最近，一级市场 在基金设立方面很 热闹。 先是两支首期 5 0 0亿规模的社保科创基金： 1 0月3 1日，江苏社保科创基金在南京正式签约。母基金研究中心获悉，社保基金会与江苏省拟 共同组建总规模1 0 0 0亿元的江苏社保科创基金，重点支持战略性新兴产业、未来产业及产业链 关键环节高质量发展。其中，首期设立规模为5 0 0亿元的江苏社保科创基金，由苏州市政府主 导。 江苏社保科创基金由社保基金会、江苏省、中国工商银行共同出资，基金管理人为苏创投集 团，主要关注国家级战略性新兴产业集群、江苏省 " 1 6 5 0 "产业体系、" 5 1 0 1 0 "战略性新兴产业 集群、苏州市" 1 0 3 0 "产业链体系及其细分领域，聚焦先进制造、人工智能及集成电路、新能 源、生物医药、新材料等五大方向。 11月1 9日，由浙江省、全国社会保障基金理事会、中国农业银行共同发起设立的浙江省社保科 创股权投资基金合伙企业（有限合伙）顺利通过中国证券投资基金业协会备案，标志着全国社 会保障基金理事会与地方政府的合作成功落地。至此，浙江社保科创基金正式启航、迈入实质 性运作阶段。浙江社保科创基金首期规模5 0 0亿元， 通 过 ...

Core Viewpoint - The establishment of the second phase of the National SME Development Fund has been approved by the State Council, aiming to attract more social capital to support the growth of early-stage SMEs [1][2][3] Fund Overview - The National SME Development Fund, initiated in 2020, has a registered capital of 35.75 billion yuan, with a total scale exceeding 1000 billion yuan through investments in sub-funds [1] - Currently, 46 sub-funds have been established under the National SME Development Fund, with a total scale exceeding 1200 billion yuan and investments in over 2000 projects [2] Market Impact - The National SME Development Fund serves as a market-oriented mother fund, providing liquidity and support to the equity investment industry, which is crucial for alleviating fundraising difficulties [2][3] - The establishment of the second phase of the fund is expected to further enhance the investment environment for hard technology and innovative enterprises [3][4] Investment Trends - The investment focus has shifted towards "early-stage, small-scale, long-term, and hard technology," which has become a mainstream consensus among mother funds and venture capital [4][5] - The number of angel mother funds has surged, with over 30 established and a total scale exceeding 800 billion yuan, indicating a growing emphasis on early-stage investments [4] Patient Capital - The concept of "patient capital" has gained traction, characterized by long-term support and a high tolerance for risk and failure, which is essential for the long growth cycles of technology innovation [5][6] - National state-owned limited partners (LPs) are seen as key players in building patient capital, with initiatives to extend fund durations and improve error tolerance mechanisms [6] Future Expectations - The second phase of the National SME Development Fund is anticipated to provide more support for private equity funds in related fields, enhancing the overall investment landscape [6][7] - The upcoming Fourth Davos Global Mother Fund Summit in 2026 will serve as a platform for discussing the future of the global mother fund industry [7][9]

Core Viewpoint - The establishment of the Guoxin Venture Capital Fund in Hangzhou, with a scale of 10 billion yuan, marks a significant collaboration between central and local governments, focusing on investing in hard technology startups and innovative enterprises [4][6]. Group 1: Fund Details - The Guoxin Venture Capital Fund has a duration of 15 years and primarily targets seed, startup, and growth-stage technology innovation companies [4][5]. - The fund's first phase has a scale of 10 billion yuan, with at least 50% of investments directed towards external projects of central enterprises and at least 30% of the investment scale allocated to these projects [6][8]. - Key investment areas include integrated circuits, artificial intelligence, biotechnology, future information, future manufacturing, and future health [6][8]. Group 2: Collaborative Framework - The fund is a collaborative effort involving five central enterprises and two local state-owned enterprises, showcasing a multi-faceted synergy of central enterprise capital, industry leaders, and local resources [6][8]. - China Guoxin, established in 2010, plays a leading role in this initiative and has a total asset value of 980 billion yuan as of the end of 2024 [7][8]. Group 3: Regional Investment Climate - Hangzhou has become a hotspot for national-level funds, with multiple funds established in recent years, including the Service Trade Fund and the National SME Development Fund [10][11]. - The city is actively attracting investments in various sectors, including artificial intelligence and biotechnology, supported by favorable government policies and a robust entrepreneurial ecosystem [11][12].

Core Viewpoint - The establishment of the second phase of the National SME Development Fund aims to attract more social capital for early, small, long-term investments in hard technology, addressing the financing challenges faced by innovative SMEs [1][4][10]. Summary by Sections National SME Development Fund - The National SME Development Fund, initiated in 2020, has a registered capital of 35.7 billion and aims to solve long-term equity financing issues for innovative SMEs, with a total scale exceeding 1 trillion [1][2]. - Currently, 46 sub-funds have been established under this fund, with a total scale exceeding 1.2 trillion and investments in over 1,800 projects [2]. Market Dynamics and Trends - The National SME Development Fund serves as a market-oriented mother fund, providing vital liquidity and support to the equity investment industry, which is currently facing fundraising difficulties [3]. - The establishment of new national-level mother funds is anticipated, with the National Development and Reform Commission planning to set up a National Venture Capital Guidance Fund to strengthen innovative enterprises [3]. Investment Strategies - The investment focus has shifted towards early-stage, small-scale, long-term, and hard technology investments, which have become mainstream consensus among mother funds and venture capital [5]. - The number of angel mother funds has surged, with over 30 established and a total scale exceeding 80 billion, reflecting a high degree of marketization [5][6]. Long-term Investment and Patient Capital - Many newly established mother funds and direct investment funds have extended durations of 15-20 years, indicating a trend towards patient capital that can endure market cycles [7][8]. - The concept of "patient capital" emphasizes stability and long-term support, which is crucial for adapting to the lengthy and uncertain cycles of technological innovation [7][8]. Support for Hard Technology - Private equity funds have historically provided significant financial support for technological innovation, with a notable participation rate in the listings of major stock exchanges [9]. - The upcoming second phase of the National SME Development Fund is expected to further invigorate the equity investment sector and support private investment funds in related fields [10].