Measures for Promoting High-Quality Development of Venture Capital" and the emphasis on developing patient capital in the Central Economic Work Conference [6][8]. - The establishment of a national venture capital guidance fund is expected to mobilize nearly 1 trillion yuan in local and social capital, further enhancing the venture capital landscape [11].