According to the data from the Financial Association's venture capital platform, in May, the number of private equity investment funds filed with the China Securities Association reached 353, a decrease of 19% month-on-month and an increase of 40% year-on-year. Among them, 251 funds received contributions from institutional LPs (excluding related contributions), with the subscribed capital amounting to approximately 68.413 billion yuan, a month-on-month decrease of 47%. Government funding remains the highest but dropped by 58% month-on-month; Jiangsu and Zhejiang both contributed over 10 billion.
According to the Financial Association's venture capital platform, on June 22, it was reported that as of May 2025, the number of private equity investment funds filed with the China Securities Association totaled 353, marking a month-on-month decrease of 19% and a year-on-year increase of 40%. Of these, 251 funds had contributions from institutional LPs (excluding related contributions to the funds), involving a total of 588 institutional LPs participating in the registered funds; according to disclosed data, the subscribed capital is approximately 68.413 billion yuan, a decrease of 47% month-on-month.
Distribution of LP types.
According to the institutional LP contribution structure of the funds filed in May, corporate investors surpassed government funding and held the top activity level, with corporate investors and government funding accounting for 39% and 37% of contribution times respectively.
In terms of contribution scale, government funding continues to maintain the top position, but the contribution amount dropped by 58% compared to last month, with a subscribed capital of approximately 36.943 billion yuan, accounting for 54%. Corporate investors ranked second, with a subscribed capital of about 15.295 billion yuan, accounting for 22%, with a month-on-month decline of 35%.
Further analysis of the funding attributes of LPs shows that the contribution of institutional LPs controlled by the government and state-owned assets accounts for about 74%, which is slightly down from last month but remains high overall.
Distribution of LP regions.
From a regional perspective, among the institutional LPs of the funds filed in May, Jiangsu contributed 119 times, maintaining the top activity level. Zhejiang and Guangdong contributed 88 and 83 times respectively, ranking second and third. Compared to last month, Tianjin has returned to the top ten of active regions.
From the disclosed subscribed capital, Jiangsu and Zhejiang ranked first and second with 11.2 billion yuan and 10.6 billion yuan respectively. Guangdong, Sichuan, and Shanghai all had contributions of over 5 billion yuan.
Active LP Rankings
According to data from Cai Lian She Venture Capital, active institutional LPs in May include Guangxi Investment Guidance Fund, Jiangsu Provincial Strategic Emerging Industries Mother Fund, Handan City Urban Operation Integrated Control Holding Co., Ltd., and Hangzhou Industrial Investment Co., Ltd., among other government funds, as well as corporate investors like Nais Zhejiang Investment Co., Ltd., and insurance institutions such as Ping An Insurance and AIA Life Insurance.
In terms of subscribed capital scale, Industrial International Trust contributed 2.5 billion yuan to participate in the Ningbo Meishan Bonded Port Area Ningchuang Zhiyuan Venture Capital Partnership (Limited Partnership) managed by Fujian Jin Investment Fund Management, making it the institutional LP with the highest contribution in May.
The TOP 10 LPs for external investment record in May are shown in the table below (based on the number of funds invested during the period, funds with the same number of investments are ranked by cumulative subscribed capital):
Preferred Institutions by LPs Ranking
In May, the Shanghai Lilan Private Investment Fund Partnership (Limited Partnership) managed by Eli Lilly Asia Fund (referred to as "Eli Lilly Asia Phase VI RMB Fund") completed its filing and received contributions from 21 institutional LPs, with a corresponding subscribed capital of 3.315 billion yuan, making it the most preferred investment institution of the month. Additionally, China Petroleum & Chemical Corporation Capital and Fujian Jin Investment Fund each had one recorded fund that received a cumulative 2.5 billion yuan in contributions from different LPs, also ranking as a high LP contribution institution this month.
The TOP 10 preferred investment institutions by LPs in May are shown in the table below (based on the corresponding LP subscribed capital during the period, with the same subscribed capital ranked by the number of funds invested and the number of corresponding institutional LPs):
Government funds
(1) Overview and Structure of Contributions
According to data from the Financial Associated Press Venture Capital Tong, there were a total of 219 contributions from government funds LP in May, a decrease of 19% month-on-month; the accumulated subscribed capital was approximately 36.943 billion yuan, down 58%. Among them, the government investment platform maintained the highest activity and contribution scale, with 103 contributions, accounting for 47%, and subscribed capital of approximately 16.16 billion yuan, accounting for 44%. The activity level and contribution scale of the state-owned mother fund and government guidance fund ranked second and third respectively.
