[Objective] This paper analyzes the investing behaviors of core communities, aiming to help venture capital institutions choose syndicate partners.[Methods] First, we collected events of venture capital investments in China from 2006 to 2017. Then, we used R to extract syndicate matrix and constructed the venture capital network. Finally, we identified the needed communities with Louvain algorithm and the core community structure coefficient. [Results] Various core communities were different in investing industries, areas and stages. Members of the core community increasingly invested in information services and cultural education industries from the developed regions at the initial stage. [Limitations] The proposed network was built according to the syndication, which did include the relationship between leading and following investments. [Conclusions] Identifying the core communities will help us understand the changing behaviors of the community’s investments.
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