The Internal Mechanisms and Institutional Construction of Patient Capital Driving Investment Growth in Future Industries

School of Management, Qufu Normal University, Rizhao 276812, Shandong, China

^* Corresponding author: Li Han

Abstract

Future industries are pivotal to national technological sovereignty and international competitive advantage. Characterised by high uncertainty, capital intensity, and extended return cycles—a constellation of features often summarised as "three highs, one length, and uncertainty"—these industries confront persistent challenges, including ambiguous technological trajectories and prolonged investment horizons. Patient capital, defined by its pursuit of long-term returns and elevated risk tolerance, exhibits a pronounced structural affinity with future industries. This paper examines the core mechanisms through which patient capital drives investment growth in future industries. It proposes, from the perspectives of supply, incentives, and circulation, the establishment of a diversified capital supply system, the reshaping of investment actor behaviour, and the improvement of multi-channel exit arrangements. Efforts should be directed towards optimising the diversified supply structure of patient capital, refining institutions for risk-sharing and liability exemption, instituting a differentiated evaluation framework oriented towards the long cycle, and perfecting mechanisms for diversified exit and capital redeployment.