将投中网设为"星标⭐"，第一时间收获最新推送 该基金 直指当下国内一级市场的病灶所在。 | 作者丨 | 王满华 | | --- | --- | | 来源丨 | 投中网 | 又一事关创投行业的重磅消息来了。 3月6日，在十四届全国人大四次会议经济主题记者会上，国家发展和改革委员会主任郑栅洁表示， 今年，将会同财政部、人民银行等部门设立国家级 并购基金，预计引导撬动各类资金规模超1万亿元。 这只国家级基金的定位非常清晰：就是"进一步畅通创业投资退出渠道，提高创投资本周转效率"，而这，也直指当下国内一级市场的病灶所在。 目前市场主流的一大批基金，都是踩着2015-2016年的"双创"浪潮募集设立的，近几年刚好到了集中需要退出的时刻 ，卖方供给加倍，致使退出路径 拥挤。而过去过度依赖IPO的单一退出路径已形成"堰塞湖"。 事实上，为了解决"存量退出"的燃眉之急，自2023年以来，监管层多次表态支持上市公司实施高质量的产业并购。 例如，2024年4月发布的资本市场新"国九条"中，就多处提及要综合运用并购重组等方式提高发展质量，推动上市公司提升价值，加大并购重组改革力 度，多措并举活跃并购重组市场。 同年6月，国办出台的 ...

Core Insights - The article discusses significant events in the private equity fund market from January 19 to January 25, highlighting government initiatives and new fund establishments aimed at promoting innovation and investment in various sectors [5]. Government-Backed Funds - The National Development and Reform Commission announced plans to establish a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [7]. - The Beijing Zhongguancun Science City Technology Growth Fund is set to invest in five sub-funds, focusing on various sectors including healthcare and robotics [8]. - The Pudong New Area government is launching a 2 billion yuan seed fund to support AI innovation, emphasizing collaboration with educational institutions [8]. - Guangzhou has introduced a pilot program to address financing challenges in technology transfer, allowing for a "first invest, then equity" model [9]. - Jiangsu Nanjing's advanced manufacturing fund is set to invest in high-end equipment and emerging industries, with a target size of 2 billion yuan [9]. Market-Driven Funds - Coller Capital successfully raised $17 billion for its CIP IX fund, marking the largest fund in the company's history, focusing on secondary market investments [14]. - Hengxu Capital completed the first closing of its fourth flagship fund, raising over 2 billion yuan, with plans to reach 3.5 billion yuan [15]. - The Xiamen Torch Fund II, with a size of 1 billion yuan, aims to invest in strategic emerging industries such as new materials and aerospace [16]. - The Hubei Port and Shipping Development Fund expanded to approximately 2.8 billion yuan, focusing on transportation projects [16]. Corporate Investments - Lek Electric plans to invest 190 million yuan in a venture capital fund targeting high-end manufacturing and core technologies [19]. - Ningbo Deyu plans to invest 86 million yuan in a fund focused on robotics and AI [20]. - Silver Technology is investing 50 million yuan in a private equity fund for communication and smart terminal industries [21]. - Wuyang Control's subsidiary intends to invest 30 million yuan in a fund targeting advanced technology and modern services [21].

上周基金重点事件回顾丨01.19-01.25 睿兽分析每周整理最值得关注的基金重点事件，帮助大家及时了解全球私募股权基金市场动向。 国家发改委：研究设立国家级并购基金 1月20日，国新办就落实中央经济工作会议精神，推动"十五五"实现良好开局有关情况举行新闻发布 会。国家发改委副主任王昌林在国新办新闻发布会上表示，要发挥好国家创业投资基金行业标杆作用， 研究设立国家级并购基金，加强政府投资，基金布局规划等，促进创新创业创造，加快培育和发展新质 生产力。（大河财立方） 关于中关村科学城科技成长基金拟投资子基金公示（第十七期） 根据《中关村科学城科技成长基金子基金实施细则（修订版）》等相关规定，中关村科学城党工委、管 委会于2026年1月14日对科技成长基金拟投资的第十七期子基金项目进行公示。本期公示共涉及5只子基 金，分别为：由北京创新工场私募基金管理有限公司管理的"上海创新工场创业投资合伙企业（有限合 伙）"（暂定名）；由北京中关村科学城科技投资管理有限公司管理的"北京汇诚水木医疗产业发展创业 投资基金合伙企业（有限合伙）"（暂定名）；由北京京西创业投资基金管理有限公司管理的"海淀区首 程机器人产业基金"（暂定 ...

