Based on the investment event data from 2004 to 2018 and the exit data from 2004 to 2021 in China’s venture capital market, this paper constructs a paired data-set of venture capital institutions, studies the formation and evolution of the binary relationship between venture capital, and then explores its impact on successful exit. The results show that the matching degree, network location and historical co-investment behavior of venture capital institutions have a significant positive impact on the evolution of the co-investment binary relationship. Indirect partners of venture capital firms can have a significant negative impact on this. Further analysis shows that the higher the matching degree of venture capital institutions, the more central the network location, and the more historical co-investment behaviors, the less likely it is to successfully exit. The conclusions of this paper have certain referentiac significance for venture capital institutions to choose partners.