30 billion mother funds in the northeast, starting to recruit GP

The Northeast Government Guidance Fund is also coming.

The investment industry-decoding LP learned from Jilin that recently, Changchun Revitalizing Industry Development Entrepreneurship Investment Guidance Fund (referred to as "Changxing Fund") officially began to select GP. It is reported that the total scale of Changxing Fund's capital capital is 30 billion yuan, which is responsible for operation management by Changchun Equity Investment Fund Management Co., Ltd.

In order to develop emerging industries, guided funds throughout the country to bloom all over the country this year, and witnessing that the Northeast is naturally unwilling to fall behind. But for VC/PE, the two are most concerned about the two questions: Where does the 10 billion parent fund money come from? Can you really throw it out?

The selection rules of Changchun 30 billion parent funds are released

Return to a return ratio 1: 2

Let's first understand this mother fund--

The Changxing Fund was formally established in January 2022. The total capital contribution is 30 billion yuan, which is taken from the meaning of the revitalization of Changchun in the new era. The municipal equity company was established on September 27, 2017 with a registered capital of 100 million yuan. The company focuses on the combination of industrial capital and financial capital through industrial capital and financial capital to guide high -level fund managers to set up private equity investment funds.

The original intention of establishing the "Changxing Fund" in Changchun City is very simple. It aims to fully implement the high -quality development strategy of "one master, six doubles" in Jilin Province, support Changchun to promote the "six cities linkage", and accelerate the construction of "1 trillion levels of 6 trillion hundred trillion hundred billion yuan The "level" industrial system has made every effort to promote the development of the revitalization of Changchun.

Therefore, the "Changxing Fund" is established in accordance with the "1+6+N" architecture system.

Among them: "1", that is, focusing on the formation of scale effects and agglomeration effects, through the method of motivating the stock, stimulating increment, and integrating reorganization, to create a fund brand flag that establishes a Changchun city, that is, Changchun "Changxing Fund".

"6", around the key investment direction, "Changxing Fund" has 6 leading funds, including automotive industry funds, modern agricultural funds, photoelectric information funds, biomedical funds, scientific and technological innovation funds, and cultural and creative funds.

"N", that is, under the framework of 6 leading funds, set up N industrial sub -funds around different stages of industrial development, different needs of projects, different periods of projects, different periods of enterprise development, scientific research and results transformation, and set up N industrial funds. "Changxing Fund" will form a multi -field investment object system of "Industry+Project+Enterprise" and a diversified investment instrument system for "direct investment+quotation+venture capital" to achieve "investment promotion+recruitment talent+technology incubation "The full coverage of key links and elements of the industrial development, and the full coverage of the development cycle of enterprises such as" seedling period+initial period+growth period ".

So, what are the requirements for specific selection rules?

From the perspective of scale and investment, the proportion of Changxing Fund's shareholding of industrial investment sub -funds should generally not exceed 30%, and it shall not bear unlimited responsibilities as ordinary partners. In addition, the total amount of funds raised by sub -funds should generally not be less than 100 million yuan, and all investors are funded in the form of currency.

In terms of rewards, Changxing Fund implemented performance rewards to the sub -fund managers and benefited other investors. Reward and benefits generally do not exceed 60%of the value -added income of Changxing Fund. For the entire investment in Changchun City or mainly invest in early projects such as the seeds of the city, the transformation of scientific and technological achievements, and the key projects determined by the municipal government The key industries that specially encouraged development with the municipal government can be appropriately improved by specific rewards. Generally, it should not exceed 80%of the value -added income. Changxing Fund and government investor or state -owned enterprise investor in the province are not allowed to benefit each other;

In terms of GP's most concerned return ratio, sub -funds should give priority to investing in enterprises (projects) in Changchun City, and its investment in Changchun City should generally be twice the amount of capital contribution of Changxing Fund. At the same time, the fund will also appropriately relax the return requirements according to the specific circumstances. For example, the enterprise invested by the sub -fund and landed in Changchun City from a foreign country, the 1.5 times the investment amount of the company's investment in the company Total investment.

In the direction of investment, Changxing Fund revolves around the city government of Changchun's automobile industry, modern agricultural industry, photoelectric information industry, biomedical industry, scientific and technological innovation industry, cultural and creative industry and other municipal government to encourage key development industries. fund. "Many branch funds have been cooperated before, and this time I hope to establish cooperation with more well -known investment institutions." The relevant personnel of the parent fund revealed.

