The fundraising and investment in the primary market have rebounded for the first time in nearly four years.

In 2025, as the concluding year of the 14th Five-Year Plan, policy dividends such as Document No. 1 issued by the General Office of the State Council were precisely released. The national venture capital guidance fund worth hundreds of billions was combined with local industrial cluster policies, and the rules for mergers and acquisitions were optimized, making all-round efforts from capital supply, industrial direction to exit channels. This year is not only a practice field for the in - depth interaction between policies and the market but also a crucial period for the accelerated breakthrough of hard - tech and the "AI +" track.

Is the primary market starting to recover? What new opportunities have emerged in the market? Cailian Press Venture Capital Connect, in collaboration with ZXVC, presents the capital trends and changing patterns in the primary market's fundraising and investment fields in 2025 from a data perspective.

Part One: Fundraising Market

Registered Funds: The number of newly registered funds rebounded for the first time in four years, and the proportion of small - scale funds increased

In 2025, a total of 5,162 private equity investment funds in China were newly registered, with a total registered capital of approximately 2.79 trillion yuan, representing year - on - year increases of 19.38% and 15.49% respectively compared to 2024. The number of registered funds rebounded for the first time in four years. In terms of the fund registration locations, the four provinces of Zhejiang, Jiangsu, Guangdong, and Shandong continued to rank in the top four in terms of the number of registered funds, accounting for a cumulative 57%. In terms of the scale of registered funds, the registered capital of funds registered in Beijing, Zhejiang, Jiangsu, and Shanghai all exceeded 200 billion yuan, accounting for a cumulative 54%.

In terms of the scale of registered funds, newly registered funds were mainly small - scale funds. The number of funds with a registered capital of 100 million yuan or less accounted for approximately 50.91%, and those with a registered capital between 100 million and 500 million yuan accounted for 29.19%, increasing by 0.79 and 1.35 percentage points respectively compared to 2024. The proportion of funds with a scale of over 3 billion yuan decreased from 3.47% to 2.54%. The market further tilted towards small - scale funds.

In terms of the types of registered funds, the number of registered venture capital funds led by a large margin, and investment institutions have been actively deploying in early - stage investments. Growth funds and early - stage funds ranked second and third respectively.

Notably, in the field of merger and acquisition funds, as state - owned assets began to intensively lead or participate in the establishment of merger and acquisition funds, although the number of newly registered merger and acquisition funds remained basically the same, the proportion of the fund scale increased from 1.84% in 2024 to 3.93% in 2025. The entry of government funds aims to achieve vertical integration of the industrial chain through merger and acquisition funds.

In 2025, with the further support of national and local industrial policies for strategic emerging industries and future industries, large - scale funds led by state - owned assets at all levels were successfully established and registered.

Fundraising Overview: Institutional LPs' contributions recovered, with a total contribution of 1.65 trillion yuan, a year - on - year increase of 24.71%

Data from Cailian Press Venture Capital Connect - ZXVC shows that in 2025, 3,717 newly registered funds received contributions from institutional LPs (excluding the affiliated contribution behavior of institutional LPs to funds), a year - on - year increase of 20.68%. A total of 6,225 institutional LPs participated in contributing to registered funds. According to the disclosed and calculable contribution scale, the total committed capital was approximately 1.65 trillion yuan, a year - on - year increase of 24.71%.

Regional Distribution of LPs: Zhejiang was the most active in contributions, and Beijing led in terms of contribution scale

In 2025, institutional LPs in Zhejiang, Jiangsu, and Guangdong were the most active, with the number of contributions exceeding 1,000 times. Among them, institutional LPs in Zhejiang contributed 1,410 times, ranking first in the country in terms of activity.

In terms of the contribution scale, due to the large - scale contributions of the third - phase large - scale fund, the social security fund, and central and local state - owned enterprises, Beijing ranked first with a committed contribution of 450.857 billion yuan. Beijing, Jiangsu, Zhejiang, and Shanghai continued to rank in the top four. Notably, Sichuan's contribution exceeded 100 billion yuan for the first time, with a year - on - year increase of 159%. The contribution scales of Hubei and Hebei provinces entered the top ten, with year - on - year increases of 173% and 416% respectively compared to 2024.

