将投中网设为"星标⭐"，第一时间收获最新推送 "明星项目，闭眼入就对了。" 作者丨 陈美 编辑丨 王庆武 来源丨 投中网 岁末年底，当我与一级市场投资人见面时，他又向我聊到了行业一个比较热的话题：专项基金又杀回来了。据该位投资人透露，去年一家头部GP在专项 基金上就十分活跃。"不少项目背后都是专项基金在支棱，而非传统盲池基金的钱。" 实际上，自IPO回暖后，明星专项基金的市场水温就明显上升。而他最近也听到，有不少LP主动询问某头部明星项目，并明确表示只对这些"明星项 目"感兴趣。 "因为在这些LP们来看，相比盲池基金，明星项目更具有确定性，也是产业发展的方向，未来在退出路径上也更明确些。"该位投资人说道。 "明星项目，闭眼入就对了" IR人士也向我证实了专项基金的繁荣程度。一位IR人士感慨：在募资端，以前和高净值客户吃饭，吃了好几顿后都没动静；但现在不用约，主动就来联 系了。县域LP更是如此，只要募资时把话说得通俗一点，比如把"IRR、门槛、赎回"说成他们都能听得懂的"保本、利息、随取"。那么，他们单笔的出 资额从几百万到小几千万，都不罕见。 除了县域LP，地方政府、家族办公室和海外资本也是出资大头。特别是地 ...

Core Viewpoint - The era of blind pool funds is considered over, with a shift towards more project-specific funds that require certainty in underlying projects for fundraising [1][2]. Group 1: Transition from Blind Pool Funds - The consensus among industry professionals is that blind pool funds are becoming obsolete, with most current fundraising efforts tied to specific projects rather than traditional reserve projects [1]. - Investors are increasingly demanding certainty regarding the underlying projects of funds, whether from state-owned or private investors [1][2]. - The emergence of the "investment and production" era emphasizes the importance of resource integration and value discovery in fund management [1]. Group 2: Rise of Specialized Funds - Specialized funds are regaining popularity due to the strong performance of IPOs in the Hong Kong and A-share markets, particularly among leading technology companies [3][5]. - These funds are generally smaller in scale compared to blind pool funds and focus on specific projects, which makes them more attractive to investors seeking clarity and lower commitment amounts [4][6]. - The recent trend shows that individual LPs and industry players are eager to participate in specialized funds to capitalize on the growth of Chinese technology innovation [5][6]. Group 3: Characteristics and Challenges of Specialized Funds - Specialized funds offer higher certainty as they invest in pre-identified projects with clear growth potential, providing LPs with more control and quicker setup times [6][7]. - However, specialized funds face challenges such as the inability to expand or redeem funds post-registration, which can complicate follow-up investments in successful projects [8][9]. - The competitive landscape means that specialized fund managers must act quickly to secure quality projects, as delays can result in missed opportunities [9][10]. Group 4: Comparative Analysis of Fund Types - While specialized funds are favored for their lower risk and higher certainty, they do not completely eliminate the risks associated with blind pool funds, especially in volatile sectors [9][10]. - Blind pool funds typically have larger scales, allowing for diversified risk management, which can be advantageous in uncertain market conditions [9][10]. - Both fund types have their strengths and weaknesses, and fund managers need to adapt to market trends while building strong relationships with LPs [10].

Core Viewpoint - The Liaoning Provincial Government has issued implementation opinions to promote the high-quality development of government investment funds, focusing on expanding fund scale and enhancing collaboration among various funding sources [1] Group 1: Fund Expansion - The plan includes orderly expansion of fund scale, with a focus on increasing the provincial government investment fund size based on fiscal capacity [1] - Support will be provided for the rapid development of municipal government investment funds in Shenyang and Dalian, with a gradual increase in the actual capital contribution rate [1] Group 2: Collaboration and Marketization - The initiative emphasizes deepening collaboration among provincial, municipal, and county levels to promote synergy between fiscal contributions and state-owned, private, and foreign investments [1] - There is a push to accelerate the establishment of market-oriented sub-funds and explore new cooperation models with government investment funds and state-owned enterprise funds from other provinces [1] Group 3: New Fund Types - The government is considering the establishment of corporate venture capital (CVC) funds, merger and acquisition funds, and other specialized market-oriented funds [1]

Core Viewpoint - The Liaoning Provincial Government has issued implementation opinions to promote the high-quality development of government investment funds, focusing on expanding fund scale and enhancing collaboration among various funding sources [1] Group 1: Fund Expansion - The plan includes orderly expansion of fund scale, with a focus on increasing the provincial government investment fund size based on fiscal capacity [1] - Support will be provided for the rapid development of municipal government investment funds in Shenyang and Dalian, with a gradual increase in the actual capital contribution rate [1] Group 2: Collaboration and Marketization - The initiative emphasizes deepening collaboration among provincial, municipal, and county levels to promote synergy between fiscal contributions and state-owned, private, and foreign investments [1] - There is a push to accelerate the establishment of market-oriented sub-funds and explore new cooperation models with government investment funds and state-owned enterprise funds from other provinces [1] Group 3: New Fund Types - The government is considering the establishment of various market-oriented funds, including corporate venture capital (CVC) funds, merger and acquisition funds, and specialized funds [1]

Group 1 - The German Finance Minister, Christian Lindner, announced the initiation of a special fund and plans to significantly increase the investment scale to approximately €110 billion this year [1]

对"强制跟投"的介绍，请见上一篇《 投资人的收入有多低 》 （一） 请问尊敬的合伙人：目前只有投资团队有跟投机制。您说，因为项目是投资团队找的。 那么，基金里面，募资团队是不是也要跟一点？因为 lp 是募资团队找的呀。 如果 lp 的落地、对赌等条款，导致我们投不到好项目，进而导致我们投的项目退不出来，是不是应该 lp 也负责？募资团队也负责？ 但是现在呢，募资团队每年拿的募资奖励，金额比投资团队的投成奖多多了，还没有什么跟投。合伙 人，你能不能给我解释解释？ （二） 尊敬的合伙人，感谢您没有设置强行跟投机制。几个老员工常说，感谢合伙人，一定 996 工作，为公司 奋斗到死。 难道 … 不是因为您给的薪资太低了，如果再强制跟投，根本就招不到人了？ 然后，因为不强制，所以我入职至今，一个项目都没有参与过跟投。 您那天还问我，怎么不跟？我现在回答您：因为你们这家机构投的项目都不行。 您可能又会问，但是项目不是我挖掘，我推进的么？ （四） 尊敬的合伙人，我想请问： 您觉得，假如我们有投资 DeepSeek 、宇树的机会，员工会不会踊跃跟投？如果我们每个项目都是 DeepSeek 、宇树这种档次，还有必要"强制"跟投 ...