Hunan Chasing Fund Management

It is a wholly owned subsidiary of Hunan Caixin Financial Holdings, which is the provincial government’s consolidated financial holding company. The firm functions as the province’s primary platform for translating fiscal policy into private equity — it runs the Hunan Jin Furong Industrial Guidance Fund and co-manages sector-specific policy funds alongside third-party GPs. Its mandate is explicitly tied to Hunan’s industrial development goals.

The firm operates three parallel lines: the Hunan Jin Furong Industrial Guidance Fund (a policy-driven fund-of-funds that seeds sector-specific sub-funds), a market-oriented arm that makes direct equity investments and co-investments, and a major-project financing window that provides tailored capital to strategic provincial initiatives. This hybrid structure means it acts as both an LP seeding external managers and a direct participant in deals.

The firm covers the full lifecycle across its vehicles — from early-stage venture and start-up equity through growth, expansion, and late-stage buyouts. The Jin Furong guidance fund primarily anchors seed and early-stage sector funds, while the market-oriented arm pursues later-stage direct deals. Detailed stage mandates vary per sub-fund.

Yes. The firm regularly co-sponsors sub-funds with external general partners. Recent examples include an intelligent new-energy vehicle fund launched with Shanghai Shangqi Investment Management and a medical-device fund co-managed with Changsha Shengwei Rongquan Venture Capital. These partnerships extend the firm’s reach beyond Hunan when supply chains require it.

As of December 2025, the firm directly managed 38 funds with CNY 78.08 billion in AUM. Total managed and co-managed fund scale exceeded CNY 150 billion. Its registered capital stands at CNY 69.28 billion, making it one of the most heavily capitalized provincial-level PE platforms in China.