A 100-billion-yuan mother fund in Guangdong is here.
Recently, the Guangdong Provincial Department of Finance, the Financial Affairs Office of the Guangdong Provincial Party Committee, and the Guangdong Provincial Development and Reform Commission jointly issued the "Package of Policy Guidelines for Fiscal and Financial Collaboration to Benefit Enterprises and the People" (hereinafter referred to as the "Policy Guidelines"), proposing to establish the Guangdong Provincial Strategic Emerging Industry Investment Guidance Fund (hereinafter referred to as the "Guidance Fund").
The total scale of the Guidance Fund is 100 billion yuan, with the initial phase being 50 billion yuan. The policy document for the first time disclosed core details such as the fund's operation mode, investment layout, and operation management mechanism, several of which are quite groundbreaking:
· The Guidance Fund will operate in the long - term without a fixed term of existence;
· A three - level structure of "Guidance Fund - Mother Fund - Sub - Fund" will be constructed, mainly by establishing industrial investment mother funds, and supplemented by appropriately contributing funds according to local conditions to guide local cities to establish venture capital mother funds;
· The due diligence fault - tolerance and long - cycle assessment mechanisms will be refined.
In this way, it is also a microcosm of the active transformation of local government investment funds.
The 100 - billion - yuan mother fund with no fixed term of existence is here
According to the disclosure, the Guangdong Provincial Department of Finance will wholly establish the Guangdong Provincial Strategic Emerging Industry Investment Guidance Fund Co., Ltd. (hereinafter referred to as the "Guidance Fund Company") to set up the Guangdong Provincial Strategic Emerging Industry Investment Guidance Fund with a total scale of 100 billion yuan and an initial scale of 50 billion yuan.
Among them, as a unified investment and management platform for provincial government investment funds, the Guidance Fund Company is expected to leverage social capital in the future to form a fund cluster worth over one trillion yuan. Different from the previous 100 - billion - level guidance funds, the Guangdong industrial guidance fund has made three major innovations this time: innovative positioning, innovative structure, and innovative mechanism.
What has attracted the most attention is the proposal around "patient capital" - The Guidance Fund will operate in the long - term without a fixed term of existence.
As a unified investment and management platform for provincial government investment funds, the Guidance Fund establishes a circular rolling investment mechanism for long - term and stable investment from the provincial finance and recycled funds. With the provincial department of finance as the sole shareholder, it provides important support for the provincial party committee and government to promote the acceleration of the construction of a modern industrial system.
Secondly, the Guidance Fund will construct a "Guidance Fund - Mother Fund - Sub - Fund" three - level structure. On the one hand, it can better play the leverage effect of fiscal funds at all levels to attract social capital and drive private investment; on the other hand, it can strengthen the provincial overall planning ability, use the provincial guidance fund as a guide to systematically plan and comprehensively promote the provincial fund system, coordinate and drive the effective coordination of local funds, industrial policies, development plans, and fund investment layouts, and better play the strategic navigation role of the provincial guidance fund.
In the investment field, the Guidance Fund mainly invests in strategic emerging industries, future industries, and upgraded traditional industries, which are key supported industries in Guangdong Province, and serves the key work arrangements of the provincial party committee and government, such as the "Hundreds, Thousands, Millions Project", the ecological construction of Green and Beautiful Guangdong, and the construction of a strong marine province.
It is worth mentioning that, to encourage mother - sub funds to invest in early - stage, small - scale, long - term projects and hard technologies, and support investments in unicorn enterprises, specialized and sophisticated enterprises, and single - champion manufacturing enterprises, a more detailed layout has also been made:
(1) Mainly by establishing industrial investment mother funds, the Guidance Fund will introduce industrial leaders and chain - leading enterprises in different industries to cooperate in constructing industrial ecosystem funds, and introduce long - term capital such as bank and insurance funds to cooperate in establishing mother funds with special functions;
(2) Supplemented by appropriately contributing funds according to local conditions to guide local cities to establish venture capital mother funds, the Guidance Fund will support local cities to cooperate with leading venture capital institutions to establish venture capital mother funds focusing on emerging industries and future industries.
Finally, in terms of the management mechanism, 10 management mechanisms will be established, including supervision and inspection, investment "horse - racing", provincial - municipal linkage, policy coordination, resource sharing, post - investment management, performance assessment, fault - tolerance and exemption, and classified exit. In particular, the due diligence fault - tolerance and long - cycle assessment mechanisms that meet the cultivation of patient capital will be refined and innovated to encourage mother - sub funds to increase investments in early - stage, small - scale, long - term projects and hard technologies from the institutional and mechanism levels.
