Zhongguancun Forum Annual Conference | Beijing-Tianjin-Hebei Fund: Focus on Early, Small, Long-term, and Hard Technology Investments

Jingjing News reporter Feng Li, Beijing

As a regional fund of funds, the Beijing-Tianjin-Hebei Fund will allocate more than 80% of its funds to investments in underlying funds, and no more than 20% of its funds to direct investment in projects. Feng Li / Photo

On the afternoon of March 25, at the annual Zhongguancun Forum, a reporter from The China Business Journal learned that at the “2026 Investment Conference in Beijing” the National Venture Capital Guidance Fund’s Beijing-Tianjin-Hebei Fund invested in projects that completed on-site signing. It is understood that the fund’s total size reaches CNY 50 billion, contributed jointly by the National Venture Capital Guidance Fund, CIC, and 8 system enterprises, relevant entities of China Banking-related parties, and relevant entities from the Beijing-Tianjin-Hebei region. China Jin Capital Operation Co., Ltd. serves as the fund manager.

According to Jiang Shiming, deputy general manager of China Jin Capital Operation Co., Ltd., in March 2025, during the Two Sessions, Zheng Shanjie, director of the National Development and Reform Commission, introduced that the National Innovation Investment Guidance Fund will be officially launched to support the development of the venture capital industry. In July 2025, the National Venture Capital Guidance Fund with a total scale of CNY 100 billion was formally established. In December 2025, through the application and approval process, China Jin Capital officially became one of the first three regional funds of the National Venture Capital Guidance Fund—namely the fund manager of the Beijing-Tianjin-Hebei Venture Capital Guidance Fund—and completed the fund’s industrial and commercial registration within the same month.

It is said that, as a regional fund of funds, the Beijing-Tianjin-Hebei Fund will allocate more than 80% of its funds to investments in underlying funds, and no more than 20% of its funds to direct investment in projects.

In March 2026, the Beijing-Tianjin-Hebei region completed the funding inflow for the first batch. Investors include the National Venture Capital Fund Company, CIC, and system enterprises under CIC, China Bank, and representatives from the Beijing-Tianjin-Hebei three regions who contribute funds—especially the Beijing Municipal Government guidance fund and Yizhuang Guotou.

“During the Two Sessions this year, the Beijing-Tianjin-Hebei Fund has already invested in the first batch of five projects, including four underlying funds and one direct investment support project.” Jiang Shiming said that the Beijing-Tianjin-Hebei Fund, with a total size of CNY 50 billion, will fully leverage the advantages of the three-tier framework of the national venture capital guidance fund, regional market fund of funds, and high-quality venture capital underlying funds. Together with the managers of underlying funds, it will comply with regulations and deliver capital and enabling services efficiently to high-quality seed-stage and start-up-stage enterprises.

It is understood that more than 70% of the Beijing-Tianjin-Hebei Fund’s funds are directed to underlying funds and enterprises registered in the Beijing-Tianjin-Hebei region, and it also encourages the underlying funds it invests in to direct more funds toward the Beijing-Tianjin-Hebei region. Among them, Beijing has unique advantages.

“The Beijing-Tianjin-Hebei Fund is rooted in the Beijing-Tianjin-Hebei region, and especially in Beijing. Beijing should be the top priority for the Beijing-Tianjin-Hebei Fund’s future investments.” Jiang Shimings said it will actively seek projects in the Beijing-Tianjin-Hebei region, including Beijing, look for supporting policy packages, and support underlying funds in promoting the development of the science and technology innovation and fund industry ecosystems.

In terms of the overall investment strategy of the fund, the Beijing-Tianjin-Hebei Fund adheres to “invest early, invest small, invest for the long term, and invest in hard technology.” Among them, “invest in hard technology” focuses on strategic emerging industries and future industries clearly identified in the “Fifteenth Five-Year Plan period.” “The underlying funds we invest in are required to have investment capabilities with advantages in a particular field. Moreover, in that field, they must allocate more than 60% of the investable total amount. Adhering to investing early and investing small requires that underlying funds have the capability to discover, incubate, and invest in high-quality seed-stage or start-up-stage projects.” Jiang Shimings introduced that adhering to long-term investment means the Beijing-Tianjin-Hebei Fund’s investment period is 6 years and the exit period is 10 years, for a total duration of 16 years, which can be extended appropriately as needed. The Beijing-Tianjin-Hebei Fund adheres to the principle of diversified investment: the subscription contribution proportion of the fund to invested underlying funds is not more than 30%, and it will not serve as the lead contributor in the underlying funds. At the same time, in accordance with the State Council’s requirements for building a unified big market, the Beijing-Tianjin-Hebei Fund, as required by the state, does not accept any buyback or return-investment commitment made by the invested fund to any investor.

It is said that in its investment and operations, the Beijing-Tianjin-Hebei Fund adheres to the organic combination of policy-based and market-based approaches, balancing policy objectives and financial returns. Meanwhile, the fund incorporates items such as the guidance and support of national policies, supporting major national projects, new patents added by post-investment enterprises, and the cultivation of specialized, refined, unique, and innovative enterprises into its post-investment evaluation system, and implements them through contractual arrangements.

(Editor: Zhang Manyou Review: Zhu Ziyun Proofread: Yan Jingning)

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