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].

投资界（PEdaily.cn）旗下，专注募资动态 培育幼苗。 作者/余梦莹 报道/投资界PEdaily 以下文章来源于解码LP ，作者余梦莹 解码LP . 杭州为"润苗计划"设立了量化目标——到2 0 2 7年，培育科技型中小企业5万家、"好苗 子"企业3 0 0 0家、高新技术企业2万家，同时还要培育"新雏鹰"企业3 0 0家、科技领军企 业1 0 0家，形成科技型初创企业"铺天盖地"、科技领军企业"顶天立地"的"金字塔"形企 业梯队。 创投圈来了一股活水。 投资界-解码LP获悉，杭州润苗基金正式成立，首期规模2 0亿元，存续期限长达2 0年， 将专注提供早期直接投资乃至"第一笔投资"。 着眼于创业"最初一公里"的现实困境，我们看到各地政府开始发力种子基金。往早走， 更早一些，这样一幕影响深远。 首期20亿 存续期20年创下纪录 信 息 显 示 ， 该 基 金 首 期 规 模 2 0 亿 元 ， 由 杭 州 市 政 府 直 投 、 杭 州 资 本 管 理 。 聚 焦 " 投 长 期"和"投硬科技"，其存续期限长达2 0年，创下国内政府主导型早期科创基金的纪录。 据 悉 ， 润 苗 基 金 投 资 需 同 时 ...

创投圈来了一股活水。 投资界-解码LP获悉，杭州润苗基金正式成立，首期规模20亿元，存续期限长达20年，将专注提供早期 直接投资乃至"第一笔投资"。 着眼于创业"最初一公里"的现实困境，我们看到各地政府开始发力种子基金。往早走，更早一些，这样 一幕影响深远。 存续期20年创下纪录 信息显示，该基金首期规模20亿元，由杭州市政府直投、杭州资本管理。聚焦"投长期"和"投硬科技"， 其存续期限长达20年，创下国内政府主导型早期科创基金的纪录。 据悉，润苗基金投资需同时满足三个条件：企业设立不超过5年；人员规模不超过100人或估值在1亿元 以内；产业方向契合杭州"296X"产业体系、"5+5+X"产业领域。 具体而言，投资对象必须是处于技术研发或产品雏形阶段、开放融资在A轮之前的早期项目。单笔投资 原则上不超过500万元，且不控股，以"参股不控盘"的方式陪伴企业成长。 运作机制方面，基金引入外部专家参与投决，并建立尽职合规责任豁免机制，不以单一项目或年度表现 作为绩效考核唯一依据，切实鼓励团队"敢于投早、愿意陪跑"。 而在投资接力上，基金将强化与"3+N"杭州产业基金集群及社会投资机构的协同，构建"润苗基金、科 创基 ...