China Civil Aviation Private Equity Fund

What China Civil Aviation Private Equity Fund does

China Civil Aviation Private Equity Fund Management Co., Ltd. (航投私募基金管理有限公司) is a Beijing-headquartered private equity fund management company established on July 2, 2014 under the guidance of the Civil Aviation Administration of China (CAAC) pursuant to State Council guidance document Guo Fa [2012] No. 24. It received its private fund management license from CAAC in February 2015 and was originally capitalized at 100 million RMB by nine founding shareholders, with Capital Airport Group as lead (20% stake) and HNA Group among the backers; ownership was structured as 65% private/mixed-ownership and 35% SOE.

The firm operates a platform-plus-products model, managing approximately 20 funds with cumulative AUM exceeding 50 billion RMB. Core funds include the Civil Aviation Equity Investment Fund, Civil Aviation Investment Fund, Aviation Materials Fund, Rizhao Low-Altitude Development Fund, Zhejiang Free Trade Zone Equity Investment Fund, and the Hangtou Zhengling Shuangdongjian Low-Altitude Economy Aircraft Fund. It invests across the full civil aviation and low-altitude economy value chain — including eVTOL manufacturing, aviation electronics (Feitian United), UAV countermeasures (Zhongjiao Yaogan), semiconductors (Zhonghuan Leading), payment services (Lakala), and mobility platforms (DiDi) — and operates wholly-owned subsidiaries covering big data/AI services, aviation consulting, talent training, and airport operations (Beijing Liangxiang Airport Management).

Revenue is generated through two streams: recurring fund management fees on committed/called capital across its ~20-fund platform, and transaction-based investment returns via equity exits, IPOs, and strategic sales. GTM is institutional and event-driven — direct engagement with local governments and SOEs to co-establish regional funds (Guizhou 3.6B RMB, Ordos 3B RMB, Sichuan 1B RMB, Suzhou 1B RMB, Zhejiang FTZ 1B RMB), supported by participation in major aviation industry forums and the Air Silk Road Alliance co-founded with AVIC, AECC, COMAC, and Nanjing University of Aeronautics and Astronautics. No proprietary technology platforms are disclosed; the company's core 'product' is its CAAC-backed fund management franchise and aviation-industry access.

Name

China Civil Aviation Private Equity Fund

Legal name

航投基金管理有限公司

Website

https://caif.com.cn

Company type

Private

Founded year

2014

Operating status

Operating

Short description

China Civil Aviation Private Equity Fund is a Beijing-based, CAAC-guided private equity platform managing ~20 funds and over 50 billion RMB AUM, investing across civil aviation, low-altitude economy, and strategic emerging industries via regional government co-mandates.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (523940), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Captive CVC Fund (Dedicated corporate fund structure) (FSANAHAB)

akta.pro secondary industry

Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)

Keywords

• Private equity fund management
• Civil aviation investment
• Low-altitude economy fund
• Aviation industry fund
• Industrial investment management

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Fund Management Fees: Earns management fees from managing approximately 20 funds with combined AUM exceeding 5 billion RMB. Fee structure typically includes an annual management fee based on committed capital and performance-based carried interest upon successful exits.
2. Investment Returns: Generates returns through equity investments in aviation-related companies, low-altitude economy ventures, and strategic emerging industries. Returns realized through exits, IPOs, and strategic sales.

Pricing tiers

Go-to-market motion3 records

Distribution channels2 records

Marketing channels3 records

Core offering

China Civil Aviation Private Equity Fund (航投私募基金管理有限公司) is a diversified equity investment fund management institution established under the guidance of the Civil Aviation Administration of China. It manages approximately 20 funds covering civil aviation equity investment, aviation materials, the low-altitude economy, regional industrial development, and strategic emerging industries, with cumulative AUM exceeding 50 billion RMB. The firm provides fund management services, equity investment, industrial empowerment, and regional economic development support to institutional investors, local governments, state-owned enterprises, and aviation-related companies.

