200亿，今年第5个省的社保科创基金来了

Core Viewpoint - The establishment of various social security science and technology innovation funds across multiple provinces in China, including Sichuan, Zhejiang, and others, aims to support key industries and technological advancements, with a focus on long-term capital and patient investment strategies [3][6][7]. Group 1: Fund Establishment and Scale - The Sichuan Social Security Science and Technology Innovation Fund has an initial scale of 200 billion yuan, focusing on key industries and technological innovation in the Sichuan and Chengdu-Chongqing economic circle [3][4]. - The Zhejiang Social Security Science and Technology Innovation Fund has a larger initial scale of 500 billion yuan, targeting sectors such as artificial intelligence and biomedicine [5]. - The combined initial scale of social security science and technology innovation funds in five regions, including Zhejiang, Jiangsu, Fujian, Hubei, and Sichuan, has reached 1.6 trillion yuan [6]. Group 2: Long-term Investment Strategies - Sichuan's measures emphasize the importance of "patient capital," which is characterized by long-term support and a high tolerance for risk and failure, aligning with the long growth cycles of technology companies [6][9]. - The government aims to attract social capital by implementing a profit-sharing model between government-guided funds and market-oriented funds, with a focus on long-term investment horizons [8][10]. Group 3: Policy and Regulatory Framework - The Sichuan government has set ambitious targets, including a goal of 4 trillion yuan in fund management scale by 2030, and has introduced specific measures to enhance the investment environment for venture capital [8][10]. - Recent national policies encourage the relaxation of restrictions on government investment funds, promoting a more open and pragmatic approach to fund management and investment [10][12]. - The average return ratio requirement for government-guided funds has decreased significantly, with many funds now allowing for lower return expectations, reflecting a shift towards more flexible investment strategies [11][12]. Group 4: Risk Tolerance and Investment Focus - The Sichuan policy allows for a maximum loss tolerance of 100% for individual projects, indicating a willingness to support high-risk, high-reward investments in emerging technologies [13][14]. - The focus on hard technology investments has shifted the venture capital landscape, necessitating a longer investment horizon and a more patient approach from both general partners (GPs) and limited partners (LPs) [9][10].