对于政府投资基金， 2 0 2 5年的国办1号文《关于促进政府投资基金高质量发展的指导意见》也 指出，建立健全容错机制。遵循基金投资运作规律，容忍正常投资风险，优化全链条、全生命 周期考核评价体系，不简单以单个项目或单一年度盈亏作为考核依据。营造鼓励创新、宽容失 败的良好氛围，鼓励建立以尽职合规责任豁免为核心的容错机制，完善免责认定标准和流程。 为解决基金管理人不敢投、不敢退、怕担责等问题，《指导意见》明确建立健全容错机制，从 顶层制度层面为基金及管理机构"松绑"，鼓励政府投资基金更好发挥作用，提高投资效率。 杭州在发展产业基金方面再出大手笔。 近日，杭州发布《关于做强做优做大 " 3+N"杭州产业基金集群推动杭州特色现代化产业体系高 质量发展的实施意见》（以下简称《实施意见》），值得关注的是，《实施意见》附了详细的 《产业基金投资尽职合规免责清单》。 这对业内来说有着重要的示范性意义，其中提出遵循基金投资运作规律，构建以尽职合规为核 心的具有更高容忍度的产业基金尽职免责机制。容忍正常投资风险，不将正常投资损失作为启 动责任认定程序或追责的依据，充分考量整个基金生命周期综合情况， 不能只因单个直投项 目、单支 ...

（原标题：杭州再放大招！力争"十五五"基金集群突破5000亿元） 继去年11月启动杭州润苗基金后，杭州在基金集群打造方面再放大招！ 近日，杭州发布《关于做强做优做大"3+N"杭州产业基金集群推动杭州特色现代化产业体系高质量发展 的实施意见》（以下简称《实施意见》），力争"十五五"时期"3+N"基金集群规模突破5000亿元。 在投资方式方面，三只政府投资基金可采取行业母基金、子基金、专项子基金等投资方式，原则上同股 同权。其中，杭州科创基金可视情况设置提前退出、投资让利、风险补偿等条款。除经杭州市级国资监 管机构事前备案外，国企基金采取直接投资方式。出资比例方面，杭州市级国有资本对天使投资类、科 技成果转化类子基金的出资比例不超过40%，对其他类型子基金的出资比例不超过30%，并购重组类、 纾困类基金除外。 财政每年统筹安排50亿元 杭州"3+N"基金集群包括杭州科创基金、杭州创新基金、杭州并购基金等三只政府投资基金，以及N只 市属国有企业投资设立的基金（以下简称"国企基金"）。 根据《实施意见》，杭州将聚焦重大战略、重点领域和市场不能充分发挥作用的薄弱环节，持续优化产 业基金体系；围绕杭州特色现代化产业体系部 ...

投资界12月19日消息，杭州市科创集团有限公司发布公告，公示了杭州科创基金第八批拟合作单位，本次 公示拟合作单位是：浙能股权投资基金管理有限公司。 据悉，2023年6月，杭州市国资委发布《关于打造"3+N"杭州产业基金集群，聚力推动战略性新兴产业发展 的实施意见》（简称《实施意见》）公开征求意见的公告。 公告中披露，在杭州市政府的主导下，整合组建杭州科创基金、杭州创新基金和杭州并购基金三大母基 金，由其参与投资N支行业母基金、子基金、专项子基金等，最终形成总规模超3000亿元的"3+N"杭州基 金集群。杭州科创基金、杭州创新基金、杭州并购基金三大母基金正式亮相。基金规模均为1000亿元，资 金来源包括注入的存量基金、市财政预算资金、市属国有企业自有资金和其它盘活的存量资金等。 来源：杭州科创集团 ...

Core Viewpoint - The article discusses the implementation opinions for strengthening and optimizing the "3+N" Hangzhou industrial fund cluster to promote high-quality development of Hangzhou's characteristic modern industrial clusters, focusing on the "296X" advanced manufacturing cluster as the backbone [2][3]. Group 1: Fund Cluster Overview - The "3+N" Hangzhou industrial fund cluster consists of three government investment funds: Hangzhou Science and Technology Innovation Fund, Hangzhou Innovation Fund, and Hangzhou M&A Fund, along with N city-owned enterprise investment funds [4]. - The Hangzhou Science and Technology Innovation Fund focuses on early-stage, small, long-term investments in hard technology, supporting talent entrepreneurship, innovation in SMEs, and the transformation of scientific achievements [4]. - The Hangzhou Innovation Fund aims to support traditional industry upgrades, the cultivation of emerging industries, and the expansion of future industries through large-scale investments [4]. - The Hangzhou M&A Fund is designed to support financial investments, financial technology investments, and industrial mergers and acquisitions, with a focus on supplementing, strengthening, and expanding industrial chains [4]. Group 2: Strategic Goals and Principles - The goal is to scale the "3+N" Hangzhou industrial fund cluster to over 500 billion yuan during the 14th Five-Year Plan period, focusing on strategic areas and weak links in the market [3]. - The implementation will adhere to principles of government guidance, market operation, scientific decision-making, and risk prevention, promoting market-oriented, legal, and professional fund operations [3]. - There will be an emphasis on investment collaboration among different types of funds to prevent homogenization and the crowding out of social capital [3].

