LP profile · Pension fund
China National Council for Social Security Fund (SSF)
China National Council for Social Security Fund (SSF) is a pension fund headquartered in China (Asia). Ranked #271 in the 2026 Dealroom Power Law LP Ranking by realised power-law score across its venture commitments.
Historical Background
- The National Council for Social Security Fund (SSF) was established in 2000 by the Central Committee of the Communist Party of China (CPC) and the State Council.
- It operates as a strategic reserve fund, specifically designed to supplement and adjust for the future social security needs of an aging population, rather than covering current pension payouts.
Source of Capital
- The SSF's capital is primarily derived from the central government budget.
- Additional funding comes from the transfer of state-owned assets and returns generated from the fund's investment activities.
Major Events
- In 2015, the SSF was entrusted by the Guangdong provincial government to invest a portion of the province's basic pension insurance fund, marking a significant expansion of its management responsibilities.
- Following a 2018 institutional reform, the SSF's mandate was broadened to oversee the basic pension insurance, old-age insurance, and work-related injury insurance funds, centralizing the management of these key social security assets.
Allocation Strategy
- The SSF allocates capital across a diversified range of asset classes, including domestic and overseas equities, fixed-income products, and direct equity investments.
- A notable portion of its strategy involves investing in domestic private equity and venture capital funds, as well as making direct investments into private companies, such as its early investment in Ant Group.
- The fund's investment scope is both domestic and international, with a mandate to invest in overseas markets to diversify its portfolio and enhance returns.
Sources
- http://www.ssf.gov.cn/ssf/gywm/jjjj/201608/t20160830_5078.html
- http://www.ssf.gov.cn/ssf/gywm/jjjj/202307/t20230712_10814.html
- https://www.scmp.com/business/banking-finance/article/3126019/chinas-us15-trillion-pension-fund-needs-more-state-asset
- https://www.reuters.com/article/us-ant-group-ipo-china-ssf-idUSKBN27A0I5/
- https://www.globaltimes.cn/content/1204918.shtml
- https://www.ai-cio.com/news/chinas-national-social-security-fund-sees-15-54-return-in-2020/