"Science and Technology Innovation Board Daily" on April 20 According to the data of the Venture Capital Connect of the Financial Associated Press, a total of 354 private equity investment funds will be filed with the AMAC in March 2025, an increase of 16% month-on-month and 12% year-on-year, the first year-on-year increase in nearly a year. Among them, 239 funds were funded by institutional LPs (excluding related contributions to funds), and a total of 528 institutional LPs contributed to participate in the filing of funds. According to the disclosed and statistically significant capital contribution, the subscribed capital was about 101.381 billion yuan, an increase of 23% from the previous month.

LP type distribution

According to the investment structure of institutional LPs of funds filed in March, government funds and corporate investors remained the top two in terms of activity, accounting for 39% and 36% of the total number of capital contributions, respectively.

In terms of the scale of capital contribution, government funds continue to rank first, with a subscribed capital of about 66.5 billion yuan, accounting for 66%; Corporate investors ranked second, with a subscription of about 24.3 billion yuan, accounting for 24%. Further analysis of the capital attributes of LPs shows that the capital contribution of government and state-owned holding institutions accounts for 89%.

Geographical distribution of LPs

From a regional point of view, among the institutional LPs that filed funds in March, Jiangsu contributed 94 times, ranking first in terms of activity. Zhejiang followed closely behind, with a total of 82 contributions. Compared with the previous month, Hebei entered the top 10 of the active investment list.

Judging from the disclosed subscribed capital, Beijing ranks first with 23.9 billion yuan, followed by Jiangsu, with a capital contribution of about 20.5 billion yuan, and other regions with a capital contribution of less than 10 billion yuan. Shanghai's investment this month did not enter the top 10.

List of active LPs

According to the data of the Venture Capital Connect of the Financial Associated Press, the active institutional LPs in March include Deqing County Industrial Development Investment Fund, Yangtze River Delta Jiaxing Fund of Funds, Jiangxi Modern Industry Guidance Fund, Baoding High-tech Zone Industrial Investment Guidance Fund, Guangxi Investment Guidance Fund, Hubei Provincial Investment Guidance Fund and other government funds, as well as non-listed enterprises such as Lianyungang Suhai Industrial Development Group and Ganzhou Gaoxin Industrial Investment Holding Co., Ltd.

It is worth mentioning that the Ministry of Finance, as a government agency, subscribed and contributed 10 billion yuan to participate in the second phase of the National Civil-Military Integration Industry Investment Fund, which was the institutional LP with the highest capital contribution in March.

The

top 10 LPs in the number of foreign investment filing funds in March are shown in the following table (statistics are calculated according to the number of investment funds during the period, and the number of investment funds is the same in order of cumulative subscribed capital):

List of institutions favored by LPs

In March, a number of investment institutions had two or more funds funded by different LPs, including Minsheng Equity Investment, Xingchuan Company, Tin Venture Capital, Yueke Fund of Funds, Jinyu Bogor, Hony Capital, Fengyuan Capital, etc. Among them, the three filing funds managed by Minsheng Equity Investment have received a total of 1.155 billion yuan of investment from 3 institutional LPs, making them the most favored investment institutions this month.

The top 10 investment institutions favored by LPs in March are shown in the following table (according to the statistics of the corresponding number of invested funds during the period, and the same number of invested funds is sorted by 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, the government funds LP contributed a total of 218 times in March, an increase of 5% month-on-month; The subscribed capital was 66.5 billion yuan, an increase of 52% month-on-month.

Among them, the government investment platform maintained the highest activity, with 104 contributions, accounting for 48%; The scale of investment is also the highest, about 30.7 billion yuan, accounting for 46%. The investment activity of government guidance funds and state-owned funds is relatively close; Compared with the previous period, government agencies have made large contributions this month, accounting for 18% of the total capital contribution.

From the perspective of the investment structure of guidance funds at all levels, the provincial guidance fund accounted for the highest proportion in March, about 10.492 billion yuan, accounting for 56.51% of the total investment of the government guidance fund; The Beijing Municipal Government Investment Guidance Fund and the Jiangxi Provincial Modern Industry Guidance Fund both contributed more than 2 billion yuan. followed by prefecture-level and county-level guidance funds, with 5.466 billion yuan and 2.607 billion yuan respectively.

(2) Active government funds LP

In March, the most active government fund LPs were Deqing County Industrial Development Investment Fund Co., Ltd. and Yangtze River Delta (Jiaxing) Strategic Emerging Industry Investment Partnership (Limited Partnership), each of which contributed to participate in three filing funds, with a cumulative subscribed capital of 165 million yuan and 129 million yuan respectively.

