Finance Associated Press Venture Capital Connect

(1) In October, there were 269 private equity investment funds filed by AMAC, a decrease of 12% month-on-month, of which 189 funds were funded by institutional LPs (excluding related capital contributions), with a subscribed capital of about 75.774 billion yuan, a decrease of 10% month-on-month.

(2) The scale of government capital LP investment has further increased, accounting for as much as 70%.

(3) Jiangsu ranks first in terms of the number and scale of capital contribution, with an investment of about 23 billion yuan, accounting for 30% of the national total.

"Science and Technology Innovation Board Daily" on November 17 According to the data of the Venture Capital Connect of the Financial Associated Press, a total of 269 private equity investment funds were filed by the AMAC in October 2024, a decrease of 12% from 307 in the previous month and a decrease of 39% from the same period last year. Among them, 189 funds are funded by institutional LPs (excluding related capital contributions to funds), a total of 394 institutional LPs have contributed to participate in the filing of funds, and 181 affiliated investment institutions. According to the disclosed and statistically significant capital contribution, the subscribed capital was about 75.774 billion yuan, a decrease of 10% from September.

LP type distribution

According to the investment structure of institutional LPs of the funds filed in October, government funds and corporate investors ranked the top two in terms of activity, accounting for 39% and 34% of the capital contributions, respectively.

From the perspective of the scale of capital contribution, government funds LP continued to rank first and further increased the amount of capital contribution, with a subscribed capital of about 52.877 billion yuan, an increase of 43% month-on-month from September, accounting for 70%. The total subscribed capital of corporate investors was about 10.936 billion yuan, ranking second, accounting for about 14%. VC/PE institutions, market-oriented FOF, and other financial institutions all saw a significant decrease in their investment scale compared with the previous month.

Geographical distribution of LPs

From a regional point of view, among the institutional LPs that filed funds in October, Jiangsu Province ranked first in terms of the number and scale of capital contributions, and had obvious advantages. From the perspective of investment activity, the top three capital contributions are Jiangsu, Guangdong and Zhejiang; Compared with last month, Hubei and Shaanxi entered the top 10 of the active investment list. Judging from the disclosed subscribed capital, Jiangsu contributed about 23 billion yuan, accounting for 30% of the country's total capital contribution, ranking first for two consecutive months; Anhui and Hunan ranked second and third, with a capital contribution of more than 6 billion yuan.

List of active LPs

According to the data of the Venture Capital Connect of the Financial Associated Press, the active institutional LPs in October included Jiangsu Province Strategic Emerging Industry Fund of Funds, Chengdu High-tech Ceyuan Qihang Equity Investment Fund, Suzhou Communications Investment Group, Suzhou Wujiang Oriental State-owned Capital Investment and Management Co., Ltd. and other government guidance funds and government investment platforms, non-listed enterprises such as Suzhou Port and Shipping Investment and Development Group, and other institutional LPs such as Hangzhou Taikun Equity Investment Fund Partnership (Limited Partnership).

The

top 10 LPs in the number of foreign investment funds filed in October are shown in the following table:

List of institutions favored by LPs

In October, a number of funds under investment institutions were funded by LPs, including Suzhou Venture Capital, Nanjing Innovation Investment Group, Guoke Investment, CICC Capital, CICC Huirong, Huafu Capital, etc. Among them, the two registered funds of Su Venture Capital received a total of 10.04 billion yuan of investment from 25 institutional LPs, making them the most favored investment institutions by LPs in October.

The top 10 investment institutions favored by LPs in October are shown in the following table (statistics are calculated according to the number of corresponding invested funds during the period, and the same number of invested funds is ranked according to the corresponding LP subscribed capital):

Government funding

(1) Overview and structure of capital contribution

According to the data of the Venture Capital Connect of the Financial Associated Press, in October, the government funds LP contributed a total of 175 times, a decrease of 13% month-on-month, and the subscribed capital was 52.877 billion yuan, an increase of 43% month-on-month; Although the activity of capital contribution decreased slightly, the average size of capital contribution increased significantly. Among them, the number and scale of capital contributions of government investment platforms are the highest, accounting for about 60%.

From the perspective of the investment structure of guidance funds at all levels, the provincial government guidance fund has the highest investment scale, about 11.005 billion yuan, accounting for 50% of the total investment of the government guidance fund, followed by the prefecture-level and county-level government guidance funds, which contributed 5.509 billion yuan and 5.159 billion yuan respectively.

(2) Active government funds LP

In October, the most active government fund LP was the Jiangsu Province Strategic Emerging Industry Fund of Funds, which invested in four filing funds managed by Nanjing Innovation Investment Group and Suzhou Venture Capital respectively, focusing on electronic information, new power, high-end equipment and biomedical industries, with a subscribed capital of about 6 billion yuan.

