关注「IP百创」并 与行业IP领袖共成长 文末扫码加入投资人社群 2025年是中国股权投资机制重塑的"元年"，我们正站在从艰难转型向信心回归的关键节点。新形势下， 股权投资行业正在开启新格局。随着2025落下帷幕，母基金研究中心特别制作专题，共同回顾2025中国 母基金行业十大年度事件。 01国办一号文出台，母基金行业迎来重要政策 2025年1月7日，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕 1号），首次从国家层面系统规范政府投资基金的设立、募资、运行与退出，分八部分提出25条具体措 施。这份被业内称为"国办一号文"的文件，针对母基金关注的出资方式、返投安排、注册地限制、退出 机制、耐心资本与容错免责等核心环节提出了全面部署，标志着母基金行业迎来重要指导性政策文件。 国办一号文鼓励创业投资类基金采取母子基金方式，并且，对创业投资类基金，可适当提高政府出资比 例、放宽出资条件、延长基金绩效评价周期。同时，明确对基金设立的分级管理要求，县级政府应严格 控制新设基金，严控县级政府新设基金管理人。 国办一号文明确，落实建设全国统一大市场部署要求，不以招商引资为目的设立政府投资基 ...

种下梧桐树，引得凤凰来。 新能源的赛道上，技术迭代加速突破；低空经济的蓝天下，创新企业蓬勃发展……科技创新生态跃迁的 背后，一股关键力量——政府投资基金，始终在场。 从上海张江的科创孵化园到珠江畔的产业基金集群，再到天府之国的创投工坊，政府投资基金的身影遍 布培育、壮大新质生产力的关键环节。它们既是滋养创新的"活水"，更是驱动产业升级的"引擎"。 据执中ZERONE统计，2025年前三季度，全国私募股权市场政府资金认缴出资规模达7744亿元，报告期 内各级政府合计发布基金遴选公告372条。全国社保基金等国家级长线资本加速布局浙江、江苏等科创 高地，精准滴灌硬科技与战略性新兴产业。 2025年初，《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》发布，提出了高质量发展的 纲领。各地政府紧随其后出台了一系列政策，引导基金调整投资策略，重点关注"两端"，细化放宽基金 考核机制，落实基金"长钱"定位等。 面向"十五五"，《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》提出，完善民营企 业参与重大项目建设长效机制，发挥政府投资基金引导带动作用，激发民间投资活力、提高民间投资比 重，增强市场主导的有效投 ...

周恒 制图 政府投资基金这一年： 从"活水"到"引擎"，质变如何发生？ □ 专家表示，当前地方政府在选择基金管理人时，越来越看重其产业深耕能力和项目储备质量。能否精 准引入产业链关键环节、构建完整生态，已成为遴选管理人的核心标准 ◎记者 邓贞 何漪 种下梧桐树，引得凤凰来。 新能源的赛道上，技术迭代加速突破；低空经济的蓝天下，创新企业蓬勃发展……科技创新生态跃迁的 背后，一股关键力量——政府投资基金，始终在场。 从上海张江的科创孵化园到珠江畔的产业基金集群，再到天府之国的创投工坊，政府投资基金的身影遍 布培育、壮大新质生产力的关键环节。它们既是滋养创新的"活水"，更是驱动产业升级的"引擎"。 据执中ZERONE统计，2025年前三季度，全国私募股权市场政府资金认缴出资规模达7744亿元，报告期 内各级政府合计发布基金遴选公告372条。全国社保基金等国家级长线资本加速布局浙江、江苏等科创 高地，精准滴灌硬科技与战略性新兴产业。 2025年初，《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》发布，提出了高质量发展的 纲领。各地政府紧随其后出台了一系列政策，引导基金调整投资策略，重点关注"两端"，细化放宽基 ...

2 0 2 5年1 2月2 8日，2 0 2 5第七届中国母基金5 0人论坛在京召开。本届论坛由母基金研究中心 （www. c h i n a -f o f. c om）主办，汇聚了来自政府部门、行业协会、国内主流母基金、保险资 管、银行AIC、知名投资机构、产业集团及学术界的3 0 0余位代表，为中国母基金行业建言献 策。 2 0 2 5年的中国一级市场呈现"统计数据回暖"与"微观个体寒冷"的极端背离。从数据上看， 2 0 2 5年二季度、三季度新备案基金数量同比增幅超3 0%，似乎释放出市场活跃信号。然 而，"体感极寒"才是绝大多数机构的真实写照： 中小 GP募资通道几乎关闭，8 0%以上的新增 备案集中在头部机构与大国资平台 。 这不是简单的低谷反弹，而是一次波及募、投、管、退全链条的范式重构 ——行业正经历由量 向质转变的"分水岭"。2 0 2 5年1 - 11月，私募基金管理人主动或被动注销数量合计111 8家，行 业加速出清尾部"僵尸机构"。大量机构进入"零出手"状态，投资人的KPI已异化为"全员募 图 为 母基金研究中心创始人、水木资本董事长 唐 劲 草 资"与"返投落地"。市场正从过去" b ...

