Eine Mutterfonds in Höhe von 10 Milliarden Yuan bringt neues Leben in den Bereich der humanoiden Roboter.

In 2025, the primary market scene will become increasingly vibrant, and the enthusiasm of investors has significantly increased. Industries such as robotics, artificial intelligence, and low - altitude business continue to gain popularity. Both the capital side and the industry side show growing interest in projects in these areas.

Notably, the willingness of limited partners (LP) to participate in capital contributions has also significantly increased. Recently, another mother fund worth one billion yuan has entered the market, focusing on the field of humanoid robots.

A One - Billion - Yuan Mother Fund for Humanoid Robots Has Arrived

The field of humanoid robots has received another important capital inflow.

Recently, supported by the national investment promotion fund, the finance department of Hubei Province, together with Changjiang Securities, has completed the establishment of the Hubei Provincial Mother Fund for investment in the humanoid robot industry. The fund has signed the partnership agreement, completed the business registration, and made the first payment. This makes it the first participating fund successfully established after the release of the "Work Plan for Reforming the State - supported Fund Model in Hubei Province".

The total scale of the fund is 10 billion yuan and is planned to be established in two phases. The first phase has a volume of 5 billion yuan, with the national investment promotion fund and the Wuhan Industrial Fund each contributing 20%, while Changjiang Securities and the Hubei Provincial Construction and Investment Group each subscribe for 30%. The fund mainly targets the core areas of the humanoid robot and artificial intelligence industries, including leading enterprises in the humanoid robot industry, which are particularly supported in Hubei Province, as well as technology - oriented enterprises with core competencies in areas such as components, brain - machine interfaces, control systems, and model algorithms.

The mother fund for investment in the humanoid robot industry is an important step for Hubei Province in forward - looking planning of strategic new developments and future industries, as well as in promoting the development of new productive forces. It is also an important policy tool to take the lead in future industries through forward - looking capital investments and to establish Hubei as the national origin for humanoid robot technology, an innovation leader, and a pioneer in application.

In the field of venture capital, the fund cooperates with university teams for technological innovations to accelerate the implementation and application of scientific results in important industries. Based on a deep integration of "government - industry - university - research - capital", the fund collaborates with the best universities and research institutions in the province to comprehensively support projects in the fields of humanoid robots and artificial intelligence with "capital + industry + application scenario + management". The fund particularly focuses on groundbreaking technologies from laboratories, provides the necessary funds for industrialization, technical advice, and market resources, significantly shortens the time span between "technology prototype" and "market success", solves the implementation problems, and builds an innovative cycle in Hubei from "basic research - technology development - industry promotion - wide application" to improve the regional technological competitiveness.

In the field of industry investments, the fund takes the lead in industry development and promotes the industrialization and scaling up of humanoid robots and artificial intelligence. This gives new impetus to the provincial economy. The fund focuses on the future industry of humanoid robots and artificial intelligence, which combines AI and high - tech manufacturing. It mainly invests in leading enterprises in the industry, as well as "specialists and innovators" and start - up teams that possess groundbreaking technologies in the fields of embodied intelligence and bionic control. Through targeted investments in domestic and imported leading enterprises in the industry, the fund helps them expand their production capacities and increase their scale, precisely targets the research and mass production of core components, strengthens and expands the value - added chain, and improves the robustness of the supply chain to accelerate the wide implementation of important application scenarios. The fund aims to bring the humanoid robot industry from the technological breakthrough phase to mass industrialization and cluster formation and strives to build a globally competitive industry ecosystem and a world - class industry cluster in Hubei.

Since the beginning of this year, mother funds in different regions have clearly focused their investment strategies on forward - looking areas such as AI, robotics, aerospace, and low - altitude business.

In addition to Hubei, we have observed that in first - tier cities such as Beijing, Shanghai, Guangzhou, Shenzhen, and Hangzhou, the interest in these areas is also extremely high this year. The establishment and capital participation of mother funds have significantly increased.

Notably, Hubei has given a remarkable number of policy signals and capital actions in 2025 and has taken groundbreaking steps. Since the beginning of this year, the province has repeatedly sent important signals to revitalize investment in hard tech.

Hubei Goes All Out: Gives Institutions the Courage to Invest

Since the beginning of the year, the atmosphere in the primary market has improved, and the willingness of LPs to participate in capital contributions has increased. The measures taken by Hubei Province are particularly noticeable.

On the one hand, the establishment of mother funds in Hubei has "developed everywhere", and efficient capital participation has become the norm.

According to observations by FOFWEEKLY, since the beginning of the year, Hubei has frequently announced the selection of general partners (GP) for mother funds. The establishment and capital participation of new funds have significantly increased:

In February, the Hubei Provincial Culture and Tourism Investment Fund officially started the selection of sub - fund managers (this includes culture and tourism, healthcare, high - tech manufacturing, and digital intelligence). The Wuhan Metropolitan Area Fund and the Jiaorong Wuchuang AIC Fund have completed their registration (they focus on optoelectronics, biosciences, and energy). The "Shouyi Science and Innovation Mother Fund" with a volume of 5 billion yuan has also completed its registration.

