Exploring the Investment Effectiveness of Patient Capital in Entrepreneurial Enterprises: A Case Study of the Changping Technology Industry Fund-of-Funds Cluster

Focusing on the Changping Technology Industry Fund-of-Funds Cluster, this article examines the investment effectiveness of patient capital in supporting entrepreneurial enterprises. By analyzing the cluster’s background, development strategies, challenges, and investment outcomes, the study reveals that Science and Technology Parks play an essential role as patient capital, driving forward technological innovation and industrial upgrading. Using the Changping Technology Industry Fund-of-Funds Cluster as a case, the paper discusses the contributions of Science and Technology Parks to technological, industrial, and financial development, providing valuable insights and references for other regions.  

In recent years, with the continuous adjustment and optimization of China’s economic structure, the importance of entrepreneurial enterprises within the national economy has become increasingly pronounced. However, during their development, these companies often face difficulties in accessing affordable financing, which significantly hinder their innovation capability and market competitiveness. As the most ideal form of government-guided funds, fund-of-funds (FoF) has emerged as a crucial bridge connecting technological achievements, small and medium-sized enterprises, industry leaders, and financial institutions. It also serves as a key measure of governments to guide, support, and empower industrial development. To invigorate the Sci-tech innovation finance, Changping District currently focuses on sci-tech finance, expediting the establishment of a multi-tier capital market and a Changping Technology Industry Fund-of-Funds Cluster. Meanwhile, it helps develop a matrix of fund products across the entire investment life-cycle, thereby attracting diverse financial resources and social capital to contribute to regional development.