江飚表示，深圳"20+8"产业集群涵盖高新技术、先进制造、生物医药等多元领域，单一直投基金难以全 面覆盖。母基金可通过设立专注于不同赛道的子基金，在实现广度布局、分散风险的同时精准对接政策 方向。 "母基金能联合细分领域的专业投资机构，弥补AIC在特定产业深度认知或早期项目挖掘方面的不足， 还可以为建行集团获取信贷、并购服务等潜在综合金融业务机会。"江飚表示。 新华财经北京1月9日电（记者吴丛司）在深圳福田香蜜湖畔，一只70亿元母基金——深圳市建源政兴股 权投资基金（简称"建源政兴基金"），正悄然按下加速键。该基金的主要发起设立方是金融资产投资公 司（AIC），其设立本身已是创新。而据该基金有关负责人最新透露，截至目前已有三只子基金与该母 基金达成合作意向，并基本锁定了若干重点项目，母基金在完成工商注册和备案后预计将迅速推动子基 金签约与项目落地。 这不仅是一只母基金的具体进展，更是一次由AIC驱动的"科技-产业-金融"良性循环的创新实践。从传 统的债转股，到如今主动布局硬科技的"耐心资本"供给者，AIC的扩容与转型，正成为金融体系服务创 新驱动发展战略的关键落子。 70亿元母基金撬动超200亿元生态资本 建 ...

关注「IP百创」并 与行业IP领袖共成长 文末扫码加入投资人社群 2025年是中国股权投资机制重塑的"元年"，我们正站在从艰难转型向信心回归的关键节点。新形势下， 股权投资行业正在开启新格局。随着2025落下帷幕，母基金研究中心特别制作专题，共同回顾2025中国 母基金行业十大年度事件。 01国办一号文出台，母基金行业迎来重要政策 2025年1月7日，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（国办发〔2025〕 1号），首次从国家层面系统规范政府投资基金的设立、募资、运行与退出，分八部分提出25条具体措 施。这份被业内称为"国办一号文"的文件，针对母基金关注的出资方式、返投安排、注册地限制、退出 机制、耐心资本与容错免责等核心环节提出了全面部署，标志着母基金行业迎来重要指导性政策文件。 国办一号文鼓励创业投资类基金采取母子基金方式，并且，对创业投资类基金，可适当提高政府出资比 例、放宽出资条件、延长基金绩效评价周期。同时，明确对基金设立的分级管理要求，县级政府应严格 控制新设基金，严控县级政府新设基金管理人。 国办一号文明确，落实建设全国统一大市场部署要求，不以招商引资为目的设立政府投资基 ...

Core Viewpoint - The forum emphasizes the importance of financial support in fostering innovation and the integration of finance, technology, and industry to enhance economic resilience in China [1][4]. Group 1: Financial Ecosystem and Investment Strategies - Financial investment is crucial for urban development, with Suzhou being the first city in China to establish a mother fund, highlighting the need to invest in funds rather than direct projects [3][7]. - The collaboration between state-owned and private capital is essential for creating a market-oriented investment logic, with many funds seeking state-owned enterprises as foundational partners [3][7]. - Suzhou's financial ecosystem has evolved to support a diverse range of investment strategies, from seed funding to specialized funds, reflecting a comprehensive investment matrix [7][9]. Group 2: Innovation and Risk Management - Source innovation carries high risks due to uncertainties in technology and market conditions, necessitating a culture of tolerance for failure [3][12]. - The changing landscape of venture capital, influenced by regulatory scrutiny, has led to a polarization of funds, with some moving towards policy-driven investments while others remain market-focused [12][13]. - The need for long-term and patient capital is emphasized, particularly for projects requiring a higher tolerance for risk and failure [13]. Group 3: Integration of Finance, Technology, and Industry - The integration of finance, technology, and industry is seen as a critical factor for supporting the real economy, with financial institutions needing to adapt to technological advancements [4][10]. - Local teams with deep market knowledge are becoming increasingly important for identifying and supporting innovative companies, as the time for growth is shortening [10][11]. - The evolution of industry leaders from supply chain-focused to consumer-oriented companies is reshaping the investment landscape, requiring traditional investment institutions to adapt [9][10].

