政府引导基金存续期延长

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“长续航版”政府引导基金频出,创投“募投管退”更从容
Zheng Quan Shi Bao· 2025-08-15 02:28
Core Viewpoint - The trend of extending the duration of government-guided funds is emerging, with many new funds set to last over 10 years, indicating a shift towards more patient capital in the venture capital industry [1][2]. Group 1: Fund Duration Extension - The typical duration of RMB venture capital funds has historically been around 7-8 years, limiting their ability to support technology projects until they reach significant growth [1]. - By 2025, many newly established guiding funds in regions like Beijing, Shanghai, and Guangdong are now set for durations exceeding 10 years, with some reaching up to 20 years [1]. - Existing guiding funds are also modifying management rules to extend their durations, with some second-phase funds extending their terms compared to the first phase [1]. Group 2: Impact on Sub-Funds - While mother funds are extending their durations, the actual duration of sub-funds has not significantly changed, typically remaining around 10-12 years due to investment and exit periods [2][3]. - Sub-funds generally have investment periods of 3-4 years, with few extending to 5 years, and their investment strategies remain unchanged despite the overall fund duration extension [3][4]. - The need for a balance in the duration of sub-funds is emphasized, as overly long durations could lead to complacency in fund management [2]. Group 3: Investor Expectations and Strategies - Limited Partners (LPs) are increasingly demanding quicker returns, leading to a focus on projects that can generate rapid capital returns [4][5]. - The emphasis on portfolio diversification has increased, with funds seeking a mix of fast-return projects and longer-term investments [4]. - The management fee structures are also being affected, as longer fund durations do not necessarily translate to higher management fees due to the nature of fee negotiations [4]. Group 4: Industry Sentiment and Future Challenges - The extension of fund durations is seen as a positive signal, fostering a more patient investment approach within the industry [6][7]. - There is a recognition of the challenges associated with exits, as unresolved exit issues could lead to a backlog of projects, creating a "dam" effect in the market [6]. - The alignment of fund durations with the tenure of local officials poses a challenge, as officials may prioritize short-term investment progress over long-term strategies [6].