Core Viewpoint - The article highlights the increasing activity and investment ratios of Limited Partners (LPs) in the primary market, particularly focusing on the establishment of new funds and the rising contribution ratios from government-led initiatives [3][4]. Group 1: Investment Trends - As of April 2025, the activity level of institutional LPs has increased by 23% month-on-month and 38% year-on-year [4]. - A new mother fund has been established in Jingzhou with a maximum contribution ratio of 99% [5][8]. - The Jingzhou mother fund aims to integrate existing resources and inject new capital, targeting a total fund cluster of no less than 200 billion yuan within three years [7]. Group 2: Fund Structure and Focus - The 20 billion yuan mother fund will focus on sectors such as intelligent equipment, new materials, new energy, semiconductors, and artificial intelligence, among others [8]. - The fund's contribution ratios include a maximum of 40% for sub-funds, 30% for industry investment sub-funds, and 99% for talent and technology innovation sub-funds [8]. Group 3: Government Involvement and Policy Changes - Many regions have seen an increase in contribution ratios from government-led funds, with some areas reaching up to 60% or 70% [8][9]. - The article notes that the current most active LPs are policy-oriented, accounting for 41.38% of contributions, followed by industrial and financial LPs [11]. - Recent policy changes have aimed to streamline decision-making processes and reduce investment return requirements, enhancing the efficiency of government-led funds [12][14].