Shanghai SDIC Pioneer Fund

Shanghai SDIC Pioneer Fund (上海国投先导基金) is a state-backed investment fund that has emerged as a major player in China's venture capital landscape, particularly in Shanghai's technology and innovation sectors. Per 5Y Capital's reporting, it was among the lead investors in StepFun's (阶跃星辰) RMB 5 billion+ Series B+ round in early 2026 — the largest single financing in China's large-model AI track over the preceding 12 months — alongside other state-linked entities such as Pudong Venture Capital, Xuhui Capital, and Wuxi Liangxi Fund .

The fund also appears prominently in life-science deals. Gaorong Ventures reported that Shanghai SDIC Pioneer Fund led CasCade Therapeutics' (凯思凯迪) RMB ~300 million Series B in November 2024 and continued to support its subsequent RMB ~500 million round in early 2026, with the two tranches bringing nearly RMB 1 billion raised over ten months . The fund's activity aligns with broader Shanghai state investment reforms: as 暗涌Waves detailed in mid-2025, Shanghai SDIC was merged with Shanghai Science and Technology Innovation Group in April 2024 to consolidate state assets exceeding RMB 140 billion under management and RMB 170 billion in fund scale, with Shanghai SDIC focusing on strategic holdings and capital operations while its subsidiary handles early-stage venture .