地方引导基金在遴选 GP时，有了新偏好和新的判断逻辑。 "原来我们的策略是，和优秀的头部大白马GP合作，来吸引大机构来本地设立基金，从而支 持本地发展。但现在我们的判断标准变了： 更偏好在本地做的好的当地 GP机构 。 "某发达 省份省级母基金相关负责人刘年（化名）告诉母基金研究中心。 这种遴选偏好，既不是白马原则也不是黑马原则。偏好的转变，来自于思路的改变 —— "原 来我们觉得，大机构经验和资源丰富。但现在我们发现， 省内做的好的当地机构， 更 了解 省内政策风格 、 产业发展情况，从实际效果来看，过往这类基金反而比和白马 GP合作的基 金对当地发展带来的作用更大。所以，现在， 省外大机构如果在当地没有深度布局过， 我 们也基本 不考虑 。 " 刘年表示。 此外，引导基金招募子基金的类型也在悄然发生变化。 " 从近一年 各家母基金的遴选公告来看， 几乎没有综合性基金，都是细分产业且分的比之 前要更细很多，很多都是专注于一个很垂直的子领域的专精特新定位 。 "北京某VC机构IR 负责人Ro y告诉母基金研究中心。 从整个母基金行业来看，当前国内的引导基金已经进入 3 . 0版本：从1 . 0版本的"粗放式" ...

Group 1 - The core viewpoint of the article highlights the evolution of guiding funds and their requirements for sub-funds, emphasizing a shift towards more specialized and vertical investment strategies in niche industries [2][3] - The guiding funds have transitioned from a "coarse" development model to a more refined approach, now focusing on establishing fund clusters and creating a matrix of funds that work together at provincial and municipal levels [3] - There is a growing trend for guiding funds to support specialized fund groups targeting specific sub-sectors, indicating a shift in government strategy from supporting single investment platforms to fostering collaborative fund ecosystems [3] Group 2 - General Partners (GPs) must adapt their fundraising strategies to align with the new environment, moving away from broad investment approaches to a more focused understanding of specific sectors [4] - To attract Limited Partners (LPs), GPs need to enhance their industry resources and service capabilities, providing added value through differentiated services and establishing a unique ecosystem [5] - The establishment of fund clusters is expected to expand by 2025, with government guiding funds acting as catalysts for industrial transformation and technological innovation [5]