Core Viewpoint - The National Development and Reform Commission (NDRC) aims to prevent local governments from using government investment funds to indirectly subsidize industries with excess capacity, thereby avoiding redundant investments and disorderly competition [1] Group 1: Policy Guidelines - The proposed "Measures for Strengthening the Guidance and Evaluation Management of Government Investment Fund" emphasizes incentive constraints to optimize industrial layout and strengthen industrial regulation [1] - The guidelines will direct government investment funds towards or away from industries that are either encouraged or restricted by the state, ensuring a balance of support and pressure in industrial regulation [1] Group 2: Implementation and Management - Local governments are urged to reasonably coordinate fund allocation based on evaluation results, aiming to standardize and improve the operation management and investment decision-making mechanisms of government investment funds [1] - The incentive and constraint mechanisms will be effectively transmitted to all levels of funds and managers, enhancing the motivation of all parties involved [1]

Core Viewpoint - The Guangdong Provincial Finance Department has issued the "Guangdong Provincial Government Investment Fund Management Measures," which includes 40 articles focusing on the establishment norms of government investment funds and conditions for management fee collection, attracting significant public attention [1] Group 1: Fund Establishment and Management - The measures specify requirements for the establishment and exit of government investment funds, including approval from the same-level government for fund establishment and a requirement for city-level and above to report to the provincial finance department [2] - The measures stipulate that county-level governments should control the establishment of new government investment funds, requiring approval from the city government for those with better financial conditions [2] - The fund establishment plan must detail performance goals, investment areas, fundraising scale, contribution structure, duration, investment methods, profit distribution, exit methods, management fees, and risk control measures [2] Group 2: Selection of Management Institutions - The measures require that entrusted management institutions and custodial banks must have relevant business qualifications and maintain a good financial status without significant penalties from administrative or judicial authorities in the last three years [3] Group 3: Fund Utilization and Revenue Management - The measures indicate that the net revenue from government investment funds established through capital injection into state-owned enterprises should primarily be used for rolling investments or other policy tasks as approved by the relevant departments [4] - The management section of the measures emphasizes differentiated management for various types of government investment funds, encouraging higher government contribution ratios and risk tolerance for venture capital funds [5] - The measures state that fund management fees should be determined based on market principles and linked to fund performance evaluations, with fees generally not charged against the principal [6]

Core Viewpoint - The Guangdong Provincial Finance Department has issued the "Guangdong Provincial Government Investment Fund Management Measures," which outlines the investment strategies and performance evaluation criteria for government investment funds [1]. Group 1: Investment Strategies - Government investment funds can invest through either a mother-fund and sub-fund structure or direct project investments [1]. - Sub-funds are primarily expected to invest in direct projects, including single-project special funds, to control fund levels and prevent excessive layering that could hinder policy objectives [1]. Group 2: Performance Evaluation - The performance evaluation of the funds will focus on the comprehensive achievement of policy objectives rather than profit maximization [1]. - There will be no internal benchmark return rate set, and evaluations will not be based on the profit or loss of individual projects or single fiscal years [1]. - Generally, there will be no penetration assessment of individual investment projects within sub-funds [1]. Group 3: Management Fees - Management fees for government investment funds will be determined through market-based negotiations and will be allocated based on the results of fund evaluations [1]. - Management fees should generally be calculated based on the actual contributions or investment amounts, with reasonable standards for fee determination [1]. - Fees will be paid from fund earnings or interest, and it is generally not allowed to charge fees against the principal; however, if the fund has not yet generated earnings or interest, fees may be advanced from the principal and later reimbursed once earnings are available [1].

Core Viewpoint - The Guangdong Provincial Finance Department has issued the "Management Measures for Government Investment Funds," which stipulates that management fees for government investment funds will be determined through market-based negotiations and will be allocated based on the evaluation results of the funds [1] Summary by Relevant Sections - **Management Fee Determination** - Government investment fund management fees will be negotiated based on market principles and will be approved according to the fund's performance evaluation results [1] - **Fee Calculation Basis** - Management fees should generally be based on the actual paid-in capital or actual investment amount, with a reasonable standard for fee calculation [1] - **Payment of Management Fees** - Management fees will be paid from the fund's earnings or interest, and generally, it is not allowed to be deducted from the principal. If the fund has not yet generated earnings or interest, fees may be advanced from the principal, to be reimbursed once earnings or interest are available [1] - **Post-Fund Duration Fee Collection** - No management fees can be collected after the fund's duration has expired [1]

欢迎加入投资界读者群 一级市场之变。 作者 I 周佳丽 报道 I 投资界-解码LP 1、政府投资基金管理费用按照市场化原则协商确定，依据基金考核评价结果情况予以核 定拨付。 2、基金管理费一般应以实缴出资或实际投资金额为计费基础，合理确定计提标准。基金 管理费从基金收益或利息中支付，原则上不允许在本金中列支，如基金暂未产生收益或 利息，可先从本金中预支，待基金产生收益或利息后补回。 3、基金存续期满后不得收取管理费。 短短15 7个字，于创投行业而言沉甸甸。 众所周知，政府投资基金已经成为国内创投行业的重要力量，政府引导基金更是当下一 级市场最大的出资活水，牵一发往往影响着方方面面。 这一纸通知正在VC/PE圈发酵。一位政府引导基金资深从业者分享内部的几点疑问： 一 是该规定只适用于财政出资的母基金，还是要穿透到子基金？按「规定2」字面意思，似 乎连子基金都要；二是如若政府投资基金按此交管理费，那么社会LP还能否按市场化收 管理费？这里可能面临LP利益不一致的问题；三是如果政府母基金按此执行，那么引导 性质的母基金，可能面临更尴尬的境况。 最后，深圳按其他管理办法。 一纸通知，创投圈涌动。 6 月 3 日 ， ...