Institutional Mechanisms for the Formation of a National Venture Capital System in the Context of Structural Transformation of the Economy

This article analyzes institutional mechanisms for developing venture capital investment in the context of structural economic transformation and limited access to international capital markets. It examines the current state of the Russian venture capital market in 2024–2025 and identifies key institutional barriers to its development, including the dominance of public capital, a shift in investment activity toward later stages, and insufficient protection of investor rights and intellectual property. A comparative analysis of international experience in developing national venture capital systems (Singapore, South Korea, Finland, and China) substantiates the role of mechanisms for asymmetric risk distribution between the state and private investors as a key factor in the sustainability of venture capital ecosystems. The impact of economic digitalization on the functioning of the venture capital market is considered. It is shown that the role of institutional mechanisms for risk distribution between the state and private investors is increasing in the digital environment. Practice-oriented recommendations for the development of the national venture capital system of the Russian Federation are formulated, aimed at enhancing the role of private capital and the institutional effectiveness of state support for innovation.