Core Viewpoint - The announcement by Ruizhi Pharmaceutical Technology Co., Ltd. regarding the establishment of an industrial investment fund with a total subscription amount of 200 million RMB, primarily targeting the healthcare industry and focusing on innovative drugs [1][3]. Group 1: Fund Establishment Details - The fund will be established in partnership with Shenzhen Investment Holdings Donghai Investment Co., Ltd. and other limited partners, with a total subscription amount of 200 million RMB [1][3]. - The fund's name is Shenzhen Luohu Donghai Ruizhi Pharmaceutical Industrial Partnership (Limited Partnership), with Ruizhi's subsidiary contributing 58 million RMB, accounting for 29% of the total subscription [3][5]. - The Luohu District-level mother fund will contribute 140 million RMB, representing 70% of the total subscription [3][4]. Group 2: Fund Management and Investment Focus - The fund will focus on equity investments in the healthcare industry, particularly in innovative drugs and medical devices [5][6]. - Shenzhen Investment Holdings Donghai will act as the general partner and fund manager, with a focus on industrial technology, digital intelligence, and life health sectors [5][6]. Group 3: Fund Terms and Conditions - The fund has a duration of 7 years, with a 4-year investment period followed by a 3-year exit period, and can be extended by 2 years with unanimous agreement [6]. - Management fees will be charged at 2% during the investment period and 1.5% during the exit period, with no fees during the extension period [6]. - Strict reinvestment requirements include relocating the headquarters of invested companies to Luohu or establishing subsidiaries there, ensuring that revenues remain in the district [6][7].

Core Viewpoint - Local mother funds are increasing their contribution ratios to promote investment in strategic emerging industries and high-tech enterprises, reflecting the implementation of national policies aimed at enhancing government investment fund efficiency [1][2][3]. Group 1: Contribution Ratios - Jingzhou has announced a new 2 billion yuan mother fund, with contribution ratios for sub-funds reaching up to 40% for mother funds and 99% for talent and technology innovation sub-funds [1]. - Tianjin's guidelines allow for a maximum contribution ratio of 50% for merger mother funds and 70% for brokerage merger mother funds [2]. - Sichuan has raised the contribution ratio for state-owned capital to 70% for venture capital funds, with special circumstances allowing for early establishment and operation [2]. Group 2: Policy Implementation - The recent adjustments in contribution ratios by local mother funds align with the State Council's document promoting the high-quality development of government investment funds [3]. - The trend of increasing contribution ratios is summarized as "Five Widens and One High," indicating a more flexible approach to registration, contributions, returns, incentives, and error tolerance, while enhancing efficiency [3][4]. Group 3: Return and Incentive Mechanisms - The average return multiplier requirement for government guidance funds has decreased by over 40% in the past six years, with many funds now requiring a return multiplier of around 1.5 [4][5]. - Newer guidance funds are incorporating incentive measures and error tolerance clauses to encourage better performance and risk-taking among fund managers [5][6]. Group 4: Efficiency Improvements - Many local guidance funds are optimizing their recruitment processes, aiming for a completion time of no more than three months from application to approval [7]. - The ongoing adjustments in fund management practices are expected to attract more high-quality equity investment institutions [7].

以下文章来源于解码LP ，作者吴琼 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 欢迎加入投资界读者群 募资不易。 作者 I 吴琼 报道 I 投资界-解码LP 募资最新一幕。 投资界—解码LP获悉，国家中小企业发展基金有限公司完成第七批第一支子基金签约工 作，即深创投中小企业发展基金（苏州）合伙企业（有限合伙），总规模20亿元。这一 次，深创投为新基金管理人。 放眼创投圈，国家中小企业发展基金向来出手活跃。此次签约拉开第七批子基金序幕， 意味着有望迎来一波密集出资。对于一众苦于募资的GP而言，一场新比拼开始了。 国家级母基金，投了深创投 从过往出资来看，国家中小企业发展基金对GP的遴选颇为严格。印象深刻的是，去年6 月母基金一口气出资6家GP，包括普华资本、基石资本、达晨财智、元璟资本、通和毓 承、国中资本等知名机构。其实这次也并非国家中小企业发展基金首次联手深创投，此 前深创投中小企业发展基金（新疆）有限合伙企业已在新疆乌鲁木齐成立。 时间回到去年7月，国家中小企业发展基金发布第七批子基金管理机构遴选公告，子基金 将通过市场化手段扩大对中小企业的股权投资规模，支持投早投小投创新，重点支持种 ...