Core Viewpoint - The article discusses the implementation of 22 specific measures by the Liaoning provincial government to promote the high-quality development of private equity investment funds, aiming to enhance the financial support for technological innovation in the region [1][2]. Group 1: Development Goals - By the end of 2027, Liaoning aims to establish a multi-level, sector-specific, and full-cycle private equity investment fund system, with a target of exceeding 180 billion yuan in subscribed capital [1]. - By the end of 2030, the target for subscribed capital is set to exceed 250 billion yuan, significantly contributing to the province's high-quality development [1]. Group 2: Capital Aggregation - The government emphasizes not only attracting more capital but also ensuring it is directed towards the right industries, particularly original and leading technological innovation enterprises in Liaoning [2]. - The plan includes fostering diversified investment entities and encouraging participation from research institutions and innovation platforms in venture capital [2]. Group 3: Patient Capital Development - The article highlights the need for "patient capital" to support technology companies, allowing insurance institutions to invest in venture capital funds under market principles [3]. - It also mentions the support for qualified venture capital institutions to issue corporate bonds and technology innovation bonds to broaden funding sources [3]. Group 4: Risk Tolerance and Error Correction Mechanisms - To create an environment conducive to investment, Liaoning is enhancing risk tolerance and error correction mechanisms, optimizing the evaluation system for government investment funds [5]. - The government aims to establish a differentiated management mechanism for venture capital and industrial investment funds, allowing for higher government contribution ratios in venture capital funds [5]. Group 5: Exit Strategies and Market Functionality - The article discusses optimizing exit channels for funds, including facilitating domestic and international listings and mergers for invested enterprises [7]. - It also emphasizes the importance of enhancing the functionality of equity trading markets to improve services related to equity investment exits [7]. Group 6: Overall Policy Environment - Overall, the measures outlined in the article aim to improve the policy environment and management systems for private equity investment funds, with specific quantitative targets set for capital growth [8].