Z-Park Fund

What Z-Park Fund does

Z-Park Fund (中关村并购母基金) is a Beijing-based private equity fund-of-funds, established on October 21, 2016 and structured as a limited partnership managed by Beijing Zhongguancun Dahe Capital Investment Management Center. The fund operates three business lines: M&A advisory and co-investment serving Zhongguancun listed enterprises, sub-fund management in TMT, consumer upgrades, and healthcare, and direct early-stage investment through a global service system. Its designed total scale is 30 billion RMB (300亿) across three phases, with Phase 1 oversubscribed at 12.25 billion RMB (122.5亿), anchored by the Haidian District Industrial M&A Guidance Fund and Haidian State-owned Asset Investment Management Co., and including more than ten A-share listed companies (Yonyou Network, Hua Sheng Tian Cheng, SanJu Environmental Protection, Leyard, Li Si Chen, Shenzhou High Speed Rail, Xuanji Information, Hengtai AIP, Shenzhou Youche) alongside financial institutions including SPDB, Bank of Beijing, Postal Savings Bank, Bank of Nanjing, and Hualong Securities.

The fund runs on a seven-year cycle comprising a three-year investment period and a four-year exit period, targeting 30-40 M&A investments per cycle with a minimum single-investment threshold of 100 million RMB and minimum LP commitments of 150 million RMB per listed company. Revenue is generated by the GP through management fees on assets under management and carried interest on successful exits; the input contains no publicly disclosed revenue figure. The core investment thesis targets strategic emerging industries located in or adjacent to the Zhongguancun core area, which the firm describes as hosting nearly 200 listed companies and over 6,100 national high-tech enterprises. The fund's technology posture is administrative and CRM-oriented — an investor-relations website portal, partner conference infrastructure, and recruitment communications — with no proprietary AI, software products, or technology platforms disclosed.

Notable transaction evidence includes a direct investment in Telink Microelectronics (泰凌微电子) in July 2017 for 9.229 million shares (3.85% equity), and participation as a Class B LP in Hua Sheng Tian Cheng's 1.86 billion RMB acquisition of 82.7471% of Telink in September 2017; Telink subsequently listed on the STAR Market in August 2023 (stock code 688591), validating the fund's exit thesis. In May 2023, the sub-fund vehicle 'Zhongguancun Longmen Investment Family' co-invested in Yunsheng Intelligent's C++ round, indicating active sub-fund deployment. The fund is privately held with no parent company and no public ticker.

Name

Z-Park Fund

Legal name

北京中关村并购母基金投资管理中心（有限合伙）

Website

https://z-parkfund.com

Company type

Private

Founded year

2016

Operating status

Operating

Short description

Z-Park Fund is a Beijing-based private equity fund-of-funds serving Zhongguancun listed companies, strategic investors, and financial institutions through M&A co-investment, sub-fund management, and direct early-stage investment in strategic emerging industries.

Ownership category

akta.pro rank

Product category

M&A Private Equity Fund Management

NAICS

Other Financial Vehicles (525990)

SIC

Finance Services (6199)

akta.pro primary industry

Venture Capital Fund-of-Funds (FSANAGAC)

akta.pro secondary industry

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

Keywords

• Mergers and acquisitions fund
• Private equity fund-of-funds
• Direct equity investment
• Industrial M&A advisory
• Sub-fund 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, Technology or R&D, Others

Revenue model

1. Fund Management Fees and Carried Interest: ZPF generates returns through management fees on the fund's assets under management and carried interest from successful investments and exits. The fund has a seven-year term with a three-year investment period and four-year exit period, targeting 30-40 investments per cycle with minimum single investment of 1 billion RMB.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Z-Park Fund is a private M&A fund-of-funds that provides merger and acquisition financing, sub-fund management, and direct early-stage equity investment for Zhongguancun-listed companies. The fund operates three business lines—M&A advisory, sub-fund (子基金) management focused on TMT, consumer upgrades, and healthcare, and direct investment—targeting strategic emerging industries with a planned three-phase scale of 30 billion RMB and individual investments typically exceeding 100 million RMB.

Product overview

Z-Park Fund operates as a single financial product—the Zhongguancun M&A Fund (中关村并购母基金)—rather than a platform-plus-modules architecture. The fund is a financial investment vehicle that provides M&A services, sub-fund management, and direct investment to support Zhongguancun's listed companies in expanding through mergers, acquisitions, and strategic investments. The fund does not offer a technology product but rather financial services including investment advisory, capital backing for strategic mergers, and industry consolidation support for listed companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Zhongguancun M&A Fund (Z-Park Fund / 中关村并购母基金)
• M&A Advisory Business (并购业务)
• Sub-Fund Management Business (子基金业务)
• Direct Investment Business (直投业务)

Quantifiable outcome

• Fund designed to support 1500-2000 billion RMB in investment and M&A scale
• +2 more outcomes

Named customers3 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

One partnership is on record.

• 北京中关村大河资本投资管理中心 (Beijing Zhongguancun Dahe Capital Investment Management Center)coreOthers · 1 October 2016Dahe Capital is the general partner and fund manager of ZPF, responsible for investment decision-making, portfolio management, and fund operations.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• CDH Investments: Major Chinese private equity firm executing buyouts and growth investments across healthcare, consumer, and TMT. Comparable in scale, M&A orientation, and listed-company co-investment approach to ZPF.
• Hony Capital: One of China's largest PE firms, owned by Legend Holdings (Lenovo parent), focusing on buyouts and M&A across TMT, healthcare, and consumer. Direct peer to ZPF in Chinese M&A investing with overlapping industry verticals and large LP base.
• Boyu Capital: Hong Kong-based PE firm with significant China M&A activity backed by major Chinese institutions. Comparable in deploying large Chinese institutional capital into strategic buyouts and consolidations.
• Citic Capital: Hong Kong- and China-focused alternative investment firm with PE, real estate, and credit strategies. Comparable as a large Chinese M&A and buyout platform serving institutional and corporate LPs.
• FountainVest Partners: China-focused private equity firm investing in consumer, media, and tech with a buyout-led strategy. Comparable in Chinese M&A execution and strategic emerging industry focus similar to ZPF.
• China Structural Reform Fund: National-level government-backed fund-of-funds managed by China Reform Holdings, focused on structural reform and M&A in state-owned enterprises. Highly comparable to ZPF as a Chinese state-aligned FoF deploying capital into strategic industry consolidation.
• Hopu Investments: China-focused alternative investment firm founded by Fang Fenglei, executing large buyouts and M&A. Comparable as a high-profile Chinese PE platform with similar institutional LP base structure.
• China Integrated Circuit Industry Investment Fund: National 'Big Fund' focused on M&A and direct investment in China's IC industry, also structured as a government-backed multi-phase fund. Comparable in government-aligned fund-of-funds architecture and strategic emerging-industry focus overlapping with ZPF's IC design vertical.

Broad incumbents

• China Cinda Asset Management: State-owned financial asset management company with PE and restructuring arms. Comparable in state-backed M&A participation and involvement in industry consolidation transactions in China.
• China Investment Corporation: China's sovereign wealth fund with substantial PE allocations to domestic and global funds. Comparable as the largest Chinese institutional capital source backing strategic industry consolidation through fund-of-funds structures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments3 records

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

Frequently asked questions about Z-Park Fund