Core Insights - The investment landscape in the Yangtze River Delta is notably active, with over 80% of opportunities concentrated in this region, as highlighted by a VC institution's IR director [1] - Significant funds have been established, including the Zhejiang and Jiangsu social security science and technology innovation funds, each with an initial scale of 500 billion [1] - The establishment of the first cross-provincial fiscal and tax sharing fund in China marks a new development in the Yangtze River Delta, focusing on green and technological innovation [1] Group 1: Shanghai - Shanghai's Future Industry Fund is actively investing in six sub-funds, covering cutting-edge fields such as brain science and synthetic biology, with a total scale of 100 billion [2] - The Shanghai National Investment Fund has made rapid decisions on 36 projects within 10 months, leading to over 1 trillion in social capital being injected into key industries [4] - New strategic investment funds have been established at the district level, with a total scale exceeding 500 billion, focusing on various high-tech industries [5] Group 2: Jiangsu - Jiangsu's provincial mother fund, with a total scale of 500 billion, has a well-structured operation model, creating a "Jiangsu model" for mother fund development [7][8] - The first two batches of 36 specialized funds under the Jiangsu strategic emerging industry mother fund have been established, totaling 914 billion, with a focus on local industry strengths [9] - Suzhou has developed a unique "Suzhou model" for venture capital, providing a comprehensive government investment fund system for different stages of enterprise development [9] Group 3: Zhejiang - Zhejiang has established a "Zhejiang model" for mother funds, with significant activity in VC/PE fundraising, including the launch of multiple large-scale funds [10][14] - The province's three major 100 billion-level fund clusters focus on strategic emerging industries, state-owned enterprise restructuring, and high-quality development of listed companies [15] Group 4: Anhui - Anhui has innovated its government investment fund regulatory mechanism, aiming for a comprehensive regulatory system to promote healthy development [17] - The province's new emerging industry guidance fund has a total scale of 500 billion, with a focus on key industries like information technology and artificial intelligence [18] - Hefei's "Hefei model" emphasizes government investment to attract social capital, with a total recognized scale of nearly 2600 billion in funds [20] Group 5: Future Outlook - The Yangtze River Delta is expected to continue developing a specialized, industrialized, and scaled "fund matrix" to drive industrial transformation and upgrading [21]

Core Viewpoint - Zhejiang province has become a focal point for VC/PE fundraising in 2023, with active provincial and municipal mother funds driving investment initiatives [1][5][10]. Fundraising Dynamics - The Zhejiang provincial mother fund has been actively soliciting sub-fund management institutions for its second and third phases, while the "4+1" special fund group is accelerating its investment activities [2][4]. - Municipalities in Zhejiang, such as Hangzhou, Huzhou, and Wenzhou, are also launching substantial mother funds, with Hangzhou's three major mother funds totaling over 1 trillion yuan [4][5]. Investment Strategy - The "4+1" special fund model targets four trillion-yuan industrial clusters, including new-generation information technology and high-end equipment, alongside a specialized mother fund for "specialized, refined, unique, and innovative" enterprises [6][7]. - By April 2025, the fund group had invested in 279 projects, with total investments reaching approximately 270.69 million yuan, leveraging a total project investment of over 1881.94 million yuan [7]. Innovation in Fund Management - The Zhejiang provincial mother fund emphasizes early, small, long-term, and hard technology investments, with a total subscription scale of 11 billion yuan across three phases [8][9]. - The fund's focus includes strategic areas such as artificial intelligence and advanced manufacturing, with specific sub-funds established for various technological sectors [9]. Policy Environment - The Zhejiang government has introduced new policies to enhance the quality of government investment funds, aligning with national guidelines to promote high-quality development [12][13]. - The new regulations allow for longer fund durations, reflecting a commitment to "patient capital" that can endure through economic cycles [15][16]. Operational Flexibility - The new policies grant fund managers greater autonomy in market operations, reducing administrative interference in daily management and investment decisions [17][18]. - The emphasis on performance evaluation and risk tolerance aims to foster a supportive environment for government investment funds [17][18]. Future Outlook - The absence of specific regulations on management fees in the new guidelines is seen as a positive development, promoting a market-driven approach to fund management [19][20]. - The implementation of these policies is expected to lead to a more standardized, market-oriented, and professional development of mother funds in Zhejiang [21].