From south to north, the Angel Mother Fund exploded

Let's start with the latest Tianjin Angel Mother Fund.

The investment industry-decoding LP learned from Tianjin that the Tianjin Science and Technology Bureau and the Finance Bureau recently issued the "Interim Measures for the Management of Tianjin Angel Investment Guidance Fund" to establish the Tianjin Angel Investment Guidance Fund with a total target size of 10 billion yuan and 4 billion yuan in the first phase of 4 billion yuan , Will guide social capital to vote early, small, and "hard technology", accelerate the transformation of scientific and technological achievements, and promote industrial development.

This is not an example. Since 2021, Angel Mother Fund has been established in Suzhou, Changzhou, Guangzhou and other places. This scene has become more lively this year -from Hunan, Sichuan to Henan, and northeast, policies have been introduced to encourage angel investment and set up angel mother funds. The signs of the early investment are like the fire of the stars, from south to north.

This time is Tianjin: 10 billion Angel Mother Fund

This is a new attempt for Tianjin Guidance Fund.

In order to implement the "Fourteenth Five -Year Plan for the National Economic and Social Development of Tianjin and the Outline of the 2013 Vision Target", "Tianjin Science and Technology Innovation" Fourteenth Five -Year Plan ", promote the creation of an important source of independent innovation and original innovation The main source of measures, guide social capital to invest early, small, and hard technology, accelerate the transformation of scientific and technological achievements, promote industrial development, and set up Tian Tianjin Angel Mother Fund. In order to regulate the management of the Tianjin Angel's Mother Fund, the Measures are specially formulated.

It is worth noting that the Tianjin Angel Mother Fund adopts the "1+N" model -the establishment of the Angel Mother Fund of the two -level linkage of the city and the district.

Let's take a look at the city -level level -the establishment of the Tianjin Angel Investment Guidance Fund Partnership (Limited Partnership) (Plastics: Municipal Angel Mother Fund). Municipal Angel Mother Fund is a special parent fund invested by Haihe Industry Guidance Fund to participate in the establishment. Therefore, in the regional industrial fund established in the Haihe Industry Guidance Fund, a certain proportion is set as the quota of the district -level angel parent fund (here below Abbreviation: district -level angel mother fund, district -level angel parent fund no longer set up enterprise subjects), and encourages relevant areas to adopt other methods to set up angel parent funds.

Municipal Angel Mother Fund entrusted Tianjin Haihe Industrial Fund Management Co., Ltd. as the management agency of the Municipal Angel Mother Fund (referred to as the Angel's Mother Fund Management Company), which can set up a project with investment funds and invest in marketization sub -funds. It can also be directly or through project fund investment that is conducive to the realization of the policy goals of the Angel's Mother Fund and expand the strength of the fund.

Among them, the funds used by the municipal angel parent fund for marketization and investing are not higher than 15%of the total amount of active parent funds of the municipal angel parent funds. 20%.

Municipal Angel's Mother Fund's capital contribution of single -supporting subsidiaries does not exceed 300 million yuan in principle; the proportion of investment in the municipal angel parent fund in the sub -fund registered in Tianjin does not exceed 40% of the total fund subscribed capital contribution. ; Sub -funds registered outside Tianjin, the proportion of capital contribution of the municipal angel parent funds does not exceed 10%of the total fund subscribed capital.

In addition, the area contributed to the Municipal Angel Mother Fund, the Municipal Angel Mother Fund supports the sub -fund management agency recommended by the region to set up a subsidiaries for the region in accordance with 1.4 times the amount of capital contribution of the region.

The Measures also stated that regional investment platforms are encouraged to jointly support institutions such as colleges, scientific research institutes, university science and technology parks, Haihe Laboratory, Industrial Technology Research Institute, and science and technology incubators. The following are some points of the "Measures" on the sub -fund:

1. In principle, the total amount of subsidies for subsidiaries is not less than 30 million yuan, and higher schools, scientific research institutes, university science and technology parks, Haihe Laboratory, Industrial Technology Research Institute, science and technology enterprise incubator and other institutions can be appropriately reduced The total amount of contributions is subscribed.

2. The cumulative investment amount of the sub -fund to a single enterprise does not exceed 20%of the total fund subscribed by the subsidiary fund;

3. The duration of sub -funds generally does not exceed 10 years, of which the investment period does not exceed 5 years. After consultation with all investors, the duration can be extended up to 2 years, and the extension of the duration will no longer pay the management fee to the child fund management agency;

4. Sub -funds are mainly invested in high -tech industries and strategic emerging industries such as new generation of information technology, biomedicine, new energy, new materials, new materials, high -end equipment, energy conservation and environmental protection, aerospace and other high -tech industries. Focus on supporting high -quality projects with innovative leading effects on the industrial chain, and enhance the energy level of the key industry chain in this city.

