在国家层面由财政出资1000亿元，在区域基金、子基金层面积极鼓励社会资本参与。 经国务院批准，国家发展改革委、财政部发起设立了国家创业投资引导基金，发挥中央资金引领带动作 用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿资金规模，通过投基 金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 白京羽介绍，引导基金将种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领域开展原创 性、颠覆性的技术攻关，为企业搭建成果转化的平台和桥梁，促成资本与创新的"双向奔赴"。 白京羽表示，科创企业成长壮大是一场旷日持久的"马拉松"，需要资本的耐心陪伴。引导基金设置20年 存续期，其中10年投资期、10年退出期，这样通过更长久的投资期限，为企业提供长周期的资金供给； 又通过更宽松的退出时限，为企业提供更多的发展空间，用耐心资本陪伴企业"长跑"，培育千行百业 的"小巨人"和"独角兽"。 财政出资1000亿 12月26日，国家创业投资引导基金正式启动运行。这是发展创业投资、壮大耐心资本的重要举措，引导 金融资本投早、投小、投长期、投硬科技。 国家创业投资引导基金采用引导 ...

Core Viewpoint - The National Venture Capital Guidance Fund aims to gather various social capital to inject financial resources into emerging and future industries [1] Group 1: Investment Focus - The Guidance Fund will focus on early-stage projects and seed enterprises in key areas such as integrated circuits, artificial intelligence, aerospace, low-altitude economy, biomanufacturing, and future energy [1] - The fund aims to increase investment efforts in innovation and entrepreneurship active regions, encouraging participation from various financial institutions and private capital [1] Group 2: Support Services - In addition to financial support, the Guidance Fund will create a high-quality, comprehensive entrepreneurial investment service system [1] - A national comprehensive service platform will be established to provide portfolio companies with value-added services such as corporate governance, strategic planning, human resources, and industry cooperation [1] Group 3: Funding Structure - The Guidance Fund will utilize long-term special government bond funds, with a total fiscal contribution of 100 billion yuan at the national level [1] - The fund will actively encourage social capital participation at the regional fund and sub-fund levels [1]

中国青年报客户端北京12月26日电（中青报·中青网记者 朱彩云）今天，国家创业投资引导基金在京正 式启动。3只区域基金与首批49个子基金以及27个项目代表正式签约。 在国家发展改革委当天召开的专题新闻发布会上，国家发展改革委创新和高技术发展司司长白京羽介 绍，在募资环节，引导基金开创性设立"基金公司-区域基金-子基金"3层架构，有效发挥了中央资金"四 两拨千斤"的杠杆效应，逐级吸引社会资本，实现万亿元的市场"造血"。 日，国家发展改革委召开专题新闻发布会，介绍国家创业投资引导基金有关工作。中青报·中青网记者 朱彩云/摄 对于国家创业投资引导基金的定位，白京羽用"四个坚持"概括，即做早期基金，坚持做耐心资金，坚持 做市场化基金，做标杆基金。 在做标杆基金方面，他介绍，引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重 复投资、不与市场争利，重在解决创投行业长期资本（20年存续期）短缺的问题；同时，积极推动创投 行业改革创新，通过搭建综合性服务平台，打造理念创新、机制灵活、政策务实的"试验田"，更好引领 创投行业高质量发展。 早在今年全国两会期间，国家发展改革委主任郑栅洁透露，国家正在推动设立"航母 ...

有关负责人表示，国家创业投资引导基金将通过投基金、投企业、投项目，加大对战略性新兴产业和未 来产业支持力度，加快培育和发展新质生产力。 将坚持做早期基金，引导基金将种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领域开 展原创性、颠覆性的技术攻关。 坚持做耐心基金，引导基金设置20年存续期，其中10年投资期、10年退出期，用耐心资本陪伴企业"长 跑"，培育千行百业的"小巨人"和"独角兽"。 转自：北京日报客户端 今天，国家创业投资引导基金正式启动运行。在国家发展改革委举行的专题新闻发布会上，有关负责人 表示，引导基金将发挥中央资金引领带动作用，广泛吸引多方参与，形成万亿资金规模。 来源：央视新闻客户端 作者: 丁雅妮 张艺瑾 坚持做市场化基金，政府层面不直接参与日常运作管理，不设地域返投要求；市场层面通过竞争择优， 选出若干家具有丰富投资经验和运营能力的管理机构，负责基金"募投管退"全过程。 国家发展改革委创新和高技术发展司司长 白京羽：引导基金将与已设立的各类政府投资基金、市场化 基金错位发展，不搞重复投资、不与市场争利，重在解决创投行业长期资本（20年存续期）短缺的问 题，打造理念创新、机制灵活、 ...

Core Viewpoint - The Ministry of Finance announced the establishment of a National Venture Capital Guiding Fund, which will utilize 100 billion yuan of long-term special government bond funds to encourage social capital participation in regional and sub-funds [2] Group 1: Fund Structure and Objectives - The National Venture Capital Guiding Fund will be fully funded by the government at the national level, serving as an important vehicle for leveraging fiscal policy effectiveness [2] - The Ministry of Finance aims to enhance policy effectiveness through comprehensive management and evaluation of the fund's performance, focusing on the achievement of policy goals and compliance in fund operations [2] Group 2: Performance Evaluation and Risk Management - The Ministry will conduct performance evaluations with the help of industry experts, developing a scientific assessment framework that goes beyond simple profit and loss metrics for individual projects or years [2] - There will be an emphasis on improving regulatory methods and guiding the fund to establish a risk prevention system that covers the entire lifecycle of fundraising, investment, management, and exit [2]

