State-owned limited partners (LPs) are also raising funds through bond issuance.

According to investment community - Decoding LP, recently, the information disclosure documents for the sixth batch of government bonds in Beijing in 2025 were released. Notably, the funds raised from the 35th issue of special government bonds of Beijing in 2025 will be used for the "Beijing Government Investment Guidance Fund".

In other words, the Beijing Government Investment Guidance Fund is also going to raise funds through bond issuance. It is reported that the planned issuance amount of this bond is 10 billion yuan, with a term of 10 years.

Just last week, private venture capital institutions such as Zhongke Chuangxing, Orient Fortune Capital, Yida Capital, Legend Capital, and Jinyu Maowu also officially issued bonds one after another. The bond issuance in the venture capital circle is getting more and more lively.

Beijing Guidance Fund Also Issues Bonds, Raising 10 Billion Yuan

The protagonist of this fundraising - the Beijing Government Investment Guidance Fund - is no stranger to the venture capital circle.

According to Qichacha, the Beijing Government Investment Guidance Fund was established in 2016, jointly funded by Beijing State - owned Capital Operation and Management Co., Ltd. and Beijing Government Investment Guidance Fund Management Co., Ltd.

It is no exaggeration to say that the Beijing Government Investment Guidance Fund is one of the most active state - owned LPs at present. It has invested nearly 90 billion yuan through 8 funds, focusing on robotics, artificial intelligence, information industry, medical and health, advanced manufacturing and intelligent equipment, new materials, commercial aerospace and low - altitude economy, and green energy and low - carbon industries respectively. Guo Chuan, the deputy secretary of the Party Committee, director, and general manager of Beijing State - owned Capital Operation and Management Co., Ltd., once revealed that as of the beginning of this year, these 8 funds had completed investment decisions for 167 projects, with a total investment decision amount of about 17 billion yuan, completing 120% of the annual investment plan.

In January this year, the Beijing Government Investment Guidance Fund was significantly increased in capital again, with the contribution amount increasing from 100.01 billion yuan to 250.01 billion yuan, an increase of about 150%.

Until recently, the latest news about this guidance fund came out. According to the disclosure on the China Bond Information Network, the Beijing Municipal Finance Bureau publicly released the information disclosure documents for the sixth batch of government bonds in Beijing in 2025. Among them, it is planned to publicly issue and bid for the 35th issue of special government bonds of Beijing on June 26, with the funds invested in the Beijing Government Investment Guidance Fund.

Specifically, this special bond is a 10 - year book - entry fixed - rate coupon - bearing bond, with a planned total face value of 10 billion yuan to be issued through the national inter - bank bond market and the stock exchange bond market. The issuance and interest accrual will start on June 27.

It is worth mentioning that it was not common before to invest special bond funds in government investment guidance funds.

It can be said that this is a further response to the previous policy. In December 2024, the General Office of the State Council issued the "Opinions on Optimizing and Improving the Management Mechanism of Local Government Special Bonds", which proposed to expand the scope of special bond investment fields and the scope of using special bonds as project capital, implement the "negative list" management of special bond investment fields, and projects not included in the list can apply for special bond funds. It also specifically mentioned that the infrastructure of emerging industries such as information technology, new materials, biological manufacturing, and digital economy should be included in the scope of using special bonds as project capital.

Before that, there were policies clearly requiring local governments to strictly allocate special bonds to physical government investment projects on a one - to - one basis, and not to use special bonds as the source of funds for various equity funds such as government investment funds and industrial investment funds.

This is undoubtedly an important attempt at policy innovation. When industrial development has become the main theme of the era, government guidance funds, as the main force, have also started to raise funds through bond issuance.

Bond Issuance: A New Idea for Fundraising

Bonds, which seemed to be far from the venture capital circle in the past, have become more and more active in the primary market recently.

During the Two Sessions this year, Pan Gongsheng, the governor of the People's Bank of China, announced that relevant departments would jointly launch a "science and technology board" in the bond market. Since then, state - owned assets in various places have actively responded. Institutions such as Shanghai Guotou and Nanjing Innovation Investment Group have announced the issuance of science and technology innovation bonds.

Then in May, the People's Bank of China and the China Securities Regulatory Commission jointly issued an announcement on matters related to supporting the issuance of science and technology innovation bonds, which clearly stated that equity investment institutions with rich investment experience, excellent management performance, and outstanding management teams can issue science and technology innovation bonds, and the funds raised can be used for the establishment and expansion of private equity investment funds. This has further stimulated the enthusiasm of private venture capital institutions to issue science and technology innovation bonds. Just last week, Zhongke Chuangxing, Orient Fortune Capital, Yida Capital, Legend Capital, and Jinyu Maowu successfully issued science and technology innovation bonds one after another.

This scene is regarded as a rare source of fundraising funds in the venture capital circle. When fundraising difficulties are in front of all investment institutions, many institutions have started to explore participating in the issuance of science and technology innovation bonds.

This may just be the beginning, but from the existing cases, the positive information is obvious. For example, in terms of the investment direction of science and technology innovation bonds, the above - mentioned institutions mainly invest in strategic emerging industries such as integrated circuits, artificial intelligence, new energy, biomedicine, and high - end equipment, which are the key areas of current industrial development.

In terms of the term, whether it is the Beijing Government Investment Guidance Fund or institutions like Zhongke Chuangxing and Orient Fortune Capital, the issuance term of science and technology innovation bonds has reached 10 years, which also matches the growth cycle of technology companies, further implementing the principle of "investing in early - stage, small - scale, and technology - based projects".

Of course, the interest rate may be a more concerned issue for private institutions. From past experience, state - owned institutions can often issue bonds at a lower interest rate, while private venture capital institutions have to bear higher bond - issuance costs. What is more indicative this time is that Orient Fortune Capital, Zhongke Chuangxing, Yida Capital, Legend Capital, and Jinyu Maowu have all issued bonds at a lower cost, reaching the level of top - tier state - owned institutions in the past.

However, there are also thresholds. Looking at the venture capital institutions that have successfully issued bonds at present, they are all top - tier institutions in the venture capital circle. Previous policies also pointed out that institutions participating in bond issuance need to have "rich investment experience, excellent management performance, and outstanding management teams". The principle remains the same - whether it is the previous fundraising methods or the current bond issuance, everything depends on performance and strength.

This is also a true portrayal of the current industry situation - the market clearance is still continuing.

This article is from the WeChat public account "Decoding LP", written by Wu Qiong and reprinted by 36Kr with authorization.