广西壮族自治区财政厅 recently released the《Guangxi Science and Technology Achievement Transformation Fund Management Measures》(以下简称《管理办法》), which aims to enhance the management of government investment funds to better facilitate the transformation of scientific and technological achievements into practical applications. The measures include establishing a standardized system for fund raising, investment, operation, and withdrawal to ensure efficient use of public resources while minimizing risks.

According to the《管理办法》, the fund will prioritize investments in key areas such as industry-academia collaboration projects, high-integration technologies, and ventures with significant market impact. At least 60% of the fund's total scale will be allocated to seed-stage, early-stage, and growth-stage non-listed technology companies. A dedicated database of high-quality scientific and technological achievements will be established to provide a steady supply of investment opportunities.

To stimulate market activity, the《管理办法》addresses key barriers that hinder private sector participation. It introduces a more favorable investment environment by increasing public funding contributions to individual funds, with the proportion reaching as high as 70% at the regional level. Profit distribution mechanisms have been optimized to incentivize successful projects, allowing up to 100% of excess returns to be shared with investors. Additionally, a risk-tolerance framework has been implemented to encourage innovation and accept failures inherent in technological transformation.

The《管理办法》establishes a comprehensive lifecycle management system for funds covering setup, investment, operation, and exit phases. Stringent requirements are set for fund managers, including capital contributions, management experience, and past performance. A standardized process is followed for establishing individual funds, involving proposal submission, preliminary reviews, due diligence, and other procedures to ensure high-quality investments.

Effective risk controls are in place during the investment phase, with independent custodians overseeing fund operations to safeguard public assets. For exit strategies, multiple channels such as equity transfers, stock sales, buybacks, and liquidations are available, with specific scenarios defined for mandatory exits to protect fund security.

The initiative's first phase, a 20 billion yuan Guangxi Science and Technology Achievement Transformation母Fund, was officially approved in July this year. It focuses on supporting seed-stage to growth-stage technology companies to drive the commercialization of scientific achievements within the region.