The first national AIC industry mother fund has arrived.
Shenzhen is once again at the forefront of innovation.
On October 21st, at the 2025 Xiangmihu Wealth Management Week and the "Shenzhen Venture Capital Day" event, the Shenzhen Jianyuan Zhengxing Equity Investment Fund (hereinafter referred to as the "Jianyuan Zhengxing Fund") was officially launched. It is reported that this fund is an AIC mother fund.
The First AIC Mother Fund
In the past two years, driven by continuous policy dividends, bank - affiliated AICs (Financial Asset Investment Companies) have been accelerating their entry into the equity investment market, becoming a capital force that cannot be ignored.
Since last September, when the National Financial Regulatory Administration announced the expansion of the equity investment pilot scope of financial asset investment companies from Shanghai to 18 cities including Beijing, Tianjin, Hangzhou, and Shenzhen, and simultaneously relaxed the restrictions on the amount and proportion of equity investment, the opening of the policy gate has attracted the establishment of AIC funds across the country like mushrooms after rain.
The establishment of a large number of bank AIC funds in various places has brought a continuous stream of incremental funds to the equity investment industry and provided strong support for the subsequent rounds of financing of science and technology innovation enterprises.
However, from past practices, most AIC funds still mainly focus on direct investment. As the number of established funds increases, the investment strategies of AICs are gradually becoming more diversified. For example, innovative models such as the country's first AIC chain - leading merger and acquisition fund have begun to emerge.
This time, the establishment of the first AIC mother fund undoubtedly opens a new chapter for AICs and the entire equity investment industry.
It is reported that this fund was jointly initiated by China Construction Bank Financial Asset Investment Co., Ltd., Shenzhen Ocean Investment Company, Shenzhen Guidance Fund, and Futian District Guidance Fund. The scale of the AIC mother fund is 7 billion yuan, and the planned scale of the subsequent sub - funds is expected to reach 20 billion yuan. This will be the second equity investment fund jointly established by Futian District and China Construction Bank after the CCB Leading Strategic Emerging Industry Development Fund, further consolidating the foundation for in - depth cooperation between the two parties in the field of equity investment. The fund aims to jointly serve multiple goals such as industrial investment, merger and acquisition integration, strengthening and supplementing the industrial chain, and investment - loan linkage through the cooperation of "patient capital". The establishment of this fund marks the first time that AICs participate in Shenzhen's "20 + 8" industrial investment through a mother - fund model, creating a "Shenzhen financial model" for attracting bank funds to participate in strategic emerging industry investment.
The Futian District Guidance Fund pointed out in the article: This fund innovatively adopts a mother - sub fund structure. The total scale of the fund group focusing on investing in Shenzhen is expected to reach 20 billion yuan, effectively bridging the "last mile" for the amplification and implementation of bank funds. By leveraging extensive social capital and collaborating with industrial chain leaders, this fund will invest in various types of sub - funds such as Shenzhen's "20 + 8" industrial funds, CVC funds, and merger and acquisition funds, complementing the city's "20 + 8" industrial funds in investment and jointly serving the high - quality development of Shenzhen's "20 + 8" industries.
Wang Chunjie, the managing director of Shanyu Capital, said, "Shenzhen's establishment of the country's first AIC mother fund not only injects new vitality into the industry but also opens up a new strategic direction for the future development of AIC funds - from direct investors to resource allocators. Through the mother - fund structure, it can leverage a larger scale of social capital to serve the innovation of the real economy more widely. In addition, the core value of the mother fund lies in occupying a key 'ecological niche', which can build an efficient network of contacts by connecting many excellent GPs and form a powerful resource - synergy network."
It is reported that seizing the opportunity of the AIC equity investment pilot, Shenzhen has promoted the establishment of 6 AIC pilot funds in the city, with a total scale of 15.16 billion yuan. In addition, there are AIC fund reserve projects under promotion with a total scale of 22.1 billion yuan.
