Core Viewpoints - The article discusses two significant policies released by the Liaoning Provincial Government aimed at promoting the high-quality development of private equity investment funds and government investment funds, emphasizing the importance of these funds in fostering innovation, entrepreneurship, and the modernization of the industrial system in Liaoning [2][10]. Group 1: Overall Requirements - The policies are guided by Xi Jinping's thoughts and aim to implement the spirit of the 20th National Congress of the Communist Party of China, focusing on creating a multi-level, diverse, and comprehensive private equity investment fund system by the end of 2027, with a target of raising over 180 billion yuan in subscribed capital [4][12]. - By 2030, the goal is to exceed 250 billion yuan in subscribed capital, significantly contributing to the province's high-quality development [4]. Group 2: Strengthening Investment Institutions - The policies encourage the cultivation of diverse investment entities, promoting investment in original and leading technology innovation enterprises in Liaoning through policy incentives [5]. - The development of regional private equity investment institution clusters in Shenyang and Dalian is prioritized, aiming for a double-digit annual growth in fund subscriptions [5]. - Financial institutions are urged to collaborate with private equity funds to innovate financial services, including loan and direct investment combinations [5]. Group 3: Expanding Fundraising Channels - Government investment funds are to play a guiding role, with plans to expand their scale through various initiatives, including the establishment of provincial venture capital guiding funds [6]. - The policies emphasize attracting national-level funds to set up special funds in Liaoning, enhancing collaboration in due diligence, project research, and post-investment management [6]. - The development of patient capital is encouraged, with support for insurance institutions to invest in venture capital funds targeting strategic emerging industries [6]. Group 4: Fund Management and Operation - The policies aim to standardize the operation of government investment funds, promoting the integration and optimization of existing funds [8]. - A mechanism for investment linkage and profit-sharing is to be established, encouraging market-oriented participation from various levels of government [8]. - The establishment of a risk tolerance and exemption mechanism is proposed to foster a more innovative investment environment [8]. Group 5: Fund Exit Channels - The policies advocate for facilitating the listing and acquisition processes for invested enterprises, aiming to broaden exit channels for private equity investment institutions [9]. - Enhancements to the equity trading market's functionality are planned to improve services related to equity investment exits [9]. - The development of secondary market funds (S funds) is encouraged to expand investment exit options [9]. Group 6: Building a Healthy Ecosystem - A comprehensive management mechanism for promoting the high-quality development of private equity investment funds is to be established, ensuring collaboration among various departments [8][16]. - The policies highlight the importance of utilizing policy tools to support the development of private equity investment funds, including tax incentives for venture capital entities [8][16]. - Strengthening industry supervision and enhancing credit environments for private equity investment institutions are emphasized to ensure healthy industry growth [8][16].

Core Viewpoint - The Liaoning Provincial Government has issued implementation opinions to promote the high-quality development of private equity investment funds, aiming to establish a multi-level, diversified, and full-cycle private equity investment fund system by the end of 2027, with a target of raising over 180 billion yuan in subscribed capital [1][2]. Group 1: Fund Development Goals - By the end of 2027, the subscribed capital of various funds is expected to exceed 180 billion yuan, and by 2030, it is projected to surpass 250 billion yuan, significantly contributing to the province's high-quality development [1]. - The opinions emphasize the cultivation of diversified investment entities, encouraging venture capital institutions to increase investments in original and leading technology innovation enterprises in Liaoning [1][2]. Group 2: Investment Strategies - The government aims to support the development of patient capital, allowing insurance institutions to invest in venture capital funds and optimizing risk factors for eligible insurance companies [1][2]. - The opinions promote the development of corporate venture capital (CVC) and encourage investments around key links in the industrial chain to accelerate breakthroughs in core technology research and industrial transformation [1][2]. Group 3: Fund Management and Governance - A comprehensive evaluation system for government investment funds will be established, focusing on long-term performance rather than short-term project results [2][4]. - The government will streamline the approval process for establishing investment funds, ensuring that local governments assess and report fund establishment in a timely manner [6][7]. Group 4: Policy Framework and Environment - The opinions call for the optimization of fund management policies, including specific management methods and performance evaluation systems to enhance investor confidence in Liaoning [8][9]. - A risk tolerance and exemption mechanism will be established to encourage innovation and create a supportive environment for fund development [9][11]. Group 5: Collaboration and Coordination - The government will enhance collaboration among various departments to ensure effective management and operation of investment funds, promoting information sharing and coordinated efforts to address challenges in fund development [11][12].

