即便是国有背景的股权投资机构，想要拿到银行AIC的出资， 也绝非易事。 作者：陈植 封图：图虫创意 王晨告诉记者，这些天他花费大量时间精力不断修改人工智能基金的募资路演材料，力争在磋商环 节能成功说服银行AIC高层认可其投资策略与投资价值，尽早启动投前尽调工作。 首批五大行AIC成立于2017年，专司不良资产处置和债转股业务。随着2020年监管部门允许AIC 在上海试点开展股权投资业务以来，银行AIC的股权投资版图持续扩大，俨然成为国内股权投资市 场日益活跃的LP（有限合伙人，即基金出资人）新势力。 王晨打算12月初再次前往北京，与一家银行的金融资产投资有限公司（AIC）磋商出资事宜。 作为一家地方国企背景的股权投资机构的募资业务合伙人，他希望能为拟设立的人工智能产业投资 基金（下称"人工智能基金"）引入银行AIC出资。一旦银行AIC出资到位，他们就能迅速开展这只 新基金的投资工作，承接多家拟上市的科技企业股权，继续扶持这些企业做大做强。 私募股权与创投市场研究咨询机构——LP投顾发布的《活跃机构LP画像报告（2025年第10 期）》显示，在10月活跃LP出资笔数排名前10的机构里，工银金融资产投资有限公司以 ...

Core Insights - The article discusses the efforts of a local state-owned equity investment institution to secure funding from a bank's financial asset investment company (AIC) for a new artificial intelligence fund, highlighting the challenges and strategies involved in the fundraising process [1][5][7]. Group 1: Fundraising Efforts - The institution aims to establish an artificial intelligence fund to support technology companies and is negotiating with a bank AIC for investment [1][4]. - The bank AIC has become a significant player in the private equity market, with a focus on state-owned capital-backed funds, making it challenging for private equity firms to secure funding [2][3]. - The institution has been revising its fundraising materials and strategies to align with the bank AIC's investment criteria and to gain approval for due diligence [1][5]. Group 2: AIC's Investment Landscape - Since 2020, bank AICs have expanded their equity investment activities, becoming a new force in the domestic private equity market, with significant contributions to funding [1][8]. - Data shows that from 2021 to 2024, bank AICs have committed over 290 billion yuan to equity investment funds, addressing financing challenges for technology companies [8][15]. - The bank AIC's investment strategy has evolved, with increased scrutiny on the historical performance and asset scale of potential investment partners [10][13]. Group 3: Market Dynamics - The article notes a decline in the overall fundraising scale in the private equity market, with a 20.8% year-on-year decrease in 2024, but the involvement of bank AICs has helped narrow this decline [14][15]. - The dominance of state-owned capital in the LP structure is highlighted, with state funds accounting for approximately 88.8% of the total, indicating a shift in the funding landscape [15]. - There is ongoing debate about whether state-owned LPs can effectively resolve the long-term fundraising challenges in the private equity market, with calls for increased market-oriented capital participation [16][18].

Core Insights - Dongguan is transitioning from a "world factory" to a "strong city in scientific and technological innovation" with the establishment of two significant mother funds totaling 60 billion RMB [6][10] - The Dongguan Industrial Chain Development Mother Fund aims for a total scale of 50 billion RMB, focusing on key industries such as AI, semiconductors, and high-end manufacturing [7][17] - The Binhai Bay AI Mother Fund, with a total scale of 10 billion RMB, will concentrate on creating specialized industrial clusters in AI + manufacturing [8][18] Fund Establishments - The Dongguan Industrial Chain Development Mother Fund has a target scale of 50 billion RMB, with an initial scale of 15 billion RMB, co-managed by CITIC Private Equity and Dongguan Science and Technology Group [7][17] - The Binhai Bay AI Mother Fund has a total scale of 10 billion RMB and an initial scale of 3 billion RMB, focusing on AI applications in manufacturing [8][18] - The Monolith Capital has raised a new fund totaling 4.88 billion USD (approximately 35 billion RMB), focusing on market-oriented investments in AI [12] - Xinchuan Capital has completed fundraising for its first main fund, reaching 12.5 billion RMB, targeting hard technology sectors [13] - Source Code Capital has raised a new growth fund totaling 6 billion USD, focusing on AI and global opportunities [14][15] Investment Dynamics - Dongguan has planned a strategic emerging industry system and is pushing forward with nearly 1,000 projects and an investment plan of nearly 1 trillion RMB, with over 70% allocated to industrial projects [8] - Major projects include OPPO's smart manufacturing center (10 billion RMB), vivo's R&D center (5 billion RMB), and a new lithium battery headquarters (5 billion RMB) [8] - The establishment of various funds across regions, such as the 20 billion RMB digital technology fund by Moutai and the 10 billion RMB artificial intelligence fund in Zhengzhou, indicates a growing trend in specialized investment [33][32] Market Trends - The focus on AI and hard technology sectors reflects a broader trend in the investment landscape, with funds increasingly targeting specific industries to drive innovation and growth [9][14] - The establishment of funds in various regions, including Shantou and Yibin, highlights the regional push for technological advancement and investment in emerging industries [35][39] - The competitive fundraising environment is evident, with several funds achieving significant scales despite market challenges, indicating strong investor confidence in targeted sectors [12][13][14]