Group 1 - Zhengzhou has established a mother fund with a scale of 5 billion RMB to empower local strategic emerging industries [2] - Various regions including Guangxi, Jiangsu, and Sichuan have announced the selection of General Partners (GPs) for mother funds focusing on sectors like information technology, high-end equipment, biomedicine, and new energy [2][3] - The National Development and Reform Commission is advancing the establishment of a national-level merger fund to enhance government investment and promote innovation and entrepreneurship [3] Group 2 - Nanjing Jiangning District has launched a 10 billion RMB mother fund aimed at promoting the development and transformation of dominant local industries [4] - The Sichuan Province has initiated the fourth batch of GP recruitment for its 5 billion RMB results transformation investment guiding fund, focusing on cutting-edge technology and future industries [6] - The Guangxi Guoyuan Industrial Fund has been established with a scale of 2 billion RMB, targeting strategic emerging industries such as artificial intelligence and biomedicine [7] Group 3 - The Shanghai Pudong New Area has set up a 2 billion RMB seed fund focusing on artificial intelligence [10] - The Hefei City Special Fund for specialized and innovative enterprises has been established with a total scale of 1.5 billion RMB, targeting high-potential small and medium-sized enterprises [12] - The Xiamen Torch Science and Technology Fund has launched its second phase with a scale of 100 million RMB, focusing on strategic emerging industries [13] Group 4 - The Jiangxia District has established a 1 billion RMB artificial intelligence fund, focusing on the entire AI industry chain [15][16] - The Nanjing New Industry Medical Health Fund has completed registration with a planned scale of 2 billion RMB, focusing on mergers and acquisitions in the medical sector [19] - The Hubei Province Port and Shipping Development Fund has completed an expansion, raising its total scale to approximately 2.8 billion RMB [20] Group 5 - The Shaanxi Low-altitude Aviation Industry Fund has been established with a scale of 300 million RMB, focusing on investments in unlisted enterprises [21] - The Guochuang Zhongshan Fund has been established with a focus on medical devices, aiming to foster innovative and high-growth enterprises [22] - Hengxu Capital has completed the first closing of its fourth flagship fund with a scale exceeding 2 billion RMB, aiming for a total closing scale of 3.5 billion RMB [23]

Core Viewpoint - The article emphasizes the significant role of national-level merger and acquisition (M&A) funds in promoting innovation and entrepreneurship in China, highlighting the government's commitment to enhancing domestic demand and facilitating a robust M&A market [2][3][4]. Group 1: Government Initiatives - The National Development and Reform Commission's Deputy Director Wang Changlin announced plans to establish a national-level M&A fund to guide government investment and promote innovation [2]. - The focus is on strengthening domestic circulation and expanding domestic demand, with a strategic plan for 2026-2030 aimed at aligning new demand with new supply [3]. - The "New National Nine Policies" released in April 2024 called for increased efforts in M&A reform to invigorate the market [4]. Group 2: Financial Support for M&A - The introduction of the "M&A Six Measures" by the China Securities Regulatory Commission marks a new phase in the M&A market, aimed at facilitating M&A activities [4]. - New regulations allow for increased M&A loan support, enhancing the financial tools available for M&A transactions, indicating a maturing market [4]. Group 3: Regional Developments in M&A - Various regions in China are establishing M&A funds, such as the Beijing Jingguochuangzhisuan M&A Fund with a registered size of 30 billion RMB, reflecting a trend of local governments actively participating in M&A [5]. - The Shanghai municipal government announced a national capital M&A fund matrix with a total scale exceeding 50 billion RMB, focusing on key sectors like integrated circuits and biomedicine [5]. - Other regions, including Xiamen and Guangdong, are also launching initiatives to support M&A activities, showcasing a nationwide trend towards M&A facilitation [5][6].

Group 1 - The National Development and Reform Commission emphasizes the importance of the National Venture Capital Fund as a benchmark to promote innovation and entrepreneurship, and plans to establish a national-level merger and acquisition fund [1][2] - There is a recognition of the current economic challenges in China, particularly the imbalance of strong supply and weak demand, necessitating a focus on expanding domestic demand [1] - A strategic plan for expanding domestic demand from 2026 to 2030 will be developed to align with the new trends in demand and the needs of the new technological revolution and industrial transformation [1] Group 2 - The focus will be on deepening the construction of a unified national market to enhance market vitality and shift from "price competition" to "value competition" [2] - Measures will be taken to regulate market entry, ensure fair competition, and manage capacity to address the temporary oversupply issues [2] - A quality brand strategy will be implemented to guide the resolution of "involution" competition and promote a healthy market order [2]