今年，港股 IPO市场的持续升温，让VC/PE迎来期待已久的退出窗口期。 11月2 7日，安永发布2 0 2 5年《中国内地和香港IPO市场回顾及展望》报告。报告显示，2 0 2 5 年中国内地和香港IPO活动在全球呈现增长态势，A股和香港市场全年IPO数量和筹资额占全球 总量的1 6%和3 3%。其中，A股市场整体稳中有进，港交所以全年3 6 0亿美元融资额跃居全球交 易所榜首。 报告介绍， 2 0 2 5年港股IPO市场迎来强势复苏，IPO筹资额时隔四年再度突破2 0 0 0亿港元，重 回近五年第二高峰。大型IPO项目上市成为推动港股崛起的关键因素，其中来自内地的A+H及 A拆H企业贡献突出，全年预计超过2 0家A股公司在港首发上市，合计募资超过1 7 0 0亿港元。 " 曾几何时，投资人对上市退出的地点是有 '鄙视链'的，并不看好企业去港股上市。但风水轮 流转，今年以来港股破发率大大降低，消费、科技赛道的企业在港股市场都比较热，表现不 错，所以现在很多投资人都在催着被投企业去港股上市。"北京某VC机构投资总监对母基金研 究中心表示。 今年，新消费公司在港股市场大放异彩，被称作 "港股三朵金花"的蜜雪冰城 ...

Core Viewpoint - The 2025 Sixth China Fund of Funds Summit highlighted the importance of diverse exit strategies in the private equity sector, particularly in the context of mergers and acquisitions, and the evolving landscape of investment opportunities and challenges in China [1][2][4]. Group 1: Event Overview - The summit took place from August 30 to 31, 2025, in Beijing, organized by the Fund of Funds Research Center, with over 300 representatives from government, industry associations, and leading investment institutions in attendance [1]. - The event featured discussions on new exit models, including mergers and flexible exits, emphasizing the need for innovative approaches in the current policy and market environment [2][4]. Group 2: Key Discussions on Exit Strategies - The roundtable forum focused on "Breaking the Deadlock and Value Reconstruction: How to Create a New Paradigm for Mergers and Diverse Exits," where industry leaders shared successful case studies and practical experiences [2][3]. - The discussion underscored the significance of aligning fiscal funding with regional industrial planning to enhance investment and economic development [4]. Group 3: Case Studies and Practical Insights - Successful examples included the listing of Yitang Co. on the Sci-Tech Innovation Board through mergers initiated by Yizhuang Guotou, and the acquisition of equity in Zhongxin Beifang by SMIC, which opened exit channels [4]. - The Guangdong Hongtu investment by Yueke Fund in 2000, which evolved from a strategic investor to a controlling shareholder, exemplified the benefits of mergers for asset liquidity and value enhancement [5]. Group 4: Flexible Exit Strategies - The concept of "flexible exit" emerged as a new trend, allowing for more adaptable approaches to exits, particularly in challenging market conditions [7][10]. - Various flexible exit methods were discussed, including phased buyback strategies and non-litigious resolutions to disputes, aimed at supporting companies in distress while ensuring investor returns [8][10]. Group 5: Importance of Management and Long-term Planning - The ability of fund managers to anticipate exit strategies is crucial, with a focus on the role of high-quality assets in facilitating successful exits [6][10]. - Long-term capital investors, such as the Tsinghua University Education Foundation, emphasized the importance of planning for exits from the outset, often requiring a 10 to 15-year horizon for returns [9][10].

Core Viewpoint - Investment institutions are increasingly opting for profit-sharing agreements instead of traditional buyback agreements due to the pressure of Distribution to Paid-In (DPI) ratios and the changing landscape of project selection [1][2][6] Group 1: Investment Strategies - Many investment firms are now focusing on projects that can provide dividends, as the previous reliance on IPOs for exits is becoming less viable due to a slowdown in the IPO market [1][2] - The term "Down round" has become prevalent, with approximately 70% of newly financed projects experiencing valuation reductions, indicating a market correction and increased caution among investors [3][4] Group 2: Exit Challenges - The current exit environment is challenging, with many funds established during the 2015-2016 period facing difficulties in timely liquidation, leading to repeated extensions [2][5] - The performance of many funds is disappointing, with some even underperforming compared to low-risk investments like money market funds, highlighting the struggles in recovering investments [5] Group 3: Flexible Exit Approaches - A new trend termed "flexible exit" is emerging, where investment firms are adapting their strategies regarding buybacks and are exploring alternative solutions, such as equity stakes in new ventures started by founders [7] - This flexibility includes not enforcing buyback clauses for early-stage projects, allowing for more favorable negotiations on valuations and transparency [7] Group 4: Future Outlook - There is hope for improved exit channels for VC/PE firms, with expectations for favorable policies to be implemented soon [8]

