第四届全球数字贸易博览会（简称"数贸会"）9月25日至29日在杭州举行。在期间举办的"数贸创投日"上，浙江金控投资管理有限公司董事长郑钧表示， 2025年年内将增设浙江省科创母基金四期、浙江省未来产业科创基金等，打造形成创投基金矩阵。 记者了解到，自2023年9月浙江省科创母基金一期开启投资运作以来，截至当前已形成共计三期、认缴总规模达110亿元的科创母基金体系，落地42只子基 金，累计投决项目120余个。 深化运营"创融桥""投贷联动"等平台 郑钧表示，截至2025年8月末，浙江省级政府投资基金累计认缴600亿元、实缴427亿元，设立子基金123只、总规模达4254亿元（含国家级基金）。 母子基金共投资浙江省内项目1684个，其中101家企业成功上市、61家获国家和省级科学技术奖。 作为"4+1"专项基金群的重要组成部分，浙江省科创母基金支持投早、投小、投长期、投硬科技。秉持"一地注册，投向全省"的组建原则，实行市场化运作。 2024年11月，总规模30.02亿元的浙江省科创母基金三期正式签约落地，由拱墅区产投集团与浙江省金融控股有限公司、杭州市国有资本投资运营有限公司 等合伙人联合发起设立，基金管理人为浙 ...

第四届全球数字贸易博览会(简称"数贸会")9月25日至29日在杭州举行。在期间举办的"数贸创投日"上， 浙江金控投资管理有限公司董事长郑钧表示，2025年年内将增设浙江省科创母基金四期、浙江省未来产 业科创基金等，打造形成创投基金矩阵。 记者了解到，自2023年9月浙江省科创母基金一期开启投资运作以来，截至当前已形成共计三期、认缴 总规模达110亿元的科创母基金体系，落地42只子基金，累计投决项目120余个。 深化运营"创融桥""投贷联动"等平台 浙江省科创母基金三期重点围绕"人工智能+制造""人工智能+能源""人工智能+医疗"等人工智能相关产 业领域进行投资。 郑钧表示，未来，浙江金控将优化基金布局，进一步提升基金体系的协同效率和投资精准度；改革体制 机制，探索更适应新质生产力发展规律的投融资模式；深化运营"创融桥""投贷联动""重大项目库""民 营企业融资直通车""全省产业基金一张网"等平台，优化赋能服务，提升企业价值。 而根据此前的公开信息，筹备当中的浙江省未来产业科创基金目标规模100亿元。 资金、赋能、生态形成合力 在资本"活水"之外，多方位的赋能和服务也是良好科创生态的重要组成部分。 浙江金控副总 ...

Core Viewpoint - The article discusses the launch of three major fund clusters in Zhejiang Province aimed at enhancing industrial investment and supporting technological innovation, with a total initial scale of approximately 150 billion yuan [2][3]. Fund Clusters Overview - The "Technology Innovation New Quality Productivity Fund" focuses on early to mid-stage hard technology projects in strategic emerging industries such as integrated circuits, high-end equipment, new materials, and medical technology [2]. - The "State-Owned Enterprise Industrial Structure Optimization Adjustment Fund" aims to optimize the layout of state-owned capital and promote the transformation and upgrading of state-owned enterprises [2]. - The "High-Quality Development Fund for Listed Companies" seeks to stabilize and strengthen the capital market in Zhejiang by participating in IPO strategic placements and supporting mergers and acquisitions [2]. Market Mechanism and Lifecycle Support - All three fund clusters adopt market-oriented mechanisms to ensure efficient operation, including independent fundraising and innovative management practices [3]. - The funds are designed to cover the entire lifecycle of enterprises from startup to maturity, providing comprehensive support for modern industrial innovation [3]. Zhejiang's Fund Model - Zhejiang has established a "Zhejiang Model" for mother funds, demonstrating significant activity in the VC/PE fundraising landscape [3][8]. - The provincial mother funds have been actively recruiting sub-fund management institutions, with the Zhejiang Provincial Science and Technology Innovation Mother Fund (Phase II and III) recently announced [3][8]. Local Fund Activity - Various cities in Zhejiang, such as Hangzhou and Huzhou, have launched substantial mother funds, with Hangzhou's three major funds totaling over 1 billion yuan each [7]. - The "4+1" special fund model has been introduced, focusing on four major trillion-yuan industrial clusters and a specialized mother fund for "specialized, refined, unique, and innovative" enterprises [8][9]. Investment Performance and Future Outlook - By April 2025, the fund clusters had invested in 279 projects, with total investments amounting to 270.69 million yuan, leveraging over 1,881.94 million yuan in total project investments [9]. - The Zhejiang Provincial Science and Technology Innovation Mother Fund has committed to supporting early-stage investments in hard technology, with a total scale of 11 billion yuan across three phases [10]. Policy Innovations - The Zhejiang government has introduced new regulations to enhance the operation of government investment funds, emphasizing market-oriented management and long-term capital support [11][12]. - The new policies aim to address key issues in the government investment fund sector, including risk tolerance and management fee structures, promoting a more sustainable investment environment [15][17].

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].