Based on incomplete public data, November 2025 saw the registration of 11 new private equity and venture capital fund managers, marking a year-on-year decline of 31.3% and a slight month-on-month drop of 8.3%. Meanwhile, 404 new private equity and venture capital funds were filed, including 134 private equity funds and 270 venture capital funds, representing a modest 2.5% increase from October and a 29.5% rise compared to November 2024.
While fundraising activity slowed, investment volume expanded despite shrinking deal sizes. In November, China’s primary equity investment market recorded 614 financing deals, up 40.5% year-on-year and 34.4% month-on-month. However, the total disclosed funding amounted to approximately 28.23 billion yuan, a sharp decline of 49.0% and 34.2% compared to November 2024 and October 2025, respectively. The average deal size plummeted by over 50% both year-on-year and month-on-month, settling at just 4.6 million yuan.
This month’s report highlights three highly active institutions, analyzing their investment pace, stage preferences, sector focus, and portfolio companies.
**Five Funds Raise Over 9 Billion Yuan in 2025, AI Projects Account for 30%** According to disclosures from the Asset Management Association of China and Tianyancha, Shenzhen Capital Group (SCGC), a government-guided fund established with capital from the Shenzhen government and social investors, currently manages assets exceeding 470 billion yuan.
By the end of November 2025, SCGC had registered five new funds with a combined registered capital of 9.02 billion yuan. Among them, the Shenzhen Semic Industry Private Equity Investment Fund Partnership (Limited Partnership) is a semiconductor and integrated circuit industry fund targeting 5 billion yuan, with an initial close of 3.6 billion yuan. It was jointly established by the Shenzhen Guidance Fund and the Longgang District Guidance Fund, which hold 69.4% and 27.8% stakes, respectively. SCGC and Shenzhen Major Industry Investment Group serve as general partners (GPs). The fund has a 10-year lifespan and focuses on sectors such as general and specialized computing power, next-gen storage architectures, optoelectronics, sensors, key manufacturing equipment, components, materials, and advanced packaging and testing.
Another newly established fund, the Shenzhen Hongtu Starship No. 1 Private Equity Investment Fund Partnership (Limited Partnership), was officially filed on November 26 with a registered capital of 1.68 billion yuan. Its limited partners (LPs) include China Life Private Equity, PICC Capital, Shandong Hi-Speed, Huaxin Capital, Wuxi Venture Capital, Yueke Fund of Funds, Yueke Financial Group, Yicun Capital, Hunan Energy Group, and Fujian Septwolves Industry Co., Ltd. China Life Private Equity, Shandong Hi-Speed, and PICC Capital are the largest contributors, holding 47.6%, 12.0%, and 11.9% stakes, respectively.
During the reporting period, SCGC publicly disclosed 10 equity investment deals, up 11.1% year-on-year and month-on-month. Historical data shows its investment activity peaked in January 2025 but fluctuated below 10 deals from February to April due to seasonal factors like the Lunar New Year holiday. From September to November, its investment frequency rebounded to around 10 deals per month, signaling a year-end recovery.
**Investment Stage and Sector Focus** A-round investments dominated SCGC’s November deals, accounting for 60%. Companies at this stage typically have validated their business models, team capabilities, and market demand, offering a balanced risk-reward profile with lower risk and higher growth potential.
By sector, artificial intelligence (AI) accounted for 30% of SCGC’s investments, followed by advanced manufacturing and production, each at 20%. This aligns with broader primary market trends, where AI represents the technological revolution’s core, and high-end manufacturing drives industrial upgrades, emphasizing "hard tech + real economy."
**Geographic Distribution** SCGC maintained a "dual-core" strategy, with 30% of its investments in Shenzhen and another 30% in Shanghai, leveraging their financial and technological resources. Notably, about 60% of its portfolio companies are registered in the Yangtze River Delta, reflecting SCGC’s investment network strategy: "local focus + heavy allocation in the Yangtze River Delta + key city supplementation + regional opportunity exploration" to maximize coverage of high-quality project hubs.
**First Investment in 5 Months: Accelerated Evolution Sells Out in 20 Minutes** Humanoid robotics company Accelerated Evolution secured its third funding round in 2025, led by IDG Capital with participation from E-Town Capital, existing investors Source Code Capital, Inno Angel Fund, SCGC, and Bohua Capital, raising over 100 million yuan. The funds will support R&D upgrades, mass production, delivery, and ecosystem platform development.
Founded in 2023, Accelerated Evolution specializes in developing highly mobile humanoid robots and user-friendly motion control platforms. Within three months of inception, it built a fully self-developed humanoid robot prototype featuring force-controlled joints and bipedal design. In October 2025, its entry-level humanoid robot, Booster K1, priced at 29,900 yuan, sold out within 20 minutes of launch. To date, the company has shipped over 700 units globally, serving more than 200 clients, including top tech firms, research institutions, K-12 schools, competitive teams, and commercial exhibitors, with overseas markets contributing over 50% of sales.
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