Since the beginning of this year, the market has shown signs of a structural "recovery", and the venture capital atmosphere in Shenzhen is entering a new high - energy period.
Shenzhen's Venture Capital is in Full Swing
Since 2025, the recovery signals in the primary market have become more obvious. After several years of adjustment, China's venture capital circle is regaining its vitality, especially in first - tier cities.
According to data from FOFWEEKLY: In September, the investment activity of institutional LPs reached a peak this year. The investment activity increased by 40.3% month - on - month and 38.3% year - on - year, reaching the highest level this year. This momentum further drove the performance in the third quarter - the investment activity of institutional LPs in the third quarter increased by 9.9% quarter - on - quarter and 11.9% year - on - year, hitting a new high since 2024, confirming the effectiveness of the market's structural improvement driven by policies.
The fund filing end also performed impressively, serving as an important proof of the recovery. In September, a total of 557 private equity and venture capital funds were newly filed, a surge of 51.4% month - on - month and a sharp increase of 84.4% year - on - year. Among them, there were 177 private equity investment funds and 380 venture capital funds.
It is worth noting that in September, the region with the most active investment by institutional LPs was Zhejiang Province, and Guangdong Province surpassed Jiangsu Province to rank second in terms of active investment. And the vitality of Guangdong is still mainly reflected in Shenzhen.
As an IR said bluntly, "Whether it's fundraising or looking for projects, Shenzhen is a must - compete place for GPs."
An investor rushed to Dongguan Songshan Lake right after finishing a meeting in Nanshan, Shenzhen, frequently shuttling between major innovation nodes in the Guangdong - Hong Kong - Macao Greater Bay Area.
He couldn't help but sigh, "This pace is like going back to ten years ago."
In fact, the rapid recovery of Shenzhen's venture capital vitality is not only due to the restoration of market confidence but also due to a series of precise policies.
In March this year, the "Action Plan for Promoting the High - Quality Development of Venture Capital in Shenzhen (2025 - 2026)" (hereinafter referred to as the "Action Plan") was officially released. The Action Plan clearly arranges measures for fundraising, investment, and exit in the venture capital field, aiming to promote the high - quality development of Shenzhen's venture capital industry and strive towards becoming an international venture capital center. The Action Plan stipulates that by 2026, a trillion - level industrial fund group will be formed, and the number of VC/PE funds will exceed 10,000.
More importantly, there are policy innovations: for eligible early - stage funds, Shenzhen explores canceling the requirement for the proportion of reinvestment; a comprehensive fault - tolerance mechanism is established to protect "patient capital".
Besides policies, new funds are also rapidly gathering.
In 2025, Shenzhen's capital layout in the fields of artificial intelligence and robotics has been carried out with unprecedented speed and precision.
On October 9th, Nanshan District, Shenzhen, launched an "AI fund group" with a total scale of 3 billion yuan. The three funds have different focuses, targeting the artificial intelligence and embodied robot sectors. On October 16th, the Second Bay Area Semiconductor Investment and Financing Strategic Development Forum was held during the 2025 Bay Core Exhibition. At the forum, the Shenzhen Semiconductor and Integrated Circuit Industry Investment Fund (hereinafter referred to as the "Semiconductor Fund") with an initial scale of 5 billion yuan was officially launched. On September 23rd, the Shenzhen Guangming Guowan Zhongying Innovation and Entrepreneurship Investment Fund Partnership (Limited Partnership) (hereinafter referred to as the "Mother Fund") with a target scale of 5 billion yuan for the Guangdong - Hong Kong - Macao Greater Bay Area Comprehensive National Science Center was registered.
This time, the establishment of the country's first AIC mother fund undoubtedly injects "new fuel" into this high - speed "innovation engine".
Conclusion
Currently, the recovery signals in the market are more obvious.
"Busy" has become the new normal for many investors. Although challenges still exist and some practitioners still feel the pain, the positive turn of the market cannot be ignored.
This article is from the WeChat official account "FOFWEEKLY", author: FOFWEEKLY, published by 36Kr with authorization.