According to the data of the Venture Capital Connect of the Financial Associated Press, up to now, Deqing County Industrial Development Investment Fund Co., Ltd. has invested in a total of 26 funds, most of which are registered in Zhejiang, and has cooperated more with institutions such as Puhua Capital, Yuanjing Capital, Lihe Venture Capital, Huiyu Investment, and Moganshan High-tech Investment. Through the investment fund to penetrate the underlying assets, the invested projects are mostly electronic information, biomedicine and other tracks, among which Hengdao Technology has launched A-share IPO counseling.

The Yangtze River Delta (Jiaxing) Strategic Emerging Industry Investment Partnership (Limited Partnership) was established in 2021, with a target scale of 5 billion yuan and an initial scale of 2 billion yuan. According to the data of the Venture Capital Connect of the Financial Associated Press, the parent fund has invested in a total of 25 funds, and the funds are registered in Zhejiang, Jiangxi, Anhui, Jiangsu and other places. Through investment funds to penetrate the underlying assets, the invested projects are mostly biomedicine and electronic information tracks, among which Scantech IPO on the Science and Technology Innovation Board in January this year, and more than 20 companies have launched A-share IPO counseling.

(3) Investment institutions favored by government funds LPs

In March, the most favored investment institution for government funds LP was Huihua Fund, which managed the second phase of the National Civil-Military Integration Industry Investment Fund, which completed the filing of AMAC on March 28, with a registered capital of 59.6 billion yuan and a total of 27 shareholders, of which 15 government funds LP contributed, corresponding to a subscribed capital of 30 billion yuan.

According to public information, Huihua Fund was established in 2018 and is a fund management company jointly funded by AVIC Capital, Electric Technology Investment, Nuclear Construction Capital, Daying Investment, TusVenture Capital, etc., and is the manager of the National Civil-Military Integration Industry Investment Fund. The purpose of its establishment is to thoroughly implement the national special high-tech development strategy, promote the industrial transformation and upgrading and rapid development in related fields, and accelerate the formation of a high-tech development pattern with full factor, multi-field and high efficiency.

Publicly traded company

(1) Overview of capital contribution

In March, a total of 19 listed company LPs contributed to 16 registered funds, with a cumulative subscribed capital of about 1.288 billion yuan, compared with the previous month, the activity and scale of capital contribution have rebounded significantly.

(2) LPs of active listed companies

Among them, Shanghai silicon industry (688126. SH) invested in Shanghai Xinwei Huixin Venture Capital Partnership (Limited Partnership), with a subscribed capital of 400 million yuan, which was the LP of a listed company with the highest capital contribution in March.

The fund is managed by New Micro Capital, and Shanghai Silicon Industry (688126. SH), Hengqin Guangdong-Macao In-Depth Cooperation Zone Industrial Investment Fund, Nanning Industrial High-quality Development Phase I Fund of Funds, Shanghai New Micro Technology Group Co., Ltd., Shanghai Jiachuang Phase I Private Equity Investment Fund, etc., are jointly funded by LPs.

Financial institution

(1) Overview of capital contribution

In March, a total of 10 financial institutions LP contributed capital and participated in 10 filing funds, with a disclosed subscribed capital of about 3.197 billion yuan, and the activity and scale of capital contribution decreased compared with the previous month.

From the perspective of the types of financial institutions, the number of capital contributions and the scale of capital contributions of banking institutions are the highest, of which AIC accounts for the majority; The second is the insurance industry, and the two companies that contribute to it are both life insurance companies.

(2) LPs of active financial institutions

Among the LPs of financial institutions in March, CCB Investment contributed the highest amount of capital, with a subscribed capital of 999 million yuan, and invested in the filing fund Guangzhou Industrial Investment Jianyuan Equity Investment Partnership (Limited Partnership). AIA Life Insurance, Sunshine Life Insurance, and Changjiang Securities Innovation Investment (Hubei) Co., Ltd. also contributed more than 500 million yuan.

In the bank AIC, in addition to construction investment, ABC Investment also made a contribution, invested in Hubei Yangtze River Qianfan Enterprise Aviation Equity Investment Fund Partnership (Limited Partnership), with a subscribed capital of 285 million yuan, and other LPs of the fund include Hubei Yangtze River Industrial Investment Fund Co., Ltd., Wuhan Sanheng Investment Holding Group Co., Ltd., Hubei Investment Guidance Fund Co., Ltd., Jiangcheng Industrial Investment Fund (Wuhan) Co., Ltd., etc.

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