Hefei High-tech VC

What Hefei High-tech VC does

Hefei High-tech VC (合肥高新创业投资管理合伙企业(有限合伙)), operating under the trade name 合肥高投, is a government-backed venture capital management firm established in August 2015 by the Hefei High-tech Zone Management Committee and Hefei High-tech Construction Investment Group (Hefei Gaotou). The firm is described as the only professional venture capital management organization in the Hefei High-tech Zone and operates a 'participating funds + direct investment + self-managed funds' three-dimensional portfolio, managing or participating in 80+ funds with total committed capital exceeding RMB 700 billion as of May 2026. Its fund family spans the full investment lifecycle - from angel (天使基金, RMB 200M) and seed (种子基金, RMB 200M) through growth (科创基金, 新兴产业基金, 浙商基金) to industrial scale (产业基金, 新经济发展基金) and mother fund level (新研母基金 RMB 1.8B; 合肥高新浙商母基金 RMB 50B) - covering sectors including quantum computing, nuclear fusion, semiconductors, AI, biotech, new energy, advanced materials, and high-end equipment manufacturing.

The firm's underlying technology is its proprietary fund management platform and deal-flow infrastructure, anchored by deep institutional relationships with USTC, the Chinese Academy of Sciences system, and Hefei municipal/state-owned investment platforms. A distinguishing feature is its active buyback ('主动回购') mechanism, under which Hefei Gaotou has historically surrendered approximately RMB 1.8 billion in carried interest to allow founding teams to repurchase equity at fixed rates. The firm operates three-tier post-investment visit mechanisms, specialist roadshows, and loan-investment linkage programs. As of 2024-2025, it had invested in approximately 1,100 projects with over RMB 42 billion deployed, 47 listed portfolio companies, and portfolio revenue of RMB 44.72 billion in 2025 (forecast RMB 52.87 billion in 2026).

Revenue is generated from two streams: (1) annual management fees on assets under management across the multi-fund portfolio (no public fee schedule disclosed; terms governed by individual fund partnership agreements), and (2) carried interest on exits via IPO, M&A, or share buyback, though carry is structurally reduced by the buyback program. Distribution is conducted through direct engagement with portfolio companies, co-investment partnerships with other VCs (Ant Group, Jinpu Investment, CAS Star, Zheshang Capital), and government-coordinated capital deployment. Headquartered at 望江西路860号科创中心D区401-406室, Hefei, China, the firm operates exclusively within Anhui Province with a primary mandate to address market failure in early-stage hard-tech venture capital where commercial funds are reluctant to invest.

Name

Hefei High-tech VC

Legal name

合肥高新创业投资管理合伙企业（有限合伙）

Website

https://hfgxt.com.cn

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

11–50 employees

Short description

Hefei High-tech VC (合肥高投) is a government-backed venture capital firm managing 80+ funds with over RMB 700 billion in committed capital, investing in early-stage hard-tech startups across quantum computing, fusion, semiconductors, AI, biotech, and advanced materials in Hefei and Anhui Province.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industries

Venture Capital Fund-of-Funds (FSANAGAC), Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Venture capital
• Fund management
• Early-stage investing
• Hard-tech investment
• Government-backed VC

Headquarters

HQ city

Hefei

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Fund Management Fees: Collects annual management fees on AUM across 80+ funds totaling over RMB 700 billion in committed capital. Fees support operational costs of the investment management team.
2. Carried Interest (Co-Investment Returns): Earned on successful exits through IPO, M&A, or share buyback. Active buyback mechanism allows founder teams to repurchase equity at fixed rates, with合肥高投 surrendering approximately RMB 1.8 billion in carried interest historically to support founders.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Hefei High-tech VC is a government-backed venture capital management firm that manages a diversified portfolio of funds (seed, angel, growth, and strategic stages) totaling over RMB 700 billion in committed capital across 80+ funds. The firm provides equity capital to early-stage hard-tech startups in sectors such as quantum computing, nuclear fusion, semiconductors, AI, biotech, and new materials, while offering post-investment services including three-tier visit mechanisms, specialist roadshows, and policy guidance.

Product overview

合肥高投 (Hefei High-tech VC) operates as a professional venture capital investment management firm managing a diversified portfolio of fund products across different investment stages and sectors. The firm manages approximately 80 funds with total scale exceeding 70 billion yuan, offering a full lifecycle investment system from seed stage (种子基金, 天使基金) through growth stage (科创基金, 新兴产业基金) to mature stage (产业基金, 新经济发展基金). The fund portfolio includes specialized vehicles like the 新研母基金 for new research institution investments, 中科高新基金 for CAS technology transfer, and various industry-specific funds targeting integrated circuits, biomedicine, new energy, and AI sectors. The firm's investment strategy follows a '3+2+X' industrial framework, focusing on strategic emerging industries while providing comprehensive post-investment services including 'three-level visits,' special roadshows, and loan-investment linkage programs.

