Focusing on LP investments, new funds, and GP recruitment, capturing one week of business intelligence in the LP circle.
Author丨Li Man
Source丨LP Spectrum
This week, the busiest city in the LP circle is Xiamen.
On September 2, the Haiyi Pioneer Strategy New Industry Fund was launched in Jimei, with a scale of 2 billion; on September 7, the Xiamen Times and Deep Far Venture Capital Fund was registered and established in the Torch High-tech Zone, contributing 1.2 billion. In the same week, the signing ceremony for the Bo Feng first round of over 12 billion China New Energy Fund was also held in Xiamen, coinciding with the opening of the 26th Investment Fair at the Xiamen International Exhibition Center on September 8.
Of these two funds, the one most closely related to Xiamen is the Haiyi Pioneer Strategy New Fund. The contributors include Chuangyi Venture Capital, Haiyi Investment, and the Xiamen Advanced Manufacturing Industry Fund (backed by Jimei Industrial Investment and Torch Industrial Investment), all of which are state-owned assets from Xiamen. The only market-oriented entity involved is the Pioneer Technology Group.
Pioneer Technology Group is the only company in the world to achieve a full industry chain layout for rare metals such as indium, gallium, and germanium. These relatively unfamiliar materials are upstream of optoelectronics, semiconductors, and AI computing hardware. Before the fund's establishment, the Pioneer International Trade Technology, a joint venture with Xiamen International Trade, had already settled in Jimei; during the Investment Fair, Chairman Zhu Shihui was appointed as a "city partner" in Jimei. Initiating enterprises, then forming joint ventures, and subsequently co-establishing funds, Jimei attempts to use a 2 billion fund to integrate Pioneer’s industrial resources with Xiamen's optoelectronic information and integrated circuit industries.
In fact, Xiamen, as a tourist city, also has a place on the map of the semiconductor industry. Xiamen is not a traditionally established hub in the semiconductor industry, but this city is quietly reversing its fate and rewriting its position:
Since the 1990s, Xiamen's semiconductor industry has gone through nearly thirty years of accumulation. By 2025, the city's industrial output value will exceed 50 billion, with overall competitiveness rising to 13th place in the country. This figure might not seem the most eye-catching in the national semiconductor industry landscape, but if we extend the timeline, in 2014, Xiamen's output was only about 5 billion, growing eightfold over a decade.
More importantly, this city has gathered more than 300 upstream and downstream enterprises, forming a complete industry chain closed-loop from materials, equipment, design, manufacturing, to packaging testing and end applications. Within the country, very few cities can achieve "full chain layout," and Xiamen is one of them.
Moreover, Xiamen's semiconductor story has its unique methodology. Unlike some cities that started with manufacturing or packaging, Xiamen established the industrial logic of "design drives manufacturing" early on, cultivating chip design companies with core R&D capabilities to pull upstream and downstream links like manufacturing, packaging, materials, etc., for collaborative development.
Counting the key enterprises in Xiamen's semiconductor manufacturing sector, there are leading companies like Lianxin Integrated, Sanan Integrated Circuits, and Silan Microelectronics; in the design sector, there are companies like Xingchen Technology, Kaiyuan Communication, and Yixin Source; in the packaging and materials fields, there are key supporting firms like Tongfu Microelectronics, Yuntian Semiconductor, and Anjieli Meiqi. In the third-generation semiconductor field, silicon carbide epitaxial wafer supplier Hantian Tiancheng also successfully IPOed this year in Hong Kong.
Another fund, the Xiamen Times Deep Far Venture Capital Fund, focuses on the stories of CATL and Yutong, which will not be elaborated here but will be introduced further below. Additionally, this week in the LP circle, there was one fundraising update, the establishment of eight new funds, and the funds from Xinyi and Nanjing Xuanwu are in the process of selecting GPs.
Fundraising Update
Bo Feng Launches China New Energy Fund
Recently, Bo Feng announced that its Brookfield China Renewable Fund (BCRF), focusing on investments in China's energy transition, expects to raise over 12 billion RMB in its first round. The Bo Feng China New Energy Fund will be the first RMB energy fund focusing on the Chinese market by Bo Feng. To capture investment opportunities in the booming Chinese new energy market, the fund plans to further attract more capital and invest in operational onshore wind, photovoltaic, and energy storage assets, continuously expanding its platform scale.
