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].

本基金主要围绕杭州市打造全球创新策源地、成果转移转化首选地、颠覆性技术转移先行地建设， 重点突出对智能物联、生物医药、高端装备、新材料和绿色能源等五大产业生态圈及未来产业的科 创类项目进行投资。 杭州科创基金围绕初创项目全生命周期设立三类出资方式： 杭州科创基金2025年度子基金管理机构征集公告公布：为助力杭州打造创新活力之城，做优做 强"3+N"杭州产业基金集群，更好服务杭州市五大产业生态圈为代表的战略性新兴产业集聚发展， 杭州科创基金拟联合社会资本组建设立子基金，为吸引全国优秀机构积极参与上述子基金组建，现 公开征集子基金管理机构，有关事项公告如下： 杭州科创基金是"3+N"杭州产业基金集群之一，由杭州资本管理，以杭州资本所属企业杭州市科创 集团有限公司（以下简称杭州科创集团）为运营主体，功能定位为政策性的千亿级政府引导基金。 投资方向为"投早、投小、投科技"，投资阶段以初创期的科创投资为主，重点为全市人才创业、中 小企业创新、专精特新企业发展、科技成果转化提供政策性投融资服务。 对接需求请扫码 每日｜荐读 活动： 「2025中国产业资本峰会」圆满落幕，CVC成为投资行业枢纽！ 榜单： 「2025产业投资 ...

以下文章来源于杭州市科创集团 ，作者杭州科创集团 杭州市科创集团 . 发掘创新价值，成就卓越企业。 为助力杭州打造创新活力之城，做优做强 " 3+N"杭州产业基金集群，更好服务杭州市五大产业 生态圈为代表的战略性新兴产业集聚发展，杭州科创基金拟联合社会资本组建设立子基金，为 吸引全国优秀机构积极参与上述子基金组建，现公开征集子基金管理机构，有关事项公告如 下： 01 杭州科创基金简介 杭州科创基金是 " 3+N"杭州产业基金集群之一，由杭州资本管理，以杭州资本所属企业杭州市 科创集团有限公司（以下简称杭州科创集团）为运营主体， 功能定位为政策性的千亿级政府引 导基金 。投资方向为"投早、投小、投科技"，投资阶段以初创期的科创投资为主，重点为全市 人才创业、中小企业创新、专精特新企业发展、科技成果转化提供政策性投融资服务。 本基金主要围绕杭州市打造全球创新策源地、成果转移转化首选地、颠覆性技术转移先行地建 设，重点突出对智能物联、生物医药、高端装备、新材料和绿色能源等五大产业生态圈及未来 产业的科创类项目进行投资。 02 子基金设立要求 0 1设立类型 0 4注册地 杭州科创基金围绕初创项目全生命周期设立三类出 ...