Venture Capital Guidance Fund Increases Capital for 3 Insurance Institutions to "Try Out"

Securities Times Reporter Liu Jingyuan

Insurance asset institutions officially invest in venture capital guiding funds.

Currently, the three regional funds under the National Venture Capital Guiding Fund have all expanded their capital, each exceeding 50 billion yuan. Among them, new investors in the Beijing-Tianjin-Hebei Venture Capital Guiding Fund Partnership (Limited Partnership) include insurance asset institutions.

On February 28, the registration information of the Beijing-Tianjin-Hebei regional fund was updated, with registered capital increasing from 29.646 billion yuan to 50 billion yuan. Several financial institutions became new investors, including three insurance asset companies: New China Insurance, Zhonghui Life, and China Re Life, all belonging to the China Investment Corporation ecosystem. This marks the first batch of insurance asset institutions investing in regional funds of the National Venture Capital Guiding Fund.

In December last year, the National Development and Reform Commission announced during a special press conference that the Beijing-Tianjin-Hebei regional fund would fully mobilize the enthusiasm of central financial enterprises, focusing on “technology finance.” Banks, insurance companies, and securities firms will also participate actively.

Market analysts told Securities Times that the investment by insurance asset institutions in the Beijing-Tianjin-Hebei regional fund is led by China International Capital Corporation (CICC). These insurance institutions are part of the China Investment ecosystem and have favorable conditions. This investment responds to policy calls and implementation, aligns with the recent focus of insurance assets on tech innovation equity investments, and helps leverage their patient capital to invest early, small, long-term, and in hard technology.

Currently, insurance asset institutions are working hard to develop “technology finance.” Zhonghui Life stated that by participating in long-term stock investment pilots, investing in the Beijing-Tianjin-Hebei Venture Capital Guiding Fund, and supporting semiconductor industry funds, the company is channeling funds into key areas urgently needed by the country. This demonstrates the strategic leadership role of state-owned capital in maintaining market stability and promoting technological independence.

New China Insurance also publicly announced that it is actively empowering the development of new quality productivity by jointly establishing venture capital funds related to new quality productivity and exploring new models to increase support for new infrastructure and strategic emerging industries. These initiatives support the development of national strategic technological forces and allow New China Insurance to share in the dividends of China’s technological rise.

As one of the three regional funds of the National Venture Capital Guiding Fund, the Beijing-Tianjin-Hebei regional fund was established on December 22, 2025, managed by China International Capital Corporation (CICC), a subsidiary of China Investment Corporation. On February 28, its registered capital was increased, and the fund’s executive general partner was changed from CICC to Guochuang Zhongjin (Beijing) Operations Management Co., Ltd. (referred to as “Guochuang Zhongjin”).

Data shows that Guochuang Zhongjin was established on February 7, 2026, with a registered capital of 500 million yuan, with five main investors. Specifically, it is owned 51% by CICC Capital, 11% by New China Insurance, 28% by Beijing Bicco Management Consulting Co., Ltd., a subsidiary of China Investment Corporation, and 5% each by Beijing Yizhuang International Investment Development Co., Ltd. and Beijing Municipal Government Investment Guidance Fund (Limited Partnership).

The establishment of the National Venture Capital Guiding Fund has been a major event in the venture capital sector since last year. It was jointly promoted by the National Development and Reform Commission and the Ministry of Finance, adopting a three-tier structure of “fund company—regional fund—sub-fund.” At the national level, 100 billion yuan of government funding is allocated; at the regional and sub-fund levels, it is expected to leverage trillions of social capital. Currently, three regional funds have been established and are operational in Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area.

According to officials from the National Development and Reform Commission, regional funds invest through a “sub-fund + direct investment” approach, with sub-funds accounting for no less than 80% of investments. Direct investments emphasize coordination with key national projects. At the sub-fund level, regional funds do not serve as the largest investor or shareholder, reflecting more of a policy-guided role. The average size of sub-funds will not exceed 1 billion yuan, ensuring early, small, and long-term investments in technology-based enterprises.

In terms of investment focus, the National Venture Capital Guiding Fund pools various social capital to inject financial vitality into emerging and future industries. The guiding funds, together with fund management agencies, will focus on innovative and entrepreneurial regions, increasing investments in early-stage projects and seed companies in fields such as integrated circuits, artificial intelligence, aerospace, low-altitude economy, biological manufacturing, and future energy. The goal is to mobilize various financial institutions and private capital to co-invest actively.