Local pioneering fund "popular" will be expected to pry into the creation of investment

"The government has a small percentage of state-owned assets to pry into foreign capital, and to attract capital into the field of venture investment in a magnification way."　　"Hangzhou Municipal Development and Reform Commission financial and Financial department Zhang Yongping director recently in the interview with Red Tripod Venture investment manager Meng Yang, the establishment of the Hangzhou venture capital to guide the fund to do a general interpretation."　　At the same time, Suzhou, Wuxi, Chongqing, Shenzhen and other land are brewing the establishment of government venture capital investment Guidance Fund. Springing up the government venture capital investment Guidance Fund, according to private equity financing professional lawyers Shanghai Oriental Silver Law Firm, Li Lei, the observation is actually the government investment from the introduction of industrial capital to the introduction of a venture capital of a strategy.　　In an increasingly tightening environment, such moves have helped some local quality enterprises prioritize capital transfusions and accelerate development outside financing channels such as banks and public offerings. Support early Project Suzhou NDRC related personage told reporter, Suzhou the government venture capital to guide fund to have the embryonic form at present, the preliminary scale will set at 500 million yuan, at the same time will set up the investment company by the company system, the aim is to solve the financing bottleneck of the Suzhou, attract VC at home and abroad, PE　　And then promote the industrial upgrading of local enterprises. The source said that the city-level venture capital guidance fund will come up with some resources to focus on supporting the local High-tech enterprises in Suzhou, and the other part will face the national outstanding entrepreneurial projects.　　It is reported that the city-level venture capital to guide the fund's initial plan and Suzhou Industrial Park, similar to the Guide fund. As early as in 2006, the Suzhou Industrial Park venture Capital Guidance Fund, the first venture capital investment guidance Fund, "in the way of attracting capital" quickly aroused domestic and foreign venture industry concern, the fund has just announced the 10 venture to reach a partnership.　　Especially foreign PE or VC think this is the opportunity to set up RMB funds. From the Government's point of view, they hope that these foreign capital can give local entrepreneurial enterprises enough attention. The Suzhou Development and Reform Commission said so.　　In the market, now many of the venture capital are more focused on the benefit of more stable in the late-stage project, especially the IPO phase of the project. The starting point of Hangzhou venture capital investment Guidance Fund is very similar.　　According to Zhang Yongping, the current guiding fund mainly support early entrepreneurial projects, focusing on the Hangzhou area of electronic information, biomedicine, new energy materials, environmental protection and energy-saving and knowledge-based services and efficient agriculture, the basic High-tech industry in Hangzhou, the planning direction of the enterprise type.　　The government is not for profit at present, such venture capital funds will normally be entrusted to the operation of professional management bodies, the Government plays only the role of supervision, and in a certain period of time to withdraw, so that other capital at a more reasonable cost of acquiring Government shares. According to the plan, the Hangzhou municipal government will be in 5 years to the state venture capital investment Guidance Fund to invest 1 billion yuan, the first batch of this year to start 200 million yuan. Zhang Yongping said that the Guide fund through the Hangzhou high-Tech Investment Co., Ltd. management. Suzhou Development and Reform Commission operations staff also said that the government venture capital guidance fund will not participate in the directThen the management, mainly to guide the direction of the grasp. It is reported that the Hangzhou municipal government in March this year, "Hangzhou Venture capital Guidance fund Management measures", according to the provisions of Hangzhou venture capital Investment Guide Fund to support venture capital and entrepreneurial development, will use 1:1 of the allocation ratio for stage equity investment and follow-up investment, that is to say,　　After the establishment of the first 200 million Yuan venture capital fund, 100 million yuan will be used for equity investment and follow-up investment respectively.　　In the stage of participation in investment, from the Guide fund and Social capital in Hangzhou jointly set up a new venture capital Enterprise, guide the fund proportion of not more than 25%, and not become the largest shareholder, the term of participation generally not more than 5 years. In the follow-up investment, the venture capital enterprise selected by the social Venture Investment enterprise, directs the Fund to invest jointly with the venture capital Enterprise, and directs the Fund to follow up the investment under 30% of the actual investment of the venture capital enterprise.　　Only the principal plus Bank interest can be calculated when the project expires. Industry insiders said that the Government to guide the fund is not for the purpose of profit, should play a leading role and demonstration functions.　　Not to participate in the direct management of venture capital institutions is conducive to the government to play a lever effect, so that the funds can be gathered into the corresponding investment areas. To determine 5 partners Zhang Yongping said: "A total of 7 venture capital companies want to work with Hangzhou venture capital to guide the fund to cooperate, and finally we chose 5, of which 2 are foreign-funded backgrounds, and the other 3 is the domestic relatively top venture capital enterprises."　　According to people familiar with the situation, Hangzhou venture capital Guidance Fund is mainly for the stage of participation in investment and the introduction of 5 partners, now the top five of the venture is Cybernaut Investment, Pacific Joint Capital, Shenzhen Innovation Investment, Hua ou Chong Investment and Zhejiang Science and Technology Park Development Co., Ltd., the specific program should be the government's announcement, but now still in the process.　　According to the industry sources, Chongqing's venture capital fund is still in the process of finding partners, to find a partner means to find the capital. Zhang Yongping said that Hangzhou's strong entrepreneurial investment climate is the foundation of the venture capital guiding Fund. According to preliminary statistics, Hangzhou city, Zhejiang Province, including the national ministries and departments of government funds to support the science and technology enterprises have more than 1000. In addition, Hangzhou is a venture investment or venture capital type of the company has 35 or so.　　Already in Hangzhou, the development and Reform Commission to record the venture capital Enterprise has 13 or so.　　At the same time, Hangzhou's industrial investment funds to formulate methods are also brewing, the total size will be below 5 billion yuan. Li Lei, a lawyer at Shanghai Oriental Silver Law firm, told the first financial daily yesterday that the biggest aim of setting up government venture capital investment Guidance Fund is to attract investment and promote the local economic development by attracting VC. At present, foreign investment institutions are interested in the model of government venture capital guidance Fund, which can convert foreign exchange into RMB directly and save time for approval of investment projects. But Li Lei also said that many local government agencies are enthusiastic about the model but not professional enough.