Core Insights - The National Venture Capital Guidance Fund has been launched, with three regional funds established in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area, aiming to create a fund scale of trillions [1][6] Fund Structure - The fund operates under a three-tier structure: "Fund Company - Regional Fund - Sub-Fund," with a 20-year lifespan for the National Venture Capital Guidance Fund Company [2] - Regional funds will focus on seed and early-stage investments, with at least 80% of investments directed towards sub-funds [2][4] Investment Focus - The fund emphasizes early-stage investments, targeting seed, startup, and early-mid stage companies, particularly in cutting-edge technology sectors [3][4] - Investment in small enterprises is capped at a valuation of 500 million, with individual investments not exceeding 50 million [5] Long-term Commitment - The fund has a 20-year duration, allowing for a longer investment horizon and accommodating sectors with extended return cycles, such as innovative pharmaceuticals [5][6] - The fund aims to support the transformation of key common technology achievements and invest in enterprises that have made significant breakthroughs [5][6] Sectoral Focus - The fund will increase investment in early-stage projects and seed companies in fields such as integrated circuits, artificial intelligence, aerospace, and future energy [6][7] - The three regional funds are expected to exceed 50 billion in total scale, with plans to establish over 600 sub-funds to support emerging and future industries [7]

记者丨申俊涵 赵娜 编辑丨林坤 视频丨 柳润瑛 12月26日，"航母级"的国家创业投资引导基金（简称"引导基金"）正式启动，为耐心资本实践立下新标杆。 据悉，引导基金使用超长期特别国债资金出资，在国家层面由财政出资1000亿元，在区域基金、子基金层面积极鼓励社会资本参 与。 引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参与，形成万亿资金规模，通过 投基金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 在定位上，坚持做早期基金、耐心基金、市场化基金和标杆基金；架构上，开创性设立"基金公司—区域基金—子基金"的3层架构； 投资上，坚持投早、投小、投长期、投硬科技的"4投"导向；期限上，设置20年存续期；绩效考核方面，不简单以单个项目或单一年 度的盈亏作为考核依据。 据悉，在此次的启动仪式上，3只区域基金共与49只子基金、27个直投项目签订投资意向，管理团队已经与各只基金和项目充分沟 通，预计近期可完成一批重点子基金和直投项目投资。未来，引导基金将推动在三个区域设立超过600只子基金，服务新兴产业和未 来产业发展。 "引导基金最大的亮点 ...

近日，南山区出资30亿元参与的"粤港澳大湾区创业投资引导基金合伙企业（有限合伙）"（下称"国创 粤港澳基金"）在南山注册成立。该基金由国家发改委、财政部牵头组建，目标规模504.5亿元，是南山 区迄今参与规模最大、层级最高的国家级引导基金。此举标志着国家级创投资本与南山创新沃土深度融 合，南山科技与金融融合水平迎来历史性提升。 据悉，基金将重点围绕硬科技领域展开投资，聚焦战略性新兴产业和未来产业领域，采用"子基金投资 +项目直投"相结合的模式，旨在为处于种子期、初创期的科技企业提供长期、稳定的资金支持。这一 投资方向与深圳市及南山区的重点产业规划高度契合，预计将有力推动一批创新主体突破关键核心技 术、加速科技成果转化，为培育和发展新质生产力注入强劲动力。 以此为契机，南山区将进一步优化创新创业生态，吸引全球优质创投机构集聚，持续扩大科创投资"朋 友圈"，着力构建"投早、投小、投科技"的良性循环，为打造具有国际影响力的风投创投核心区奠定坚 实基础。 此次国家级基金的落户，不仅是资本层面的重要布局，更是南山深度融入国家创新体系、提升核心竞争 力的里程碑。下一步，南山区将围绕基金运营推出一系列配套服务与联动举措，全 ...

引导基金设置20年存续期 为企业提供长周期资金供给 央视网消息：12月26日，国家创业投资引导基金启动仪式在北京举行。目前，引导基金已经出资成立三只区域基金，并且签署一批投资项目，推动创业 投资高质量发展、培育壮大发展新质生产力。 国家创业投资引导基金由国家发展改革委、财政部推动设立，发挥中央资金引领带动作用，吸引社会资本共同参与。目前，引导基金已出资成立"京津 冀创业投资引导基金""长三角创业投资引导基金""粤港澳大湾区创业投资引导基金"3只区域基金。3只区域基金已在集成电路、量子科技、生物医药、脑机 接口、航空航天等领域签署一批意向子基金和直投项目。 梢"。 国家创业投资引导基金启动，通过千亿级财政资金，预计将撬动万亿级的社会资本，这个引导基金要做什么？国家发展改革委宏观经济研究院决策咨询 部副主任黄卫挺表示，引导基金就是要发挥好国家队的作用，吸引社会资本共同参与创新创业投资，促成资本与创新的"双向奔赴"。 国家创业投资引导基金启动后，下一步投资的重点方向在哪里？在创投领域带动的规模有多大？ 撬动市场力量 做耐心基金 国家发展改革委相关负责人表示，国家创业投资引导基金将种子期、初创期、早中期企业作为投资重 ...

