In Jiangsu entstehen derzeit in Massen Mutterfonds.

It's Jiangsu again.

According to investment industry news platform - Decoding LP, recently, the establishment plan of the third batch of industrial special funds funded by the Jiangsu Provincial Strategic Emerging Industry Mother Fund (hereinafter referred to as the "Jiangsu Strategic Emerging Industry Mother Fund") has passed the decision of the board of directors of the provincial strategic emerging industry mother fund company and was officially launched.

The third batch of industrial special funds established this time has a total scale of 15.5 billion yuan and consists of a total of 5 funds. Among them, there is 1 cooperation - type fund with a scale of 10 billion yuan; 2 industrial special mother funds for prefecture - level cities with a scale of 4 billion yuan; 1 industrial special fund for provincial - owned enterprises with a scale of 1 billion yuan; and 1 angel fund for future industries with a scale of 500 million yuan.

Since June 2024, the Jiangsu Strategic Emerging Industry Mother Fund has left a deep impression on the venture capital circle. In just one year, its total scale has exceeded 100 billion yuan. Especially this year, the establishment and investment of government - guided funds have significantly slowed down, but Jiangsu remains active.

Latest 15.5 billion yuan, Jiangsu's mother fund has made new investments

Specifically, let's look at the situation of the third batch of mother funds -

First is the 10 - billion - yuan cooperation - type fund - Cheng Tong Science and Technology Innovation Investment Fund (Jiangsu). This fund was initiated by China Chengtong Holdings Group and jointly funded by Sinopec, China National Aviation Fuel, and the government of Haidian District, Beijing. It is the first industrial special fund jointly established by the provincial strategic emerging industry mother fund and a central enterprise group, so it has attracted much attention.

It is understood that this fund will further deepen all - round cooperation between central and local governments, promote the implementation of the industrial chain of central enterprises in Jiangsu, give better play to the "leverage" effect and synergistic effect of the strategic emerging fund cluster, and help the integrated development of scientific and technological innovation and industrial innovation in Jiangsu. In terms of investment direction, relying on Jiangsu's solid foundation and innovation advantages in strategic emerging industries such as new materials, advanced manufacturing, new - generation information technology, and new energy, it will provide capital support for early - and mid - stage technology projects and industrialization.

Secondly, the industrial special mother funds for prefecture - level cities include the Jiangsu Xuzhou Emerging Industry Special Mother Fund with a scale of 3 billion yuan and the Jiangsu Zhenjiang High - end Intelligent Manufacturing Industry Special Mother Fund with a scale of 1 billion yuan.

The former was initiated by Xuzhou Guosheng Holdings Group. It is the second industrial special mother fund jointly established by the provincial strategic emerging industry mother fund and Xuzhou. It focuses on investing in strategic emerging industries such as new energy, integrated circuits, new materials, green environmental protection, and safety emergency, helping Xuzhou to build a national industrial transformation and upgrading demonstration zone at a high level.

The latter was initiated by Zhenjiang State - owned Investment Holding Group, marking that the strategic emerging fund cluster has achieved full coverage of all 13 prefecture - level cities in the province. It mainly invests in industries such as new energy, new energy (intelligent connected) vehicles, low - altitude economy and aerospace industry, new power (smart grid), marine engineering equipment and high - tech ships, and new materials.

In addition, the 1 - billion - yuan industrial special fund for provincial - owned enterprises - Jiangsu Agricultural Reclamation Modern Biotechnology Industry Investment Fund was initiated by the provincial agricultural reclamation group. Based on the main responsibilities and businesses of provincial - owned enterprises, it conducts direct investments in related fields such as pharmaceutical health, bio - agriculture, and special new - type food, further increasing the investment layout of provincial - owned enterprises in strategic emerging industries, enhancing the core functions of state - owned enterprises and improving their core competitiveness.

Finally, the angel fund for future industries - Jiangsu New Intelligence Future Industry Angel Investment Fund with a scale of 500 million yuan was jointly initiated by Jiangsu High - tech Investment Group and Suzhou Innovation Investment Group. It focuses on supporting more high - level talents in innovation and entrepreneurship, promoting the transformation and implementation of more cutting - edge scientific and technological achievements in future industries such as general intelligence, advanced computing, third - generation semiconductors, quantum technology, synthetic biology, cutting - edge new materials, deep - sea, deep - earth, and aerospace development.