Further, the Guidance Fund Company entrusts Guangdong Yuecai Fund Management Co., Ltd. to be responsible for the operation and management of the Guidance Fund. The Guangdong Provincial Development and Reform Commission serves as the business competent department, and the provincial department of finance serves as the investor.
In addition, the Guidance Fund also establishes a Strategic Advisory Committee and an Investment Decision - Making Committee. Among them, the consultation mechanism of the Strategic Advisory Committee is led by the provincial development and reform commission, together with provincial business competent departments such as the provincial department of industry and information technology and the provincial department of science and technology, as well as units such as the Financial Affairs Office of the Provincial Party Committee, the provincial department of finance, the provincial audit department, and the provincial state - owned assets supervision and administration commission. It studies the planning and layout of the Guidance Fund and implements the major strategic intentions of the provincial party committee and government, and generally does not make specific investment decisions.
The Investment Decision - Making Committee, as the decision - making body of the Guidance Fund, is responsible for being established by the manager of the Guidance Fund. It is responsible for reviewing and deciding on the investment matters of the Guidance Fund. Government departments do not interfere with the investment decisions of the fund, but reserve the right to veto investment behaviors such as violations and defaults of the Guidance Fund.
Government investment funds have changed
In impression, this is another major attempt after the national - level 100 - billion - yuan "aircraft carrier fund".
Back in early 2025, the National Development and Reform Commission began to promote the establishment of a national venture capital guidance fund with a scale of over 100 billion yuan, using ultra - long - term special treasury bond funds for investment. At that time, it pioneered the establishment of a three - layer structure of "Fund Company - Regional Fund - Sub - Fund".
By the end of the year, the national venture capital guidance fund was officially launched and unveiled, and three regional funds under it, namely the Beijing - Tianjin - Hebei Venture Capital Guidance Fund, the Yangtze River Delta Venture Capital Guidance Fund, and the Guangdong - Hong Kong - Macao Greater Bay Area Venture Capital Guidance Fund, were immediately launched. The three regional funds also had many innovative attempts:
For example, it proposed a 20 - year term of existence for the first time; there is no requirement for regional reinvestment; and it does not simply use the profit and loss of a single project or a single year as the assessment basis.
This scene is undoubtedly of great significance as a weathervane.
At the beginning of this year, two policies, the "Working Measures for Strengthening the Layout Planning and Investment Guidance of Government Investment Funds" and the "Administrative Measures for the Investment Evaluation of Government Investment Funds", were issued simultaneously, for the first time making systematic regulations on the layout and investment of government investment funds at the national level.
Especially in the "Administrative Measures", a clear scoring mechanism is given. For example, in the relevant agreements, there is no requirement for the fund to reinvest, no requirement for additional relocation of the registered place; the proportion of early - stage and small - scale investments is ≥ 70%; the average investment period is ≥ 5 years; the proportion of social capital investment is ≥ 50%, etc., which are all key points for additional scores.
Since then, government investment funds have had a clearer reference system.
Looking back at the exploration process of government investment funds over the years, from the initial trial to the blow - out development, super mother funds worth tens of billions or even hundreds of billions have emerged continuously. While promoting the rise of a number of industries, many problems have also been exposed, such as competition for project resources, homogeneous competition, blind following, and the crowding - out effect on social capital.
In early 2025, Document No. 1 of the General Office of the State Council, the "Guiding Opinions on Promoting the High - Quality Development of Government Investment Funds", was issued, for the first time putting forward clear requirements for the classified and hierarchical management of funds, and proposing a series of far - reaching measures such as encouraging the reduction or cancellation of the reinvestment ratio and establishing a fault - tolerance mechanism.
Government investment funds have entered an adjustment period, and changes have begun to appear: Local government investment funds are improving quality and transforming in a prudent contraction; while the establishment of national - level funds is particularly active.
At the same time, the primary market is also warming up in all aspects. According to data from the Zero2IPO Research Center, the number of newly registered funds in 2025 increased by 18.8% year - on - year; the number of cancelled equity - type fund managers decreased by 28.6% year - on - year, and the clearance gradually slowed down.
From the three aspects of fundraising, investment, and exit, the number of funds that completed a new round of fundraising in 2025 increased by 26.6% year - on - year; the scale of newly raised funds increased by 14.1% year - on - year. In addition, the number and amount of investment cases increased by 28.4% and 45.6% year - on - year respectively; the number of exit cases increased by 41.0% year - on - year.
Perhaps, as investors predicted: "2026 will be a super year for venture capital."
This article is from the WeChat public account "Decoding LP", author: Yang Wenjing, published by 36Kr with authorization.