National Integrated Circuit Industry Investment Fund

The National Integrated Circuit Industry Investment Fund (国家集成电路产业投资基金, commonly known as the "Big Fund" or 大基金) is a state-backed investment vehicle established in 2014 alongside the release of the *National Integrated Circuit Industry Development Guidelines*, marking the entry of China's semiconductor sector into a state-led investment era . Its mandate is to advance domestic semiconductor capabilities toward mid-to-high-end import substitution, with a primary focus on post-Series A and B investments in the primary market—though it made an exception in 2021 by participating in the angel round of Nantong University Optoelectronics, a photoresist developer, for strategic reasons . The fund also participates in substantial secondary-market private placements, such as the over 2.6 billion yuan directed issuance by Tongfu Microelectronics in 2022 .

A second phase was raised in 2019, with limited partners expanding beyond central ministries and policy banks to include over a dozen provincial and municipal governments, including Shanghai, Chengdu, Chongqing, Zhejiang, and Anhui . Through Yizhuang State Investment, the fund has also served as a cornerstone LP for national-level vehicles, including both phases of the National Integrated Circuit Industry Investment Fund itself and the National Manufacturing Transformation and Upgrading Fund .