Recently，many Trust companies regard participation in the industrial fund as a significantly strategic transformation direction. According to the current market environment and industry development stage，the speed of raising funds and flexibility in use is the comparative advantage to Trust companies. Trust companies participate in industrial investment fund projects，most of which are connected to investment institutions and enterprises through the link of fund. However，it still takes a long time for accumulation and exploration in the acquisition of industrial projects，business capability，and industrial integration. The article，by combing the business model of trust companies participating in industrial investment funds，proposes that Trust companies should continue to expand to the high value-added value at both ends of the smile curve of the industrial investment funds，practice their own professional ability towards the core value of the industrial funds and provide deep value-added services through participation in the business management of invested enterprises.