Nantong Industrial Investment Fund of Funds

Chairman Zhang Jianqiang oversees the fund-of-funds through Nantong Industries Holding Group, the municipal parent entity. Investment commitments ultimately route through Nantong Municipal People's Government approval processes, consistent with state-owned capital management protocols in Jiangsu Province. Day-to-day fund selection and co-investment structuring operate through dedicated partnership vehicles with managers like CICC Capital.

The vehicle is structured as a fund-of-funds, committing LP capital to external venture and growth equity managers. However, the 2024 CITIC Group partnership created a co-sponsored investment vehicle — the 5 billion RMB Nantong Chain Development Fund — which functions more like a direct co-investment platform. This hybrid model allows the municipal government to access direct deal exposure through side-by-side structures while maintaining its primary identity as an LP.

The fund is wholly owned and authorized by the Nantong Municipal People's Government, operating through Nantong Industries Holding Group as the state-owned parent entity. Its investment mandate serves the city's industrial policy objectives — attracting technology and manufacturing companies to Nantong through capital commitments that require or incentivize local operational presence. This makes it a policy tool as much as a return-seeking investment vehicle.

Confirmed co-investment partners include CICC Capital, which operates the Nantong CICC Qijiang Equity Investment Partnership as a joint vehicle, and CITIC Group, which co-sponsors the 2024-era Nantong Chain Development Fund. CICC brings investment banking and private equity origination networks; CITIC contributes balance-sheet scale and national-level industrial relationships.

The municipal government's published industrial priorities guide allocations toward advanced manufacturing, new energy and cleantech, biomedicine and healthcare, next-generation information technology including AI and semiconductors, and supply-chain logistics infrastructure. These sectors align with Nantong's ambition to upgrade its position in the Yangtze River Delta technology manufacturing corridor.

No consolidated AUM figure has been publicly disclosed by the Nantong Municipal People's Government or Nantong Industries Holding Group. The 5 billion RMB Nantong Chain Development Fund established in 2024 with CITIC Group represents one confirmed deployment vehicle, but the broader fund-of-funds likely encompasses multiple vintage programs and sector-specific sub-vehicles whose combined scale is not externally reported.

All confirmed deployment structures — including the CICC Qijiang partnership and the CITIC Chain Development Fund — are RMB-denominated domestic vehicles targeting companies with operational ties to Nantong and Jiangsu Province. The municipal mandate centers on regional industrial development, suggesting capital commitments remain within China, though underlying portfolio funds may have cross-border exposure through their own investment activities.