Core Insights - Various mother funds in regions such as Guangdong, Beijing, Zhejiang, and Hunan are focusing on investments in sectors like new energy, new materials, next-generation electronic information, biomedicine, and intelligent equipment [2][5][14]. Group 1: Fund Establishment and Focus Areas - Multiple funds have been established in cities including Suzhou, Guangzhou, Shenzhen, and Shanghai, primarily targeting artificial intelligence, new energy, new materials, emergency equipment, intelligent manufacturing, and low-altitude economy [2]. - The Guangdong Nankong No.1 Industrial Investment Fund has a total scale of 2 billion RMB and aims to promote industrial transformation in Foshan's Nanhai District, focusing on strategic emerging industries [3][4]. - The Hong Kong Innovation and Technology Fund is set to launch in 2026-2027, with a focus on sustainable development, energy, advanced manufacturing, and materials [5]. - The Wenzhou Science and Technology Innovation and Entrepreneurship Investment Fund aims to guide social capital into strategic emerging industries and high-tech sectors [6][18]. Group 2: Specific Fund Announcements - The Beijing Economic and Technological Development Zone is selecting management institutions for its second government investment guidance fund, focusing on biomedicine and medical devices, with a total scale of 10 billion RMB for each specialized fund [14][15]. - The Ningbo Blue Star Health Biomedicine Venture Capital Fund is the first mother fund in the biomedicine sector in Ningbo, with a focus on biotechnology projects [12]. - The Luoyang Economic Development Zone has established a 30 billion RMB mother fund to support high-quality development and industrial transformation [16]. Group 3: Government Initiatives and Support - The Ministry of Science and Technology plans to establish several mother funds and S funds, aiming to mobilize nearly 1 trillion RMB in social capital for strategic emerging industries [26][27]. - The Suzhou government is launching an AI fund group exceeding 50 billion RMB to enhance AI research and development [30][31]. - The Henan Aerospace Industry Fund has been established with a total investment of 2 billion RMB, focusing on private equity investments [33]. Group 4: Investment Strategies and Requirements - The Wenzhou fund requires management institutions to have a minimum registered capital of 10 million RMB and a proven track record in equity investment [6][18]. - The Beijing fund emphasizes that its investment in any single enterprise will not exceed 150 million RMB and aims to support projects within the development zone [15]. - The Shenzhen Sports Industry Fund aims to attract quality resources into sports technology and innovation sectors, with an initial scale of 100 million RMB [39].

Core Viewpoint - The article provides a comprehensive overview of recent developments in various investment funds across China, highlighting government initiatives and private sector participation in funding technology and innovation sectors. Government-Backed Funds - Henan Province plans to establish an artificial intelligence industry fund with policies supporting R&D and providing financial incentives for outstanding enterprises [7][8] - Xiangyang has registered its first seed fund to support high-tech talent and innovation projects, with a total scale of 50 million yuan [8] - The East Jiang QFLP fund has been successfully established, marking a significant step in cross-border investment capabilities in the region [9] - Chengdu is inviting investment institutions to collaborate on a fund aimed at developing the sci-fi and future industries, targeting over 3 billion yuan [9] - The Hunan Province has initiated a 10 billion yuan fund focused on new energy vehicle components, emphasizing local investment [10] Market-Oriented Funds - The Guotiao (Taiyuan) Industrial Investment Fund has been established with a total scale of 5 billion yuan, focusing on upgrading existing projects and introducing new ones [17] - The Luoyang Dongzheng New Creation Fund has been set up with a scale of 60 million yuan, targeting high-end manufacturing and AI sectors [17] - The Yunnan Dianzhong New Area Industry Guidance Fund has been launched with a scale of 5 billion yuan, focusing on equity investments in growing companies [13] - The Fujian New Area Smart Transportation Fund aims to raise 2 billion yuan, focusing on smart transportation and related sectors [14] Corporate Participation in Funds - Greebo plans to invest 300 million yuan in the Greebo Industry Investment Fund, focusing on AI and related technologies [19] - Hengji Daxin intends to invest up to 200 million yuan in the Hangzhou Guokai Venture Capital Fund, targeting strategic emerging industries [20] - Huaren Shuanghe plans to invest up to 87 million yuan in a biopharmaceutical fund, aiming to enhance its strategic layout in synthetic biology [21] - Platinum New Materials intends to invest 80 million yuan in the Wuxi Paipu Spring Fund, focusing on advanced manufacturing and AI [22]

Group 1 - The demand for artificial intelligence (AI) funds in Europe is significant, despite major players being predominantly based in the United States [1] - As of the end of May, the total assets of AI funds in Europe reached $22.7 billion, while the global total was $38.1 billion at the end of the first quarter [1] - Allianz Global Artificial Intelligence Fund alone holds $6.3 billion in assets [1]