National Venture Capital Guidance Fund Begins Recruitment Drive!

Having officially been in operation for just three months, the National Venture Capital Guidance Fund Co., Ltd. (referred to as the “National VC Guidance Fund”) has begun recruiting talent.

Recently, the National Development and Reform Commission launched the second batch of public recruitment for 2026, with the National VC Guidance Fund among the participants. Five positions were announced at once, with plans to hire six people. The core fund management roles explicitly require practical experience in the venture capital industry. This marks an acceleration in the implementation of this national-level venture capital fund.

Specifically, the five open positions are distributed across the General Management Department, Risk Control and Audit Department, and Fund Management Department, covering five main areas: human resources, administration, information technology, risk control and audit, and fund management. Most positions require applicants to be no older than 45 years old, with flexibility for especially outstanding candidates.

The most closely watched position by the venture capital industry is the fund management role, which plans to recruit two people. Candidates should have a master’s degree or higher, with no restrictions on Beijing household registration. Relevant fields include economics, law, and science. Candidates must have at least six years of experience in venture capital, industrial funds, or government-guided funds, along with over three years of experience in GP investment and post-investment management. The professional and industry experience requirements are high, reflecting the fund’s urgent need for professional investment management talent.

This “aircraft carrier-level” large fund officially launched on December 26, 2025. Its core purpose is to strengthen patient capital in the venture capital field, guiding financial capital toward early-stage, small-scale, long-term, and hard-tech investments, injecting fresh funds into early-stage tech startups.

The fund adopts a “Guidance Fund Company—Regional Fund—Sub-Fund” three-tier structure, focusing on the Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macao Greater Bay Area regions. On the day of its unveiling, it signed agreements for 49 sub-funds and 27 direct investment projects, marking a rapid start in market-oriented operations.

Now, after three months, the progress of the fund’s implementation has seen multiple breakthroughs. The 50-billion-yuan Beijing-Tianjin-Hebei Venture Capital Guidance Fund has completed registration. This fund is jointly funded by the National VC Guidance Fund, China Investment Corporation, Bank of China, and other regional stakeholders. It has signed agreements for four sub-funds and one direct investment project, and has made its first investment. The initial project, Xinglianjianrong Haihe Venture Capital Fund, has a first-phase scale of 652 million yuan, with the Beijing-Tianjin-Hebei Guidance Fund subscribing 170 million yuan, mainly investing in frontier fields like general artificial intelligence and embodied intelligence.

Alongside the Beijing-Tianjin-Hebei fund, the Yangtze River Delta and Guangdong-Hong Kong-Macao Greater Bay Area venture capital guidance funds have also completed registration. The three regional funds have a total scale exceeding 105 billion yuan, with each exceeding 50 billion yuan. They are long-term funds eagerly anticipated by the venture capital community and have helped establish the regional layout of the national-level guidance fund.

The 2026 government work report explicitly states the need to efficiently utilize the National Venture Capital Guidance Fund. How this hundred-billion-yuan national fund can maximize its effectiveness has become a key focus for the venture capital industry.

Tan Chen, Partner of Shengshi Investment and General Manager of Shengshi Capital, previously told Securities Times that: “Effectively utilizing the National Venture Capital Guidance Fund is a systemic issue that requires coordinated efforts across multiple dimensions, including institutional mechanisms, investment strategies, and ecological construction.”

He outlined three key points:

First, strengthen the fault-tolerance and diversification mechanisms. Under the increasingly standardized performance evaluation and assessment of funds, more attention should be paid to the overall portfolio rather than individual projects, establishing a more scientific and long-term evaluation system. Meanwhile, encouraging the development of market-oriented institutions and promoting effective capital allocation allows professionals to do what they are best at.

Second, consider returns and exits over a longer cycle. Venture investment requires a long-term perspective. How to maintain “patient capital” and achieve policy-driven rolling returns must be comprehensively considered. Further encouragement should be given to building diversified exit mechanisms, including multi-level capital markets, mergers and acquisitions, and the potential role of secondary funds.

Lì Wěi, Founding Partner of Songhe Capital, offered three suggestions:

First, stick to “early, small investments,” but adopt a “relay” mindset. A large fund doesn’t mean every investment must be followed from start to finish. Using a “mother fund + sub-funds” model, allocate capital to professional GPs with deep insights in specific niches, allowing them to sow seeds, with the National VC Guidance Fund providing backing and final integration.

Second, provide not only funding but also “scenarios” and “orders.” The key to efficient use is empowerment. The Guidance Fund can coordinate with local governments and state-owned enterprises to open application scenarios for early-stage companies. For a startup in hard tech, an order from a central enterprise can be more valuable than simple financial investment.

Third, establish a layered investment and management system. Avoid a one-size-fits-all approach. Be more tolerant of seed-stage companies; impose stricter assessments on growth-stage companies. Through professional layered management, direct funds precisely to where they are most needed, rather than spreading them thinly.

Proofread by: Pándá