Changan Huitong head Ge Peng says longer fund terms align capital with tech growth cycles

• Changan Huitong’s chairman and general manager, Ge Peng, said a longer fund life can better match hard-tech investment cycles.
• He cited Shaanxi’s sci-tech fund-of-funds extending to 20 years, with sub-funds up to 15 years, to align capital and industrial cycles.
• Ge warned longer cycles raise execution demands, requiring managers to abandon short-term return targets, withstand performance pressure, and stay disciplined through volatility.
• He said the firm runs a “fund-of-funds plus direct investment” strategy, managing a first tranche of CNY 10 billion for Shaanxi’s sci-tech fund-of-funds.
• The firm also manages about CNY 20 billion for direct investment, with a CNY 10 billion social security-backed sci-tech fund signed in June.

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