In March, the Hubei Provincial Transportation Investment Fund for the Lingkong Logistics Hub and the Wuhan Fund announced the selection of sub - fund managers.

In April, the Hubei Provincial Gaolu Development Investment Fund with a volume of 30 billion yuan completed its registration. The Wuhan Wenjin Development Fund with a volume of 5 billion yuan has been looking for GPs.

In May, the Hubei Provincial Xiaogan Strategic New Development Investment Mother Fund was successfully established, and the Hubei Xiaoting Fund has been looking for GPs.

In June, the national investment promotion fund of Hubei Province released guidelines for the application of potential participating funds and procedures for selecting management companies, which include multiple funds in important areas, as well as regional funds and other market - oriented funds.

A regional state - owned capital company also told us: "This year, the efficiency of capital participation decisions is very high. Since the beginning of the year, we have already financed 7 or 8 projects, and the fastest decision only took one month. The establishment of sub - funds continues."

On the other hand, Hubei has introduced the concept of "100% loss tolerance" for the first time in China to give GPs the courage to invest.

The recently released "Work Plan for Reforming the State - supported Fund Model in Hubei Province" stipulates that individual investment projects can accept "100% losses".

According to reports, Hubei is currently the first province in China to allow 100% loss tolerance for individual projects at the provincial level.

Liu Peiwen, a professor at the School of Engineering of Huazhong Agricultural University, once said: Many capital providers have very strict counter - performance clauses. It is very difficult for hard - tech projects from universities to take the first step. I think it is very important to allow 100% losses.

However, the tolerance of losses in individual projects can trigger greater dynamics in industry innovation. To ensure the successful implementation of this reform, a reform of the investment evaluation systems for funds is also carried out within the framework of the "Work Plan" to expand decision - making power and reduce burdens.

Zhou Yongshi, the deputy general secretary and general manager of the Changjiang Industrial Group, said: "This is a great challenge for our professional management team as fund investors. We must select the best and strongest projects, cooperate with leading enterprises in the industry, and grow with these start - up teams."

According to the "Work Plan", Hubei will build a system in the future where the national investment promotion fund plays the leading role, the national investment promotion fund and state - owned capital companies cooperate, and state - owned capital companies enhance the capital effect. This will create a positive cycle where losses in the development from "0 to 1" are tolerated, a small profit is achieved in the development from "1 to 2", and a high profit is achieved in the development from "2 to N". This will make it possible to guide capital more strongly to invest early, in small - scale, long - term, and hard - tech projects.

In addition, on June 12, the Wuhan Municipal Government Office released the "Action Plan to Promote the High - quality Development of the Technology - Finance Sector and Accelerate the Construction of a National Technology - Finance Center in Wuhan (2025 - 2027)". The plan proposes to establish more than 50 specialized technology - finance institutions by 2027, bring the volume of participating funds to over 300 billion yuan, increase the credit volume for technology - oriented enterprises to over 500 billion yuan, and support more than 500 "Golden Seeds" and "Silver Seeds" enterprises.

The plan clearly states that the guiding effect of state - owned investment funds should be strengthened. The proportion of state - owned investment funds in venture capital funds such as seed funds and angel funds should be increased to over 50%. The term of venture capital funds established by state - owned investment funds can be up to 15 years. Seed funds and angel funds can respectively accept losses of up to 80% and 60% of the investment volume. According to the responsibility review, individual projects in seed funds and angel funds can accept up to 100% losses.

Previously, on the afternoon of April 15, Li Dianxun, the deputy secretary of the Hubei Provincial Committee of the Communist Party of China and the governor of Hubei Province, emphasized at a special government conference: "We must take demand as the starting point and problems as the starting point, focus on solving the four problems of 'able to invest, willing to invest, allowed to invest, and capable of investing' and boldly innovate the administrative structure, operating system, and evaluation methods of state - supported fund models."

Some investors have directly said that Hubei has made all - out efforts in the past two years and significantly increased the speed of capital participation. At the same time, the province is willing to bear the risks of "early, small, technological, and future - oriented" investments, which gives institutions the courage to invest.

Now, another one - billion - yuan mother fund focusing on forward - looking areas such as robotics has entered the market in Hubei. Together with the "100% loss tolerance" concept introduced for the first time in China and the efficient capital participation decision - making process, Hubei is striving with "capital + courage + efficiency" to create a new hotspot for venture capital in China.

Conclusion

Since the beginning of this year, the primary market scene has come back to life. The relaxation of policy frameworks and the market recovery have reinforced each other, and LPs have accelerated their capital participation, bringing a series of positive changes in the industry.

Not only in Hubei, but also in other regions such as Sichuan and Fujian, "bomb - like" policy measures have recently been taken, enabling state - owned capital companies to accept a higher loss tolerance. Through institutional innovation, the ecosystem for venture capital is reshaped, and investment institutions are given the courage to invest.

2025 is undoubtedly a year full of hope for the venture capital industry.

This article is from the WeChat account "FOFWEEKLY" and was published by 36Kr with permission.