Differentiator

Problem solved

Functional benefit

Brands

• 高新区天使基金: Anhui's first government-fully-funded angel investment fund, established October 2012 with a scale of 200 million yuan, investing in seed and angel stage enterprises in Hefei High-tech Zone.
• 高新区种子基金
• 新研母基金
• 合肥高新浙商母基金

Products and services

• Hefei Gaotou Angel Fund (高新天使基金) Angel-stage equity investment fund targeting seed and angel-stage enterprises in the Hefei High-tech Zone covering TMT, power electronics, new materials, new energy, high-end equipment manufacturing, and biomedicine.
• Seed Fund (种子基金) Seed-stage equity investment fund with direct investment and fund investment approaches to support seed-stage innovative small enterprises in the high-tech zone, including university and research institute spin-offs.
• Industrial Fund (产业基金) Growth-stage equity investment fund focused on major high-tech and strategic emerging industry projects with large scale and growth potential in the Hefei High-tech Zone.
• Emerging Industries Fund (新兴产业基金) Early-to-mid-stage equity investment fund targeting integrated circuits, information technology, biomedicine, high-end equipment manufacturing, new energy, and new materials sectors.
• New Economic Development Fund (新经济发展基金) Growth-stage equity investment fund focusing on next-generation information technology, integrated circuits, public safety, biomedicine, and new energy sector clusters.
• Science and Technology Innovation Fund (科创基金) Equity investment fund for technology original innovation, import substitution, and university research institute technology transfer projects in strategic emerging industries.
• CAS High-Tech Innovation Institute Fund (中科高新创新院基金) Equity investment fund focused on Chinese Academy of Sciences system and alumni projects to promote technology achievement transformation in strategic emerging industries.
• CAS Yixing Fund (中科熠星基金) Hard-tech equity investment fund targeting startups and growth-stage projects in AI, electronic information, and life health sectors.
• New Research Mother Fund (新研母基金) Mother fund (fund-of-funds) investing in equity fund projects across Anhui Province, including sub-funds established with cities, counties, state-owned enterprises, universities, and new research institutions.
• Anhui Province Emerging Industry Science and Technology Innovation Fund Phase I (安徽省新兴产业科创基金一期) Joint-controlled equity investment fund focused on Anhui Province's top ten emerging industries, including new generation information technology, AI, new materials, new energy, environmental protection, and high-end equipment manufacturing.
• Chaogao Fund (巢高基金) Jointly-controlled equity investment fund focusing on new energy, new materials, new generation information technology, high-end equipment manufacturing, and life health projects in Chaohu City and Hefei High-tech Zone.

Quantifiable outcome

• Invested RMB 4.81 billion in 24 Hefei city projects in 2025, with over 50% allocated to early-stage enterprises
• +4 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered flagship and minor.

• 华策影视flagshipStrategic or Co-development Partner浙江华策影视股份有限公司 (Huace Film & TV) signed a strategic partnership with 智象未来 (HiDream.ai) to build an AIGC high-tech film production center. Strategic investment plus technology-content partnership covering joint AI film creation platform, material factory, short drama factory, and AI talent training.
• 苏河汇minorOthers苏河汇 is listed as a partner on the company's website, suggesting some form of startup ecosystem cooperation.
• 德恒律师事务所minorImplementation/ SI/ Consulting Partner德恒律所 (DeHeng Law Offices) is listed as a professional services partner on the company website.
• 天禾律师事务所minorImplementation/ SI/ Consulting Partner天禾律所 (Tianhe Law Firm) is listed as a professional services partner on the company website.
• 华普天健会计师事务所minorImplementation/ SI/ Consulting Partner华普天健 (HP Tianjian CPA Firm) listed as an accounting services partner.
• 苏亚金诚会计师事务所minorImplementation/ SI/ Consulting Partner苏亚金诚 (Suya Jincheng CPA Firm) listed as an accounting services partner.

Scale indicators18 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• CAS Star (中科创星): Hard-tech focused early-stage venture capital firm affiliated with the Chinese Academy of Sciences. Directly comparable as a co-investor alongside Hefei High-tech VC in portfolio companies like Star Energy Xuan Guang, with similar focus on technology transfer from research institutions.
• Shenzhen Capital (深创投): Major Chinese government-backed venture capital firm with similar multi-fund structure and strategic emerging industry focus. Comparable as a leading district/province-level state VC platform investing across seed, growth, and pre-IPO stages.
• Oriza Holdings (元禾控股): Suzhou-based government-backed VC platform with mother fund and direct investment operations. Directly comparable as a municipal-level state-owned early-stage and growth VC focused on technology and strategic emerging industries.
• ZGC Capital (中关村资本): Government-backed VC platform serving Beijing's Zhongguancun science park. Comparable as a science-park-affiliated VC managing multiple funds targeting hard-tech and strategic emerging industries with technology transfer orientation.
• Hefei Industrial Investment (合肥产投): Local Hefei municipal government investment platform that co-leads rounds with Hefei High-tech VC (e.g., Zhongke Youcai, Zero Gravity). Direct peer operating in the same regional ecosystem with overlapping mandates in strategic emerging industries.

Broad incumbents

• Anhui Provincial Investment Group (安徽省投资集团): Anhui provincial government investment holding company that serves as a co-investor and institutional LP in multiple Hefei High-tech VC managed funds. Comparable as a higher-level state-owned investment platform in the same provincial ecosystem.
• IDG Capital: Major global VC firm with strong early-stage presence in China. Comparable as a broad incumbent with extensive portfolio across technology sectors including AI, semiconductors, and biotech that competes with Hefei High-tech VC for hard-tech deal flow.
• China Reform Holdings (国新控股): National-level state-owned investment holding company participating in strategic VC transactions. Comparable as a broader state capital allocator that may compete with Hefei High-tech VC for marquee hard-tech deals at the national level.

Emerging players

• Zheshang Capital (浙商资本): Zheshang Securities-affiliated investment arm that co-established the RMB 50 billion mother fund with Hefei High-tech VC. Comparable as a partnership-grade VC platform increasingly focused on hard-tech and strategic emerging industries.

Others

• Zero2IPO Group (清科集团): China's leading VC/PE research, data, and fund-of-funds platform. Comparable as an ecosystem participant — Zero2IPO Research ranks Hefei High-tech VC among top early-stage investors and provides industry intelligence that informs the firm's strategy.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries15 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments56 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hefei High-tech VC