Product overview

China Civil Aviation Private Equity Fund (航投私募基金管理有限公司) operates as a diversified equity investment fund management platform led by the Civil Aviation Administration of China. The company manages approximately 20 funds with cumulative management scale exceeding 50 billion RMB, organized as a platform-plus-products architecture. The core products include the Civil Aviation Equity Investment Fund (parent fund), Civil Aviation Investment Fund, Aviation Materials Fund, Rizhao Low-Altitude Development Fund, Zhejiang Free Trade Zone Equity Investment Fund, and the Hangtou Zhengling Shuangdongjian Low-Altitude Economy Aircraft Fund. The investment portfolio spans civil aviation technologies, eVTOL manufacturing, semiconductors, AI, new materials, and aviation electronics. The company provides fund management services, industrial investment advisory, regional economic development support, and manages initiatives such as the 'Air Silk Road' alliance to serve national strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Civil Aviation Equity Investment Fund (民航股权投资基金) The flagship parent fund serving as the foundational investment vehicle for civil aviation industry investments, established with over 20 billion RMB target raise from social and mixed-ownership enterprises.
• Civil Aviation Investment Fund (民航招商基金) A fund focused on attracting and investing in civil aviation-related projects and enterprises.
• Aviation Materials Fund (航投航材基金) A specialized fund targeting the aviation materials and equipment manufacturing sector.
• Rizhao Low-Altitude Development Fund (日照低空发展基金) A regional fund focused on low-altitude economy development in the Rizhao region.
• Hangtou (Zhejiang Free Trade Zone) Equity Investment Fund (航投（浙江自贸区）股权投资基金) A fund established in the Zhejiang Free Trade Zone targeting aviation, low-altitude economy, and aerospace industries, with a 1 billion yuan fund size.
• Hangtou Zhengling Shuangdongjian Low-Altitude Economy Industrial Investment Fund (航投正菱双东简低空经济产业投资基金) Sichuan Province's first low-altitude economy fund focusing on eVTOL (electric vertical takeoff and landing) aircraft manufacturing, with Chengdu's "Shuangdongjian" area (Shuangliu, Eastern New District, Jianyang) as primary investment destination.
• Hangtou Suzhou Air-Ground Connectivity Industrial Fund (航投苏州空地互联产业基金) A 20 billion yuan target fund targeting low-altitude economy technology innovation, co-established with Suzhou as part of the city's 100 billion yuan science and technology innovation fund cluster.
• Guizhou Province New Materials Industry Development Fund (贵州省新材料专项基金) A 36 billion yuan fund for Guizhou Province's new materials industry development, with Hangtou serving as fund manager.
• Ordos Science and Technology Innovation Fund (鄂尔多斯市科技创新基金) A 30 billion yuan fund management mandate for Ordos Science and Technology Innovation Fund.

Quantifiable outcome

• 管理近20只基金，累计管理规模超50亿元人民币
• +2 more outcomes

Named customers6 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

Twelve partnerships are on record, tiered significant, major, platform partner and core.

