Through four rounds of total coverage survey on VC funds in Mainland China , we received 41 VC fund samples. This paper, we empirically test the relation among the size (number) of VC fund portfolios, entrepreneurs’ (enterprise management teams’) profit shares and exogenous factors and find: (1) the portfolio size of a VC fund significantly varies non-monotonically with entrepreneurs’ profit shares, the number of venture firms is first increasing when entrepreneurs’ profit share is low and then decreasing when it is high; (2) entrepreneurs’ profit share is significantly positive related with the number of venture firms in a VC fund; (3) the government-sponsored VCs invest more venture firms but retain less profit shares .