Xinhua Insurance becomes a cornerstone LP with 4 billion, accounting for one-third of the 12 billion first round fundraising. This amount from insurance capital is almost impossible to achieve under the traditional US dollar fund structure. The RMB fund structure is the key to unlocking this cooperation. Xinhua Insurance's demand is: to find physical assets that can provide long-term stable cash flows and have counter-cyclical properties amidst the backdrop of declining interest rates and asset shortages.
New Funds
Shanghai Hanyuan Jingsi Private Investment Fund Partnership (Limited Partnership) Established
According to the Qichacha APP, recently, the Shanghai Hanyuan Jingsi Private Investment Fund Partnership (Limited Partnership) was established, with a contribution amount of 696 million yuan, focusing on private fund activities in equity investment, investment management, asset management, and more. The equity penetration in Qichacha shows that the partnership is co-held by the Shanghai Jiao Tong University Education Development Foundation, Shanghai Guotou Capital Management Co., Ltd., and Ningbo Shangy Software Co., Ltd. under SenseTime.
The university foundation is back in the game. The Shanghai Jiao Tong University Education Development Foundation has pledged 300 million, making it the largest among the nine contributors. The entity under SenseTime only contributed 30 million, accounting for 4.3%, while the real drivers are university foundations and local state-owned assets. "Hanyuan" is the investment platform under the Jiao Tong Foundation.
Hainan State-owned Assets and Others Establish Energy Industry Investment Fund with a Contribution of 1 Billion
According to the Qichacha APP, recently, the Hainan Danzhou Xiangneng Energy Industry Investment Fund Partnership (Limited Partnership) was established, with a contribution of 1 billion yuan, engaging in private fund activities in equity investment, investment management, asset management, and more. The equity penetration in Qichacha shows that this enterprise is co-funded by the Hainan Free Trade Port Construction Investment Fund Co., Ltd. among others.
This is the second time the Hainan Free Trade Port Fund has taken action within a month, the last being a 2.5 billion allocation to CATL. This time the focus is on Danzhou, an industrial hub in Hainan, where the Yangpu Economic Development Zone is located, and the petrochemical and new materials industry base is situated.
Nanjing Jiangning Zhichuang Equity Investment Partnership Established
According to the Qichacha APP, recently, the Nanjing Jiangning Zhichuang Equity Investment Partnership (Limited Partnership) was established, with a contribution amount of 2.55 billion yuan, engaging in equity investment. The equity penetration in Qichacha shows that this enterprise is co-held by Nanjing Jiangning Economic Development Investment Co., Ltd. among others.
Jiangning is the largest district in Nanjing in terms of economic scale, and the city-level state capital is forming a 2.5 billion-level fund, with district-level state capital funds approaching city-level standards. In the same week, the Xuanwu District also released a GP selection announcement for a 3 billion AI mother fund, showcasing the density of district-level state-owned capital in equity investments.
1.2 Billion, Xiamen Times Deep Far Venture Capital Fund Established
Recently, the Xiamen Times Deep Far Venture Capital Fund Partnership (Limited Partnership) was established, with a contribution of approximately 1.2 billion. Its business scope includes venture capital, etc. The equity penetration shows that it is co-held by Zhengzhou Yutong Group and CATL indirectly through the Xiamen Puquan Private Fund Management Partnership, with Puquan Capital as the fund manager.
GP is Puquan Capital, which holds 45% of the shares indirectly through CATL, and Puquan has previously invested in companies like Galaxy General, Zhongqing Robot, and Yikong Zhijia, all in the robot and intelligent driving sectors. Also on the LP side of this fund is Zhengzhou Yutong Group, which has fully adopted CATL batteries for 15 years. With Yutong's involvement, commercial vehicle electrification and battery swapping ecosystems are likely to become new investment mainlines.
Jinchuan Technology Innovation No. 1 Mother Fund Establishes Second Sub-Fund
Recently, the Jinchuan Technology Innovation Fund No. 1, initiated by the provincial state-owned asset operation company along with Jinchuan Capital, completed the establishment of its second sub-fund, “Shenzhen Nanshan Shentou Pengcheng Strategy New Venture Capital Fund.” This sub-fund is expected to have a scale of 1 billion, with Shenzhen Investment Holding Co., Ltd. subsidiary Donghai Investment Co., Ltd. serving as the fund manager.
This is the second sub-fund following the successful establishment of the first sub-fund, “Shanxi Jinchuan Angel Investment Fund.” The fund will focus on high-growth new strategy tracks such as artificial intelligence and high-end manufacturing.
