Core Viewpoint - Increasing numbers of government investment funds are transitioning from Limited Partners (LP) to General Partners (GP), focusing on direct investments and seeking new investment opportunities in both emerging industries and existing markets [1][2]. Group 1: Transition to Direct Investment - Since the release of the "Guiding Opinions on Promoting the High-Quality Development of Government Investment Funds" (referred to as "Guoban No. 1 Document"), local government investment funds have shifted their strategy to include direct investment, with a notable increase in direct investment projects [2][4]. - The scale of direct investments has reached nearly 100 million yuan in the first half of the year, indicating a significant commitment to this approach [2]. - The overall management scale of China's mother fund industry has decreased by 23.7% compared to the end of 2024, with government-guided funds seeing a 24.0% decline [4][5]. Group 2: New Types of GP Collaboration - Government investment funds are now collaborating with new types of GPs to create ecosystems and enhance industrial capabilities, moving beyond merely fulfilling return tasks [8]. - A local investment platform has made angel investments in innovative technology companies, focusing on high thermal conductivity aluminum nitride ceramic products, which are crucial for advanced industries like AI and 5G [8][9]. - The establishment of a pilot platform for material innovation teams has been initiated to facilitate the transition from research to market, addressing a critical gap in the technology transfer process [9]. Group 3: Exploring Existing Market Opportunities - A local state-owned fund in a second-tier city has recognized its limited capital strength and is focusing on finding investment opportunities within the existing market, particularly in traditional industries [12]. - Despite low profit margins in many local enterprises, some companies have shown promising financial performance, with gross margins reaching 40-50% and net profit margins around 20% [13]. - The fund plans to empower these well-performing companies through mergers and acquisitions, aiming to integrate them into the broader industrial chain and explore international market opportunities [13].

经济观察报记者老盈盈 2025年以来，邓民接触的GP(普通合伙人)较2024年明显少了很多。 邓民是一家中部地区地方政府投资基金的负责人，他在2024年接触了100多家GP，但进入2025年之后， 随着《国务院办公厅关于促进政府投资基金高质量发展的指导意见》(下称"国办1号文")的发布，他们 对GP进行了更有针对性地选择，接触数量就少了。 在政策鼓励政府投资基金设置容错机制"投早、投小、投硬"的背景下，邓民所在的地方政府投资基金在 过去的母子基金模式之外，也增加了直投模式。尤其从今年开始，他们不断加码直投项目，达成了多个 直投项目的投资决策，上半年直投规模已近亿元。 邓民在和一些同行交流后发现，越来越多的政府投资基金在从LP(有限合伙人)向GP方向转型。直投 后，他们打法各异，有的寻找新型GP合作布局新兴产业，一起构建生态；有的则因地制宜，在存量市 场中寻找新的投资机会。 根据私募股权母基金领域研究与服务的专业机构母基金研究中心于近期发布的《2025上半年中国母基金 全景报告》(下称《报告》)，中国母基金行业包括政府引导基金、市场化基金和S基金。截至2025年6月 30日，中国母基金行业在管规模达34845亿 ...