According to Baidu French Network, there is a limit on the proportion of capital contribution for industrial funds to set up parent funds. According to the regulations on the management of industrial funds in various provinces and cities, there are the following restrictions on the proportion of investment in the establishment of parent funds by industrial funds:

First, industrial funds are usually not allowed to directly invest in specific projects as a single investor;

Second, in principle, industrial funds can't be the largest investor of parent funds;

Third, the capital contribution of industrial funds in the parent fund shall not exceed a certain proportion of the total size of the parent fund (the regulations of different provinces and cities are not uniform). According to the provisions of article 2, it is impossible.

Industrial funds generally have two structures: one is a three-tier structure, that is, industrial funds-parent funds-sub-funds; The second is a two-tier structure, that is, industrial fund-sub-fund. No matter whether the parent fund is established or the sub-fund is directly established, most industrial funds are invested and operated by setting up funds, and there is less direct investment in specific projects. Due to the particularity of industrial funds, when they set up funds (parent funds or sub-funds, collectively referred to as parent funds for simplicity), they often have to follow certain legal and policy requirements, which are often reflected in the partnership agreement between industrial funds and social capital to set up parent funds. According to the policies and regulations of local industrial funds and our experience in serving various industrial funds in recent years, this paper analyzes some key clauses in the partnership agreement for establishing the parent fund of industrial funds.