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深度丨“长续航版”政府引导基金频出,创投“募投管退”更从容
证券时报· 2025-08-15 02:27
Core Viewpoint - The trend of extending the duration of government-guided funds is emerging in 2025, which may significantly impact the venture capital industry by fostering patient capital and altering the fundraising, investment, and exit ecosystem [2][3][9]. Group 1: Extension of Fund Duration - Historically, RMB venture capital funds had a lifespan of no more than 10 years, often only 7-8 years, limiting their ability to support technology projects through their growth phases [2]. - In 2025, many newly established guiding funds in regions like Beijing, Shanghai, Jiangsu, and Guangdong have durations exceeding 10 years, with some reaching up to 20 years [2][3]. - 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 [2][3]. Group 2: Impact on Sub-Funds - The extension of the main fund's duration is being reflected in sub-funds, with many sub-funds also seeing their durations extended by 2-3 years [3][4]. - However, the actual operational time for sub-funds remains limited due to the investment period typically set at 5 years, leading to a practical exit period of only a few years [4][6]. - The balance between fund duration and the need for timely exits remains a concern, as overly long durations could lead to complacency among sub-funds [4]. Group 3: Investment Strategies and LP Requirements - Despite the extended duration of main funds, the investment periods for sub-funds have not changed significantly, with most set at 3-4 years [6]. - Limited Partners (LPs) are increasingly demanding strict DPI (Distributions to Paid-In) requirements, emphasizing the need for quicker returns on investments [6][7]. - The focus on a balanced portfolio that includes both quick-return and long-term projects is becoming more pronounced in the industry [6]. Group 4: Industry Sentiment and Future Challenges - The extension of fund durations is viewed positively, fostering a more patient investment mindset within the industry [9][10]. - However, the challenge of ensuring successful exits remains critical, as unresolved exit issues could lead to a backlog of projects [9][10]. - The natural conflict between long-term fund durations and the short-term focus of local officials may pose ongoing challenges for the effective management of these funds [9].
政府引导基金“长续航” 创投“募投管退”更从容
Zheng Quan Shi Bao· 2025-08-14 22:24
一直以来,人民币创投基金的存续期通常不超过10年,多数仅有7—8年,导致很多基金不得不在企业尚 未迎来爆发式增长便退出市场。大部分人民币基金很难长期、完整支持一个科技项目。 这一难题在2025年迎来转机。证券时报记者观察到,包括北京、上海、江苏、广东等省市新设的多只引 导基金存续期均在10年以上,有的甚至长达20年。部分地区原有的引导基金也修改规则延长存续期,引 导基金的二期基金也较一期基金延长了期限。存续期延长给母基金和子基金的退出留出更多空间,创 投"募投管退"将更从容。 地方政府引导基金纷纷延期 去年年底,深圳市福田引导基金宣布支持延长在管子基金存续期2年,推动各子基金按照合伙协议约定 程序执行延长存续期操作,在国内引导基金行业开"先河"。进入2025年,越来越多的省市引导基金开始 主动延长期限。据记者不完全统计,截至目前,包括湖北、江苏、上海、广东、北京等省市,已纷纷推 出"长续航版"引导基金,以实际行动积极培育耐心资本。 母基金主动延长存续期,是否已经传导至子基金层面?深圳一创投机构负责人对记者表示:"我们近期 准备设立一只基金,期限为10年,比前一只基金长了约3年。"对于这个基金期限,国资有限合伙 ...