[3] In June 2014, the State Council of the People's Republic of China proposed in the National Integrated Circuit Industry Development Guidelines that a national investment fund should be set up to provide focused support for the development of the Integrated Circuit Industry.

[7][8] In July 2022, ICF, Sino IC Capital, and several current and former executives were investigated by the Chinese Communist Party's Central Commission for Discipline Inspection as part of an anti-graft crackdown.

[5][7][9][10] the fund became dormant for a few months following the anti-graft investigations in July that lead to the downfall of its chief, Ding Wenwu.

The fund resumed investment operations in early 2023 and on 10 March, selected Zhang Xin as its new head.

[1] In September 2023, it was reported that ICF for its third phase was raising money for another fund with a fundraising target of around US$40 billion.

Investors included the Shanghai Municipal People's Government and State Development and Investment Corporation.

[13][14] Phase III is expected to continue the semiconductor industry chain "neck" link investment, including large-scale manufacturing and equipment, materials and other links, in addition to the HBM industry and other key areas of artificial intelligence semiconductor is also expected to obtain the Big Fund III investment.