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focusing on the goal of "investing early, investing in small, investing in new and hard-core", many places have set up early-stage funds this week. shanghai announced the establishment of a future industry fund with a total scale of 10 billion yuan, which will be fully funded by the shanghai municipal finance department. the fund period is up to 15 years. its selection of sub-funds will focus on the investment and incubation capabilities of relevant managers. in addition, angel funds have also been established in guangzhou, zhengzhou, heilongjiang and other places, and due diligence exemption and fault tolerance mechanisms have been established.

shanghai 10 billion future industry fund is here

recently, at the 2024 pujiang innovation forum, shanghai announced the establishment of a future industry fund with a total scale of 10 billion yuan. it is understood that the fund has the characteristics of government guidance, long-term support, and tolerance of failure. the 10 billion yuan is fully funded by the shanghai municipal finance. the fund period is as long as 15 years, and it can be extended for 3 years depending on the situation.

according to reports, the shanghai future industry fund has three major initiatives in its operation: first, it has established a strategic scientist committee to be responsible for strategically assessing the direction of future industries and discovering excellent investment targets in cutting-edge fields; second, it has formed an investment and research team of science and technology project managers to support project layout planning, coordinate various resources, and promote the concept verification, on-site incubation and industrialization of projects; third, it has established a concept verification funding linkage investment mechanism to give full play to the role of concept verification in improving r&d efficiency and accelerating the transformation of results, and establish a full-chain linkage mechanism of "discovery → project establishment → verification → incubation → investment" for projects.

in terms of the management of the shanghai future industry fund, shanghai state investment corporation will take the lead in establishing a market-oriented fund management platform controlled by state-owned assets. the fund adopts the "direct investment + sub-fund investment" model. direct investment mainly invests in major strategic projects in the future industry field. sub-fund investment involves the screening, management and empowerment of sub-funds. the selection of sub-funds will focus on the investment and incubation capabilities of relevant managers. sub-funds generally play the role of cornerstone investors, can accompany the growth of invested projects, and provide invested projects with various resource support including but not limited to concept verification, scenario application, talent allocation, etc.

angel investment funds were established in guangzhou, zhengzhou and other places

recently, at the guangzhou angel mother fund investment conference, the guangzhou angel mother fund was officially put into operation. it is understood that this fund is an important measure for guangzhou to fill the seed round and angel round investment stages. it is established based on guangzhou financial holding group co., ltd. and is entrusted to guangzhou jinkong fund management co., ltd. for management. the fund's target scale is 10 billion yuan, with an initial scale of 1 billion yuan. it operates in a "parent-child fund" + direct investment manner, with the "parent-child fund" cooperating with market-oriented fund managers to establish sub-funds as the main method and direct investment as the supplementary method. currently, more than 150 direct investment projects have been reserved.

in addition, heilongjiang province longjiang angel investment fund was also established recently. the scale of longjiang angel investment fund is 505 million yuan, with 5 million yuan invested by keli company and 500 million yuan invested by longjiang modern industry investment guidance fund. the fund will focus on investing in seed-stage and start-up technology-innovative enterprises in the field of new productivity in heilongjiang province. invest in "two new", invest in development, invest in the future, invest early and invest in small, invest in new and hard.

recently, zhengzhou city also issued the "zhengzhou angel investment fund establishment plan". this fund is a non-profit fund initiated and established by the municipal government. the total scale of the angel fund is 1 billion yuan, and the first phase of paid-in scale is 300 million yuan. the municipal finance bureau will inject capital into zhengzhou investment group co., ltd. based on the investment progress.

it is worth noting that the above plan also mentions due diligence exemption and fault tolerance mechanism, proposing that if the investment loss rate does not exceed 40% of the investment principal when the fund is liquidated, the fault tolerance procedure will be initiated in accordance with laws and regulations. and the overall evaluation principle will be adopted for comprehensive performance evaluation, and no investigation will be conducted due to the loss of a single or several direct investment projects, a single or several projects invested by a single or a few sub-funds, or the annual interim performance results of a single project.

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