私募股权二级市场基金(S基金)

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国资S基金迎来井喷
母基金研究中心· 2025-09-29 08:46
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 ...
青岛市拟打造规模不低于3000亿元的基金矩阵
Zheng Quan Ri Bao· 2025-09-26 06:50
在9月26日召开的"2025·青岛创投风投大会"上,青岛市财政局党组书记、局长鞠立果正式发布《青岛市 发挥基金引领作用促进高质量发展行动方案(2025-2027年)》(以下简称"行动方案")。 "五大赋能行动"完善基金生态链条。一是招商引资赋能行动。力争三年引入长期资本、耐心资本合计不 低于150亿元。二是产业培育赋能行动。为"10+1"产业配备投资顾问,"一产业一清单"服务企业融资需 求,力争对青岛项目每年新增投资额不低于100亿元。三是要素支撑赋能行动。四是提质增效赋能行 动。大力发展私募股权二级市场基金(S基金)、并购基金,探索开展区域性股权市场基金份额转让业 务,鼓励注册在青岛市的私募股权创投基金实物分配股票,畅通企业境内外上市通道,落实政府引导基 金原价转让股权或份额政策,"六位一体"帮助基金拓宽退出渠道,促进投资再循环,激活投资活力。五 是资源集聚赋能行动。力争金融资产投资公司股权投资试点基金三年实质性投资规模合计不低于60亿 元。 根据行动方案,青岛市设定了明确发展目标:力争到2027年,市政府引导基金在投规模达到1500亿元, 市属国有企业基金规模突破1000亿元,各类创投风投机构在投青岛项目 ...
保障护航+资金接力 保险业为科技创新 注入“双动能”
Jin Rong Shi Bao· 2025-08-08 07:25
"这两年,我走访调研了不少科创企业,深刻地感受到,企业对科技金融综合服务的需求越来越迫 切。"蔡希良表示,面对越来越迫切的市场需求,中国人寿依托保险、投资、银行综合金融优势,发挥 不同金融业态的协同效应,统筹运用股权债权保险等工具,为科创企业提供全生命周期、全方位金融服 务。 "今年以来,中国人寿已累计为战略性新兴产业提供风险保障近40万亿元,服务国家级专精特新'小巨 人'企业超过9600家。"在陆家嘴论坛上,中国人寿保险(集团)公司党委书记、董事长蔡希良分享了这 样一组数据。 如何以金融之"活"促科技创新之"进"?这一问题是今年陆家嘴论坛的核心议题之一。通过实践来看,保 险业答好这一问题,必须通过制度创新、服务创新,为科技创新提供全方位的"风险屏障"和强劲的"发 展引擎"。 科技保险"上新"提速 蔡希良表示,保险资金具有长期资本、耐心资本的特点,与科技创新周期长、投入高的需求特征具有较 好的匹配性。不过,保险资金是老百姓的养老钱、救命钱,对资金运用安全性要求比较高,而科技创新 早期风险高、不确定性大,这就导致保险资金投早、投小存在天然障碍。 具体而言,中国人寿重点加大对科技创新风险保障力度,持续创新科技保险 ...
甘肃:严控新设基金,不以招商引资为目的设立政府投资基金
Sou Hu Cai Jing· 2025-06-10 08:51
Core Viewpoint - The Gansu Provincial Government has issued implementation opinions to promote the high-quality development of government investment funds, emphasizing the need for careful evaluation and approval processes for fund establishment, as well as the importance of avoiding redundant investments and ensuring effective fund management [1][4][5]. Group 1 - The government investment funds should have a reasonable duration and act as long-term and patient capital to adjust across cycles [4]. - Funds established by the government must undergo thorough evaluation and adhere to approval procedures, with provincial or municipal funds requiring local government approval [4][5]. - New government investment funds at the county level should be strictly controlled, with proposals needing approval from the municipal government if the county has sufficient financial resources [4]. Group 2 - All levels of government investment funds must prevent redundant investments and disorderly competition to avoid overcapacity and low-level repeated construction [4]. - New funds established by municipalities or counties must be reported to the provincial finance department for record-keeping [4]. - The same government should not establish multiple funds in the same industry or field, but funds can support the same project in a market-oriented manner [4]. Group 3 - Funds lacking industrial foundation or resource endowment should enhance effectiveness through optimized investment directions and market-oriented exits [5]. - Fiscal departments at all levels are responsible for the unified management of government investment funds, with strict controls on new fund establishments [5]. - It is prohibited for governments to finance through illegal debt, and there should be no new hidden local government debts [5]. Group 4 - A mechanism for error tolerance centered on compliance responsibility exemptions is encouraged to enhance the investment enthusiasm of fund managers [5]. - Regulatory responsibilities should be performed in accordance with laws and regulations, without administrative interference in daily fund management and investment decisions [5].