The Jiangsu Strategic Emerging Industry Mother Fund further summarized that the third batch of industrial special funds has three characteristics:

Firstly, the number of cooperation partners has further increased. On the basis of the first and second batches of funds mainly cooperating with prefecture - level cities and provincial - owned enterprises, cooperation with central enterprises has been strengthened to better play the leverage effect of the provincial strategic emerging industry mother fund and promote the implementation of high - quality resources of central enterprises in Jiangsu Province.

Secondly, the coverage area has further expanded. The two industrial special mother funds in Xuzhou and Zhenjiang have investment directions that conform to the development direction of strategic emerging industries in Jiangsu Province and local industrial development plans, with industrial foundations and development prospects. After their establishment, the industrial special funds cover all 13 prefecture - level cities.

Thirdly, the supported fields have further expanded. The Jiangsu Agricultural Reclamation Modern Biotechnology Industry Investment Fund focuses on strengthening the layout of the biological seed industry and pharmaceutical health industry, and the Jiangsu New Intelligence Future Industry Angel Investment Fund will support more high - level talents in innovation and entrepreneurship.

So far, the total number of industrial special funds established by the Jiangsu Strategic Emerging Industry Mother Fund has reached 41, with a total scale of 106.9 billion yuan, covering 13 prefecture - level cities and 6 provincial - owned enterprises in Jiangsu Province.

The explosion of Jiangsu's mother funds

Looking back, in June 2024, the Jiangsu Strategic Emerging Industry Mother Fund with a total scale of 50 billion yuan was officially launched. The fund mainly invests in the strategic layout previously proposed by Jiangsu Province - the "51010" strategic emerging industry cluster, the "1650" industrial system, the "10 + X" future industry system, and key fields in line with the national and provincial strategic emerging industry development plans.

This batch of funds is managed by Jiangsu High - tech Investment Group Co., Ltd. (hereinafter referred to as the "High - tech Investment Group"). After its establishment, it kicked off the wave of Jiangsu's mother funds. This year is regarded as the first year of the establishment, implementation, and operation of Jiangsu's provincial - level mother funds.

Immediately afterwards, the first batch of industrial special funds was quickly established. There were a total of 14 funds in this batch, with a total scale of 50.6 billion yuan. Among them, there were 10 industrial special mother funds for prefecture - level cities with a scale of 46.6 billion yuan and 4 angel funds for future industries with a scale of 4 billion yuan, which were implemented in 7 regions including Nanjing, Suzhou, Wuxi, Changzhou, Nantong, Xuzhou, and Yangzhou.

Then in February this year, the second batch of industrial special funds was officially signed in Nanjing, with a scale of 40.8 billion yuan. 22 funds were implemented in 11 prefecture - level cities and 4 provincial - owned enterprises in Nanjing, Suzhou, Wuxi, Changzhou, Nantong, etc. So far, the total scale of the first two batches of funds in just over half a year has reached 91.4 billion yuan.

With the addition of the third batch of funds now, in just one year, the total scale of the funds established by the Jiangsu Strategic Emerging Industry Mother Fund has exceeded 100 billion yuan, leaving a deep impression on the outside world in terms of both scale and establishment speed.

The so - called "Fragmented Jiangsu", which has been joked about for a long time, has made collective efforts in the venture capital field, and the "Jiangsu Model" has become more and more popular.

The "Research Report on the Chinese Equity Investment Market in the First Quarter of 2025" released by Zero2IPO Research Center shows that 139 funds were raised in Jiangsu, ranking second; and there were 428 investment cases in Jiangsu, ranking first. Relatively speaking, whether it is the establishment of a single fund or the establishment and investment of super mother funds, Jiangsu's activity is relatively rare among different regions this year.

As is well - known, after the release of Document No. 1 of the State Council General Office this year, the "Guiding Opinions on Promoting the High - quality Development of Government Investment Funds", the establishment of government - guided funds in various regions has become more cautious, and the slowdown trend is obvious. Such changes are bound to have a profound impact on the venture capital ecosystem in the next few years.

This article is from the WeChat public account "Decoding LP", author: Yang Wenjing, published by 36Kr with authorization.