Government investment fund is an important policy tool to accelerate the construction of a modern industrial system. However, the guiding effect of China’s government investment fund has not yet been fully realized at the present stage. This paper introduces the reputation incentive mechanism, considers the realistic situation of cross-departmental comprehensive supervision, constructs a four-party evolutionary game model for social capital, fund manager, invested enterprise and audit institution, analyzes the stability of the game players strategic choices and possible equilibrium points of the replication dynamic system, and then conducts numerical simulation analysis based on realistic audit project data. The study finds that strengthening the intensity of audit supervision and improving the efficiency of audit supervision can effectively increase the possibility of fund manager-s active management behavior and invested enterprise-s compliance behavior, and then encourage social capital to actively participate in government investment fund. And this result provides academic support for further strengthening the audit of government investment funds.