Jin Kai New Energy and Others Establish Strategy New Industry Investment Fund
According to the Qichacha APP, recently, the Tianjin Jin Kai Guoxin Strategy New Industry Investment Fund Partnership (Limited Partnership) was established, with a contribution amount of about 500 million yuan, engaging in private fund activities in equity investment, investment management, asset management, and more. The equity penetration in Qichacha shows that this partnership is co-held by Jin Kai New Energy (600821) and Tianjin Jinrong Guosheng Equity Investment Fund Management Co., Ltd. among others.
Jin Kai New Energy is a new energy operator controlled by the Tianjin State-owned Assets Supervision and Administration Commission, formerly a well-known listed company Tianjin Quanye Market, currently with an installed capacity of 5.85 million kilowatts. The company is at a turning point: it is expected to see a net profit decline of 87% by 2025, transitioning from simply selling electricity to "computing electricity collaboration," with the Xinjiang Yimu Intelligent Computing Center already operational and also expanding in Wulanchabu.
Shenzhen Pingshan High-tech Zone Shentou Control Convergence Hard Technology Private Venture Capital Fund Completes Filing
Recently, the “Shenzhen Pingshan High-tech Zone Shentou Control Convergence Hard Technology Private Venture Capital Fund” jointly established by Shentou Control Capital, Bank of Communications Investment, and Shenzhen Pingshan District has completed its registration with the Asset Management Association of China. The fund aims for a scale of 2 billion, with the first phase landing at 600 million, and a duration of 10 years, with investors including Shentou Control, Bank of Communications Investment, and Pingshan Industrial Investment. This fund has a long duration of 10 years. The LP is a typical combination of "state-owned platform + district-level government + bank capital." In terms of fund investment direction, the fund focuses on the "vehicle, medicine, chip, intelligence" industry layout in Pingshan District of Shenzhen, with a focus on areas like artificial intelligence and robotics, next-generation information technology, high-end equipment, and instruments, supporting early-stage and growth-stage hard technology projects.
Shentou Control Capital, as a core investment platform for Shenzhen State-owned Assets, manages a fund size of over 60 billion, with cumulative investments in over a hundred enterprises. According to the Bank of Communications semi-annual report, the number and amount of purely equity projects added by Bank of Communications investment in the first half of the year increased by more than 2 times year-on-year; net profit reached 1.466 billion yuan, a year-on-year increase of 175.64%.
Shenyang Launches Artificial Intelligence Industry Fund
On September 9, the 2026 Global Industrial Internet Conference opened in Shenyang with the theme "Smart Reform and Digital Transformation AI Prosperity." On that day, the Shenyang Industry Investment Development Group officially launched the Shenyang Artificial Intelligence Industry Fund, with a total scale of 1 billion. This fund is co-managed by the Shenyang Industry Investment Development Group and CITIC Jinshi Investment Co., Ltd., along with Zhejiang Merchants Securities and other state-owned enterprises. The fund closely aligns with Shenyang's "smart reform and digital transformation" action deployment and the "3+4+3" modern industrial system, focusing on Shenyang’s advantageous industries such as high-end equipment, biopharmaceuticals, and automotive manufacturing, directing capital precisely into the core track of embodied intelligence and "artificial intelligence + manufacturing" application scenarios.
One month after the launch of the 30 billion mother fund in Liaoning, Shenyang has followed suit. Though the 1 billion scale is not large, the announcement was made at the Global Industrial Internet Conference, with a clear focus on embodied intelligence and "AI + manufacturing"—all targeting the existing scenarios of Shenyang's old industrial base. The narrative of "investment not crossing the Great Wall" is gradually loosening.
Guotai Junan and Sunshine Life Insurance Establish Equity Investment Partnership
According to the Qichacha APP, recently, the Jiaxing Genkai Source Equity Investment Partnership (Limited Partnership) was established, with a registered capital of 500 million, engaging in equity investment; venture capital (limited to investing in unlisted companies). The equity penetration in Qichacha shows that this company is co-held by Sunshine Life Insurance Co., Ltd. and Guotai Junan (601211) and its wholly-owned subsidiary Guotai Junan Kaiyuan Investment Co., Ltd.
Insurance capital is back as an LP. The entry of Sunshine Life Insurance into the market means that the channel for insurance capital to allocate private equity has been continuously relaxed this year, and these combinations of "insurance capital + brokerage private equity sub-management" will become increasingly common.
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