Haitong-Fortis Private Equity Fund Management

What Haitong-Fortis Private Equity Fund Management does

Haitong-Fortis Private Equity Fund Management Co., Ltd. (海富产业投资基金管理有限公司) is a Shanghai-headquartered private equity fund management firm established in 2004 as a State Council-approved joint venture between Haitong Securities (one of China's largest securities firms, now merged into Guotai Haitong Securities in April 2025) and BNP Paribas Asset Management's BE holding company. The firm manages four institutional PE/VC vehicles with aggregate capital exceeding 46 billion yuan (China-Belgium Direct Equity Investment Fund at 20 billion yuan established 2004, Haitong-Fortis Yangtze River Growth Equity Investment at 25.27 billion yuan established 2016, Yangtze River Delta G60 Science and Innovation Corridor Fund at 1.62 billion yuan established 2022, and Haitong-Fortis Semiconductor Venture Capital established 2022). Its portfolio spans 80+ Chinese growth-stage enterprises concentrated in advanced manufacturing, clean technology, new materials, semiconductors, and strategic emerging industries, with flagship investments in Goldwind Science & Technology (wind power), Ganfeng Lithium, JL MAG (rare earth permanent magnets, #1 global market share), Huayou Cobalt, Nare Radar, Yifei Laser, and Shanghai Silicon Industry Corporation.

The firm generates revenue through traditional PE economics — annual management fees (typically 1-2% on committed/deployed capital) and carried interest on realized investment returns above hurdle rates. Its LP base is exclusively institutional: the National Social Security Fund (one of only a few PE managers nationally with NSSF backing across two consecutive funds), provincial and municipal government guidance funds (notably nine G60 corridor districts), state-owned corporate investors, and the Belgian federal holding company under the bilateral China-Belgium government structure. The firm sources deals through institutional networks with local governments, domestic securities firms, accounting firms, law firms, and commercial banks, and provides value-added post-investment services supporting portfolio IPO readiness on China's A-share main board, STAR Market, and ChiNext.

The firm's strategic positioning is anchored by its shareholder platform: Haitong Securities/now Guotai Haitong Securities provides investment banking, asset management, M&A, brokerage, and financial leasing support, while BNP Paribas Asset Management delivers international network access across 75 countries. The company holds Private Fund Manager license (P1000839) and is led by Chairman Li Baoguo (formerly Haitong Securities investment banking deputy GM, recognized on Forbes China Best Venture Capitalist list) and General Manager Zhang Junyu (Fudan MSc, former Haitong investment banking MD), with Vice Chairman Alexandre Werno representing BNP Paribas AM. Technology is not a product dimension — core competency is investment management methodology, industry research, and value-added post-investment services rather than proprietary technology platforms.

Name

Haitong-Fortis Private Equity Fund Management

Legal name

海富产业投资基金管理有限公司

Website

https://hffund.com.cn

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

Haitong-Fortis Private Equity Fund Management is a Shanghai-headquartered joint venture between Haitong Securities and BNP Paribas Asset Management, managing four institutional PE/VC funds totaling over 46 billion yuan and invested across 80+ Chinese growth-stage enterprises in advanced manufacturing, clean technology, new materials, and strategic emerging industries.

Ownership category

akta.pro rank

Product category

Private Equity Fund Management

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282)

akta.pro primary industry

Technology & Software Growth Equity (FSANACAA)

akta.pro secondary industry

Security & Defense / GovTech Growth Equity (FSANACAN)

Keywords

• Private equity fund management
• Growth equity investment
• Venture capital funds
• Institutional fund management
• Equity investment management

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Private equity fund management firms typically charge an annual management fee (typically 1-2% of committed capital) on the funds under management, as well as carried interest (performance fee) on investment returns distributed to LPs above a hurdle rate. Haitong-Fortis manages two main funds: China-Belgium Direct Equity Investment Fund (20 billion yuan) and Haitong-Fortis Yangtze River Growth Equity Investment (Hubei) LLP (25.2722 billion yuan). The firm's revenue is derived from these fund management arrangements.
2. Carried Interest (Performance Fees): The firm earns carried interest on investment profits generated for LP investors above a defined hurdle rate. The company's leading investment returns in the industry support this revenue stream, with over 30% of portfolio companies achieving listing status and cumulative investments in 80+ enterprises.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Haitong-Fortis is a private equity fund management firm that raises capital from institutional limited partners (including the National Social Security Fund, government guidance funds, and state-owned enterprises) and invests it as growth equity into China's small and medium-sized enterprises in advanced manufacturing, clean technology, healthcare, TMT, and strategic emerging industries. The firm manages multiple investment funds, charges management fees and carried interest, and provides value-added post-investment services to portfolio companies to facilitate IPO and expansion.

Product overview

Haitong-Fortis Private Equity Fund Management Co., Ltd. is a private equity fund management company that manages multiple investment funds. The company operates a portfolio of four distinct private equity and venture capital funds: China-Belgium Direct Equity Investment Fund (established 2004), Haitong-Fortis Yangtze River Growth Equity Investment Fund (established 2016), Yangtze River Delta G60 Science and Innovation Corridor Private Equity Fund (established 2022), and Haitong-Fortis Semiconductor Venture Capital Fund (established 2022). The funds collectively focus on advanced manufacturing, clean technology, healthcare, TMT, and strategic emerging industries including integrated circuits, biomedicine, and artificial intelligence.

