The reporter learned from the Provincial Department of Finance that the provincial science and technology innovation S fund (Fujian Xinrui Science and Technology Innovation Follow-on Fund) jointly established by Fujian Financial Investment, China Life, and Fuzhou Financial Holdings, has recently been officially launched. The fund has a total scale exceeding RMB 4 billion, making it the largest blind-pool S fund in China.

It is understood that the fund leverages the guiding and catalyzing role of the provincial government investment fund, attracting China Life to contribute approximately 70% of the capital. By establishing a synergistic capital structure between provincial and municipal levels and fostering cooperation between insurance funds and local investment, it has become an insurance-capital cooperative fund with leading implementation efficiency. The fund will concentrate on the private equity secondary market, making investments through means such as acquiring secondary stakes in funds and engaging in continuation fund restructurings. Centered around the province’s “555X” industrial clusters, it will prioritize support for strategic emerging industries such as next-generation information technology, biological medicine, and high-end manufacturing. The fund aims to help leading enterprises strengthen and enhance their competitiveness and to accelerate the growth of science and technology innovation enterprises.

According to the introduction, a blind pool fund refers to a type of fund that does not specify specific investment projects at the time of fundraising. Such funds offer high flexibility and strong capability for resource integration. As an important tool for revitalizing existing equity and smoothing the venture capital cycle, S-funds (private equity secondary market funds) can effectively address the challenges faced by the science and technology innovation enterprises in equity continuation. In recent years, our province has actively fostered patient capital to support scientific and technological innovation. In the Several Measures to Further Promote High-Quality Development of the Capital Market in Serving Technology-Based Enterprises issued last year, it was proposed to establish a provincial Science and Technology Innovation Follow-on S Fund with a scale of RMB 10 billion to continually empower the high-quality technology-based enterprises invested in by the fund.