科技部等七部门:开展私募股权创投基金实物分配股票试点,允许将持有的上市公司股票通过非交易过户的方式向投资者进行分配。鼓励发展私募股权二级市场基金(S基金)。
news flash· 2025-05-14 07:43
Group 1 - The Ministry of Science and Technology and six other departments are initiating a pilot program for the physical distribution of stocks from private equity and venture capital funds, allowing the transfer of listed company stocks to investors through non-trading methods [1] - The initiative encourages the development of secondary market funds for private equity, referred to as S funds [1]
七部门:优化国有创业投资考核评价机制 健全创业投资退出渠道
news flash· 2025-05-14 07:36
智通财经5月14日电,科技部、中国人民银行、金融监管总局、中国证监会、国家发展改革委、财政 部、国务院国资委印发《加快构建科技金融体制 有力支撑高水平科技自立自强的若干政策举措》,优 化国有创业投资考核评价机制。落实好支持中央企业创业投资基金高质量发展的政策措施,健全符合创 业投资行业特点和发展规律的国有资本出资、考核、容错和退出的政策机制,对国资创业投资机构按照 整个基金生命周期进行考核。引导国有资本成为支持创业投资的长期资本、耐心资本。带动地方国有资 本和其他行业国有资本参照执行。健全创业投资退出渠道。评估北京、上海、广东等区域性股权市场私 募股权基金份额转让试点成效,进一步优化份额转让业务流程和定价机制。开展私募股权创投基金实物 分配股票试点,允许将持有的上市公司股票通过非交易过户的方式向投资者进行分配。鼓励发展私募股 权二级市场基金(S基金)。 七部门:优化国有创业投资考核评价机制 健全创业投资退出渠道 ...
1300亿+100亿+100亿,福建发展母基金和创投出大招
母基金研究中心· 2025-05-12 15:25
Core Viewpoint - The article discusses the recent measures introduced by the Fujian Provincial Government to enhance capital market services for technology-driven enterprises, focusing on the establishment of a substantial government-guided fund matrix aimed at fostering high-quality development in the region [1][2]. Group 1: Government Fund Matrix - Fujian Province aims to create a government-guided fund matrix with a total scale exceeding 1,300 billion yuan, including a 100 billion yuan provincial government investment fund and a 300 billion yuan functional fund group by 2029 [1][3]. - The fund matrix will focus on developing high-end industrial clusters with international competitiveness and regional characteristics, emphasizing early, small, long-term investments in hard technology [1][3]. Group 2: Key Industries and Functions - The government-guided fund matrix will target five key industries: new energy, petrochemicals, new materials, biomedicine, and strategic emerging industries [2]. - The matrix will enhance five critical functions: major project cultivation, investment stage guidance, technology innovation drive, regional characteristic development, and industrial support upgrades [2]. Group 3: Fund Establishment and Management - The first batch of proposed funds will have a minimum scale of 300 billion yuan, with 200 billion yuan allocated for industrial funds and 100 billion yuan for functional funds [3]. - The provincial government will implement a lifecycle assessment and liability exemption measures for government-guided funds, optimizing management to align with the characteristics of the venture capital industry [4][5]. Group 4: M&A and S Funds - Fujian Province plans to establish a 100 billion yuan provincial M&A fund, capitalizing on the growing potential for mergers and acquisitions in the market [8][9]. - The establishment of a 100 billion yuan provincial Science and Technology Innovation Relay S Fund aims to facilitate investment in quality technology enterprises and improve exit channels for equity investments [10][11].