Group 1 - Many funds are experiencing "supply interruptions" from state-owned limited partners (LPs), with some unable to fulfill their capital commitments after initial contributions [1] - The call mechanism for capital contributions has shifted to a project-based approach, making it more challenging for general partners (GPs) to secure funding and impacting investment efficiency [1][2] - State-owned enterprises (SOEs) are facing financial pressures, leading to a reduction in investment activities and even the closure of investment departments [2] Group 2 - The investment landscape for state-owned funds has changed, with many investment departments either inactive or facing significant challenges in making new investments due to past poor performance [2][3] - A recent directive from the Ministry of Finance has imposed salary caps and stricter performance evaluation criteria for financial enterprises, affecting compensation structures within state-owned funds [3][4] - The expectations of investors in the primary market have drastically declined, with a shift away from unrealistic return projections to a more pragmatic outlook on investment returns [4][5] Group 3 - The current investment environment emphasizes hard technology and longer investment cycles, contrasting sharply with the previous era of rapid valuation increases in internet and innovative business models [5]

听说，最近，不少基金 "断供"了。 "这种情况确实存在。我们目前手里有三支基金都遇到了这种情况， 说好的分期出资，结果出 了一期之后，不按时出资了，且都是国资 LP我们也没办法 。 "华南地区某VC机构IR总监李 丽（化名）告诉母基金研究中心。 李丽无奈表示，这种情况下只能去找 "接盘侠"——"我们联系了很多S基金资源，以接下这些 无法如约出资的LP的份额。" 某北京地区投资人张海（化名）对母基金研究中心表示，现在有很多基金的 c a ll款机制是 " 按 项目c a ll款 "，改变了以往分期c a ll款的惯例，出资变得更为苛刻了，对GP而言也更加不友 好，极为影响对项目投资的效率。 某华东地区国资母基金人士对母基金研究中心坦言 ——"这是因为 很多 LP也没钱了 。就算走 完流程、过了会已经公示、哪怕协议签了，也有很多无法完成实缴的情况，财政压力大、现金 流紧张等等。 " "虽然现在国资LP是一级市场出资的主力，但也有很多国资机构在收缩了。"上述人士表示。 母基金研究中心关注到，去年以来， 部分国企由于过往投资的项目退出难收不回本金，投资部 门收缩甚至裁撤 。 也有一些国企投资部 "虽然部门还在，但名存 ...