Beijing Science & Technology Fund

CICC Capital, one of China's largest private equity managers, controls the fund by appointing its chairman and general manager, while the four state-owned enterprise sponsors appoint the chief financial officer. This structure gives CICC Capital operational discretion over investment committee approvals, sub-fund selection, and portfolio monitoring, though the municipal government retains a veto through board-level policy guidance on strategic alignment with Beijing's technology development priorities.

The firm operates a public-facing selection process, issuing periodic 'sub-fund participation announcements' — with 45 rounds published as of October 2025 — and maintaining deep sourcing relationships with elite Chinese universities, national laboratories, and 'socially renowned VC institutions.' This formal procurement funnel surfaces managers with demonstrated expertise in hard-tech origination, commercialization of academic research, and compliance with Beijing's industrial policy agenda.

The vehicle is structured as a pure fund-of-funds, committing capital exclusively to external general partners rather than making direct equity investments. Its sub-funds then deploy capital into seed to growth-stage companies across the designated hard-tech sectors, with the fund-of-funds maintaining exposure through LP positions.

Its mandate covers 'high-end hard technology and front-end original innovation,' which the fund interprets as semiconductors, artificial intelligence, life sciences, advanced manufacturing, new energy vehicles, and intelligent connected vehicles. The fund's government mandate requires demonstrable alignment with Beijing's strategic industry clusters, meaning sub-fund GPs must show how portfolio companies contribute to local technology supply chains.

Sub-fund GPs must balance financial returns with policy deliverables: technology transfer to Beijing-based entities, job creation in priority sectors, and founder retention within municipal boundaries. This dual mandate influences investment committee discussions around concentration limits, exit timing, and geographic allocation, making the fund a hybrid of sovereign development capital and commercial fund-of-funds that shapes underwriting at the sub-fund level.

It is a government-guided market-operated fund-of-funds, not a family office or pure sovereign wealth fund. Four state-owned enterprises and CICC Capital co-founded it in 2018 under explicit authorization from the Beijing Municipal Government, with capital sourced from fiscal appropriations and state enterprise balance sheets, all deployed toward Beijing's technology innovation ecosystem.

CICC Capital is the controlling shareholder and operator of the general partner, Beijing Science & Technology Investment Management Company. It appoints the chairman and general manager and provides investment team personnel, research capabilities, fundraising networks, and compliance infrastructure. This relationship allows the fund-of-funds to leverage CICC Capital's institutional LP relationships and alternative asset management expertise while remaining structurally subordinate to municipal policy objectives.