Today, the largest source of venture capital in history has arrived.

Officially debuted.

Touzijie - Decoding LP learned that today (December 26), the National Venture Capital Guidance Fund (hereinafter referred to as the "National VC Guidance Fund"), jointly promoted and established by the National Development and Reform Commission and the Ministry of Finance, was officially launched and unveiled. Three regional funds, namely the Beijing - Tianjin - Hebei Venture Capital Guidance Fund, the Yangtze River Delta Venture Capital Guidance Fund, and the Guangdong - Hong Kong - Macao Greater Bay Area Venture Capital Guidance Fund, were established and put into operation.

So far, the so - called "aircraft carrier - level" fund has officially appeared on the stage. Focusing on hard technology, the fund has a 20 - year term and is expected to leverage trillions of yuan of social capital. This morning, the first batch of 49 sub - funds and 27 investment projects completed centralized signing.

The long - awaited super capital inflow in the venture capital circle has arrived.

The largest venture capital inflow in history, centralized signing this morning

How does it operate specifically?

The National VC Guidance Fund was officially established on July 21, 2025, with a registered capital of 100 billion yuan. It adopts a three - tier structure of a guiding fund company, regional funds, and sub - funds.

To break it down further, at the guiding fund level, the National VC Guidance Fund operates in a corporate system. It has a 20 - year term, including a 10 - year investment period and a 10 - year exit period, which is longer than that of general equity investment funds.

At the regional fund level, the funds have been established in Beijing, Shanghai, and Shenzhen respectively and completed industrial and commercial registration. They will adopt a model of sub - funds (80%) + direct investment (20%) for investment:

1. The Beijing - Tianjin - Hebei Venture Capital Guidance Fund has a registered scale of 29.646 billion yuan. It belongs to Daxing District, Beijing, and the fund's executive general partner is CICC Capital.

2. The Yangtze River Delta Venture Capital Guidance Fund has a registered scale of 47.1 billion yuan and is located in Pudong New Area, Shanghai. The fund's executive general partner is SDIC Chuanghe Yangtze River Delta (Shanghai) Venture Capital Management Co., Ltd.

3. The Guangdong - Hong Kong - Macao Greater Bay Area Venture Capital Guidance Fund has a target scale of 50.45 billion yuan. Its registered address is in Nanshan District, Shenzhen. Shenzhen Capital Group Co., Ltd. serves as the fund manager, and Shenzhen Capital Group Co., Ltd. and China Resources Capital jointly act as the general partners of the fund.

At the sub - fund level, the regional funds will not be the largest limited partners in the sub - funds. The scale of the sub - funds invested by the regional funds generally does not exceed 1 billion yuan. The requirement for sub - fund investment is that "at least 70% of the funds should be invested in seed - stage and start - up enterprises". For the sub - funds, the valuation of the invested enterprises should not exceed 500 million yuan, and the single - investment amount should not exceed 50 million yuan, ensuring that the funds reach the front - end and the grass - roots of all industries.

In terms of investment direction, the National VC Guidance Fund will focus on cutting - edge fields such as artificial intelligence, quantum technology, and hydrogen energy storage. It also covers key directions mentioned in the government work report, such as biological manufacturing, embodied intelligence, and 6G, and will increase investment in early - stage projects and enterprises in fields such as integrated circuits, aerospace, low - altitude economy, and future energy.

The list of the first - batch signed funds and projects is out. Today, the National VC Guidance Fund centralizedly signed contracts with 49 funds and 27 direct - investment projects. The signed funds include Yizhuang Xinchuang, Shuimu Venture Capital, Songhe Capital, Cornerstone Capital, Yifeng Capital, Matrix Partners China, SMIC Juyuan, Hong Kong X, Orient Fortune Capital, TusStar Venture Capital, Fengrui Capital, Innoangel Fund, Suzhou Venture Capital Group, Tongchuang Weiye, Yuansheng Venture Capital, etc. The direct - investment projects include Accelerated Evolution, Songyan Power, Turing Quantum, Xinping Semiconductor, etc., presenting a grand lineup.

A new chapter in China's venture capital

This time, the National VC Guidance Fund adheres to being a market - oriented fund.

At the meeting, Bai Jingyu, the director of the Department of Innovation and High - Tech Development of the National Development and Reform Commission, said that the government will not directly participate in the daily operation and management, and there is no requirement for regional reinvestment. At the market level, through competition and selection, several management institutions with rich investment experience and operational capabilities will be selected to be responsible for the whole process of "raising, investing, managing, and exiting" of the fund, effectively improving the efficiency of capital use and ensuring that every investment is well - spent.

He further pointed out that the guiding fund will develop in a differentiated way from various government investment funds and market - oriented funds that have been established. It will avoid duplicate investment and competing with the market for profits, and mainly aims to solve the problem of the shortage of long - term capital (20 - year term) in the venture capital industry.

Regarding the widely - concerned issue of fault tolerance, Guo Fangming, the director of the Department of Economic Construction of the Ministry of Finance, said that scientific demonstration and comprehensive evaluation will be carried out on the performance assessment of the National VC Guidance Fund, focusing on the achievement effect of policy goals and the legality and compliance of fund operation. The profit or loss of a single project or a single year will not be simply used as the assessment basis.

All these explorations and measures are undoubtedly of great guiding significance.

Up to now, state - owned capital has become an important support for China's venture capital industry. According to data from Zero2IPO Research Center, calculated by the number of equity investment fund managers and the total fund scale registered with the Asset Management Association of China as of mid - 2025, the number of state - owned background managers accounts for 35.3%, and the scale of the funds they manage accounts for 64.5%.

Currently, there are phenomena in the venture capital market such as a rush into popular tracks, being picky, and being eager for quick results. As the main force of long - term and patient capital, state - owned capital should play a demonstrative role in "investing in early - stage, small - scale, long - term, and hard - technology projects". Of course, the differentiation may become more intense behind this.

Looking back on this year, from the No. 1 document of the General Office of the State Council at the beginning of the year to the debut of this "aircraft carrier - level" national guiding fund at the end of the year, the venture capital industry has been placed in an unprecedented position.

This article is from the WeChat official account "Touzijie" (ID: pedaily2012), written by Zhou Jiali and reprinted by 36Kr with permission.