Another university from the Project 985 has entered the market as a limited partner.
Top universities are accelerating their entry into the LP market.
In the past two years, top Chinese universities have been getting involved in the equity investment field with unprecedented density and depth. Especially since 2024, there has been a new wave of university LPs.
Following universities such as Tsinghua University, Peking University, Fudan University, Shanghai Jiao Tong University, Tianjin University, Central South University, Hong Kong University of Science and Technology, and Southern University of Science and Technology, another university has entered the VC circle. This time, it's South China University of Technology.
A 985 university enters the VC circle
Another university has entered the primary market.
On December 16th, the Guangdong-Hong Kong-Macao Greater Bay Area Science and Technology Innovation Industry Institute of South China University of Technology (hereinafter referred to as the "Innovation Institute") was inaugurated in Guangzhou. Simultaneously, the strategic signing ceremony of the Science and Technology Innovation Industry Fund of South China University of Technology was held.
The Innovation Institute is jointly managed by the university and its alumni. Focusing on industries such as artificial intelligence, advanced manufacturing, biotechnology, new materials, and new energy, it constructs a capital support system coordinated by "universities + governments + alumni", providing all-round support in technology, finance, etc. for achievement transformation, startup incubation, and industrial internationalization. It aims to build an international incubation platform that integrates the "four chains" to serve high-level scientific and technological self-reliance and self-improvement.
The Science and Technology Innovation Industry Institute has set up a science and technology innovation industry fund, which is jointly initiated by South China University of Technology and its alumni, and jointly established with the government, listed alumni enterprises, and Hong Kong and Macao capital. It forms a total fund pool of over 3 billion yuan, with the core orientation of "investing in early-stage and small-scale projects, long-term investments, and hard technologies". Relying on the industrial network of South China University of Technology alumni, it constructs a "capital + resources" dual-drive system.
Zhang Xichun, the Party secretary of South China University of Technology, said: The Innovation Institute will focus on coordinating scientific and technological innovation and industrial resources in the three regions of Guangdong, Hong Kong, and Macao, as well as inside and outside the university, promoting the connection between science and technology innovation enterprises and international capital. It will systematically promote the transformation and implementation of scientific research achievements of South China University of Technology, technological achievements from Hong Kong and Macao, as well as the achievements of offshore centers and joint laboratories with a global multi-point layout in the Greater Bay Area, and radiate globally. It aims to create a new industrial model of "university R & D - Greater Bay Area manufacturing - Hong Kong and Macao financing - international market", and become the "cradle" for science and technology enterprises in the Greater Bay Area to go public.
It is worth noting that, according to reports from multiple media outlets, the science and technology innovation industry fund adopts a two-tier management structure of "LP + GP" and a "dual-currency parallel" operation model.
At the fund signing ceremony, nine investment institutions, including Guangzhou Science and Technology Finance Innovation Investment, Guotai Haitong Securities, Guangzhou Emerging Industry Development Fund, Midea Venture Capital, Guangzhou Zhiguang Private Equity Investment Fund, Guangzhou Guangshi Shengyu Private Equity Investment Fund, Gaw Capital Partners, Macao Golden Time Capital, and Yuxin Lion City (Xiamen) Private Equity Fund, participated in the signing.
It is reported that part of the fund's earnings will be used to support students' innovation and entrepreneurship, promoting the integrated development of education, science and technology, and talent, and providing sustainable support for the construction of high-level universities and regional innovation and development.
In the view of industry insiders, this marriage model of "academic highland + industrial hinterland" not only solves the dilemma of limited local transformation resources in universities but also introduces the most scarce top intelligence and original technologies for regional industrial upgrading.
In the past two years, industries such as robotics, artificial intelligence, and semiconductors have been booming, and the venture capital market has witnessed a new round of technology investment storms. In this feast of technology and capital, universities with original technologies are stepping from behind the scenes to the forefront, joining the battle one after another and becoming an emerging force that cannot be ignored in the industry's development.