Core Viewpoint - Recent audits of state-owned funds have highlighted issues related to the loss of state assets and compliance problems, prompting many funds to undergo rectification processes [2][3][4]. Group 1: Audit and Compliance Issues - Many state-owned funds have received notices for rectification due to concerns over state asset losses during audits, with both the funds and their invested sub-funds being scrutinized [2]. - Issues identified include non-compliance in exit strategies, such as failure to initiate buybacks or pursue arbitration when necessary, raising concerns about the management of state assets [2][3]. - The audits have revealed shortcomings in the venture capital functions of state-owned funds, including insufficient contributions to industrial development and inadequate leverage of social capital [2][3]. Group 2: Challenges Faced by General Partners (GPs) - GPs are facing intense scrutiny during audits, with inquiries focusing on project exit arrangements and the rationale behind investment decisions [3]. - The pressure from state-owned limited partners (LPs) for forced exits has led to a wave of lawsuits against GPs, reflecting the challenges in managing compliance and exit strategies [6][7]. Group 3: Evolving Exit Strategies - The concept of "flexible exits" is gaining traction, where funds are exploring softer exit strategies rather than rigid buyback agreements, indicating a shift in approach to managing investments [6][7]. - Recent legislative efforts in various regions are encouraging the relaxation or removal of mandatory buyback clauses in investment agreements, promoting a more adaptable investment environment [7][8]. Group 4: Tolerance for Losses - There is a growing acceptance among state-owned funds for higher loss tolerances, with some regions allowing for up to 100% losses on individual projects, reflecting a significant shift in risk management practices [7][8]. - Policies are being developed to create a more supportive environment for venture capital investments, emphasizing the need for a robust error tolerance mechanism and a comprehensive evaluation system [9][10]. Group 5: Policy Developments - Recent government policies have focused on optimizing the management of government investment funds, advocating for a more flexible approach to performance evaluation that does not solely rely on individual project outcomes [9][10]. - The establishment of a comprehensive error tolerance mechanism is being prioritized to alleviate the concerns of fund managers regarding investment risks and responsibilities [10].

Core Viewpoint - The concept of "flexible exit" is emerging in the venture capital (VC) industry, where investment institutions are adopting more adaptable approaches to project buybacks and negotiations, rather than strictly enforcing traditional buyback agreements [1][3][4]. Group 1: Flexible Exit Strategies - Many investment institutions are no longer rigidly initiating buybacks and are instead allowing projects to seek new buyers, using a principal plus interest model for share transfers [1]. - Some VCs are actively waiving buyback requirements for early-stage projects, opting for more favorable investment conditions such as better valuations and transparency in information disclosure [2]. - The term "flexible exit" refers to the search for softer solutions or new opportunities instead of relying solely on buybacks and guarantees [3]. Group 2: Current Market Challenges - The issues surrounding buybacks and guarantees have become a focal point in the primary market since last year, particularly as many startups are triggering buybacks en masse [4][6]. - A significant number of projects, approximately 13,000, are facing exit pressures, with over 90% of venture capital and private equity projects utilizing buyback rights [7]. - The legal landscape has changed, with 90% of lawsuits naming founders as defendants, and many founders facing execution orders due to buyback failures [7]. Group 3: Institutional Responses - There is increasing pressure on General Partners (GPs) from Limited Partners (LPs) to initiate lawsuits and enforce buybacks, as the urgency to exit projects grows [8][10]. - Some state-owned funds are becoming more flexible in their exit strategies, showing a willingness to relax buyback demands [11]. - Legislative efforts in regions like Hunan and Shandong are encouraging funds to avoid mandatory buyback clauses, promoting a more supportive investment environment [12][13]. Group 4: Systemic Issues and Collaborative Solutions - The current wave of buybacks is viewed as a systemic issue, requiring collaborative efforts from all parties involved to find effective solutions [14]. - The call for rational restraint and mutual understanding among stakeholders is emphasized, with a focus on long-term economic confidence and cooperative problem-solving [15]. - There is an expectation for more regions to optimize government and state-owned fund mechanisms to foster long-term capital investment [16].