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, the Beijing-Tianjin-Hebei Venture Capital Guiding Fund Partnership (Limited Partnership) (referred to as the “Beijing-Tianjin-Hebei Regional Fund”) has new insurance asset investors.

On February 28, the registration information of the Beijing-Tianjin-Hebei Regional Fund changed, with registered capital increasing from 29.646 billion yuan to 50 billion yuan. Several financial institutions became new investors, including three insurance asset institutions: New China Insurance, Zhonghui Life, and China Re Life. All three belong to the China Investment Corporation ecosystem, marking 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 at a special press conference that the Beijing-Tianjin-Hebei Regional Fund would fully mobilize the enthusiasm of central financial enterprises and focus on “technology finance,” with banks, insurance, and securities playing key roles.

Market analysts told Securities Times that the Beijing-Tianjin-Hebei Regional Fund is managed by CICC Capital, and the insurance institutions involved are part of the China Investment ecosystem, giving them advantageous proximity. 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 on “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 precisely channeling funds into key areas urgently needed by the country, actively maintaining market stability and promoting technological independence, demonstrating the strategic leadership role of state-owned capital.

New China Insurance also publicly announced that it is actively empowering the development of new productive forces by jointly establishing venture capital funds related to new productive forces and exploring new models to increase support for new infrastructure and strategic emerging industries. These initiatives not only support the development of national strategic technological strength but also 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 Investment Corporation’s subsidiary, CICC Capital. Its registered capital was increased on February 28, and its executive general partner was also changed from CICC Capital 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 Bikuo 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 circle since last year. It was jointly promoted by the National Development and Reform Commission and the Ministry of Finance, adopting a “fund company—regional fund—sub-fund” three-tier structure. The national level involves 100 billion yuan of fiscal investment, and 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 operating 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%. The direct investment component emphasizes coordination with key national projects. At the sub-fund level, regional funds do not serve as the largest investor or shareholder, mainly reflecting policy guidance. The average size of sub-funds will not exceed 1 billion yuan, ensuring early, small, and long-term investment in tech startups.

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 investment in early-stage projects and seed companies in fields such as integrated circuits, artificial intelligence, aerospace, low-altitude economy, biomanufacturing, and future energy, striving to mobilize various financial institutions and private capital to co-invest.