5. The amount of investment in the city's science and technology enterprises is not lower than the city -level angel parent fund to pay 1.75 times the amount of capital contribution. Among them, the investment amount of angel projects that attract investment in the city and foreign countries is not lower than 1.2 times the amount of capital contributed by the municipal angel parent fund (including the subsequent addition of the subsequent investment in the investment of the investment of the investment). The subsidiaries that are recommended to the municipal angel parent fund to be established to the municipal angel fund, and the municipal capital contribution can be used as a base for regional requirements.

6. Angel projects generally must meet the following requirements: First, the investment of the sub -fund must be established for its first two rounds of external institutional investment or sub -fund investment decisions. The total assets or sales revenue of the year do not exceed 30 million yuan.

From south to north, domestic angel mother fund blowout

The Chinese venture capital industry ushered in a trend: Angel Mother Fund is outbreak from south to Peking University.

Since the beginning of this year, the Angel Mother Fund has been established. On April 12, the State -owned Assets Supervision and Administration Bureau of Longhua District of Shenzhen issued the "Administrative Measures for the Investment Guidance Fund of the Shenzhen Longhua District Government" and the "Administrative Measures for the Angel Investment Guidance Fund in the Longhua District of Shenzhen" At the same time as management and operation, it is planned to set up an angel parent fund with the first phase of RMB 1 billion. It is understood that the management cost of the Angel Mother Fund of Longhua District can reach up to 3%, which is mainly invested in strategic emerging industries, future industries and other industries that support and encourage development to support and encourage development.

Earlier, Shenzhen Angel Investment Guidance Fund Management Co., Ltd. began to explore since 2018. With 10 billion, it has become the largest domestic angel parent fund, and has become a banner of early investment in China.

Since then, a wave of angel mother funds has set off throughout the country. Just this year, on March 17, the Chengdu High -tech Zone Optimization of the Business Environment Conference mentioned that the establishment of an angel parent fund with a total scale of 10 billion yuan will be set up for the first phase of 1.5 billion yuan. Focus on the angel funds managed by investors managed by investors with industry or industrial experience background in the "3+3" industrial field as the main investment direction or research and cultivation direction. The sub -fund is mainly invested in the industrial direction of the support and encouragement of development in Chengdu High -tech Zone, including the three leading industries such as electronic information, biomedicine, and new economy, as well as advanced manufacturing, modern service industries, future industries, etc. ("3+3" industries).

Since then, the Changsha High -tech Zone has initiated the establishment of the Angel's Mother Fund and Seed Fund, which is simultaneously doing a strong industrial guidance fund, with a total scale of 20 billion yuan. Not long ago, the high -tech zone began to collect the first batch of GPs for the Angel Son Fund and Industrial Fund.

Looking north, the northern cities are also here. On April 11, in order to better support the innovation and development of science and technology enterprises in the zone, the Angel Mother Fund was established in Qingdao High -tech Zone. Sub -fund focuses on the seeds and initial pioneering technology enterprises in high -tech zones such as information technology, intelligent manufacturing, artificial intelligence, medical medicine, and rehabilitation in the new generation of information technology, intelligent manufacturing, artificial intelligence, medical and medicine, and rehabilitation.

Even the Northeast of the "Venture Capital Desert" is not far behind. On May 18, Shenyang City issued the "Implementation Opinions to Promote the High -quality Development of the Shenyang Investment Fund" and the "Measures for the Investment Management of the Shenyang Angel Fund Investment", which proposed that the Shenyang Investment Fund will initiate the establishment of angel investment with a total scale of 10 billion yuan. Fund, the first phase of 2 billion yuan, operates in accordance with marketization, is used to support the development of entrepreneurial enterprises in the seedling period and initial period.

This is one of the one -to -date tens of billions of angel funds in the Northeast.

The outbreak of the Angel Mother Fund created a lively scene of China's early investment. According to the data of the Qingke Research Center, from the perspective of the round distribution, the number of cases in which China VC/PE invested in a round in Q1 in 2022 ranked first in the country, ranking first in the country; And the average investment amount of angels has continued to rise since 2020.

But the ideal is full, but the reality is still skinny. Just as the vast VC/PEs are curious: Where does these tens of billions of parent funds come from? Can you really throw it out? The test really started.

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