" 纯粹的盲池基金正在消失。 "VC基金合伙人李如（化名）对母基金研究中心表示。 "最近和业内同仁聊起一级市场的股权基金，普遍达成共识：盲池基金的时代可以说是过去 了。请想一想， 现在市场上出来募资的基金，有哪个是真正的盲池，不带着拟投项目来的？ 基本都是所谓的'半明池'甚至'纯明池'，这些项目基本上都不是传统意义上的储备项目，而是 真正的绑定项目，基金钱到账了就要真实投出去或者落地的，这和募资都是绑定的。"李如表 示。 无独有偶， VC投资人许之（化名）也有相似观点："现在想要募资，不管是国资的钱，还是市 场化LP、高净值个人的钱，大家对基金的底层项目的确定性要求越来越高了。" 随着一级市场进入产投时代， 基金的资源导入、价值发现功能被异常重视。在此背景之下，引 导基金也出现了 "返投前置化"的现象。部分引导基金发现，以往的实践是在协议中约定返投比 例，但在基金实际运营过程中发现这样不能保障GP返投任务的完成。因此在最新的引导基金政 策中，加重了引导基金在确保返投方面的责任。 这就大大考验了 GP的产业资源和产业服务能力。提前调研当地产业禀赋、储备优质项目，也 成了申请引导基金出资的"敲门砖"。引导基金更偏 ...

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]

德国财政部长克林拜尔：我们已开始实施专项基金，并计划今年将投资规模大幅增加至约1100亿欧元。 ...

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 ...