From the contribution structure of guiding funds at various levels, the county-level guiding fund contributed approximately 3.947 billion yuan, accounting for the highest proportion, while the provincial guiding fund contributed approximately 2.229 billion yuan, ranking second. Among county-level guiding funds, the highest contribution came from Hangzhou Hedate Industrial Fund Investment Co., Ltd., a subsidiary of the Qiantang New District Industrial Development Group, contributing 0.999 billion yuan, directed towards the Hangzhou Hedate Hengyi Venture Capital Fund managed by Hedate Investment Management.
(2) Active Government Funds LP
The most active government funds LP in May was Guangxi Investment Guidance Fund Co., Ltd., which participated in the funding and completed filings for three funds.
Public information shows that Guangxi Investment Guidance Fund Co., Ltd. is a state-owned company established with the approval of the People's Government of Guangxi Zhuang Autonomous Region and funded by the Guangxi Zhuang Autonomous Region Finance Department, with a registered capital of 3 billion yuan. In February of this year, Guangxi released a "1+10+N" fund cluster, with the fund cluster using the "Guangxi Government Investment Guidance Fund" as the mother fund, driving various capital investments to establish strategic emerging industries, traditional industry transformation and upgrading, regional characteristic industries, technology achievement transformation, digital economy industry, GREEN ECONOMY industry, modern service industry, services for national major strategies, major special equity investments, corporate mergers and acquisitions, and other 10 categories, N subsidiary funds.
(3) Investment Institutions Favored by Government Funds LP
In May, the investment institution most favored by government funds LP was China Petroleum & Chemical Corporation Capital, whose managed Chaoyang Hydrogen Energy New Dynamic Venture Capital Fund (Yantai) Partnership (Limited Partnership) received investments from two government fund LPs, the Shandong New Dynamic GREEN ECONOMY Pioneering Investment Center (Limited Partnership) and Yantai Guotai Chengfeng Asset Management Co., Ltd., corresponding to a subscribed capital of 2.5 billion yuan. The total scale of the fund is 5 billion yuan, adopting a dual GP model, representing a typical 'central-local' cooperation investment case.
Listed company
(1) Overview of Contributions
In May, a total of 20 listed companies LP contributed to 15 registered funds, with a cumulative subscribed capital of approximately 1.523 billion yuan; compared to last month, both the activity level of contributions and the scale of contributions have decreased.
If considering the investment platforms of enterprises under listed companies at the same time, from the perspective of the entity lineage of listed companies, the following table shows the top 10 LPs for external subscribed capital in May:
(2) Active Listed Company LPs
Among them, Changchun High-Tech Industries (000661.SZ) participated in the Changchun Xinghe Runxin Venture Capital Center (Limited Partnership) managed by China Securities Co., Ltd., with a subscribed capital of 0.35 billion yuan, making it the listed company LP with the highest investment amount in May.
The scale of this fund is 0.9 billion yuan, co-initiated by China Securities Co., Ltd. with Changchun High-Tech Industries, Changchun Equity, Changfa Private Equity, Rugao Technology Investment, and Changfa Zhisheng, focusing on innovative technology fields such as synthetic biology, antibody drugs, and gene therapy in the life and health industry. It is also the first fund from China Securities Co., Ltd. to be established in Jilin.
According to the data from the Financial Alliance Venture Capital, Changchun High-Tech Industries has two LP investors, besides the listed company itself, there is also its investment platform, Suzhou Yicang Biotechnology Co., Ltd. The two LP investment entities have collectively invested in 5 Funds (1 has exited), corresponding to a subscribed capital of 0.44 billion yuan. By penetrating the underlying Assets through investment Funds, the invested projects are mostly in CNI Biomedicine Index and modern agriculture, among which Baike Biotechnology has already completed its IPO on the Star.
Financial Institutions
(1) Overview of Contributions
In May, 17 Financial Institutions LP invested in a total of 17 registered Funds, with disclosed subscribed capital of approximately 5.692 billion yuan; the investment activity and scale have not changed much compared to the previous month. In terms of types of Financial Institutions, the banking sector invested 3.472 billion yuan, the highest scale; followed by the insurance sector, which invested 1.45 billion yuan.
(2) Active Financial Institutions LP
In May, among the Financial Institutions LP, Industrial International Trust had a subscribed capital of 2.5 billion yuan and invested in Ningbo Meishan Free Trade Port Zone Ningchuang Zhiyuan Venture Capital Partnership (Limited Partnership), making it the Financial Institutions LP with the highest investment amount this month. Bank of China Asset Management, Ping An Insurance, AIA, and China Orient's investment amounts were also all above 0.5 billion yuan.
Venture Capital通: A primary market service platform under the Financial Alliance and the Star Daily, listed on the Shanghai Data Exchange in April 2022. It provides a one-stop service system for innovative companies and venture capital institutions, offering data products to solutions through Xingkuang data, primary market investment and financing data, corporate innovation assessment laboratories, innovation company databases, unlisted company Watchlist, early insights on companies planning to go public, and industry research.
