Government investment funds leverage fiscal capital to guide and mobilize private capital toward key sectors. They have become a core component of the science and technology finance system and an important instrument for local governments to cultivate emerging industries and attract investment. The development history of Chinese government investment funds and their operational model of "fundraising, investing, managing, and exiting" are introduced. A micro-level database was constructed, covering the establishment of more than 1,900 government investment funds, over 20000 equity investment events, and more than 6,000 exit events. Several stylized facts are documented. Since 2014, when the central government began to restrict irregular preferential policies adopted by local governments, including tax incentives, fiscal subsidies, and land concessions, government investment funds have expanded rapidly as an alternative tool for promoting regional industrial development. Strong local investment preferences are exhibited by local government funds. The overall industry allocation of fund investments is dispersed, yet convergence in strategic emerging industries generates the risk of low level redundant construction. Exit channels are relatively limited and are significantly affected by the IPO policies of the China Securities Regulatory Commission. Regional disparities are widening, and central and western provinces display the characteristics of numerous establishments, difficult exits, and low returns. Several future research directions are proposed from the perspectives of sample selection, research orientation, risk assessment, and performance evaluation. A factual basis and directional insights are provided for regulating local governments' economic promotion behavior, advancing the high-quality development of government investment funds, and cultivating patient capital under a model that combines an effective market with a proactive government.