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 ， ...