基金采用 "直接投资+子基金投资"模式，具有政府引导、长期支持、宽容失败等特点，基金期 限长达1 5年，还可根据情况申请延长3年。 9月2 8日，上海未来产业基金宣布，其近日顺利完成扩募，规模由1 0 0亿元增至1 5 0亿元，并已 实缴到位8 0亿元。 1 2月9日，上海未来产业基金发布公示，拟参与投资5只子基金：上海琏瑆创业投资合伙企业 （有限合伙）、上海创新工场创业投资合伙企业（有限合伙）（暂定名）、苏州砺思星河创业 投资合伙企业（有限合伙）、上海元禾璞华未来种子创业投资合伙企业（有限合伙）、上海思 源探索创业投资合伙企业（有限合伙）。 母基金研究中心关注到，这支母基金在今年颇为活跃， 这已经是今年以来的第四批子基金公 示，不到一年的时间，这支母基金已经出资 2 3只子基金 ， 这在全国范围内非常具有代表性， 在一级市场募资难持续寒冷的当下，为行业带来了难得的募资活水，有利于提振行业信心，起 到示范性带动作用。 我们了解到，作为上海市政府设立的投资母基金，上海未来产业基金坚持 "投早投小、投硬科 技"战略，成为联合社会资本共同投资、孵化前沿科技的耐心资本和战略资本。未来产业基金 关注的六大未来产业：未来 ...

Group 1 - The core theme of the 15th 21st Century Innovation Capital Conference in Guangzhou is the evolution of strategies in mergers and acquisitions (M&A), S transactions, and securities investment, highlighting the importance of these strategies in institutional layouts amid market restructuring [1][11] - Various state-owned platforms are adjusting their strategies, emphasizing the increased importance of M&A and the diversified role of S transactions, with a focus on aligning investments closer to industrial needs [2][12] - Representatives from state-owned institutions shared their strategies, indicating that M&A is expected to become a primary battleground for local industrial funds, while S funds will play an increasingly significant role in exit channels [3][13] Group 2 - Zhejiang Financial Innovation has developed three main sectors: mother funds, direct investments, and major project services, with a strong belief that M&A will be a significant direction moving forward [4][14] - Market-oriented institutions are increasingly adopting M&A as a key strategy to drive industrial upgrades and reshape enterprise value, despite their diverse business coverage [5][15] - Dinghui Investment has completed significant M&A transactions over the past decade, with a cumulative transaction scale exceeding $18.5 billion, focusing on industry chain restructuring and special opportunities [6][16] Group 3 - Guangdong Yuehai Private Equity Fund Management Company has accelerated its shift towards industrial M&A to support strategic restructuring, highlighting the advantages of M&A over equity participation or fund investments [7][17] - The discussion among various guests pointed to a common trend of rebalancing exit paths, asset quality, and strategy combinations across different types of institutions [8][18] - Yinuo Zhiyuan's approach to S transactions emphasizes the quality of underlying assets over discounts, indicating a shift towards professional specialization in the S market [9][19] Group 4 - Zhonghong Insurance has entered the equity investment market as a fund LP since 2018, with over 4 billion yuan in existing investments, and plans to steadily increase its equity investment proportion [20] - Since introducing S strategies in 2024, Zhonghong Insurance has completed four LP S share investments, achieving approximately 20% DPI returns within a year, indicating a growing role for S strategies in the insurance investment framework [21]

中国母基金行业一周资讯（ 1 2 . 6 - 1 2 . 1 2 ） 【资讯解读】 基金管理人招募： 母基金设立： 母基金政策： 1 4、广西： 广西政府投资引导基金建立四个工作机制，提升基金投资效能 1、香港：港投一口气出资1 0家GP 2、山西： 山西省制造业振兴升级基金 招 GP 3、江苏：徐州 贾汪区战略产业投资基金 招 GP 4、贵州： 贵阳市数字经济发展基金 招 GP 5、四川： 成都市金牛区产业高质量发展母基金 招 GP 6、上海： 上海未来产业基金拟参与投资子基金 7、江苏： 苏州市相城创新产业母基金 拟出资公示 8、陕西： 西安市工业倍增基金 拟出资公示 9、福建： 关于福建省科创接力 S基金中选管理机构的公示 1 0、广东： 光明科创母基金 正式启动 11、陕西： 陕西战新产业发展基金 设立 1 2、浙江： 宁波交投鄞智低空经济产业基金 设立 1 3、江西： 江投基金成功完成定南基金备案 1 5、浙江： 《嘉兴市政府投资基金管理办法》发布 1 6、浙江： 《温州湾新区、龙湾区创新创业投资引导基金管理办法》出台 1 7、湖北： 《咸宁市区工业高质量发展基金管理办法（试行）》 发布 本周资讯涉 ...