According to public information, the Jiangsu Strategic Emerging Industry Fund was established in October 2023 with a scale of 50 billion yuan, operating in the form of a company system, focusing on the "51010" strategic emerging industry clusters in Jiangsu Province, the "1650" industrial system and the strategic emerging industries and future industries specified in relevant documents.

According to the data of the Venture Capital Connect of the Financial Associated Press, up to now, the Jiangsu Provincial Strategic Emerging Industry Fund of Funds has invested in 9 funds, and has cooperated more with investment institutions such as Nanjing Innovation Investment Group, Tin Venture Capital, and Suzhou Venture Capital.

(3) Investment institutions favored by government funds LPs

In October, the most favored investment institution for government fund LPs was Suzhou Venture Capital, which managed two record funds, Jiangsu Suzhou Biomedical Industry Special Fund of Funds (Limited Partnership) and Jiangsu Suzhou High-end Equipment Industry Special Fund of Funds (Limited Partnership), each of which were funded by 14 government agency LPs, with a cumulative subscribed capital of about 7.895 billion yuan.

Publicly traded companies

(1) Overview of capital contribution

In October, a total of 16 listed company LPs contributed to 13 filing funds, and the total subscribed capital disclosed was about 1.97 billion yuan, compared with September, the number of investors decreased slightly, but the scale of capital contribution was about 2.27 times that of the previous month.

(2) LPs of active listed companies

Among them, Chengdu Pilot (688222. SH) invested in Chengdu Rongchuang Pilot Equity Investment Fund Partnership (Limited Partnership), with a subscribed capital of 800 million yuan, which was the LP of a listed company with the highest capital contribution in October.

According to the data of the Venture Capital Connect of the Financial Associated Press, the Rongchuang Pilot Fund is the only registered fund currently invested by Chengdu Pioneer, with a scale of 2 billion yuan, which will focus on mergers and acquisitions in the biomedical industry chain. In addition to the fund, Chengdu Pioneer has also directly invested in biomedical project companies such as Pioneer Derivatives and Kehui Pilot.

(3) Investment institutions favored by LPs of listed companies

Chengdu Technology Transformation Venture Capital is the most favored investment institution of listed companies in October, and the Chengdu Rongchuang Pilot Equity Investment Fund Partnership (Limited Partnership) managed by it was awarded the title of Chengdu Pioneer (688222. SH) 1 listed company LP contribution, subscribed capital of 800 million yuan.

According to public information, Chengdu Technology Transformation Venture Capital is a subsidiary of Chengdu Science and Technology Service Group Co., Ltd. fully funded in April 2015 with the approval of Chengdu State-owned Assets Supervision and Administration Commission, with a registered capital of 150 million yuan, focusing on the transformation of scientific and technological achievements in colleges and universities and the early equity investment business of small and medium-sized technology-based enterprises.

According to the data of the Venture Capital Connect of the Financial Associated Press, Chengdu Technology Transformation Venture Capital currently manages a total of 33 funds, including Rongchuang Pilot Fund, and has invested in more than 80 project companies, including 3 companies such as Pharmaceutical E-Buy, XGIMI Technology and Tianwei Electronics, mainly focusing on electronic information, biomedicine, high-end equipment and other industry tracks.

Financial institutions

(1) Overview of capital contribution

In October, a total of 10 financial institutions LP contributed, a total of 8 registered funds, the disclosed subscribed capital of about 2.628 billion yuan, a decrease of 79% from the previous month, the main reason for the sharp decline in scale is that the bank's AIC blowout capital contribution in September raised the overall investment scale. From the perspective of the type of financial institutions, the number and amount of capital contributions of life insurance companies in October were the highest, which was a significant increase from the previous month.

(2) The top 10 LP capital contributions of financial institutions

Among the LPs of financial institutions in October, Taikang Life Insurance contributed the highest amount of capital, investing in Wanxin Jinshi (Nanjing) Commercial Investment Partnership (Limited Partnership), with a subscribed capital of 782 million yuan. The capital contribution of Dajia Life Insurance, National Trust, Hengqin Life Insurance and other companies is also relatively high.

This month's fundraiser event

According to the incomplete statistics of the Venture Capital Connect of the Financial Associated Press, among the fundraising events of the industrial investment fund in October, there were 11 cases of proposed establishment, 42 cases of signing/establishment/landing, and 1 case of the first pass.

The list of selected fundraising events in October is as follows:

Venture Capital Connect: The primary market service platform of Cailianshe and the Science and Technology Innovation Board Daily, was listed on the Shanghai Data Exchange in April 2022. Through Xingkuang data, primary market investment and financing data, enterprise innovation evaluation laboratory, innovative company database, self-selected stocks of unlisted companies, early knowledge of pre-listed companies and industry investment research, etc., it provides a one-stop service system from data products to solutions for innovative companies and venture capital institutions.

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