Private equity and venture capital firms are backing nearly 38 of the 94 startups that are likely to be listed on the NASDAQ-like Growth Enterprise Board (GEB), according to a report released by market research firm Zero2IPO Group yesterday.

Domestic venture capital firms are playing the lead role in most of the GEB investment, accounting for 70 percent of the total investment, the report said.

"Since the GEB provides more exit avenues it has attracted the PE and VC firms. It would be beneficial for these firms to carry out both the fundraising and exit opportunities in the domestic market," said Lin Wanting, analyst, Zero2IPO Group.