国家创业投资引导基金日前宣布启动，3只区域基金与首批49个子基金以及27个项目代表正式签约，资 本与创新迎来更多"双向奔赴"。 "引导基金发挥中央资金引领带动作用，广泛吸引地方政府、中央企业、金融机构、民间资本等多方参 与，形成万亿元资金规模。"国家发展改革委创新和高技术发展司司长白京羽介绍，引导基金通过投基 金、投企业、投项目，加大对战略性新兴产业和未来产业支持力度，加快培育和发展新质生产力。 近年来，我国持续推进科技创新和产业创新深度融合，大力推动战略性新兴产业和未来产业发展，培育 了一批代表国家参与全球竞争的科技领军企业。但新兴产业、未来产业发展还存在资金等创新要素投入 不足等问题，亟需通过发展耐心资本加以解决。 "针对创业投资市场在募资、退出等环节上出现的难点堵点，在国家层面由中央全额出资设立国家创业 投资引导基金，是发展创业投资、提振市场预期的重要布局。"国家发展改革委创新驱动发展中心主 任、国家创业投资引导基金有限公司董事长霍福鹏说。 在募资环节，引导基金设立"基金公司—区域基金—子基金"3层架构，旨在通过发挥中央资金"四两拨千 斤"的杠杆效应，逐级吸引社会资本。据介绍，自2025年初宣布设立引导 ...

深圳商报·读创客户端记者 曹欣 近日，目标规模达504.5亿元的"粤港澳大湾区创业投资引导基金合伙企业（有限合伙）"（简称"国创粤 港澳基金"）在深圳市南山区正式注册成立。该基金由国家发展改革委、财政部牵头组建，南山区出资 30亿元参与，是南山区迄今参与规模最大、层级最高的国家级引导基金。此举标志着"国家队"创投资本 与深圳创新沃土深度融合，区域科技金融能级实现历史性跃升。 国创粤港澳基金的设立，是国家层面支持粤港澳大湾区建设"具有全球影响力的国际科技创新中心"的战 略性举措。基金落地深圳南山这一大湾区科技创新与产业融合的核心区域，将极大强化区域战略科技力 量，为粤港澳大湾区加速建成综合性国家科学中心和区域性创新高地提供关键资本支撑。 据悉，基金将重点围绕硬科技领域展开投资，聚焦战略性新兴产业和未来产业领域，采用"子基金投资 +项目直投"相结合的模式，旨在为处于种子期、初创期的科技企业提供长期、稳定的资金支持。这一 投资方向与深圳市及南山区的重点产业规划高度契合，预计将有力推动一批创新主体突破关键核心技 术、加速科技成果转化，为培育和发展新质生产力注入强劲动力。 以此为契机，南山区将进一步优化创新创业生态，吸 ...

12月26日，由国家发展改革委、财政部推动设立的国家创业投资引导基金正式启动。启动仪式上，该引 导基金出资成立的3只区域基金与49只子基金和27个直投项目签订投资意向，涵盖集成电路、量子科 技、生物医药、脑机接口、航空航天等重点领域。 "科创企业成长壮大是一场旷日持久的'马拉松'，需要资本的耐心陪伴。"白京羽介绍，引导基金设置20 年存续期，其中10年投资期、10年退出期，通过更长久的投资期限，为企业提供长周期的资金供给；同 时通过更宽松的退出时限，为企业提供更多的发展空间，用耐心资本陪伴企业"长跑"，培育千行百业 的"小巨人"和"独角兽"。 不仅如此，国家创业投资引导基金还将坚持投硬科技。财政部经济建设司司长郭方明介绍，财政部门将 会同发展改革部门加强对基金投向的指导，聚焦"十五五"规划等国家规划明确的战略性新兴产业，鼓励 基金更多投向具有战略意义、有利于提高全要素生产率的项目以及外溢性强、社会效益高的领域，支撑 原创性、颠覆性技术创新和关键核心技术攻关，推动重大科技成果向现实生产力转化。 3只区域基金总规模均将超500亿元 为有效发挥中央资金"四两拨千斤"的杠杆效应，逐级吸引社会资本，实现万亿元的市场"造 ...

