最近，一级市场 在基金设立方面很 热闹。 先是两支首期 5 0 0亿规模的社保科创基金： 1 0月3 1日，江苏社保科创基金在南京正式签约。母基金研究中心获悉，社保基金会与江苏省拟 共同组建总规模1 0 0 0亿元的江苏社保科创基金，重点支持战略性新兴产业、未来产业及产业链 关键环节高质量发展。其中，首期设立规模为5 0 0亿元的江苏社保科创基金，由苏州市政府主 导。 江苏社保科创基金由社保基金会、江苏省、中国工商银行共同出资，基金管理人为苏创投集 团，主要关注国家级战略性新兴产业集群、江苏省 " 1 6 5 0 "产业体系、" 5 1 0 1 0 "战略性新兴产业 集群、苏州市" 1 0 3 0 "产业链体系及其细分领域，聚焦先进制造、人工智能及集成电路、新能 源、生物医药、新材料等五大方向。 11月1 9日，由浙江省、全国社会保障基金理事会、中国农业银行共同发起设立的浙江省社保科 创股权投资基金合伙企业（有限合伙）顺利通过中国证券投资基金业协会备案，标志着全国社 会保障基金理事会与地方政府的合作成功落地。至此，浙江社保科创基金正式启航、迈入实质 性运作阶段。浙江社保科创基金首期规模5 0 0亿元， 通 过 ...

2 0 2 6年1月2 1日，第四届达沃斯全球母基金峰会将于瑞士达沃斯举办。本届峰会，由全球母基 金协会主办，母基金研究中心（www. c h i n a -f o f. c om，下同）承办。峰会行程安排将于2 0 2 6年 1月1 9日持续至2 0 2 6年1月2 3日。 Th e f o u rt h Da v o s Gl o b a l FOF Summit will b e h e l d i n Da v o s, Swit z e rl a n d o n J a n u a r y 2 1 , 2 0 2 6 . Th is s ummit is h o st e d b y t h e Gl o b a l FOF Ass o c i a ti o n . Th e s ummit will r u n fr om J a n u a r y 1 9 t o 2 3 , 2 0 2 6 . 近日， 英国 4 8家集团主席 杰克 ·佩里确认出席第四届达沃斯全球母基金峰会并演讲 。 Re c e n tl y,J a c k Pe rr y, Ch a irma n o f Th e 4 8 ...

2 0 2 5行至岁尾，今年的投资人感受如何？ "从数据上来看，一级市场今年数据是有呈现回暖，LP出资、新设基金数量和投资数量同比都 有上升，但 数据背后实则是假回暖，真出清 。其实细究下来，增量的部分基本都是一些头部 机构的基金、大国资的基金，整个市场的活跃程度其实并没有真正的回暖。 "北京某VC机构合 伙人J e ffr e y（化名）告诉母基金研究中心。 募资端打工人 IR在今年同样不容易——"感觉今年，各地新设的政府基金基本都是直投，大家 都不设母基金了。而且，各家母基金出手越来越偏细分垂直的产业规划，能出给市场化子基金 的份额都不多。并且决策周期流程都比较长，年底了，我们新基金还没募齐。从去年募到今年 可能还要继续募到明年…"某VC机构IR告诉母基金研究中心。 今年以来，有不少政府引导基金转向从事直投业务，不再出资子基金，已经不是真正意义上的 "母基金"了。看起来， 今年直投暖了，母基金却冷了 。 母基金的新设情况同样出现下降趋势： 2 0 2 5年上半年，新发起成立的母基金共3 3支，其中政 府引导基金3 1支，市场化母基金2支。新发起母基金总规模共1 9 7 0 . 1 7亿，其中政府引导基金规 ...