Core Viewpoint - The National Venture Capital Guidance Fund will utilize 100 billion yuan of special long-term bonds funded by the Ministry of Finance to encourage social capital participation in venture investments, focusing on strategic emerging industries and early-stage innovative enterprises [1][2]. Group 1: Fund Structure and Objectives - The National Venture Capital Guidance Fund is fully funded by the Ministry of Finance at the national level, serving as an important vehicle for leveraging fiscal policy effectiveness [1]. - The fund aims to support "hard technology" by directing investments towards strategic emerging industries as outlined in the 14th Five-Year Plan, promoting projects that enhance total factor productivity and have high social benefits [1]. - The fund will adopt an "early investment" strategy, primarily targeting high-growth seed-stage, startup, and early to mid-stage innovative small and micro enterprises, acting as an "angel investor" to alleviate market funding shortages [1]. Group 2: Post-Investment Management - The Ministry of Finance will fulfill its responsibilities as the national investor by conducting performance evaluations and ensuring compliance with legal and regulatory standards [2]. - A comprehensive evaluation system will be developed to assess the effectiveness of policy goals and fund operations, rather than relying solely on individual project profitability [2]. - The fund will enhance its risk management framework to cover the entire lifecycle of fundraising, investment, management, and exit, thereby improving the efficiency of fund utilization [2].

Core Viewpoint - The National Venture Capital Guidance Fund has been officially launched, focusing on early-stage investments in innovative technology companies to address the capital shortage in the venture capital industry [1][2]. Group 1: Fund Characteristics - The fund emphasizes early-stage investments, targeting seed and startup companies with high growth potential but significant risks, aiming to support original and disruptive technological advancements [1]. - It is designed as a patient fund with a 20-year lifespan, including a 10-year investment period and a 10-year exit period, allowing for long-term capital support and a more flexible exit mechanism for companies [1][2]. - The fund operates on a market-oriented basis, balancing policy objectives with market principles, and aims to be a benchmark fund that avoids duplicate investments and competition with the market [1]. Group 2: Investment Strategy - The fund will focus on early, small, and long-term investments in hard technology, with at least 70% of its total investment allocated to seed and startup companies [2]. - Investments in small enterprises will be capped at a valuation of 500 million yuan (approximately 5 billion) and individual investments will not exceed 50 million yuan (approximately 5 million), ensuring funds reach various sectors effectively [2]. - The fund's long-term investment approach is particularly beneficial for sectors like innovative pharmaceuticals, which have extended return cycles [2]. Group 3: Collaboration and Risk Management - The fund will work in conjunction with previously established government guidance funds to create a synergistic effect, focusing on the early stages of innovation and addressing financing gaps for original innovation [3]. - It aims to build a differentiated risk control system to foster an innovative ecosystem, encouraging social capital to invest long-term in technology innovation and enhancing high-level technological self-reliance [3].

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 国家发展改革委召开专题新闻发布会。会上，国家发展改革委创新和高技术发展司司长白京羽表示，国 家创业投资引导基金的定位具备四个特点： 一是坚持做早期基金。今天的科技领军企业都是曾经的种子企业、初创企业，这类种子企业和初创企业 成长性好，前景广阔，但同时风险也比较高，不确定性比较大。社会资本对他们普遍很关注，但投资持 谨慎态度。针对这一问题，引导基金将种子期、初创期、早中期企业作为投资的重点，支持企业聚焦前 沿领域，开展原创性、颠覆性的技术攻关；二是坚持做耐心基金。三是坚持做市场化基金。中央出资设 立创业投资引导基金，需要统筹兼顾政策目标和市场化原则；四是做标杆基金。引导基金不搞重复投 资，不与市场争利，重在解决创投行业长期资本短缺的问题。 ...

Core Viewpoint - The National Venture Capital Guidance Fund has officially launched, aiming to stimulate the venture capital market by focusing on early-stage, small, and long-term investments in hard technology sectors [1] Investment Strategy - The fund emphasizes early investments, targeting seed and startup companies, with at least 70% of the total fund size allocated to these types of enterprises [1] - The fund will invest in small enterprises with valuations below 500 million yuan, and individual investments will not exceed 50 million yuan, ensuring funds reach the front and back ends of various industries [1] Fund Duration and Flexibility - The guidance fund has a 20-year duration, breaking the traditional venture capital fund lifecycle of 7 to 10 years, allowing for longer investment periods in sectors like innovative pharmaceuticals that have extended return cycles [1]

据国家发展改革委网站消息，12月26日，国家创业投资引导基金正式启动。国家发展改革委召开专题新 闻发布会，介绍国家创业投资引导基金有关工作。 国家发展改革委创新和高技术发展司司长白京羽表示，经国务院批准，国家发展改革委、财政部发起设 立了国家创业投资引导基金。引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、金 融机构、民间资本等多方参与，形成万亿资金规模，通过投基金、投企业、投项目，加大对战略性新兴 产业和未来产业支持力度，加快培育和发展新质生产力。 据白京羽介绍，国家创业投资引导基金的定位具备四个特点： 一是坚持做早期基金。今天的科技领军企业都是曾经的种子企业、初创企业。这类种子企业和初创企业 成长性好、前景广阔，但同时风险较高、不确定性较大，社会资本对他们很关注，但投资普遍持审慎态 度。针对这一问题，引导基金将种子期、初创期、早中期企业作为投资重点，支持企业聚焦前沿领域开 展原创性、颠覆性的技术攻关，为企业搭建成果转化的平台和桥梁，促成资本与创新的"双向奔赴"。 二是坚持做耐心基金。科创企业成长壮大是一场旷日持久的"马拉松"，需要资本的耐心陪伴。引导基金 设置20年存续期，其中10年投资期、 ...