The trillion-yuan "aircraft carrier fund" has made an investment.

In March this year, at a press conference on economic issues during the Two Sessions, Zheng Shanjie, the director of the National Development and Reform Commission, revealed that the country is promoting the establishment of a "carrier - class" national venture capital guidance fund. As soon as the news came out, it caused quite a stir in the industry.

The reason why this fund has attracted so much attention mainly stems from two points:

First, the management scale is unprecedented - it is expected to drive nearly 1 trillion yuan of local and social capital. What does this concept mean? According to data from CVSource of Touzhong Jiachuan, a total of 4,834 new funds were established in the VC/PE market in 2024, with a total subscribed capital of 245.219 billion yuan. That is to say, the scale driven by this single fund is equivalent to more than 40% of the total market fundraising last year.

Second, the fund has a 20 - year duration, which is truly patient capital.

After nine months, this "carrier - class" fund, regarded by the industry as a "turning point in the venture capital industry", has finally taken a substantial step. On December 22, the National Venture Capital Guidance Fund, as an investor, officially participated in the establishment of two regional guidance funds, namely the "Yangtze River Delta Venture Capital Guidance Fund" with a registered capital of 47.1 billion yuan and the "Guangdong - Hong Kong - Macao Greater Bay Area Venture Capital Guidance Fund" with a registered capital of 45.05 billion yuan.

Let's first look at the Yangtze River Delta Venture Capital Guidance Fund. The fund is registered in Shanghai, and its partner lineup is very strong. In addition to the National Venture Capital Guidance Fund, it also brings together the central state - owned enterprise SDIC Group, as well as various state - owned capital forces at all levels in the Yangtze River Delta, such as the Anhui Provincial Science and Technology Achievement Transformation Guidance Fund, Hangzhou High - tech Investment, Ningbo Financial Investment, Shanghai Guosheng Group, Shanghai State - owned Investment, Pudong Capital, and Suzhou Guofa Venture Capital's Suzhou Guojing. In addition, Anhui's listed state - owned enterprise Conch Group also appears on the list of investors.

The fund's manager is also worthy of attention. It is the "SDIC Chuanghe Yangtze River Delta (Shanghai) Venture Capital Management Co., Ltd.", which was newly established on December 19. From the perspective of the equity structure, the LPs of this management institution highly overlap with the investors of the Yangtze River Delta Venture Capital Guidance Fund. SDIC Group, Shanghai State - owned Investment, Pudong Capital, Suzhou Guofa Venture Capital, and Conch Group are all on the list. Other investors also include SDIC Chuanghe, Anhui Guojin, Hangzhou Science and Technology Innovation, and Nanjing Zijin Science and Technology Innovation.

It is not difficult to see that whether it is the LP structure of the fund itself or the shareholder composition of the manager, the Yangtze River Delta Venture Capital Guidance Fund has gathered all the top - tier state - owned capital forces in the Yangtze River Delta region.

The Guangdong - Hong Kong - Macao Greater Bay Area Venture Capital Guidance Fund was also officially established on December 22 and is registered in Shenzhen, with a scale of 45.05 billion yuan. Its investment structure shows a similar characteristic to the Yangtze River Delta Venture Capital Guidance Fund, which is "led by the national team and coordinated by multi - level state - owned capital".

Specifically, the core investor is the National Venture Capital Guidance Fund, with an investment of up to 20 billion yuan, accounting for 44.4% of the shares. The second - largest shareholder is the Shenzhen Guochuangyin Science and Technology Innovation Investment Partnership (Limited Partnership), which invested 18.9 billion yuan, accounting for 41.9%. This is a fund jointly established by the municipal and district - level government funds in Shenzhen on December 15.

Provincial - level state - owned capital has also actively participated. The "Guangdong Provincial Strategic Emerging Industry Investment Guidance Fund Co., Ltd.", wholly - owned by the Guangdong Provincial Department of Finance with a scale of 50 billion yuan, invested 4 billion yuan this time, accounting for 8.9%. In addition, Shenzhen Capital Group, China Resources Capital, and relevant state - owned capital entities or funds in Jiangmen, Dongguan, and Zhuhai are also on the list of investors.

The company responsible for the management and operation of the Guangdong - Hong Kong - Macao Greater Bay Area Venture Capital Guidance Fund is the newly established "Shenzhen Run Guochuang (Shenzhen) Investment Co., Ltd." on December 20. Shenzhen Capital Group holds 90% of the shares, and China Resources Capital holds 10%.

In summary, the two regional guidance funds have deeply aggregated top - level state - owned capital from the central to local levels, with a luxurious configuration. As important implementation carriers of the "carrier - class" national venture capital guidance fund, the establishment of these two funds will undoubtedly become an important engine to promote the development of the Yangtze River Delta and the Guangdong - Hong Kong - Macao Greater Bay Area.

It is also worth noting that market sources said that in addition to the above two funds, the National Venture Capital Guidance Fund also subscribed to another regional guidance fund, namely the "Beijing - Tianjin - Hebei Venture Capital Guidance Fund Partnership (Limited Partnership)". However, the fund has not yet disclosed the specific registered capital and partner information. It is only known that the executive partner is CICC Capital.

In previous exchanges, many market - oriented LPs have repeatedly mentioned the three leading funds in Shanghai and the Shanghai Future Industry Fund, saying that these two funds are the leaders and the "most aggressive LPs" in the mother - fund circle, and they will give priority to screening investment targets from their management systems. The official establishment of the Yangtze River Delta and Guangdong - Hong Kong - Macao Greater Bay Area funds, along with the upcoming appearance of the Beijing - Tianjin - Hebei fund, may provide new core reference points for LPs.

This article is from the WeChat public account "LP Spectrum", author: Wang Manhua. Republished by 36Kr with permission.