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Zhejiang Venture Capital Fund of Funds
Zhejiang Venture Capital Fund of Funds is a government agency based in Hangzhou, China. It manages approximately $162.31 million in assets across three funds,...
Zhejiang Venture Capital Fund of Funds
Zhejiang Venture Capital Fund of Funds is a government agency based in Hangzhou, China. It manages approximately $162.31 million in assets across three funds, primarily focused on Asia.
General information
Firm type
Venture Capital
Location
Region
Asia
Country
China
City
Hangzhou
Corporate office
Hangzhou, Zhejiang, China
Principals
Du Jingshan
Chairman and CEO
Ye Fen
Chairman and General Manager, Management Co.
Sector focus
Frequently asked questions
Who controls the investment decisions at Zhejiang Venture Capital Fund of Funds?
The fund is governed by Zhejiang Provincial Department of Finance, with day-to-day investment oversight handled by the management company chaired by Du Jingshan. General Manager Ye Fen executes the fund’s LP commitments. Final investment committee authority rests with provincial finance officials, ensuring alignment with five-year economic plans.
Does the fund invest directly in companies or only in other funds?
It operates primarily as a fund-of-funds, making LP commitments into RMB-denominated venture and growth-equity vehicles. It does not lead direct investments, though its portfolio funds are required to deploy capital into Zhejiang-based companies, giving the provincial fund indirect exposure to portfolio-level enterprises.
What types of fund managers receive commitments from this fund?
Commitments target domestic Chinese VC and PE managers with sector expertise in deep-tech manufacturing, semiconductors, robotics, AI, cloud infrastructure, and biomedical engineering. Managers must demonstrate a track record of investing in Zhejiang-based startups or present a credible pipeline for doing so.
How is this fund different from a typical government guidance fund?
Unlike standard guidance funds that restrict only geographic deployment, Zhejiang’s fund-of-funds influences sub-fund mandates directly. It requires GP partners to align their portfolio-construction strategy with provincial industrial policy, effectively shaping fund-level investment theses rather than just monitoring downstream company locations.
What is the relationship between the fund and Wanxiang Group?
Wanxiang Group, a major Zhejiang-based industrial conglomerate, has co-invested alongside the fund in regional investment platforms and trusts. The relationship reflects coordinated provincial capital deployment between government fiscal vehicles and large state-affiliated enterprises.
Does the fund accept external LP capital?
No. The fund is capitalized exclusively through the Zhejiang Provincial Department of Finance and related provincial fiscal entities. It does not raise capital from institutional investors, family offices, or high-net-worth individuals outside of government channels.
What is the management company’s role?
Zhejiang Venture Capital Fund of Funds Management Co., Ltd. serves as the fund’s operational arm — conducting due diligence on sub-fund managers, monitoring portfolio performance, and ensuring compliance with industrial-policy conditions. It is led by executives holding concurrent positions within the provincial finance bureaucracy.
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