Core Insights - The article discusses the resilience and growth of Jingshui Lake Venture Capital, a relatively young VC firm that has successfully navigated industry challenges and established a stable position in the market [1][2][4] Fundraising and Strategy - Jingshui Lake has raised over 1 billion RMB in the past year, including new S funds and FOFs, indicating a significant achievement in a challenging market environment [2][3] - The firm employs a PSD (Primary+Secondary+Direct) strategy, which has evolved in response to LP demands and market conditions, rather than being a pre-planned approach [2][21] - The fundraising process has seen strong participation from existing LPs, with about two-thirds of the new fund coming from familiar investors, reflecting a solid trust base [5][9] Market Position and Adaptation - The firm has adapted to the changing market by exploring alternative exit strategies, such as equity transfers and S transactions, to provide liquidity to LPs amid delayed IPOs [3][24] - Jingshui Lake's successful transactions have improved the DPI of its first fund, showcasing its ability to navigate the current market landscape effectively [3][24] LP Relationships and Dynamics - The firm has established strong relationships with LPs, with approximately 30% of its old LPs being those with guiding fund attributes, which allows for greater investment flexibility [8][12] - New LPs are characterized by their clear investment preferences and understanding of the market, facilitating straightforward communication and collaboration [6][10] Investment Focus and Philosophy - Jingshui Lake focuses on early-stage investments in sectors like smart energy and industrial technology, maintaining a disciplined approach to avoid overextending into high-valuation areas [19][20] - The firm emphasizes a long-term investment strategy, aiming for sustainable growth rather than chasing short-term gains, which aligns with its overall investment philosophy [25][26] Future Outlook - The firm is cautious about expanding its scale, preferring to maintain a manageable fund size that allows for focused investment in quality projects [18][19] - Jingshui Lake's approach to investment is rooted in a deep understanding of market cycles, allowing it to make informed decisions about sector opportunities and risks [26][27]

0:00 建信人寿资产管理部总经理张广华：从资产端来看，保险机构仍然能够实现投资全周期的覆盖，比如在 新质生产力企业的初创时期，保险机构可以通过母基金、天使基金、科创基金"投早、投小"，在企业的 最初阶段给它提供最需要的资金支持。企业在成长、壮大阶段可以通过定向增发、S基金，战略配售和 其他的产业基金的形式，提供源源不断的支持。 ...

40亿母基金来了 11月24日晚间，粤开证券密集发布多条公告，披露其新一轮战略动向。其中，其通过子公司参设 一只总规模40亿元的产业母基金，尤为引人关注。 导读： 券商系母基金再添新军，为市场注入活水与信心。 作者丨 FOFWEEKLY 在当前的一级市场中，积极的信号正在不断释放。虽然市场化LP们仍显审慎，但手握资金和产业 资源的券商们，依然活跃在台前。 近日，券商系母基金再添新军， 为市场注入活水与信心。 公告指出：为进一步加强市场化基金募集，公司全资子公司粤开资本投资有限公司（以 下简称"粤 开资本"）拟作为基金普通合伙人（GP）及执行事务合伙人，与上饶经开区招才引资集团有限公司 （简称"上饶集团"）出资设立粤开（上饶经开区） 产业升级股权投资合伙企业（有限合伙）（暂 定名）（简称"基金"或"上饶母基 金"），注册于上饶经济技术开发区（简称"上饶经开区"）。本 基金总认缴规模 40 亿元，粤开资本通过自有资金认缴出资不超过 12 亿元（出资比例不超过 30%）， 上饶集团出资不超过 28 亿元（出资比例不超过 70%）。 上饶母基金通过项目直投或参与设立子基金（包括盲池基金、专项基金）的方式开展投资， 主 ...

Core Insights - The article emphasizes the critical role of insurance funds as "patient capital" in supporting the growth of technology innovation enterprises, aligning with their long-term financing needs [1][2][3] - It highlights the increasing importance of insurance capital in the context of China's "14th Five-Year Plan," which aims to accelerate high-level technological self-reliance and innovation-driven development [1][2] - The article discusses the diverse investment strategies employed by insurance institutions, including equity, debt, and alternative investments, to support technology innovation [3][4] Investment Characteristics - Insurance funds are characterized by their long duration, large scale, and stability, making them well-suited to meet the financing needs of technology innovation enterprises [2][4] - The total balance of insurance funds in China exceeds 36 trillion yuan, providing substantial resources for systematic investment in frontier fields [2][4] Investment Strategies - Insurance funds are diversifying their investment tools to cover various sectors, including artificial intelligence, semiconductors, advanced manufacturing, new materials, and renewable energy [3][4] - Different investment strategies are recommended for enterprises at various stages of development, from seed and startup phases to growth and maturity phases [4][5] Research and Assessment Framework - There is a need for insurance investment institutions to develop research and assessment frameworks that align with the characteristics of "early, small, and hard technology" investments [5][6] - The establishment of a three-part research system focusing on policy research, technology decoding, and value discovery is suggested to enhance the valuation and pricing capabilities for technology innovation enterprises [6][7] Regulatory and Taxation Recommendations - Suggestions include adjusting risk factors for investments in strategic emerging industries and expanding tax incentives for technology innovation investments [7] - The article advocates for the development of a secondary market for private equity and systematic improvements in transaction mechanisms to enhance transparency and efficiency [7]