Contribution Structure of LPs: Government funds accounted for over 60% of the contribution scale, and state - owned - controlled contributions accounted for 89%

In terms of the contribution structure of institutional LPs, in 2025, government funds and corporate investors ranked in the top two in terms of activity among the contributors to registered funds, each accounting for 37% of the number of contributions. In terms of the contribution scale, the top three in committed capital were government funds, corporate investors, and financial institutions. Compared with 2024, except for the decline in the contributions of market - oriented mother funds, the number and amount of contributions from other types of institutional LPs increased year - on - year.

If considering the capital nature of LPs, state - owned - controlled LPs accounted for approximately 60% of the number of contributions and 89% of the total contribution amount, a further increase compared to 2024.

In 2025, government funds as LPs committed a total of 1.03 trillion yuan, accounting for 62%, a year - on - year increase of 24.74%. Among them, government investment platforms contributed approximately 465.7 billion yuan, accounting for 45%. Followed by government - guided funds, which contributed approximately 374.7 billion yuan, accounting for 37%. Among government - guided funds at all levels, national - level guided funds contributed the most, approximately 230.4 billion yuan, accounting for 61% of the total contribution of guided funds. Provincial - level guided funds accounted for approximately 17%, and the contribution scales of prefecture - level and county - level guided funds were similar, each accounting for 11%.

From the perspective of the selection trends of guided funds, new materials, artificial intelligence, new energy, biomedicine, and electronic information were the key tracks that local guided funds focused on recruiting in 2025. Compared with 2024, the attention to artificial intelligence and electronic information increased significantly.

Industrial investors' contributions also recovered. In 2025, the total committed capital of corporate investors was approximately 225.8 billion yuan, a 24% increase compared to 2024, and the number of contributions was 3,290 times, a 22% year - on - year increase.

Financial institutions contributed a total of approximately 158.4 billion yuan, a 2% year - on - year increase, and the number of contributions was 278 times, an 18% year - on - year increase. Among various financial institutions, insurance funds, banking institutions (mainly AICs), and asset management institutions ranked in the top three in terms of contribution scale.

As policies were successively introduced to support AICs in conducting equity investments, expand the pilot investment regions for AIC equity investments, and support eligible commercial banks in initiating the establishment of financial asset investment companies, the five major AICs signed agreements to establish equity investment funds in various pilot cities. At the same time, Industrial Bank, China CITIC Bank, China Merchants Bank, etc. were also approved to prepare for the establishment of AICs. If considering affiliated contributions, the scale of the five major AICs' contributions to registered funds exceeded 71 billion yuan in 2025.

Among other contributors, S funds saw a 281% year - on - year increase in the contribution scale and a 167% year - on - year increase in the number of contributions, with a significant increase. However, their volume in the market was still very small, accounting for less than 1%. In addition, due to the large - scale contribution of the social security fund, the contribution scale of pension funds increased by 362% year - on - year.

List of Active Institutional LPs in 2025

Government - Guided Funds

State - Owned Mother Funds

Government Investment Platforms

Listed Companies (Entity Genealogy)

Financial Institutions

Part Two: Investment Market

Market Overview: The investment and financing activity in 2025 increased by 7.25% year - on - year

In terms of capital investment, the investment and financing in the domestic primary market also began to recover in 2025. Data from Cailian Press Venture Capital Connect shows that in 2025, a total of 6,462 investment and financing events occurred in the domestic primary market, a 7.25% year - on - year increase, and it was the first time to stop the decline and rebound in the past four years. The disclosed total financing amount was approximately 475.853 billion yuan, a 3.76% year - on - year decrease. If the extreme case of the 60 - billion - yuan strategic financing of Dalian Xindameng in 202