今年年初，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〔 2 0 2 5〕1号）， 首次 从国家层面明确提出 "鼓励发展私募股权二级市场基金（S基金）"， 这 份被业内称为 "S基金 发展春天的标志 "的文件，要求"优化政府投资基金份额转让业务流程和 定价机制" 。 S基金这池水，真的热起来了。 我们关注到，最近这一年多，各地国资 S基金的设立十分火热： 从设立目的上来看，多数国资 S基金的设立目的主要是为了承接过往投资的基金和项目份额。 我们认为，这有利于在人民币S基金市场中起到示范性带动作用，推动私募二级市场出现更多 专业化的国资S基金，进一步畅通股权投资行业退出渠道。 各地国资 S基金的井喷离不开政策的东风频吹： 这是比较突破性的举措，我们此前就分析过，由于一级市场上最大的 LP群体政府投资基金并 没有大规模入场参与S交易，中国S基金的发展一直属于早期阶段，规模尚小。而定价及资产评 估体系的不确定性是他们参与交易的一大障碍。随着 国办一号文 的出台，我们预计接下来针 对如何完善政府投资基金评估体系、优化份额转让的业务流程与定价机制会有更加科学的指导 出现，这也将为私募股权二级市场 ...

Core Viewpoint - The 2025 Sixth China Fund of Funds Summit highlighted the evolving landscape of market-oriented mother funds, emphasizing the need for differentiation and strategic positioning in a tightening fundraising environment and diverse exit channels [1][2][6]. Group 1: Market Environment and Challenges - The current market for mother funds and direct investment funds is characterized by new opportunities and challenges, particularly in the context of tightening fundraising and diverse exit strategies [2][5]. - Local governments are increasingly seeking partnerships with market-oriented institutions to drive industrial upgrades, despite facing challenges in balancing profitability with local development needs [5][6]. - The policy environment is becoming more aligned for market-oriented mother funds, with a focus on strategic emerging industries and technological innovation [6]. Group 2: Strategic Positioning and Development - Market-oriented mother funds need to rethink their positioning and development logic, particularly in terms of investment strategies and collaboration with government-guided funds [7]. - Fund managers must adapt to market trends and maintain flexibility in their investment strategies to create differentiated competitive advantages [7][8]. - Emphasis on financial returns, particularly IRR and DPI, is crucial for market-oriented mother funds, which should focus on existing quality projects rather than new investments [9]. Group 3: Collaboration and Learning - There is a growing recognition of the advantages of state-owned capital in the current environment, prompting private funds to learn from state-owned experiences in selecting GPs and managing investments [8][9]. - Strategic collaboration with state-owned funds is seen as a way to enhance investment outcomes, especially when GPs receive government allocations [9].

Core Insights - The establishment of local government investment funds has shown a differentiated trend across regions, with strong momentum in Guangdong and Jiangsu, while some central and western regions have seen a decline in the number of new funds [1][3][4] Group 1: Government Investment Fund Establishment - The pace of establishing local government investment mother funds has slowed down, with a 2.5% year-on-year decrease in the number of funds and a 19.04% decrease in total scale to 338.41 billion yuan in the first quarter of 2025 [2][3] - The enthusiasm for setting up mother funds remains high in coastal developed areas, while central and western regions have seen a reduction in new fund establishments, with only 15 county-level government guiding funds registered in the first quarter of 2025, a decrease of 3 from the previous year [3][4] Group 2: Policy Impact and Regional Differences - The release of the "Guiding Opinions" in January 2023 has influenced local governments, leading to a more cautious approach in establishing new funds, particularly in terms of not using funds solely for attracting investment [4][5] - Different regions interpret and implement the policy variably, with some areas still actively establishing funds despite the guidelines, particularly in Zhejiang where fund establishment has continued as planned [3][4] Group 3: Direct Investment Funds - Many local governments are increasingly favoring direct investment funds as a more effective means of attracting investment, with several regions establishing direct investment fund clusters, such as a 15 billion yuan technology industry fund cluster in Beijing [6][7] - Direct investment funds allow local governments to participate directly in investment decisions, contrasting with the traditional mother fund model, which may not align with local industrial needs [6][7] Group 4: Risk Management Mechanisms - Local governments are implementing error tolerance mechanisms to support direct investment funds, allowing for significant losses on individual projects, which encourages more aggressive investment strategies [7] - Policies in regions like Shenzhen and Guangzhou allow for high levels of project loss, promoting a more risk-tolerant investment environment [7]

近期，各地直投基金群设立的如火如荼，如3月北京昌平成立1 5 0亿元科技产业基金群；5 0 0亿 上海市产业转型升级二期基金、5 0 0亿国资并购基金矩阵启动。 "感觉今年，各地新设的政府基金基本都是直投，大家都不设母基金了。去年这个时间点，还 是有很多百亿、千亿母基金群的动态的。"北京某VC机构IR负责人陈晨（化名）对母基金研究 中心表示。 多位IR告诉母基金研究中心，体感今年的母基金设立数量是"腰斩"。数据也基本符合了大家的 感受——据母基金研究中心数据统计，2 0 2 4年第一季度新发起母基金规模2 3 8 7亿，今年第一 季度新发起母基金规模1 4 6 2亿， 下跌3 8 . 7 5% 。 "个人观点， 国办1号文'不以招商引资为目的设立政府投资基金'影响还是比较大 。招商引资 是目前各地政府设立母基金的动力之一，政府投资基金失去招商引资功能可能会影响地方设立 政 府 引 导 基 金 的 积 极 性 ， 再 加 上 县 级 政 府 严 控 新 设 基 金 ， 预 计 未 来 中 国 母 基 金 数 量 可 能 会 减 少、规模可能会逐步下降，创投类的尤甚。我们也确实观察到， 因应国办1号文，今年以来各 ...