Universities are entering the market one after another
Since 2025, with the continuous popularity of tracks such as AI, robotics, and low-altitude economy, the investment enthusiasm in the industry has been further mobilized. In this feast of future technology, universities - an important source of innovative talents and cutting-edge technologies - have also entered the market strongly with their profound scientific research background and resource advantages.
The "LP Panorama Report 2025" recently released by FOFWEEKLY pointed out that, according to incomplete statistics, universities newly established a total of 7 funds in the first half of 2025.
Obviously, South China University of Technology is not an exception.
With the acceleration of future industrial layout, more and more universities are no longer satisfied with breakthroughs in basic research. Instead, they choose to deeply participate in the industrialization process with capital as the link. Therefore, promoted by local governments, university science and technology innovation mother funds are emerging intensively. Especially since 2024, top Chinese universities have been getting involved in the equity investment field with unprecedented density and depth, and the scale is showing a steady growth trend.
According to our observation, the new lineup of university LPs includes Tianjin University, the University of Hong Kong, Central South University, Shanghai Jiao Tong University, Hong Kong University of Science and Technology, Wuhan University of Technology, etc. Many of these universities either take the lead in initiating or participate in the establishment/investment of science and technology innovation funds.
On April 16th, 2024, the Tiankai Jiuan Haihe Haitang Science and Technology Innovation Mother Fund was officially established. The scale of this mother fund is 5 billion yuan, and it was jointly established by Jiuan Medical, Tiankai Group, Haihe Industrial Fund, the Beiyang Education Development Foundation of Tianjin University, and the Beiyang Haitang Fund. On September 10th, 2024, Sichuan Province joined hands with Tsinghua University to officially establish the University Science and Technology Achievement Transformation Fund. This fund follows the principle of "led by the State-owned Assets Supervision and Administration Commission, with enterprises as the main body, and market-oriented operation", and adopts a mother - child fund structure. The overall scale of the mother fund is 10 billion yuan, with the initial phase of 3 billion yuan, jointly invested by 16 state-owned enterprises in Sichuan.
In fact, in the process of playing the role of LPs, universities not only release innovation vitality but also provide extremely scarce "high-quality long - term funds" for the fundraising market. This type of funds has the characteristics of long - term cycle and strong stability, and can provide more stable capital support for scientific and technological innovation projects that require long - term cultivation. And this is exactly the "patient capital" urgently needed in the current capital market.
Although currently, compared with the mature systems in Europe and the United States, Chinese university funds are still in the exploration stage, their development momentum is strong, and the paths are becoming increasingly diverse. A distinct feature is that top universities are no longer satisfied with a single form but are constructing a capital matrix covering the entire cycle of achievement transformation.
Taking Fudan University as an example, in just two years, it has completed the three key steps from local to national and then to overseas, and at the same time formed a diversified lineup of "mother fund + direct investment + overseas fund". In December 2023, the Fudan Science and Technology Innovation Mother Fund with an initial scale of 1 billion yuan was established in Shanghai. In March 2025, it cooperated with Guangzhou Industrial Investment Group to launch the "Guangzhou Industrial Investment - Fudan Future Industry Mother Fund", realizing the cross - regional ecological grafting. By December 2025, the Fudan Science and Technology Innovation Investment Fund was established, and at the same time, the Fudan Science and Technology Innovation Overseas Investment Fund (with an initial target of 100 million US dollars) was launched, marking the official start of its international fundraising and investment layout.
Against the background of the current scarcity of market - based "long - term funds", universities, with their long - term and stable capital attributes and industrial resources, are becoming the precious "source of living water" in the eyes of GPs.
Conclusion
The intensive entry of universities into the VC circle has undoubtedly injected new vitality and valuable long - term funds into the currently somewhat sluggish fundraising market.
In the future, as more universities participate in the equity investment market by setting up funds, the pattern of the fundraising market will become more diversified. With their long - term capital, innovation resources, and social influence, university LPs will occupy a more important position in the fundraising market and become a new force driving the continuous and healthy development of the Chinese equity investment market.
This article is from the WeChat public account "FOFWEEKLY", author: FOFWEEKLY, published by 36Kr with authorization.