大力发展耐心资本。支持保险机构按照市场化原则投资辽宁省创业投资基金，保险资金投资创业投资基 金穿透后底层资产为战略性新兴产业未上市公司股权的，支持符合条件的保险公司根据监管规定优化风 险因子。支持符合条件的创业投资机构发行公司债券、科创债等，拓宽资金来源。 辽宁省人民政府网站11月26日消息，近日，辽宁省人民政府办公厅印发《辽宁省人民政府办公厅关于促 进私募股权投资基金高质量发展的实施意见》。《意见》明确，到2027年底，全省多层次、分领域、全 周期私募股权投资基金体系基本形成，市场活跃度不断增强，各类基金认缴规模力争突破1800亿元；到 2030年底，各类基金认缴规模力争突破2500亿元，对全省高质量发展的贡献度明显提升。 《意见》提出，培育多元化投资主体。通过政策优惠和产业优势的叠加效应，引导创投机构加大对辽宁 原创性、引领性科技创新企业投资力度。鼓励科研机构、创新创业平台机构等参与创业投资。促进企业 风险投资（CVC）发展，围绕产业链关键环节开展股权投资，加快核心技术研发突破和产业转化。 完善风险容忍与容错免责机制。优化政府投资基金全链条、全生命周期考核评价体系，不简单以单个项 目或单一年度盈亏作为考核 ...

Core Viewpoint - The Liaoning Provincial Government aims to promote the high-quality development of private equity investment funds, targeting a subscription scale of over 180 billion yuan by the end of 2027 and over 250 billion yuan by the end of 2030, significantly contributing to the province's high-quality development [1][11]. Group 1: Overall Requirements - The initiative is guided by Xi Jinping's thoughts and aims to enhance the private equity investment fund ecosystem, ensuring a multi-level, diversified, and full-cycle fund system by 2027 [11]. - The plan emphasizes the importance of private equity funds in modernizing the industrial system and fostering innovation [11]. Group 2: Strengthening Investment Institutions - The government will cultivate diverse investment entities and encourage venture capital institutions to invest in innovative technology companies [12]. - Shenyang and Dalian are designated to become influential regional private equity investment hubs, aiming for double-digit annual growth in fund subscriptions [3][13]. Group 3: Expanding Fundraising Channels - The government will enhance the role of government investment funds and establish a matrix of funds to support strategic emerging industries [14]. - National-level funds will be encouraged to set up special funds or make direct investments in Liaoning [15]. Group 4: Enhancing Industry-Investment Connections - The plan focuses on connecting private equity investment institutions with key industry clusters and facilitating collaboration between various stakeholders [15]. - An online platform named "Chuangtou Liaoning" will be developed to optimize the matching of investment institutions and innovative projects [15]. Group 5: Strengthening Fund Management - The government will promote the standardized operation of government investment funds and establish a mechanism for investment linkage and profit-sharing [16]. - A risk tolerance and error-correction mechanism will be implemented to support fund managers and state-owned investors [16]. Group 6: Broadening Exit Channels for Funds - The initiative aims to facilitate the listing and acquisition processes for invested companies, enhancing market exit strategies for private equity funds [17]. - The development of secondary market funds (S Funds) will be promoted, encouraging investments from various financial institutions [17]. Group 7: Building a Healthy Industry Ecosystem - A comprehensive management mechanism will be established to promote the high-quality development of private equity investment funds [18]. - The government will enhance the credit environment and strengthen industry regulation to ensure the protection of investors' rights [18].

人民财讯11月26日电，辽宁省人民政府办公厅印发《关于促进私募股权投资基金高质量发展的实施意 见》，其中提出，到2027年底，全省多层次、分领域、全周期私募股权投资基金体系基本形成，市场活 跃度不断增强，各类基金认缴规模力争突破1800亿元；到2030年底，各类基金认缴规模力争突破2500亿 元，对全省高质量发展的贡献度明显提升。 ...