500 billion yuan of fresh capital has been unleashed.

The super "live water" has been released.

Investment Circle - Decoding LP learned that the Guangdong-Hong Kong-Macao Greater Bay Area Venture Capital Guidance Fund (hereinafter referred to as the "Greater Bay Area Fund") has officially launched a public selection for sub - fund management institutions.

As a regional mother fund established by the national venture capital guidance fund in the Guangdong-Hong Kong-Macao Greater Bay Area, the Greater Bay Area Fund was launched in Shenzhen on January 22, 2026, and the selection process began less than half a month later. A wave of super "live water" is surging in.

50 billion yuan, public selection launched

According to information from Shenzhen Capital Group, the Greater Bay Area Fund strictly adheres to national strategic goals and investment requirements, operates in accordance with market-oriented and professional principles. To carry out the selection of sub - fund management institutions in an orderly manner, adhering to the principle of "fairness, openness, and selecting the best from the best", it is now publicly selecting sub - fund management institutions from the society.

Specifically, the target scale of the Greater Bay Area Fund is 50.45 billion yuan, and the longest term of existence can reach 20 years. It is managed by Shenzhen Capital Group, and Shenzhen Capital Group and China Resources Capital jointly serve as the general partners of the fund.

The fund adheres to the principle of "investing in the early stage, small - scale projects, long - term projects, and hard - tech". Through the dual - wheel drive of "sub - funds + direct investment", it mainly invests in seed - stage and start - up - stage technology companies in strategic emerging industries and future industries, fully supporting original and disruptive technological innovation and key core technology research, promoting the transformation of major scientific and technological achievements into real productive forces, and serving the country's high - level scientific and technological self - reliance.

Remember on December 26, 2025, when the national venture capital guidance fund was officially launched, the Greater Bay Area Fund, the Beijing - Tianjin - Hebei Venture Capital Guidance Fund, and the Yangtze River Delta Venture Capital Guidance Fund were announced to be established and put into operation on the same day. It is reported that in the future, the three guidance funds will promote the establishment of more than 600 sub - funds in the three regions.

It is worth mentioning that the three funds will not be the largest investor or the largest shareholder in the sub - funds, which more reflects the guiding nature of national policies; the sub - funds operate in a market - oriented mode, and the scale of investment in seed - stage and start - up - stage enterprises shall not be less than 70% of the fund scale; the average scale of sub - funds will not exceed 1 billion yuan.

Upon its launch, the Greater Bay Area Fund was regarded as a specific measure to accelerate the construction of an international science and technology innovation center in the Greater Bay Area. It will give full play to Shenzhen's role as the "bridgehead" of reform and opening - up and the socialist pilot demonstration area, encourage various market players to actively participate, and highlight the diversification of funds.

Currently, the Greater Bay Area Fund has disclosed the application method for sub - funds, which can be submitted through a combination of online and offline methods. The types of sub - fund applications include venture capital institutions, industrial institutions, and scientific research institutes.

Recovery

The flow of venture capital "live water" has a profound impact.

Undoubtedly, the Greater Bay Area Fund is the super "live water" flowing into the Greater Bay Area, and Shenzhen is its base.

On the same day when the Greater Bay Area Fund was launched, Shenzhen launched the Three - Year Action Plan for the State - owned Capital Fund Matrix. The Shenzhen State - owned Assets Supervision and Administration Commission detailed the core content of the plan, clearly stating that it will focus on supporting hard - tech fields such as semiconductors and integrated circuits, artificial intelligence (AI), and biomedicine.

Meanwhile, the leaders of eight municipal state - owned enterprises signed the mission statement for the Shenzhen state - owned capital fund matrix. Shenzhen Capital Group and Kunpeng Capital introduced their implementation measures respectively:

Shenzhen Capital Group plans to further increase its support for start - up and early - to - mid - stage technology projects in the next three years. The funds will continue to focus on cutting - edge technologies and key core fields; the cumulative investment scale of Kunpeng Capital's sub - fund group has exceeded 100 billion yuan, covering nearly 2,000 projects, and has formed a relatively mature operating foundation in serving the coordinated development of the industrial chain.

In March 2025, the "Action Plan for Promoting the High - Quality Development of Venture Capital in Shenzhen (2025 - 2026)" was officially released, which proposed the "Double Ten Thousand" pattern - by the end of 2026, strive to achieve a trillion - level "20 + 8" industrial fund group in the city, and the number of registered equity investment and venture capital funds will exceed 10,000.

At this moment, the Chinese venture capital industry is recovering.

Taking the fundraising side as an example, according to statistics from Zero2IPO Research Center, in the first three quarters of 2025, China's fundraising market continued the recovery trend, with a stable increase in the number and scale of newly raised funds. A total of 3,501 funds completed a new round of fundraising, a year - on - year increase of 18.3%; the fundraising amount was 1.161435 trillion yuan, a year - on - year increase of 8.0%.

The latest development is that at the beginning of 2026, four departments jointly issued the "Working Measures for Strengthening the Layout Planning and Investment Guidance of Government - invested Funds", and the "Administrative Measures for the Evaluation of Government - invested Fund Investments" were also released simultaneously, further clarifying the guiding role and policy - oriented positioning of government - invested funds.

This is the first time that the state has systematically regulated the layout and investment direction of government - invested funds.

"2026 will be a super year for venture capital." Previously, Ni Zhengdong, the founder and chairman of Zero2IPO Group and the chairman and CEO of Zero2IPO Holdings, said that the amount of capital in the venture capital market is unprecedented. Compared with 2025, which was a harvest year for the industry, the exit expectations in 2026 will be further improved.

Starting with venture capital, an expedition into the future has begun.

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