中国母基金行业一周资讯（ 11 . 2 2 - 11 . 2 8 ） 【资讯解读】 本周资讯涉及的母基金管理规模达1 3 2 5 . 6 亿元，主要分布在 北京、上海、浙江、江苏、天 津、福建、陕西、河北、辽宁、江西、四川 等地区，投资覆盖 集成电路、绿色低碳、新能源 等 。以下是内容提要和具体资讯。 【内容提要】 1、河北：存续期 1 5年， 取消注册 地限制 ， 这个市级母基金招 GP 2、陕西： 百亿双碳母基金 将设立 3、浙江：浙江 省 5 0 0亿社保科创基金正式启航 4、天津： 2 0亿元创新母基金正式启航 5、浙江：杭州 5 0 0 0亿产业基金群要来了 6、四川： 成都市县市新城首单 AIC基金落地简阳 7、江西： 粤开（上饶经开区） 产业升级 基金设立 8、上海： 上海集成电路产投基金二期增资至 2 4 0 . 6亿 9、浙江： 1 5 0亿绍兴市产业基金完成备案 1 0、北京： 北工投资注册资本增至 1 0 0亿元 11、江苏： 扬州瘦西湖国金新兴产业投资基金招 GP 1 2、浙江： 临海市人才科创基金 招 GP 1 3、江苏： 南通宝月湖科创母基金招 GP 1 4、福建： 南安创投基金 ...

Core Viewpoint - The article discusses the implementation opinions released by the Hangzhou State-owned Assets Supervision and Administration Commission, aiming to strengthen and optimize the "3+N" Hangzhou industrial fund cluster to promote high-quality development of modern industrial clusters in Hangzhou, targeting a scale of over 500 billion yuan during the 14th Five-Year Plan period [2][4]. Group 1: Fund Structure and Management - The "3+N" Hangzhou industrial fund cluster consists of three government investment funds: Hangzhou Science and Technology Innovation Fund, Hangzhou Innovation Fund, and Hangzhou M&A Fund, along with N industrial funds established by municipal state-owned enterprises [2]. - The three government investment funds can adopt various investment methods, including industry mother funds, sub-funds, and special sub-funds, which will help alleviate fundraising difficulties in the primary market [3]. - The return investment ratio for the Hangzhou Science and Technology Innovation Fund can be reduced to 1.5 times, while the ratios for the Hangzhou Innovation Fund and Hangzhou M&A Fund can be lowered to 1 time, excluding certain types of funds [3]. Group 2: Management Fees and Performance - Management fees for the three government investment funds are based on fund management scale and operational performance, with rates ranging from 0.4% to 1% depending on performance [4]. - The management fee for industry mother funds cannot exceed 1.5% per year of the paid-in capital, while sub-fund management fees cannot exceed 2% per year [4][5]. - The management fee can be pre-allocated quarterly and confirmed based on performance evaluation results, aligning with market practices [5]. Group 3: Policy Implementation and Industry Impact - The implementation opinions reflect the spirit of the national policy aimed at promoting the high-quality development of government investment funds, optimizing the fundraising environment, and reducing fundraising difficulties [4][6]. - Hangzhou's measures are seen as a significant step towards establishing a robust investment ecosystem, with the city actively inviting high-quality enterprises and top investors nationwide [8]. - The city aims to establish an artificial intelligence industry fund exceeding 100 billion yuan, further emphasizing its commitment to becoming a global leader in AI innovation [8][10]. Group 4: Historical Context and Future Outlook - Hangzhou has a long history of venture capital development, with the establishment of the Zhejiang Science and Technology Venture Capital Co., Ltd. in 1993, making it a pioneer in the mother fund sector [13]. - The city has been proactive in setting up a well-structured fund ecosystem, with clear top-level planning and substantial financial commitment from the government [13][14]. - The article anticipates that the efficient operation of the three government investment mother funds and the establishment of a large-scale AI industry fund will further enhance the transformation of technological achievements in Hangzhou [14].

