Abstract

Co-investment is a kind of syndicated investment to earlystage innovative enterprises by government sponsored venture capital fund of funds（GSFOFs）together with commercial venture capitalists under its investment policies.

Close Co-investment patterns such as syndication case by case and Co-investment simultaneously are recommended in this book for Chinese GSFOFs. As a result, investing to early-stage innovative enterprises, maximum individual investment limits, smaller contributed proportion of GSFOFs to the investment and investing simultaneously on a pari passu basis should be included in its investment policies. At the same time, two parts of procedures design should be taken into account: one is the selection of Co-investment partners and its related qualifications, the other is the specification of bilateral rights and obligations and risk controlling in the process of investee assessment, decision making, deal structure arrangement, post-investment management and investment exit.