Differentiator

Problem solved

Functional benefit

Products and services

• China-Belgium Direct Equity Investment Fund (中比基金) A government-to-government industrial investment fund established in 2004 with State Council approval, targeting small and medium-sized growth enterprises through equity investment. The fund has been recycling investments since inception.
• Haitong-Fortis Yangtze River Growth Equity Investment (Hubei) LLP (海富长江成长基金) A growth equity fund of 25.2722 billion yuan investing in emerging companies across Advanced Manufacturing, Clean Technology, Healthcare, Consumption Upgrade, and TMT sectors in China.
• Yangtze River Delta G60 Science and Innovation Corridor Private Equity Fund (长三角G60科创走廊私募基金) A cross-regional government-backed PE fund with initial scale of 1.62 billion yuan focusing on strategic emerging industries (integrated circuits, biomedicine, AI) in the nine urban districts of the Yangtze River Delta G60 Science and Innovation Corridor.
• Haitong-Fortis Semiconductor Venture Capital (Jiaxing) Partnership (海富半导体创业投资基金) A case venture capital fund focused on China's strategic semiconductor materials sector, specifically backing Shanghai Silicon Industry Corporation's 300mm high-end silicon wafer R&D and advanced manufacturing for integrated circuits. The first case fund participated in by the National Social Security Fund.

Quantifiable outcome

• Over 80 cumulative investment projects with 30%+ portfolio IPO rate
• +3 more outcomes

Named customers15 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

Two partnerships are on record, tiered major.

• Shanghai Silicon Industry Corporation (沪硅产业)majorTechnology or Integration · 2 June 2022Haitong-Fortis Semiconductor Venture Capital (Jiaxing) Partnership invests in Shanghai Silicon Industry Corporation's project for R&D and advanced manufacturing of 300,000 additional 300mm high-end silicon wafers for integrated circuits. This investment supports China's independent and controllable development of key semiconductor materials.
• Local Governments of Nine G60 Corridor Urban DistrictsmajorStrategic or Co-development PartnerNine urban district governments jointly funded the Yangtze River Delta G60 Science and Innovation Corridor Private Equity Fund with Haitong-Fortis, representing the first cross-regional fund in the Yangtze River Delta that undertakes national strategic tasks. The fund focuses on strategic emerging industries including integrated circuits, biomedicine, and AI in the nine G60 corridor districts.

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• FountainVest Partners: China-focused growth equity PE firm backed by sovereign and institutional LPs. Comparable in targeting growth-stage Chinese companies in consumer, healthcare, and advanced manufacturing with multi-vintage fund structure.
• Citic Capital Holdings: Large Chinese-affiliated alternative asset manager backed by Citic Group. Both firms manage institutional capital with SOE/government LP bases, focus on growth equity in Chinese SMEs, and operate multi-strategy PE/VC fund platforms.
• Legend Holdings / Legend Capital: Legend Capital is the PE arm of Legend Holdings, one of China's largest alternative asset managers. Comparable in size, multi-fund vintage operation, and growth-equity focus across TMT, advanced manufacturing, and healthcare in China.
• Boyu Capital: Asia-focused PE firm founded by a Goldman Sachs alumni team with strong institutional LP relationships. Comparable in growth equity focus, multi-fund vintage structure, and institutional LP fundraising model across Asia.

Broad incumbents

• Hillhouse Capital (HHLR): One of China's largest and most established PE/VC managers with deep institutional LP base and cross-cycle TMT/consumer/healthcare focus. Comparable institutional fundraising model and growth-equity DNA, though larger AUM and broader mandate.
• China Investment Corporation (CIC) / CIC Capital: Sovereign wealth fund and its domestic PE arm. Significantly larger scale and broader mandate, but directly comparable in deploying state-owned capital into Chinese growth equity and serving as anchor LP/GP relationships in policy-aligned investment.
• China Structural Reform Fund: State-backed industrial investment fund manager. Comparable in deploying policy-driven capital into strategic emerging industries (semiconductors, advanced manufacturing, biotech), though at much larger sovereign-fund scale.
• CDH Investments / Bain Capital Asia: After Bain Capital's 2023 acquisition of CDH's PE business, the combined Bain Capital Asia is a top-tier Asia PE platform. Comparable in deploying LP capital into Chinese growth equity with proven IPO exit track record and strong institutional LP relationships.

Emerging players

• China Renaissance (HuaRong): China-focused investment bank and PE/VC platform with deep relationships across Chinese growth-stage technology companies. Comparable in intermediating institutional capital into Chinese growth equity, though primarily known for IB and growth equity rather than multi-vintage PE fund management.

Regional players

• Addor Capital: Shenzhen-based Chinese PE/VC firm with similar growth-stage investment focus in advanced manufacturing and technology sectors. Comparable boutique scale and domestic Chinese LP base, though geographically focused on Greater Bay Area.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments12 records

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

Frequently asked questions about Haitong-Fortis Private Equity Fund Management