Cornerstone Capital

What Cornerstone Capital does

Cornerstone Capital (基石基金) is a Beijing-headquartered, state-backed venture capital and private equity fund management firm, legally organized as Beijing Cornerstone Venture Capital Management Center (Limited Partnership). Founded in September 2011 as China's first dedicated rail transit industry investment fund, Cornerstone is anchored by Beijing Infrastructure Investment Co., Ltd. (京投公司) — the sole state-owned asset management platform for Beijing's rail transit system — which serves as the parent organization and cornerstone LP across all six fund vehicles. The firm operates specialized funds spanning rail transit (Cornerstone Chuangxing, Zhongying, Lianying, Huiying), information security (Xin'an, established 2016 with ~200 million RMB), and information technology innovation (Xinchuang, established 2021 with 350 million RMB), with combined AUM exceeding 3 billion RMB across more than 100 portfolio companies.

Cornerstone's business model is standard institutional asset management: it earns management fees (typically 1.5–2.5% of committed or invested capital) from institutional limited partners — government guidance funds, state-owned enterprises, listed companies, and high-net-worth individuals — plus carried interest (typically 20%) on profitable exits. Its go-to-market is direct institutional LP fundraising supported by the Beijing Infrastructure Investment referral network. The firm employs a sector-specialized 'Rail Transit+' (轨道交通+) investment thesis extending from rail transit vertically into adjacent strategic emerging industries including information security, industrial internet, cloud computing, AI, and advanced manufacturing, formalized through annual 'Cornerstone Refining' (基石炼金) industry white papers and the 'Cornerstone Star' (基石之星) recognition program for rail transit innovation competition winners.

Notable portfolio outcomes include eight or more listed exits: Jiaokong Technology (688015.SH, STAR Market, 2019), Guolian Shares (603613.SH, 2019), Dema Technology (688360.SH, 2020, ~20x return), Capital Online (300846.SZ, 2020, 10x+ return), Canggang Railway (02169.HK, 2020), Ligong Huachuang (002806.SZ), and Zijing Storage (688086.SH). The firm has been ranked in the 'Rongzi China Top 50 VC Institutions' for four consecutive years (2017–2020) and received formal recognition from the State Council-established Yingfutai National Emerging Industries VC Guiding Fund in 2022.

Name

Cornerstone Capital

Legal name

北京基石创业投资管理中心（有限合伙）

Website

http://www.bjjsfund.com.cn

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Cornerstone Capital (基石基金) is a Beijing-based, state-backed venture capital and private equity firm founded in 2011, managing 3+ billion RMB across six specialized funds serving institutional LPs and growth-stage technology companies in rail transit, cybersecurity, industrial internet, and strategic emerging industries, with 100+ portfolio companies and 8+ IPO exits.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282), Investors, Nec (6799)

akta.pro primary industry

Venture Capital Fund-of-Funds / Multi-Manager Platforms (FSANAAAJ)

akta.pro secondary industries

Emerging Manager / Seeding Platforms (Multi-Manager) (FSANAGAF), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

Keywords

• Venture capital fund
• Private equity investment
• Institutional fund management
• Growth stage equity
• Strategic emerging industries

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, Others

Revenue model

1. Management Fees: Standard VC/PE management fee structure charged on committed or invested capital under management. Typically 1.5–2.5% annually on committed capital during the investment period, declining post-investment period.
2. Carried Interest (Performance Fees): Carried interest (carry) realized upon successful exits of portfolio investments, typically 20% of profits above the hurdle rate. Represents the primary financial return mechanism for the fund management team.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Cornerstone Capital is a China-based venture capital and private equity fund management firm that raises capital from institutional limited partners and invests in growth-stage Chinese technology companies, with a dedicated specialization in rail transit and adjacent strategic emerging industries including information security, industrial internet, AI, and advanced manufacturing. The firm manages multiple fund vehicles totaling over 30 billion RMB in assets under management, deployed across early-stage to Pre-IPO rounds, and provides portfolio companies with strategic introductions, government navigation, and capital markets guidance.

Product overview

Cornerstone Capital (基石基金) is a venture capital and private equity fund management institution. The company operates multiple specialized funds including 基石创业 (Cornerstone Venture), 基石仲盈, 基石连盈, 基石慧盈, 基石信安 (Cornerstone Security Fund), and 基石信创 (Cornerstone Xinchuang Fund). With AUM exceeding 30 billion RMB and over 100 portfolio companies, the firm focuses on strategic emerging industries including rail transit, information security, industrial internet, artificial intelligence, and advanced manufacturing. The funds invest across various stages from early-stage VC to PE and Pre-IPO. The firm also publishes annual research whitepapers (基石炼金) on technology and industry trends.

