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The development of equity investment and venture capital requires the expansion of patient capital. Recently, it has become increasingly difficult for the parent fund to make its promised investment, and the corporate repurchase storm triggered by the expiration of the gambling agreement has also intensified. All these phenomena have put the "patience" of the government-guided funds and state-owned funds, the largest source of investment in the current private equity venture capital market, under great pressure.

The reporter learned from the investigation that encouraging long-term investment, strengthening patient capital, and guiding funds and other mother funds are crucial "sources". Industry insiders believe that the development of patient capital must build a patient ecosystem, and it is crucial to build and improve relevant fault-tolerant mechanisms and flexible exit mechanisms.

At present, some places have explored fund terms and risk tolerance mechanisms. Industry insiders believe that in the future, in order to coordinate the interests of different investors between the government and the market, it is necessary to strengthen top-level design, strengthen the adjustment of interest distribution and incentive mechanisms, improve control efficiency, and achieve a win-win situation for all parties, so as to effectively strengthen patient capital. (China Securities Journal)