• 济钢集团significantStrategic or Co-development Partner · 11 June 2025Visited Jigang Group to explore potential cooperation in industrial investment, project cooperation, and fund cooperation. Jigang Group is the leading enterprise in Jinan's aerospace information industry and has established a diversified industrial system covering aerospace information, high-end equipment, and new materials.
• 山高望岳（烟台）基金管理有限公司significantStrategic or Co-development Partner · 11 June 2025Partner fund management company cooperating on regional fund establishment and investment in aviation-related projects.
• 航投正菱双东简低空经济产业投资基金合伙企业majorStrategic or Co-development Partner · 23 April 2025First low-altitude economy fund in Sichuan Province, officially filed with Asset Management Association of China. Fund focuses on eVTOL manufacturing sector with Chengdu's 'Shuangdongjian' area (Shuangliu, Eastern New District, Jianyang) as primary investment destination.
• 浙江自贸区舟贸能源贸易有限公司significantStrategic or Co-development Partner · 11 March 2025Jointly established 1 billion yuan Hangtou (Zhejiang Free Trade Zone) Equity Investment Fund Partnership focusing on low-altitude economy and aerospace sectors.
• 苏州市航空产业发展有限公司majorStrategic or Co-development Partner · 19 October 2024Signed cooperation agreement to establish Future Aviation (Suzhou) Co., Ltd. for eVTOL operations, targeting Suzhou and East China market.
• 苏创投集团 (Suzhou Science and Technology Innovation Investment Group)majorStrategic or Co-development Partner · 26 September 2024Co-established 20 billion yuan Hangtou Suzhou Air-Ground Connectivity Industrial Fund as part of Suzhou's 100 billion yuan science and technology innovation fund cluster. Fund targets low-altitude economy technology innovation with 15-year duration.
• 珠海正菱控股有限公司majorStrategic or Co-development Partner · 31 May 2024Partnered to establish a low-altitude economy industrial investment fund focused on eVTOL and upstream/downstream low-altitude economy supply chain investments. Aims to build a low-altitude economy industrial ecosystem in Zhuhai.
• 红宝石集团majorStrategic or Co-development Partner · 31 May 2024Three-party partnership with Zhuhai Zhengling Holdings and Ruby Group to establish low-altitude economy industrial investment fund, targeting eVTOL and supply chain investments in Zhuhai.
• 北京市科委、中关村管委会及朝阳园管委会platform partnerStrategic or Co-development Partner · 10 November 2023Co-hosted the domestic substitution civil aviation special project roadshow event at Beijing International Venture Capital Cluster.
• 同方股份有限公司majorStrategic or Co-development Partner · 2 September 2020Signed comprehensive strategic cooperation covering smart city, smart logistics, smart airport, airport energy-saving equipment and energy management. Leverages Tsinghua Tongfang's expertise in information technology, security, and energy conservation combined with aviation investment platform.
• 国网英大产业投资基金管理有限公司majorStrategic or Co-development Partner · 19 June 2020Signed strategic cooperation framework agreement to explore investment opportunities in the intersection of civil aviation and energy/power sectors. Cooperation includes mixed-ownership reform, integrated energy services, and power market reform. Combines aviation industry expertise with power grid industry resources.
• 空中丝路联盟 (Air Silk Road Alliance)coreStrategic or Co-development Partner · 14 October 2019Co-founded in 2019 with AVIC, AECC, COMAC, and Nanjing University of Aeronautics and Astronautics. The alliance provides a platform for business collaboration, resource sharing, and decision support for Belt and Road aviation cooperation. Aims to promote Chinese aviation products and technologies internationally and facilitate cooperation between aviation industries of countries along the Belt and Road.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• CDH Investments: Major Chinese private equity firm with deep industrial sector exposure and broad LP base. Comparable as a Chinese PE platform with industrial sector focus, though not aviation-specific.
• China Merchants Capital: PE/alternative investment arm of China Merchants Group, a major central SOE. Similar state-affiliated PE platform model with industrial-investment focus and regional fund partnerships with local governments.
• Hillhouse Capital: One of the largest and most established Chinese PE/VC platforms, with broad sector coverage and significant LP capital. Comparable in scale of AUM and platform breadth, though purely commercial rather than state-mandated.
• China Reform Holdings (China Reform): Central SOE-led investment holding company that manages state-directed capital for strategic emerging industries. Comparable state-backed PE platform model, though broader in sector coverage (no specific aviation mandate).
• CICC Capital: PE and alternative investment arm of China International Capital Corporation. Comparable Chinese PE platform with state-affiliated heritage and exposure to industrial / strategic emerging sector investments.

Regional players

• Shenzhen Capital Group: State-affiliated venture capital firm focused on Shenzhen and Greater Bay Area strategic emerging industries. Comparable state-backed VC/PE platform with regional government LP relationships, though focused on tech/strategic emerging industries rather than aviation.
• Beijing State-Owned Capital Operation and Management Center: Beijing municipal state-owned investment holding platform that co-manages industrial development funds with central and municipal SOEs. Comparable in operating Beijing-headquartered, SOE-anchored PE platforms with regional fund establishment model.

Direct peers

• CITIC Capital: Major Chinese alternative investment platform covering PE, real estate, structured finance, and special situations. Already a documented cooperation partner of the subject company; comparable scale and cross-sector PE/VC platform with aviation industry exposure.
• China Aerospace Science & Industry Corporation (CASIC) Investment: Investment and PE platform affiliated with CASIC, the major Chinese state-owned aerospace and defense conglomerate. Comparable aerospace sector-focused, state-owned PE vehicle competing in overlapping investment themes (eVTOL, low-altitude economy, aerospace supply chain).
• AVIC Capital Holdings: AVIC-affiliated financial holding company and PE/investment platform for China's largest aerospace and aviation conglomerate. Most directly comparable peer — same aviation sector focus, state-owned backing, and PE fund management model serving aerospace and aviation industry development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

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M&A

Investments8 records

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Frequently asked questions about China Civil Aviation Private Equity Fund