Shaanxi Investment Capital

What Shaanxi Investment Capital does

Shaanxi Investment Capital (陕投资本), established in June 2012, is a state-owned private equity and venture capital fund management platform operating as a wholly-owned subsidiary of Shaanxi Investment Group, a Shaanxi Provincial SASAC conglomerate. The company operates a four-platform fund management architecture comprising Shaanxi Province Growth Enterprise Guide Fund Management Co. (growth-stage tech, est. Dec 2015), Shaanxi Green Gold Investment Management Co. (green finance and new energy), Shaanxi Shaanxi Tou Yuhua Investment Management Co. (advanced manufacturing and military-civilian integration, co-founded with AVIC Capital in Feb 2020), and Shaanxi Qinchuangyuan Science & Technology Innovation Fund Management Co. (sci-tech innovation). It also serves as the GP manager of the Shaanxi State-owned Reform Fund (陕投国改基金), a partnership where the parent group is the sole LP, executing the group's "investment fund-oriented" strategy across energy, finance, and strategic emerging industries.

The company invests across the full enterprise lifecycle from early-stage to pre-IPO, with concentrated exposure in biomedicine, semiconductors, new energy, new materials, advanced manufacturing, and robotics. As of disclosure, it manages 21 funds with a paid-in scale of 96.47 billion yuan and has executed 51 cumulative investments totaling 69.17 billion yuan. Notable portfolio outcomes include the June 2026 Hong Kong Stock Exchange listing of Maike Aote (02335.HK) — the first domestic peptide innovative drug company to list under HKEX 18A rules and the first innovative drug company from Northwest China to list there — alongside investments in Tianchuang Robotics (Wu Wenjun AI Science & Technology Progress First Prize, 2025), Zhilun New Materials (national standards development), and Chengtai Technology (millimeter-wave radar for intelligent driving, ~1.1B yuan revenue in 2025).

Revenue is generated through standard private equity mechanics: recurring fund management fees charged to LPs (government guidance funds, state-owned enterprises, financial institutions, strategic partners) typically as a fixed percentage of paid-in capital, plus carried interest from successful exits. The firm employs approximately 26 staff at the parent level (3 senior managers, 5 mid-level, 17 holding master's degrees or higher, representing 65% of headcount), with investment activity distributed across specialized sub-funds including the Junying biopharma series, Xinhuo Innovation Fund, Yuhua Advanced Manufacturing Industry Fund (405M yuan raised), and Shaanxi Green Energy Industry Investment Fund.

Name

Shaanxi Investment Capital

Legal name

陕西陕投资本管理有限公司

Website

http://www.sxstzb.com/

Company type

Private

Founded year

2012

Operating status

Operating

Short description

Shaanxi Investment Capital is a state-owned Shaanxi Provincial SASAC fund management platform that manages 21 funds with 96.47 billion yuan AUM across equity investment and SOE reform strategies, serving high-growth technology enterprises in biomedicine, semiconductors, green energy, and advanced manufacturing.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Capital Fund Management

NAICS

Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Other Financial Investment Activities (5239)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

Impact Investing (Intentional, Measurable Social/Environmental Outcomes) (FSAAALAC), Private Sector & Blended Finance Arms (IFC-type) (BPADACAJ)

Keywords

• Private equity fund management
• Venture capital investment
• Growth equity investing
• State-owned capital investment
• Green finance fund management

Headquarters

HQ city

Xian

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. 基金管理费收入: 向基金出资人（LP）收取管理费，通常按实缴规模的固定比例年度收取，是基金管理人稳定的基础收入来源。
2. 投资收益分成（Carry）: 基金退出实现收益后，管理人（GP）按约定比例分享投资收益分成（Carry），是股权投资业务的核心利润来源。

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Shaanxi Investment Capital (陕投资本) is a state-owned private equity and venture capital fund management platform under Shaanxi Investment Group, managing equity investment funds and state-owned reform funds. It invests in high-growth technology enterprises across biomedicine, semiconductors, advanced manufacturing, and new energy through four specialized fund management subsidiaries, with 21 funds under management, 96.47 billion yuan in paid-in scale, and 51 cumulative invested projects.

