In recent years, the world has witnessed a soaring inflow of capital into sustainable investment. This is particularly so following the devastating COVID-19 pandemic. However, while a growing amount of literature has been deliberating debt financing in sustainable investment, less ink has been spilt on equity financing in this area, and even less scholarship has explored the role of government and law in supporting sustainable venture capital (‘VC’) funds. This paper proposes a dualist approach towards facilitating the development of sustainable VC funds encompassing a contractarian strategy with government support. The contractarian approach includes effective contracting covering the entire VC cycle in sustainable investment. It aims to provide strong incentives for all participants, ranging from investors, entrepreneurs and fund managers, to credit-rating agencies and evaluation firms. In the same vein, this paper seeks to craft a role for regulators that facilitates the simultaneous availability of several factors in a sustainable VC cycle (i.e., fund raising, investment and exit). In the fund-raising stage, governments can play an active role by expanding the source of financing for sustainable VC funds and enacting detailed and targeted legislation. In the VC investment stage, sustainable VC funds should make full use of their strong corporate governance rights and monitoring tasks to ensure that start-ups deliver on their sustainable promises. In the exit stage, a specialised sustainability board is strongly recommended to offer viable exit options, together with greater standardisation and comparability in sustainability information disclosure, and regulatory support for trustworthy sustainable impact rating agencies to sustain investor confidence.

近年来，世界见证了资本大量涌入可持续投资。在毁灭性的 COVID-19 大流行之后尤其如此。然而，虽然越来越多的文献一直在讨论可持续投资中的债务融资，但在这一领域的股权融资却鲜有报道，更没有学者探讨政府和法律在支持可持续风险投资（“VC”）中的作用。 ） 资金。本文提出了一种二元方法来促进可持续风险投资基金的发展，其中包括政府支持的契约战略。契约式方法包括有效的合同，涵盖可持续投资的整个风险投资周期。它旨在为所有参与者提供强有力的激励，包括投资者、企业家和基金经理，信用评级机构和评估公司。同样，本文试图为监管机构塑造一个角色，以促进可持续风险投资周期中多个因素（即筹资、投资和退出）的同时可用。在筹资阶段，政府可以发挥积极作用，扩大可持续风险投资基金的融资来源，制定详细而有针对性的立法。在风险投资阶段，可持续风险投资基金应充分利用其强大的公司治理权和监督任务，确保初创企业兑现其可持续承诺。在退出阶段，强烈建议成立专门的可持续发展委员会，以提供可行的退出选择，同时提高可持续发展信息披露的标准化和可比性，