Differentiator

Problem solved

Functional benefit

Brands

• 基石信创基金: Information Technology Innovation Fund focused on cybersecurity, industrial internet, cloud computing and big data
• 基石信安基金
• 保定基石连盈创业投资基金中心
• 基石慧盈基金
• 基石仲盈基金
• 基石智盈基金
• 基石炼金

Products and services

• Cornerstone Chuangye Venture Capital Fund (基石创业投资基金)
• Cornerstone Xin'an Fund (基石信安基金)
• Cornerstone Lianying Fund (基石连盈基金 / Phase III)
• Cornerstone Xinchuang Fund (基石信创基金)

Quantifiable outcome

• Cornerstone Capital's portfolio has produced 8+ listed companies with investment returns of 10x–20x on key exits (e.g., 首都在线 10x+, 德马科技 ~20x, 国联股份 multi-hundred percent return)
• +2 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor.

• 赛宁网安 (SaiNet Security / Nanjing Sai Ning Information Technology)minorStrategic or Co-development Partner · 25 December 2021Cornerstone Capital made multiple investments in 赛宁网安 (B round 135 million RMB in 2020, C+ round in 2021). The two companies (along with portfolio company 长扬科技) formed a joint venture in March 2021 to develop an industrial security cyber range product. Cornerstone facilitated strategic cooperation between its two portfolio companies in the industrial cybersecurity space.
• 长扬科技 (Changyang Technology)minorStrategic or Co-development Partner · 30 March 2021Cornerstone Capital facilitated strategic cooperation between portfolio companies 长扬科技 (industrial internet security) and 赛宁网安 (cyber range), resulting in the formation of a joint venture company focused on industrial security cyber range products. Cornerstone Capital partner Qin Shaobo participated in the joint announcement ceremony and described the deal as 'the first of its kind in the industry.'
• 北京城建设计发展集团 (Beijing Urban Construction Design & Development Group)minorStrategic or Co-development Partner · 1 April 2016Cornerstone Capital signed a strategic cooperation agreement with Beijing Urban Construction Design & Development Group (01599.HK) in April 2016 to collaborate on urban rail transit investment projects. The group holds comprehensive Class-A qualifications for design and survey, covering design, construction, and operation across 50+ Chinese cities.
• 中车资本管理有限公司 (CRRC Capital Management)minorStrategic or Co-development Partner · 1 March 2016Cornerstone Capital and CRRC Capital (a wholly-owned subsidiary of China Railway Manufacturing Corporation) conducted mutual visits and explored strategic cooperation in rail transit industry investment. Both parties discussed potential collaboration in rail transit equity investment, project investment, and industrial fund establishment.

Scale indicators5 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• CDH Investments: One of China's largest alternative investment managers with PE, VC, and credit strategies. Compares to Cornerstone as a broad incumbent in Chinese PE/VC with deeper sector coverage and substantially larger AUM, providing context for valuation benchmarking.
• Hillhouse Capital: One of the largest and most established China-focused investment firms with broad consumer, tech, healthcare, and business services coverage. Compares to Cornerstone as a benchmark incumbent operating in the same Chinese investment landscape but at substantially larger AUM and broader sector mandate.
• Legend Capital: Established Chinese PE/VC firm affiliated with Lenovo Holdings, investing across TMT, healthcare, advanced manufacturing, and clean tech. Comparable to Cornerstone on Chinese growth-stage investing but operates with broader sector coverage and longer-tenured track record.
• IDG Capital: Pioneering China VC firm covering TMT, consumer, healthcare, and advanced manufacturing with deep local roots. Comparable to Cornerstone as an established Chinese venture investor, though IDG operates at substantially larger scale across more sectors and stages.
• Sequoia Capital China: Leading China-focused venture and growth investor covering TMT, consumer, healthcare, and industrial tech. Comparable to Cornerstone on Chinese tech VC activity but operates at much greater scale, broader sector mandate, and predominantly private LP base.

Direct peers

• Addor Capital: Beijing-based Chinese VC firm focused on enterprise software, deep tech, and frontier sectors. Comparable to Cornerstone on Chinese deep-tech venture investing orientation, though privately backed rather than state-backed; useful contrast for state vs. private VC models in China.
• Shenzhen Capital Group: One of China's largest state-backed venture capital firms, established under Shenzhen municipal government auspices. Most directly comparable to Cornerstone Capital in SOE-linked structure, growth-stage tech investing focus, and multi-fund vehicle architecture spanning strategic emerging industries.
• Northern Light Venture Capital: Beijing-headquartered Chinese VC firm investing in TMT, clean tech, healthcare, and advanced manufacturing. Comparable to Cornerstone as a growth-stage China VC with similar sector breadth across strategic emerging industries and a comparable AUM scale.
• SDIC Venture Capital: Venture capital arm of State Development & Investment Corp (SDIC), a central state-owned enterprise. Comparable to Cornerstone as a SOE-backed VC investing in strategic emerging industries with similar fund-of-funds co-investment dynamics and reliance on institutional/government LPs.
• China Fortune-Tech Capital Management: National-level VC fund-of-funds manager under the China Reform Holdings ecosystem. Directly comparable to Cornerstone given its role as a state-backed fund manager operating under national strategic emerging industry mandates with similar LP profile of central SOEs and government guidance funds.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments46 records

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

Frequently asked questions about Cornerstone Capital