Vc/PE go to Northeast to raise funds?

In the northeast rejuvenation, how can we get the government guidance fund.

In addition to Changxing Fund, Jilin has also established some small -scale funds. In July, the Jilin Provincial Equity Fund Company initiated the Jilin Province Jichuang Specialty New Entrepreneurship Investment Partnership. The field is the main fund. The fund size is 500 million yuan, and the first period of funds in place is 100 million yuan.

Coincidentally, in April this year, Jilin Provincial Investment Group Co., Ltd., as the leader, joined Jilin Provincial Equity Fund Investment Co., Ltd., Changchun Financial Holding Group Co., Ltd., Changchun Jingyue Industrial Fund Investment Co., Ltd., Jilin Entrepreneur Investment Guidance Fund Management Limited, Jilin Provincial Technology Investment Fund Co., Ltd. and Jilin Provincial Investment Finance and Financial Asset Management Co., Ltd. and other provincial financial institutions jointly formed Jilin Province Carbon Xinrui Cloud Equity Investment Partnership (Limited Partnership) ("Carbon Fiber Fund) ") Formally established and successfully signed, the total scale of funds raised in the first phase was 500 million yuan. It is reported that the fund is the first special carbon fiber industry special fund established in Jilin Province. The main investment direction is the carbon fiber industry in the province. The atmosphere of Chuangjin Investment in Liaoning Province is also becoming stronger.

In March of this year, Liaoning formulated corresponding plans in accordance with the "Fourteenth Five -Year Plan" national scientific and technological innovation deployment and the "Fourteenth Five -Year Plan for the National Economic and Social Development of Liaoning Province and the Outline of the 2003 Fast Visual Outline". From the cultivation of scientific research institutions, talent cultivation to platform construction, institutional mechanism reform, and social environment and innovation ecology, Liaoning has planned detailed planning around "scientific and technological innovation".

In the same month, a tens of billions of guidance funds in Liaoning Province began to recruit GP. The announcement shows that this provincial -level guidance fund is established by the Liaoning Provincial Government and operates in accordance with the market -oriented policy fund, adopting market -oriented methods such as equity investment, and guiding social capital to the key areas and weak links in the industrial development of Liaoning Province, supporting related related related links, and supporting related related related related to supporting related related related. Industry and fields achieve leapfrog development.

Shenyang City has issued the "Implementation Opinions to Promote the High -quality Development of the Shenyang Investment Fund" and the "Administrative Measures for the Investment of the Angel Fund of Shenyang City" in Shenyang City. It proposes that Shenyang Investment Fund will initiate the establishment of an angel investment fund with a total scale of 10 billion yuan. The scale is 2 billion yuan, and the development of entrepreneurial enterprises that support the seed period and initial period in accordance with the market -oriented operation.

And Dalian. In November 2021, Dalian officially reviewed and approved and authorized the signing of the parent fund entrusted management agreement. The Nanyue Fund from Guangzhou officially became the parent fund manager of the Dalian Guidance Fund. , Promote the government's parent funds to support regional economic transformation and high -quality development into a new stage.

It is understood that the Dalian Guidance Fund is a policy fund established by the Dali Municipal Government and operated in accordance with the market -oriented manner. run. The first phase of the fund is RMB 5 billion, and its funds are mainly derived from municipal financial general public budgets, government fund budgets, state -owned capital business budgets, social donations, and guidance funds.

As everyone has seen, Northeast's venture capital forces began to rise, and they are trying to break the curse of "not investing in Shanhaiguan". However, a realistic question is in front of VC/PE: Where does the money come from these tens of billions of guidance funds?

In addition, GP is more concerned about whether there are suitable projects in the local area? Can this matter be closed? As a heavy industry base in my country, the three northeast provinces were previously popular "eldest sons". It is not necessary to repeat the glory in the past. However, the time of transit, a Northeast investor said that he had considered returning to Northeast investment and watching many entrepreneurial projects of colleges and universities. "However, too many procedures, too long processes, and not market -oriented projects ... Many factors have dismissed me."

In the huge China Creation, the northeast should not be forgotten, but there is still a long way for reality and ideals.

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