地方引导基金在遴选 GP时，有了新偏好和新的判断逻辑。 "原来我们的策略是，和优秀的头部大白马GP合作，来吸引大机构来本地设立基金，从而支 持本地发展。但现在我们的判断标准变了： 更偏好在本地做的好的当地 GP机构 。 "某发达 省份省级母基金相关负责人刘年（化名）告诉母基金研究中心。 这种遴选偏好，既不是白马原则也不是黑马原则。偏好的转变，来自于思路的改变 —— "原 来我们觉得，大机构经验和资源丰富。但现在我们发现， 省内做的好的当地机构， 更 了解 省内政策风格 、 产业发展情况，从实际效果来看，过往这类基金反而比和白马 GP合作的基 金对当地发展带来的作用更大。所以，现在， 省外大机构如果在当地没有深度布局过， 我 们也基本 不考虑 。 " 刘年表示。 此外，引导基金招募子基金的类型也在悄然发生变化。 " 从近一年 各家母基金的遴选公告来看， 几乎没有综合性基金，都是细分产业且分的比之 前要更细很多，很多都是专注于一个很垂直的子领域的专精特新定位 。 "北京某VC机构IR 负责人Ro y告诉母基金研究中心。 从整个母基金行业来看，当前国内的引导基金已经进入 3 . 0版本：从1 . 0版本的"粗放式" ...

Core Insights - Chengdu's Future Industry Fund has officially launched its first batch of sub-funds, totaling 6.5 billion yuan, aimed at advancing key technology sectors such as artificial intelligence, quantum technology, and renewable energy [1][5][6] - The fund is part of a broader strategy to create a 300 billion yuan manufacturing development fund system, reflecting Chengdu's commitment to venture capital investment [3][6] - Chengdu High-tech Zone has established a significant fund cluster, with over 160 funds totaling more than 340 billion yuan, focusing on various industries including electronic information and digital economy [7][8] Fund Launch and Structure - The first batch of sub-funds was signed with six major investment institutions, marking a significant operational phase for the Future Industry Fund [1][5] - The fund's management is overseen by Chengdu's government investment fund management committee, emphasizing a competitive selection process for future sub-funds [5] - Chengdu Jiaozi Capital, a key player in the fund's operation, manages over 70 funds with a total scale exceeding 1.7 trillion yuan [5] Investment Strategy and Focus - The Future Industry Fund aims to support the "9+9+10" modern industrial system in Chengdu, targeting differentiated investment styles [1][5] - The fund's lifecycle approach includes various stages of investment, from seed to venture capital, ensuring comprehensive support for emerging industries [6][7] - The establishment of a high-level angel fund in Chengdu High-tech Zone aims to leverage 10 billion yuan to attract social capital for early-stage investments [8] Industry Trends and Developments - The mother fund industry in China is evolving into a "3.0 version," focusing on creating fund clusters and enhancing collaboration among provincial and municipal funds [9][10] - The trend of establishing large-scale guiding funds has gained momentum, with over 1 trillion yuan in new guiding funds launched since 2023 [9][10] - The emergence of specialized fund clusters indicates a shift towards targeted investment strategies, enhancing the effectiveness of capital deployment in strategic emerging industries [10]