In the first quarter of 2026, Shanghai’s three premier industry-focused funds-of-funds made a robust start to the year, with RMB 8.2 billion in new investment commitments, propelling their cumulative total to over RMB 50 billion. They also successfully steered two portfolio companies toward initial public offerings (IPOs). These funds-of-funds sustained high-intensity investment activities, primarily targeting three key industries: integrated circuits, biomedical sciences, and artificial intelligence (AI). During Q1, a suite of subsidiary funds was established, with total signed commitments surpassing RMB 9.7 billion. Leading subsidiary funds across all three sectors finalized their agreements and initiated capital contributions. Among these, 15 projects received initial funding of nearly RMB 600 million, with biomedical sciences securing 57% of the total, AI 29%, and integrated circuits 13%. Follow-up contributions exceeded RMB 3.7 billion, with integrated circuits dominating at 86%, while biomedical sciences and AI each accounted for roughly 7%.