Capital For Science & Industry

The firm lists five named partners on its website: 高纳会, 张红朝, 徐烨峰, 徐正成, and 王冠达. While individual titles beyond partner are not detailed, the group collectively brings three decades of military R&D experience, two decades of manufacturing-enterprise management, and over twenty years of hard-tech venture risk control to the investment committee process.

Sourcing is anchored in the firm’s structural relationship with the Zhejiang Tsinghua Yangtze Delta Research Institute, which grants access to defense-conversion and university-spinout pipelines. The partnership model formalized in 2026 adds a quadrilateral link among the firm, Xi’an Jiaotong University’s National Technology Transfer Center, the Zhuji municipal government, and portfolio company Qidian Energy — a setup designed to surface lab-stage hard-tech projects before they enter broader auction processes.

The firm operates as a private GP managing nearly RMB 2 billion across four proprietary venture and growth funds. In parallel, it holds a separate mandate to provide post-investment management for a RMB 6 billion industrial guidance fund — effectively making it a hybrid private-public platform that runs its own committed capital alongside a strategic government allocation.

The firm invests directly via its own fund family — spanning seed, angel, and growth stages — and has not publicly disclosed a fund-of-funds or LP-commitment program. Its ecosystem engagements, such as the co-launch of the Nanjing Keshí Venture Capital Partnership with Huá Rú Technology and Xīnghé Industry, reflect direct co-investment and strategic co-GP structures rather than passive LP stakes.

No explicit sector exclusions are published. However, all of the firm’s stated activity and mandate documentation concentrate on four strategic industries — high-end equipment and advanced manufacturing, intelligent sensing and AI, new materials, and new energy — which suggests selective avoidance of consumer internet, financial services, and other non-hard-tech verticals inconsistent with the defense-industrial thesis.

The firm was founded and registered at the Institute in October 2020 and maintains sustained operational proximity there. While the exact governance or ownership structure between the firm and the Institute is not detailed publicly, the Institute affiliation provides a distinct competitive advantage in sourcing early-stage technology originating from Tsinghua-affiliated defense and advanced-manufacturing laboratories.

The firm actively syndicates and co-structures vehicles with strategic industry participants rather than passive financial GPs. The April 2026 Nanjing Keshí Venture Capital Partnership was co-founded with Beijing Huá Rú Technology and Xīnghé Industry — operating companies, not fund-of-funds — indicating a preference for co-investors who bring manufacturing assets or supply-chain integration rather than pure financial capital.