Abstract: Based on the postulated mediating effect of early stage investment and moderating effect of syndication, this paper discussed the impacts of venture capital firms' human capital on investment performance by using Chinese VCFs' data. Regression analysis and structural equation model were used to test the models of mediating and moderating effects. The results indicated that there is a positive relationship between human capital and investment performance therein the early stage investment provides partial mediating effect, and the indirect effect amounts to 58.93%. Besides, syndication can serve as a moderator between human capital and early stage investment as well as between human capital and performance. With the increase of syndication, the former relationship is enhanced, while the latter one goes down.