2026，国家级母基金这样投

Core Viewpoint - The forum emphasized the role of national-level mother funds as long-term, patient, and strategic capital in the primary market, highlighting their innovative practices and institutional designs to support industry development and national strategies [2][4]. Group 1: Long-term and Patient Capital - The discussion on long-term and patient capital focused on institutional innovations and investment practices, with an emphasis on longer fund durations, higher tolerance for errors, and more scientific assessment mechanisms [5][6]. - The Chinese Investment Fund, established during the pandemic, has a minimum fund duration of 15 years, demonstrating a commitment to patient capital and focusing on the cultural industry sector [5]. - The importance of understanding the growth patterns of enterprises and the necessity of a long-term assessment mechanism were highlighted, as short-sighted evaluations could hinder the development of science and technology enterprises [6]. Group 2: Strategic Capital and Ecological Collaboration - The strategic capital discussion revolved around the mission of national-level mother funds to go beyond financial returns and support national strategies, with examples of successful collaborations between social and industrial capital [7][8]. - The National New Fund has developed a series of funds aimed at supporting state-owned enterprises in technological innovation, achieving a sevenfold amplification effect of state capital through strategic investments [7]. - The Service Trade Innovation Development Guidance Fund aims to create a strategic investment ecosystem by actively selecting general partners (GPs) based on project standards and fostering deep connections with enterprises [9]. Group 3: Ecosystem Development - The forum concluded with a call for national-level mother funds to build ecosystems that encompass early-stage venture capital to industrial and financial capital, thereby supporting national strategic development [9].