Industrial guidance funds (IGFs) are China’s public-private investment funds collected from government agencies, financial institutions, corporations, private equity funds, public pensions, and other financing entities aiming to “optimize industrial structure.” IGFs have attracted attention as a policy instrument for directing a wide range of capital from the whole society into venture capital and early-stage technology-based small and medium-sized enterprises. According to Zero2IPO Research (2023), a total of 2,107 funds were established or in progress as of the end of 2022, and their target and actual amount of ... (full story)