Core Viewpoint - The National Venture Capital Guidance Fund has been launched, with three regional funds established to attract diverse investments and support early-stage companies in key innovation sectors [1][2]. Group 1: Fund Positioning - The Guidance Fund is positioned around "four persistences": focusing on early-stage investments, maintaining a long-term investment horizon, operating in a market-oriented manner, and serving as a benchmark for other funds [2]. - It targets seed, startup, and early to mid-stage enterprises, emphasizing support for groundbreaking technology and innovation [2]. - The fund has a 20-year lifespan, with a 10-year investment period and a 10-year exit period, allowing for patient capital to support long-term growth [2]. Group 2: Fund Structure - The fund operates under a three-tier structure: a central fund, regional funds, and sub-funds, with a focus on collaboration between central and local governments and social participation [4]. - The regional funds will invest primarily in sub-funds, with at least 80% of investments directed towards sub-funds and a maximum of 10 billion yuan per sub-fund [4][5]. - The management of the funds will be conducted by selected professional teams, ensuring a market-driven approach to fund operations [4]. Group 3: Financial Contributions - The fund is backed by 100 billion yuan from the national treasury, utilizing long-term special government bonds to encourage social capital participation [7]. - The fund aims to support "hard technology" sectors and strategic emerging industries, aligning with national development plans [7]. - It will play the role of an "angel investor," focusing on high-growth potential startups and sharing the risks associated with early-stage investments [8]. Group 4: Performance Management - The fund will implement a performance evaluation system that emphasizes overall effectiveness and post-investment support rather than focusing solely on individual project outcomes [3][8]. - The Ministry of Finance will ensure compliance and effectiveness in fund operations, enhancing risk management across the entire investment lifecycle [8].

Core Viewpoint - The establishment of the National Venture Capital Guidance Fund marks a strategic initiative to support the construction of a modern industrial system and foster an innovation capital chain in the context of increasing international technological competition [1][4]. Group 1: Strategic Significance - The National Venture Capital Guidance Fund aims to inject confidence into the market by signaling long-term governmental support for innovation and entrepreneurship [2]. - It addresses market failures by providing initial funding for high-risk, long-cycle original technology projects, filling the gap left by market-driven capital [2]. - The fund is designed to create an innovation network that promotes collaboration among various market entities, facilitating the flow of capital, knowledge, and management experience [2]. Group 2: Regional Fund Structure - The simultaneous establishment of three regional funds in the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area is a strategic move based on national priorities rather than mere geographical resource allocation [3]. - Each region represents a different paradigm of innovation: Beijing-Tianjin-Hebei focuses on original innovation, the Yangtze River Delta excels in engineering and industrialization, and the Greater Bay Area specializes in application and business model innovation [3]. - This structure aims to create a complete innovation chain from basic research to technology transfer and industrial application, thereby shortening the time from laboratory results to market [3]. Group 3: Support for Modern Industrial System - The National Venture Capital Guidance Fund is positioned as a key mechanism to support the construction of a modern industrial system, as outlined in the 14th Five-Year Plan, which emphasizes the importance of solidifying the foundation of the real economy [4]. - The plan identifies strategic fields such as quantum technology, biomanufacturing, and advanced communication technologies, which require long-term investment and carry high technical uncertainty [4]. - The fund is intended to provide financial support for critical technological breakthroughs in key areas that are essential for national security and economic stability [4]. Group 4: Institutional Reforms and Market Dynamics - The fund seeks to address the classic dilemma of "incentive compatibility" by allowing for failures while preventing moral hazards, balancing policy goals with professional investment judgments [5]. - It aims to explore mechanisms that encourage state capital to invest in early-stage hard technology projects, thereby creating a collaborative investment environment where risks are shared [6]. - The fund's practices are expected to pave the way for broader participation of long-term capital sources, such as social security funds and insurance assets, in the venture capital market, addressing the current imbalance of short-term versus long-term capital [6].

白京羽解释称，科创企业的成长壮大是一场"马拉松"，需要资本长期、稳定的陪伴。国家创业投资引导基金设置20年存续期，其中10年为投资期、10年为退 出期，通过更长久的投资期限，为企业提供稳定的长周期资金支持；同时，以更为宽松的退出安排，为企业发展留出空间，用耐心资本陪伴企业"长跑"，培 育更多专精特新的"小巨人"和"独角兽"企业。 在投资导向方面，白京羽表示，引导基金坚持"投早、投小、投长期、投硬科技"的"四投"原则，重点引导和带动创投市场发展。基金将以种子期、初创期企 业为主要投资对象，对此类企业的投资规模占比不低于基金总规模的70%。 在资金来源方面，财政部经济建设司司长郭方明在发布会上介绍，根据国务院批复方案，国家创业投资引导基金使用超长期特别国债资金出资，在国家层面 由财政出资1000亿元；在区域基金和子基金层面，则积极引导和鼓励社会资本参与。 据了解，国家创业投资引导基金采用"基金公司—区域基金—子基金"的三层架构运行。目前，京津冀创业投资引导基金、长三角创业投资引导基金、粤港澳 大湾区创业投资引导基金均已完成工商注册，未来3只区域基金的总规模均将超过500亿元。 区域基金是落实国家战略意图的重要载体 ...