（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 ...

Core Viewpoint - The establishment of the 50 billion yuan Zhejiang Social Security Science and Technology Innovation Fund marks a significant milestone in the recovery of the investment market, particularly in the Jiangsu and Zhejiang regions, which are showing remarkable activity in private equity investments [2][5][9]. Group 1: Fund Establishment and Operations - The Zhejiang Social Security Science and Technology Innovation Fund, initiated by the Zhejiang provincial government and the National Social Security Fund, successfully completed its registration in less than 20 days, showcasing the efficiency of the process [3][5][6]. - The fund has a total scale of 50 billion yuan and will invest in key industries such as artificial intelligence, new-generation information technology, high-end equipment, new materials, and biomedicine, aiming to attract more social capital into technological innovation [6][9]. - The fund will create a comprehensive fund system covering the entire chain from "achievement transformation to innovation acceleration to industrial upgrading," adhering to market-oriented, legal, and professional operational principles [6][11]. Group 2: Market Activity and Trends - The private equity investment market in China is showing signs of recovery, with a 9% year-on-year increase in institutional LP commitments, reaching approximately 1.24 trillion yuan in the first three quarters of 2025 [9]. - Zhejiang and Jiangsu are identified as the most active provinces, with cities like Hangzhou, Ningbo, and Jiaxing contributing nearly 70% of the total investments in the region [9][10]. - Hangzhou leads with a 42.5% share of provincial investments, focusing on cloud computing, AI, and gene therapy, while Ningbo and Jiaxing are also emerging as significant investment hubs with their respective industry focuses [10][11]. Group 3: Long-term Investment Strategies - The establishment of the Hangzhou Runmiao Fund, with a scale of 2 billion yuan and a long duration of 20 years, reflects the growing trend of "patient capital" in Zhejiang, which is expected to invest in at least 100 projects annually [11]. - The investment ecosystem in Zhejiang is becoming increasingly vibrant, with multiple mother funds being launched and a competitive landscape for high-quality technology projects [11][13]. - The current innovation wave, centered around hard technology, presents significant opportunities for both general partners (GPs) and entrepreneurs, particularly those with technical backgrounds [13][14].

Core Viewpoint - The establishment of the Hangzhou Runmiao Fund, with an initial scale of 2 billion yuan and a 20-year duration, aims to address the early-stage investment gap for startups, particularly in the hard technology sector [5][6]. Fund Details - The Runmiao Fund is a government-led initiative, focusing on early-stage investments, specifically targeting companies established for no more than 5 years, with fewer than 100 employees or a valuation under 100 million yuan [6]. - The fund will invest a maximum of 5 million yuan per project, adopting a non-controlling stake approach to support company growth [6]. - The fund aims to create a collaborative investment mechanism with other local industry funds and social investment institutions to facilitate subsequent financing for startups [7]. Investment Strategy - The fund plans to support 6,000 "seed" companies and annually select 1,000 "good seed" companies from a pool of 34,000 technology SMEs in Zhejiang Province, with an average of over 100 projects funded each year [8]. - The focus is on addressing the funding challenges faced by early-stage companies, emphasizing a long-term, patient investment approach [8]. Market Context - The backdrop for this initiative includes a high failure rate among startups, with over 90% struggling to transition from technology to commercialization, highlighting the critical need for early-stage funding [9]. - Other cities, such as Shenzhen and Shanghai, have also launched significant government-backed funds to support early-stage investments, indicating a broader trend towards encouraging innovation and risk-taking in the investment landscape [9][10]. Future Goals - By 2027, the Hangzhou government aims to cultivate 50,000 technology SMEs, 3,000 promising companies, and 20,000 high-tech enterprises, establishing a robust ecosystem for tech startups [7][8].

Core Insights - The establishment of the Runmiao Fund in Hangzhou marks a significant development in early-stage investment, with a total initial scale of 2 billion yuan and a duration of 20 years, focusing on providing the "first investment" for startups [1][2] Fund Details - The Runmiao Fund's initial scale is 2 billion yuan, making it the largest government-led early-stage technology innovation fund in China [2] - The fund targets companies established for no more than 5 years, with fewer than 100 employees or a valuation under 100 million yuan, aligning with Hangzhou's industrial development strategies [2] - Investments will focus on early-stage projects in the technology research and product prototype phases, with individual investments capped at 5 million yuan and a non-controlling stake approach [2] Investment Strategy - The fund will incorporate external experts in decision-making and establish a compliance exemption mechanism, encouraging early investments and long-term partnerships with startups [2] - It aims to create a collaborative investment mechanism with other funds in Hangzhou, facilitating a supportive ecosystem for startups to secure subsequent funding [2] Project Sourcing - Projects will be sourced from various channels, including government departments, universities, incubators, and high-scoring projects on the "Hangzhou Innovation E-Station" platform [3] - The goal is to nurture 50,000 technology-based SMEs and 3,000 promising startups by 2027, creating a robust pyramid of technology enterprises [3] Industry Context - The initiative responds to the high failure rates and funding challenges faced by early-stage tech companies, with over 90% struggling to transition from technology to commercialization [4] - Similar government-led funds have been established in other cities, such as Shenzhen and Shanghai, to promote early-stage investments and support innovation [5]