Product overview

Shaanxi Investment Capital operates as a comprehensive capital management platform with multiple specialized fund management subsidiaries. The core offerings include: (1) Equity Investment business managed through three main subsidiaries - Shaanxi Province Growth Enterprise Guidance Fund (focused on high-growth tech companies in biomedicine, semiconductors, advanced manufacturing), Green Gold Investment (focused on green finance, new energy and environmental protection), and Tou Yuhua Investment (focusing on advanced manufacturing and military-civilian integration). (2) State-owned Reform Fund serving the group's strategic investment goals in energy, finance, and emerging strategic industries. The company manages 21 funds with 96.47 billion RMB in paid-in scale and has invested in 51 projects with cumulative investment of 69.17 billion RMB. The four fund management platforms collectively cover venture capital, growth equity, strategic new industries, and green finance sectors.

Differentiator

Problem solved

Functional benefit

Brands

• 君铭创星基金: Focuses on integrated circuits and optoelectronic devices in science and technology innovation
• 空天发展基金
• 空港成长基金
• 省属创新基金
• 君盈成长基金
• 君盈泰富基金
• 君盈佳成基金
• 君盈材新投资基金
• 陕西绿能产业投资基金
• 陕西绿金智能科技投资基金
• 陕西绿金惠科创业投资基金
• 陕西薪火创新投资基金
• 誉华先进制造产业投资基金
• 陕投国改基金 (陕西陕投国有资本投资合伙企业)

Products and services

• Equity Investment (股权投资) Core investment business focused on equity investment in high-growth technology enterprises, conducted through Shaanxi Investment Capital's four specialized fund management platforms. Targets strategic emerging industries for institutional LPs and serves as the firm's primary revenue-generating line via management fees and carry.
• State-owned Reform Fund (陕投国改基金 / 陕西陕投国有资本投资合伙企业) Equity investment fund managed by Shaanxi Investment Capital as GP with Shaanxi Investment Group as sole LP, serving the parent group's "investment fund-oriented" strategy. Focuses on energy, finance, and strategic emerging industries including new energy, semiconductors, advanced manufacturing, and new materials, deployed through three sub-strategies: energy sector industry support, emerging industry cultivation via "connector" role bringing in social capital, and city-level asset portfolio optimization.
• Shaanxi Province Growth Enterprise Guidance Fund Management Co., Ltd. (陕西省成长性企业引导基金管理有限公司) Professional fund management subsidiary approved by the Shaanxi Provincial Government, established December 2015 with 100 million RMB registered capital. Currently manages 8 specialized sub-funds including Junying Star Fund (integrated circuits/optical-electronics), Aerospace Development Fund (dual-use military-civilian technology), Airport New City Growth Fund, Provincial Innovation Fund, and multiple Junying biomedical funds covering peptide drugs, cell/gene therapy, antibody drugs, and innovative small molecules.
• Shaanxi Green Gold Investment Management Co., Ltd. (陕西绿金投资管理有限公司) Green finance-focused fund management subsidiary targeting new energy, energy conservation, and environmental protection industries. Manages funds including Shaanxi Green Energy Industry Investment Fund, Shaanxi Green Gold Smart Technology Investment Fund, Shaanxi Green Gold Huike Venture Capital Fund, and Shaanxi Xinhui Innovation Investment Fund. Notable portfolio includes Tianchuang Robotics and Zhilun New Materials.
• Shaanxi Shaanxi Tou Yuhua Investment Management Co., Ltd. (陕西陕投誉华投资管理有限公司) Joint-venture fund management company co-established by Shaanxi Investment Capital, AVIC Capital (under China Aviation Industry Group), and Sumai Investment, focusing on intelligent manufacturing, new materials, high-end equipment, and military-civilian integration. Currently managing the Shaanxi Yuhua Advanced Manufacturing Industry Fund with 405 million RMB raised, with the group and AVIC Capital as primary contributors.
• Shaanxi Qinchuangyuan Science and Technology Innovation Fund Management Co., Ltd. (陕西秦创原科创基金管理有限公司) Specialized fund management subsidiary dedicated to science and technology innovation investment, deeply integrated with the Qinchuangyuan innovation-driven platform. Conducts equity investment in science and technology innovation projects as a key component of the firm's four fund management platform structure.

Quantifiable outcome

• 麦科奥特从2019年天使轮投资到2026年港交所上市，七年陪跑见证多肽创新药第一股诞生
• +2 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Eight partnerships are on record, tiered core, moderate and minor.

