10 billion yuan, another social security fund has been officially launched.
A few days ago, Shaanxi Social Security Science and Technology Innovation Equity Investment Fund Partnership (Limited Partnership) completed its industrial and commercial registration, with a capital contribution of 100 billion yuan. Its executive partners are BOC Capital Private Equity Fund Management (Beijing) Co., Ltd. and Chang'an Huitong Private Equity Fund Management Co., Ltd. This marks the official launch of the sixth national social security sci-tech innovation fund nationwide, as well as the first social security sci-tech innovation fund in Northwest China.
So far, the layout of the National Social Security Fund in the local sci-tech innovation sector has covered six provinces: Zhejiang, Jiangsu, Fujian, Hubei, Sichuan and Shaanxi.
In June this year, the Shaanxi Social Security Sci-Tech Innovation Fund was signed and inaugurated in Xi'an, jointly initiated by the People's Government of Shaanxi Province, the National Council for Social Security Fund, and Bank of China. Zhao Gang, Governor of Shaanxi Province, and Liu Wei, Chairman of the National Council for Social Security Fund, attended the signing ceremony. It took only more than a month from the signing to the completion of industrial and commercial registration.
The specific capital contribution amount of each LP is not disclosed in the industrial and commercial registration information, but according to the information announced at the time of signing, the capital contribution ratio of all parties has been clarified. From the perspective of LP structure, the Shaanxi Social Security Sci-Tech Innovation Fund continues the tripartite cooperation model of "social security fund + bank-backed AIC + local state-owned capital", with a total size of 100 billion yuan for the first phase.
Among them, the National Council for Social Security Fund contributes 40%; BOC Financial Asset Investment Co., Ltd., as a bank-backed AIC, contributes 20%. This is also the first time that Bank of China has participated in a local social security sci-tech innovation fund — among the previous five provinces, China Construction Bank has won 3 seats, and Agricultural Bank of China and Industrial and Commercial Bank of China each account for 1 seat; the remaining 40% is borne by local state-owned assets in Shaanxi Province, including Chang'an Huitong Group, Chang'an Huitong Private Equity Fund Management Co., Ltd., and Xi'an High-tech Industrial Venture Capital Co., Ltd.
A notable detail is the debut of the development zone entity. Together with Chang'an Huitong to complete the 40% capital contribution is Xi'an Hi-Tech Financial Control Group, which represents Xi'an High-tech Zone, contributing 15 billion yuan, accounting for 15%. In the social security sci-tech innovation funds of the previous five provinces, the contributors are all state-owned assets at the provincial and municipal levels, and there has never been a contributor entity at the development zone level.
But at the same time, the Shaanxi Social Security Sci-Tech Innovation Fund has no industry-oriented funds participating. The 6 LPs of the Shaanxi Social Security Fund — National Social Security Fund, BOC-related entities, Chang'an Huitong-related entities, and Xi'an Hi-Tech Venture Capital — are all comprehensive or financial state-owned capital platforms, and no state-owned LP with a specific industry orientation is involved. However, in the LP lineup of social security sci-tech innovation funds in other provinces, industry-oriented state-owned capital is relatively common: Jiangsu has Jiangsu Huatai Guojin Sci-Tech Innovation Equity Investment Partnership (Limited Partnership) participated by Huatai Innovation Investment under Huatai Securities, and Hubei has Hubei Integrated Circuit Industry Investment Fund participating as an LP.
The positioning of the fund is also different from that of other provinces. The Shaanxi Social Security Sci-Tech Innovation Fund is positioned as a venture capital fund, while those in Zhejiang and Jiangsu are state-owned fund of funds, and those in Hubei, Fujian and Sichuan are growth funds. Generally speaking, venture capital funds tend to invest in earlier rounds. In terms of investment orientation, the fund focuses on new materials, semiconductors, aerospace, high-end equipment manufacturing, new-generation information technology, artificial intelligence and other fields, which is highly consistent with the key development direction of Shaanxi during the "15th Five-Year Plan" period.
It is reported that the Shaanxi Social Security Fund adopts the structure of "two-tier structure + dual GP joint management". The upper-level fund takes Chang'an Huitong as the executive partner and fund manager, and BOC Capital as the joint executive partner.
The dual GP model is not uncommon in the social security fund system, and the Shaanxi Social Security Fund adopts this structure. Recently, our reporter has learned from a number of investment institutions that many regions are raising regulatory requirements for the management of dual GPs of social security funds. Previously, there were no mandatory regulations on issues such as how to penetrate the dual GP model and how to define management responsibilities, but now the regulatory authorities have begun to study relevant detailed rules. Before the specific implementation plan is launched, the pace of setting up sub-funds has slowed down significantly. A person in charge of fundraising at an institution told the *Sci-Tech Innovation Board Daily* that their fund's expansion of fundraising has been put on hold as a result.
Judging from the actual capital contribution situation of the six provinces that have launched the funds, up to now, only the "social security sci-tech innovation equity investment funds" established in Zhejiang, Jiangsu and Sichuan have made external capital contributions to sub-funds. Among them, Zhejiang and Jiangsu completed their capital contributions from the end of 2025 to the beginning of 2026, and Sichuan completed its centralized capital contribution in March 2026. And since March, no provincial sci-tech innovation funds in various regions have made new external capital contributions to newly established sub-funds.
It can be seen that from the National Social Security Fund's first establishment of the Zhongguancun special fund as a single LP and entrusting Legend Capital for management in 2023, to the rapid replication of the standard model of "social security fund + local state-owned capital + bank AIC" since the second half of 2025, and now the sixth quota is settled in Northwest China, the regional layout framework of the National Social Security Fund in the local sci-tech innovation sector has gradually taken shape, and regulatory requirements are also being gradually improved.
According to data from FTZ Venture Capital Connect — Zhongzhi, as of September 2025, the scale of the National Social Security Fund is 3.22 trillion yuan. As an LP, the National Council for Social Security Fund has contributed to a total of 62 funds, with a total subscribed capital of about 1657.88 billion yuan, covering 4262 underlying investment companies. In the first three quarters of 2025, the market value of stocks held by the Social Security Fund was about 590.6 billion yuan.
This article is from the WeChat official account "Venture Capital Daily", written by Yu Shiqi, and authorized for release by 36Kr.