政策暖意似乎仍未传导至市场一线。 去年，"回购"争议成为一级市场最受关注的焦点话题之一。其背后，是创投基金在退出环节面临的巨大压力——如何为出资人（LP）交出一份满意答卷，始终是悬 在行业头顶的现实命题。 今年以来，多地政府引导基金密集出台政策，明确提高容亏容错比例。政府LP是否对子基金的投资更包容？创投基金的回购条款是否会随之松动？证券时报记者采 访多位业内人士了解到，尽管地方政策密集出台，且提高国资投资容亏率本身也契合国家倡导的大方向，但政策暖意似乎仍未传导至市场一线。目前，创投基金的 回购条款并未出现大范围、明显的放宽迹象，多数创投机构在面对企业回购问题时，仍保持着一贯的审慎态度。 创投基金回购条款 未见明显松动迹象 记者采访了解到，在行业周期调整与政策引导的双重作用下，部分创投机构的回购条款出现微妙变化。 澳银资本副董事长、主管合伙人胡艳透露，澳银资本今年适度微调了回购条款，对新投资项目采用"两年一考核"机制，连续两年不达标将启动估值调整，若四年未 通过考核则触发回购。值得注意的是，对于优质企业，条款存在协商空间，可设置"股权为限"的回购上限。"现在条款确实更松一点，但对项目质量的要求更高 了。" 据 ...

Core Viewpoint - The controversy surrounding "buybacks" has become a focal point in the primary market, driven by the immense pressure on venture capital funds to deliver satisfactory returns to their limited partners (LPs) amid a challenging exit environment [1][2]. Group 1: Buyback Terms and Market Response - Despite the introduction of policies by local government guiding funds to increase tolerance for losses, there has been no significant relaxation of buyback terms in the venture capital sector [1][4]. - Some venture capital institutions have made subtle adjustments to their buyback terms, such as implementing a "two-year assessment" mechanism, but overall, the requirements for project quality have become stricter [2][3]. - Individual cases of innovation in buyback arrangements have emerged, such as equity swaps to exempt buybacks, which have received approval from state-owned LPs [2][3]. Group 2: Government Policies and Market Impact - Local government policies have set high loss tolerance rates, with some allowing up to 100% loss on individual projects, yet these policies have not effectively translated to the venture capital market [4][5]. - The tightening of LP assessments has been noted, with government and state-owned LPs requiring detailed quarterly reports on project risks, leading to increased scrutiny and pressure on venture capital funds [5][6]. Group 3: Industry Challenges and Future Outlook - The combination of assessment pressures and exit difficulties has led to a new normal of fund extensions, with many funds unable to exit as planned [6]. - The adjustment of buyback terms is currently caught in a tug-of-war between policy direction and market realities, with potential for more inclusive terms in the future, albeit gradually and variably [6][7].