• 中航资本产业投资有限公司coreStrategic or Co-development Partner · 1 February 2020陕投誉华是陕投资本联合集团新兴产业公司、中国航空工业集团旗下中航资本产业投资有限公司及知名私募机构上海思脉投资管理有限公司共同发起设立的专业化基金管理公司。首期基金陕西誉华先进制造产业基金募集规模4.05亿元，主要出资方为陕投资本和中航资本。
• 中科创星coreStrategic or Co-development Partner陕投资本与中科创星建立战略合作关系，共同投资布局硬科技领域，实现了在投资生态链的良性共持机制（如君铭创星基金）。
• 秦创原创新驱动平台coreStrategic or Co-development Partner陕投资本作为秦创原创新驱动平台的重要参与者，旗下秦创原科创基金管理有限公司深度融入秦创原建设，围绕科技创新项目开展股权投资。
• 中航资本coreStrategic or Co-development Partner联合陕投誉华共同发起设立誉华先进制造产业基金，围绕智能制造、新材料、高端装备、军民融合等领域开展私募股权投资。
• 上海电气moderateStrategic or Co-development Partner陕投绿能产业投资基金由绿金公司联合陕投资本、陕西省水电开发有限公司、上海电气投资有限公司等共同发起设立，深度布局风电、光伏等新能源领域。
• 江苏绿金控股集团minorStrategic or Co-development Partner绿能产业投资基金共同发起方之一，围绕新能源领域开展合作。
• 澳门大学moderateStrategic or Co-development Partner陕投资本绿金公司所投企业跃昉科技获颁澳门大学科技学院合作及实习伙伴牌匾，在微电子、AI芯片、智能系统等领域开展全方位合作。
• 西部信托有限公司moderateStrategic or Co-development Partner陕投集团金融板块兄弟单位，共同服务于集团产融协同战略。

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Addor Capital (毅达资本): Jiangsu-province-rooted PE platform with strong SOE LP backing, running multiple sector-specialized funds across advanced manufacturing, biotech, and TMT. Comparable in fund structure, sector focus, and provincial SOE-backed governance model.
• Oriza Holdings (元禾控股): Suzhou-based SOE-backed PE platform managing early-growth-stage funds across strategic emerging sectors. Comparable in fund structure, sector mandate, and SOE-affiliated governance, with significant deal overlap in semiconductors, biomedicine, and advanced manufacturing.
• Zhongke Chuangxing (中科创星): Hard-tech focused VC founded under CAS (Chinese Academy of Sciences) with SOE backing; co-manages the Junying Star Fund with Shaanxi Investment Capital. Specializes in integrated circuits, optoelectronics, and aerospace — a leading hard-tech platform whose deal universe overlaps with Shaanxi Investment Capital's Qinchuangyuan portfolio.
• AVIC Capital (中航资本): State-owned investment arm of AVIC Group; co-launches specialized industrial funds (e.g., the Yuhua Advanced Manufacturing Fund with Shaanxi Investment Capital). Directly comparable as a state-owned industrial conglomerate's PE platform investing in advanced manufacturing, military-civilian fusion, and new materials.
• Shenzhen Capital Group (深创投): One of China's largest state-owned VC/PE platforms, founded in 1999 under Shenzhen municipal SOE. Operates a similar multi-fund structure targeting strategic emerging industries and tech-enabled growth companies, making it the closest peer to Shaanxi Investment Capital's mandate and structure.

Broad incumbents

• China Reform Holdings (中国国新): National-level state-owned investment holding company operating central SOE restructuring and strategic emerging industry funds at a much larger scale. Provides the macro blueprint for provincial SOE investment platforms like Shaanxi Investment Capital, though with significantly broader geographic and sector mandate.
• China Venture Capital (国投创合/国投创业): National development-investment-group affiliated venture capital platform running multiple emerging-industry funds. Comparable as a state-affiliated VC platform, though with national rather than provincial focus and significantly larger scale.
• SAIF Partners (赛富投资基金): Established China-focused PE platform with strong TMT, advanced manufacturing, and biotech deal flow. While privately managed (not SOE), it is a benchmark competitor for similar growth-stage tech investments in China and competes for the same LP and deal universe.

Regional players

• Beijing State-Owned Capital Management (北京国管): Beijing municipal SOE investment management arm running mother funds and direct PE programs. Comparable as a provincial/municipal-level SOE investment platform, though operating in a different (and more deal-rich) geographic market than Shaanxi.
• Shanghai Science and Technology Innovation Fund (上海科创基金): Municipal-level guidance fund and PE co-investment platform under Shanghai SASAC. Similar mandate of supporting strategic emerging industries through fund sponsorship and direct investment, though operating in Shanghai's deeper tech ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks3 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments21 records

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

Frequently asked questions about Shaanxi Investment Capital