2 0 2 5年已近尾声，在这一年，股权投资行业频迎政策支持和鼓励，正在成为发展新质生产力中 重要的战略性力量。 欢迎有意者扫描以下二维码，联系咨询母基金研究中心报名盛会，与我们一道，共同探讨中国 母基金行业的发展之道，期待您的光临！ （注：报名需审核，请备注姓名 +机构名称，以便通 过验证。审核通过后，母基金研究中心助理将与您联系，确认参会事宜，如无母基金研究中心 人员联系确认，不视为报名成功） 参会咨询： 今年的政府工作报告中特别提到 "健全创投基金差异化监管制度，强化政策性金融支持，加快 发展创业投资、壮大耐心资本"；而后国办发布的《关于做好金融"五篇大文章"的指导意见》 中，不仅再次明确支持发展股权投资、创业投资、天使投资，也切中行业"痛点"，强调优化私 募股权和创业投资基金"募投管退"制度体系，并在退出渠道畅通方面有所安排（上市、并 购）。 今年的国办一号文，也为政府投资基金的高质量发展指明方向。当前，股权投资行业正在加强 投早、投小、投长期、投硬科技，以耐心资本培育更多企业的科技创新。 各地正在持续打造地方特色母基金模式，母基金发展进一步产业化、矩阵化。从整个母基金行 业来看，当前已经进入 3 . ...

Summary of Key Points Core Viewpoint The article discusses the recent developments in China's mother fund industry, highlighting the establishment of various funds across different regions, with a total management scale of 732 billion yuan. The focus is on sectors such as semiconductors, life sciences, and new materials, indicating a strategic push towards innovation and industrial development. Group 1: Hong Kong Developments - The Hong Kong Innovation and Technology Commission announced the launch of a 10 billion HKD "Innovation and Technology Industry Guiding Fund," which aims to attract social capital into the innovation and technology sector by leveraging government funds [2][3]. - The fund will focus on five major investment themes: life and health technology, artificial intelligence and robotics, semiconductors and smart devices, digital transformation, and sustainable development [3]. Group 2: Beijing Initiatives - The Zhongguancun Science City Technology Growth Fund has been established to support the diversified layout of the modern industrial system in Haidian District, with a focus on early-stage, growth-stage, and acquisition funds [5][6]. Group 3: Sichuan Fund Establishment - Sichuan's guiding fund has launched a 10 billion yuan electronic information sub-fund, which is the largest in the province's guiding fund system, aiming to support strategic projects in the electronic information industry [9][10]. Group 4: Shandong and Jiangsu Developments - The Yantai Happiness New City Mother Fund has been established with a capital of 1 billion yuan, focusing on private equity investments and asset management [11]. - The Yangzhou Jiangdu Industrial Investment Mother Fund has successfully completed registration, marking a significant step in supporting industrial transformation in the region [12]. Group 5: Hubei and Zhejiang Initiatives - Hubei has registered a 10.5 billion yuan humanoid robot industry investment mother fund, aimed at promoting the industrialization of humanoid robots [13][14]. - The Hangzhou West Science and Technology Innovation Corridor Industry Fund plans to invest in two general partners (GPs) to support local innovation [15][16]. Group 6: Other Regional Funds - Jiangsu's Silicon-based Micro-display Industry Fund is seeking GPs with a target scale of 200 million yuan, focusing on the micro-display industry [17]. - The Lishui New Intelligent Productivity Industry Fund in Zhejiang has a total scale of 6 billion yuan, supporting various sub-funds and projects [19]. - The Hainan Tropical High-efficiency Agriculture New Quality Productivity Fund aims to raise 1.6 billion yuan, focusing on tropical agriculture and related sectors [20][21].

