Social security science and innovation funds worth 50 billion yuan have been successively launched.

The National Social Security Fund, known as the "patient capital" highly anticipated in the venture capital circle, has arrived.

On October 31, the Jiangsu Social Security Science and Technology Innovation Fund with an initial scale of 50 billion yuan was officially signed in Nanjing.

The fund was jointly established by the National Council for Social Security Fund, the Jiangsu Provincial Government, the Suzhou Municipal Government, and ICBC Financial Asset Investment Co., Ltd. with an initial scale of 50 billion yuan. Suzhou Innovation Investment Group Co., Ltd. (hereinafter referred to as "Suzhou VC Group") serves as the fund manager. The fund adopts a two - tier structure of "fund - of - funds + direct investment" and a joint management model, aiming to achieve an organic combination of resource integration and professional operation.

A few days earlier, on the afternoon of October 27, the Zhejiang Social Security Science and Technology Innovation Fund, also with a scale of 50 billion yuan, was signed in Hangzhou.

The Zhejiang Social Security Science and Technology Innovation Fund was jointly established by Zhejiang Province, the National Council for Social Security Fund, and the Agricultural Bank of China. Through market - oriented operation and professional management, the fund will leverage social capital to invest in key science and technology innovation fields, which will strongly support the construction of an innovative Zhejiang, develop new productive forces according to local conditions, and accelerate the construction of a modern industrial system with Zhejiang characteristics.

The official launch of these two social security science and technology innovation funds through central - local cooperation in the Yangtze River Delta has attracted wide attention in the science and technology innovation and venture capital circles and brought strong confidence to the entire innovation chain.

Two 50 - billion - yuan Social Security Science and Technology Innovation Funds

Let's start with the Jiangsu Social Security Science and Technology Innovation Fund.

The Jiangsu Social Security Science and Technology Innovation Fund was conceived in May this year. After in - depth communication and full deliberation among all parties, the National Council for Social Security Fund and Jiangsu Province planned to jointly establish the Jiangsu Social Security Science and Technology Innovation (Suzhou) Fund with an initial scale of 50 billion yuan.

Specifically, the National Council for Social Security Fund contributes 20 billion yuan, Jiangsu Province contributes 20 billion yuan (the relevant provincial entities contribute a total of 2.5 billion yuan, and the relevant Suzhou entities contribute a total of 17.5 billion yuan), and the Industrial and Commercial Bank of China contributes 10 billion yuan, totaling 50 billion yuan.

The manager of the Jiangsu Social Security Science and Technology Innovation Fund is Suzhou VC Group. As the core venture capital platform under the Suzhou government, Suzhou VC Group has cumulatively managed funds with a scale of over 300 billion yuan and has consistently ranked among the top in domestic authoritative lists for many years.

Suzhou VC Group was established under the leadership of the Suzhou Municipal Finance Bureau and has eight subsidiaries, including Guofa Venture Capital, Industrial Investment Group, Suzhou Science and Technology Innovation Investment, Suzhou Angel Fund - of - Funds, Suzhou Fund, Suzhou Institute of Industrial Technology, Suzhou Science and Technology Investment Promotion Center, and Suzhou Strategic Emerging Industry Fund. With a registered capital of up to 18 billion yuan at that time, it immediately entered the first echelon of domestic venture capital. Currently, the funds cover hard - technology fields such as artificial intelligence, biomedicine, semiconductors, intelligent vehicle networking, and new energy.

In recent years, Suzhou VC Group has invested in multiple key projects and successfully nurtured a number of benchmark science and technology innovation enterprises with core technologies, such as Innoscience Technology, Zenlabs Energy, Ying En Biopharma, Borui Pharmaceutical, Lakala, and Mengguli, to go public on the capital market. The cumulative number of directly - invested listed enterprises has reached 64.

In terms of direct investment business, as of now, Suzhou VC Group has cumulatively managed 86 direct - investment funds with a management scale of 81.541 billion yuan. It has made 427 direct - investment projects with a total investment of 7.226 billion yuan. Among the 35 funds with an investment period of more than three years, 14 funds have a Multiple on Invested Capital (MOIC) greater than 2, and 13 funds have a Distributed to Paid - in Capital (DPI) greater than 1, showing stable investment returns.

Currently, Suzhou VC Group has assembled a professional team of nearly 100 people covering investment, operation, risk control, and post - investment management to be fully responsible for the operation and management of the social security fund, ensuring efficient project investment and controllable risks.

The establishment of this fund undoubtedly adds significant strength to Suzhou, known as a "major venture capital hub".

Now let's introduce the Zhejiang Social Security Science and Technology Innovation Fund.

In fact, the Zhejiang Social Security Science and Technology Innovation Fund is also the first equity investment fund in China jointly set up by a local government, the national social security fund, and a financial asset investment company (AIC).

