Guiding fund is a policy fund set up by the government and operated in a market-oriented way, which mainly guides social funds into the field of venture capital by supporting the development of venture capital enterprises. Guide the fund itself not to directly engage in venture capital business.

Operation mode:

Share it. The guiding fund mainly attracts social capital and initiates the establishment of venture capital enterprises through equity participation.

Financing guarantee. According to the credit report provided by the credit reporting agency, it can provide financing guarantee for venture capital enterprises with good historical credit records and support them to enhance their investment ability through debt financing.

Follow-up investment or other means. Guidance funds with strong industrial orientation or regional orientation can explore ways to support the development of venture capital enterprises and guide their investment direction through follow-up investment or other means. Among them, the follow-up investment is only limited when venture capital enterprises invest in early-stage enterprises or start-ups in high-tech industries that need government's key support and encouragement. Guiding funds can invest in start-ups according to the appropriate equity ratio, but they should not directly engage in venture capital operation in the name of "follow-up investment", but should play the role of commercial venture capital enterprises in discovering investment projects, evaluating investment projects and implementing investment management.