Core Insights - Shanghai has established new industrial mother funds and S funds, with a focus on enhancing the private equity market's liquidity and providing exit channels for investors [2][4] - The city is actively promoting venture capital and private equity (VC/PE) investments, with significant government support and a growing number of funds being established [9][10] Group 1: New Fund Establishments - The Shanghai Qingpu Industrial Development Fund and S Fund were launched to inject financial resources into the region's new productive forces [2] - The Minhang District has created a comprehensive fund matrix with a total investment of 100 billion, aiming to leverage social capital and achieve a "100 billion fund, 1 trillion scale" ecosystem [2] - The establishment of the Jing'an Capital Investment Operation Company with a registered capital of 12 billion aims to integrate state-owned fund operations and focus on strategic emerging industries [3] Group 2: Policy Support and Framework - Shanghai's government has introduced measures to optimize the equity investment industry, including the establishment of equity investment clusters with a minimum of 10 billion in district-level guiding funds [3][4] - The city has implemented a series of supportive policies for the equity investment sector, including facilitating the establishment of CVC funds and promoting the development of secondary market funds [3][10] Group 3: Fund Performance and Strategy - The Shanghai Future Industry Fund has been active in investing in multiple sub-funds across cutting-edge fields, completing decisions for 18 sub-funds in five months [5][6] - The fund focuses on "early and small" investments in hard technology, targeting six future industries, including health, information, energy, space, materials, and manufacturing [5][6] Group 4: Market Dynamics and Trends - The establishment of large-scale funds and the active participation of government in the VC/PE space have made Shanghai a focal point for investment institutions [9][10] - The city has seen a surge in the establishment of significant funds, including a 500 billion industrial transformation fund and a 100 billion state-owned enterprise merger fund [8][9]

根据 2 0 2 5年第三季度私募股权投资市场的出资数据，我们整合了每月LP出资的频次及数量变 化趋势。在剔除认缴出资比例低于1%的出资主体、GP出资主体、个人出资主体后，2 0 2 5年第 三季度每月活跃的机构出资主体分别为8 1 9、5 9 8、5 0 4家。 整体来看， LP出资频率在第三季度出现波动，整体变化呈现下降的趋势。 3、活跃LP类型 2 0 2 5年第三季度新备案私募股权投资基金4 4 1只，创业投资基金8 5 9只，总计1 3 0 0只，同比增 长3 7 . 4 2%，环比增长11 . 5 9%。 从新备案基金结构上看，创投类基金始终占据主导地位，备案区域集中于浙江、江苏、广东三 省，显示出长三角和大湾区地区 GP活跃度与产业吸附能力依然强劲。 2、LP出资频率变化趋势 据母基金研究中心与执中数据统计， 2 0 2 5年第三季度， 新备案私募股权投资基金与创业投资 基金总计 1 3 0 0只，同比增长3 7 . 4 2%； LP累计出资规模达2 6 2 8 . 9 2亿元人民币，其中，国资 以1 2 3 1 . 1 9亿元的认缴金额占据绝对优势，占比高达 4 6 . 8 3%。 01 季度 ...

Core Viewpoint - The Fourth Davos Global FOF Summit will take place in Davos, Switzerland from January 19 to January 23, 2026, focusing on multilateral dialogues among global fund of funds (FOF) industry leaders [1][12]. Group 1: Event Details - The summit is hosted by the Global FOF Association and will feature various activities, including visits to UBS headquarters and the Swiss National Innovation Park [6][7]. - Notable attendees include UBS Managing Director Arwed Christensen and HarbourVest Managing Director Scott Voss, who have confirmed their participation and speeches [2][8]. Group 2: Industry Significance - The summit aims to gather over 100 influential figures from global funds and venture capital cities to discuss navigating economic cycles and exploring future directions for the fund industry [11][12]. - The Global FOF Association will release the "2025 World's Best FOF Investment Institutions List," continuing a six-year tradition of recognizing top investment institutions [13][15]. Group 3: Networking Opportunities - The event provides a unique opportunity for participants to engage with leading global LPs, discussing investment logic and strategies relevant to both dollar-denominated and RMB funds [16][18]. - Previous summits have seen Chinese GPs raise over $1 billion, highlighting the event's importance in fostering international investment relationships [16][18]. Group 4: Experience and Activities - Participants will enjoy scenic experiences, including a glacier train ride and a special forum at a mountaintop restaurant, enhancing the networking atmosphere [20][22]. - The summit is positioned as a rare chance to interact directly with top investment professionals in a picturesque setting, promoting discussions on the future of RMB funds [22][24].