In line with the strategic directives of the Jiangsu Provincial Committee and Government, and to leverage the role of long-term capital, patient capital, and strategic capital in accelerating the cultivation of future industries while establishing a key foundation for developing new quality productive forces, the Jiangsu Provincial Strategic Emerging Industries Mother Fund (hereinafter referred to as the "Provincial Mother Fund") has collaborated with Nanjing Zijin Industrial Investment Co., Ltd. and other institutions to establish the Nanjing Zijinshan Future Industries Angel Fund with a total scale of 500 million RMB. A public selection process for the management institution is hereby announced, with relevant details as follows:

I. Basic Principles of Selection

1.Fairness, Impartiality, and Transparency

Unified selection rules, standards, and evaluation criteria ensure equal opportunities for all qualified management institutions under equivalent conditions.

2.Compliance with Laws and Regulations

The selection process strictly adheres to national laws, regulatory requirements, and relevant policies.

3.Market-Driven Approach

Broaden selection channels and partner with high-quality management institutions that align with the fund’s investment focus, possess strong management qualifications, robust capabilities, and extensive investment experience.

II. Nanjing Zijinshan Future Industries Angel Fund Overview

1.Fund Positioning

Foster forward-looking, strategic, and breakthrough future industries through provincial-municipal collaboration.

2.Organizational Structure

Limited Partnership.

3.Registered Address

Nanjing, Jiangsu Province.

4.Term

15 years (8-year investment period + 7-year exit period).

5.Capital Structure

Total size: ¥500 million. Provincial Mother Fund contributes ¥125 million (25%).

6.Investment Model

Direct investments only. Single project investment ≤20% of the fund’s total paid-in capital.

Portfolio companies must meet the following criteria:

(1) Registered in mainland China (excl. Hong Kong, Macau, Taiwan);

(2) ≤200 employees at investment, with ≥30% holding bachelor’s degrees; total assets and annual revenue ≤¥30 million;

(3) ≤5 years old at investment;

(4) Not listed domestically or internationally at investment;

(5) R&D expenses ≥20% of total costs in the investment year and prior year.

7.Investment Focus

Support Zijinshan Laboratory’s research and industrialization priorities, focusing on:

Core Areas: Next-gen information networks, new components;

Emerging Fields: Computing power internet, spatial information, metaverse;

Applied Sectors: Industrial internet, smart grid, smart terminals, connected vehicles.

8.Geographic Allocation

1.≥70% of direct investments in Jiangsu-based enterprises (defined by registration, relocation, subsidiaries, or acquisition by local entities).

2.≥75% of direct investments in Nanjing-based enterprises (similar criteria as above).

3.Overseas investments require rigorous compliance and justification.

9.Investment Decision-Making

1.5-member Investment Committee (3 appointed by the management institution).

2.Rules and composition subject to partner approval.

10.Management Fees

1.Investment period: 3% annually on paid-in capital;

2.Exit period: 2.5% annually on unrealized investments;

3.No fees during extension/liquidation;

4.Retroactive adjustment mechanism for uninvested capital.

11.Performance Incentives

No hurdle rate; 20% carried interest on excess returns.

12.Prohibited Activities

No leverage, secondary markets, real estate, lending, guarantees, or non-compliant investments.

13.Operational Requirements

1.Compliance with provincial fund management systems;

2.Pre-investment review by Provincial Mother Fund;

3.Custody by systemically important banks;

4.Regular reporting and audits;

5.Annual performance evaluation with fee adjustments;

6.Provincial Mother Fund oversight and profit-sharing mechanisms.

III. Management Institution and Team Requirements

1.Institution Criteria

1.Registered with AMAC (China Securities投资基金业协会);

2.Top-tier PE/VC firm (top 50 in industry rankings) or sector specialist;

3.≥¥10 million registered capital;

4.≥1% (≥¥5 million) co-investment in the fund;

5.AUM ≥¥5 billion; ≥10 successful exits (IPO/M&A);

6.≥10 dedicated investment professionals (≥5 with 5+ years experience);

7.Sound governance and risk controls;

8.No regulatory penalties or失信记录.

2.Team Criteria

1.≥5 full-time members with relevant certifications and 3+ years at the institution;

2.Core team (fund lead/IC members) must have 5+ years experience and full-cycle fund management expertise;

3.Lock-in clauses for key personnel;

4.Verifiable track records;

5.No competing funds until 70% deployed;

6.Risk-interest alignment mechanisms.

IV. Selection Process

1.Public announcement;

2.Initial review of applications;

3.Due diligence;

4.Expert panel review and scoring;

5.Decision-making by fund sponsor;

6.Public (≥5 business days).

V. Application Submission

1.Prepare materials per attachment requirements (3 hard copies + electronic versions);

2.Submit to: Xu Jie, Floor 41, Tower 4, Financial City, Jianye District, Nanjing;

3.Email: zhaoh@njicg.com;

4.Deadline: 12:00 PM, October 12, 2024.

Contact: Xu Jie

Tel: 025-86596535

Issued by: Nanjing Innovation Investment Group Co., Ltd.

Date: September 24, 2024

Source: Venture Capital Group  

Reviewed by: Xue Yao  

Published by: You Yi