It is reported that the Zhejiang Social Security Science and Technology Innovation Fund that has been launched will set up six special funds, namely: Zhejiang Province Strategic Emerging Industry Science and Technology Innovation Fund - of - Funds, Zhejiang Province Future Industry Science and Technology Innovation Fund - of - Funds, Zhejiang Province Science and Technology Innovation Special Merger and Acquisition Fund - of - Funds, Zhejiang Province Major Project Science and Technology Innovation Direct Investment Fund, Hangzhou Major Project Science and Technology Innovation Direct Investment Fund, and Ningbo Major Project Science and Technology Innovation Direct Investment Fund.

In the future, the Zhejiang Social Security Science and Technology Innovation Fund will closely follow the major industrial policies of the country and Zhejiang, systematically build a fund matrix covering the entire life cycle of science and technology innovation enterprises, efficiently link up diversified social capital such as venture capital institutions, financial institutions, and industrial capital, invest in and upgrade Zhejiang's characteristic and advantageous industries, cultivate and expand emerging industries, and make forward - looking layouts for future industries, providing long - term and patient capital support for national development and the construction of an innovative Zhejiang.

Both funds aim at the high - points of future technology and industrial development and adhere to the principles of marketization, rule of law, and professionalism in investment and operation.

The Jiangsu Social Security Science and Technology Innovation Fund will focus on the construction of a modern industrial system in its investments, adhere to the directions of intelligence, green development, and integration, strengthen support for major strategies, key areas, and weak links, and actively support the transformation and upgrading of traditional industries with new technologies.

Specifically, the fund will focus on strategic emerging industry fields such as artificial intelligence, integrated circuits, biological manufacturing, new energy, high - end equipment, and new materials to help build a modern industrial system.

The Zhejiang Social Security Science and Technology Innovation Fund adheres to the principle of "meeting national needs, leveraging Zhejiang's capabilities, and following future trends", focuses on major national strategic needs, aims at the high - points of future hard - technology and industrial development, and provides long - term and patient capital support for the construction of an "innovative Zhejiang".

A New Benchmark for "Patient Capital"

Jiangsu and Zhejiang have been at the forefront of science and technology innovation in recent years.

Take Suzhou as an example. As an important manufacturing base in China, Suzhou has a complete industrial system, leading supporting capabilities, and strong innovation momentum. From January to August this year, the city's above - scale industrial output increased by 4% year - on - year, and the output value of high - tech industries accounted for 56.7% of the above - scale industrial output, demonstrating strong development resilience and innovation vitality.

As of the end of June 2025, there were a total of 1,203 private fund managers registered in Jiangsu. There were 6,565 private equity/venture capital funds registered in Jiangsu managed by private fund managers across the country, with a fund scale (net assets) of 1.67 trillion yuan. Suzhou also has the largest number of national - level science and technology business incubators in China, and the numbers of listed companies on the STAR Market, potential unicorn enterprises, and high - tech enterprises all rank among the top in the country.

Zhejiang, in addition to being a major economic province, has also become a primary gathering place for scientific and technological innovation in recent years.

With the emergence of the "Six Dragons of Hangzhou", the development of hardcore technology in Zhejiang is showing accelerated evolution characteristics of "integration, clustering, and internationalization". Especially in strategic directions such as robotics, aerospace information, and synthetic biology, Zhejiang has made rapid progress.

Patient capital represented by the social security fund is the "long - distance runner" among various types of capital. It focuses on medium - and long - term investment and returns, features long - term vision, strong strategic determination, the ability to withstand cyclical fluctuations, and is conducive to promoting innovation.

In January 2025, the General Office of the State Council issued the "Guiding Opinions on Promoting the High - Quality Development of Government - Investment Funds", further proposing to develop and expand long - term and patient capital.

The establishment of the multi - billion - yuan social security science and technology innovation funds in Jiangsu and Zhejiang is an accurate implementation and innovative in - depth exploration of this policy orientation at the local level. The launch of the social security funds is not only significant in terms of the capital scale but also in establishing a benchmark for "patient capital".

The entry of the social security fund, with its extremely long investment cycle and stable investment concept, exactly matches the needs of hard - technology innovation. The launch of these two social security science and technology innovation funds in the Yangtze River Delta has injected great confidence into the market. It will also help Jiangsu and Zhejiang play a greater role in the "Yangtze River Delta competition" for building a science and technology - powerful country.

A relevant person in charge of the National Council for Social Security Fund said that in the next step, the National Council for Social Security Fund will increase the intensity of industrial investment, support the integrated development of scientific and technological innovation and industrial innovation with more effective investment operations, more efficient resource allocation, and better - quality capital supply, and carry out investment and operation work in a standardized and orderly manner.

This article is from the WeChat official account "LP Spectrum", author: Riemann. It is published by 36Kr with authorization.