The relevance of the research topic is due to the need to develop methods for assessing the effectiveness of industrial policy tools in the process of forming a new model of economic growth based on the development of manufacturing industry. The purpose of this study is to develop methodological tools to assess the effectiveness of the state development institutions as tools to attract investment in the industry. Research methods: mathematical modeling and economic analysis. The author evaluates the development institutions as a project of development of the manufacturing industry. The author found the condition of economic feasibility of functioning of the system of redistribution of budgetary funds with the participation of development institutions and market institutions for investment attraction in the industry; proposed a system of indicators for assessment of efficiency of functioning of institutions for development as instruments to attract investment in the industry; adapted the system of indicators for assessment of efficiency of functioning of the Guarantee Fund of Entrepreneurship Support; assessed the effectiveness of the functioning of the Guarantee Fund of Development of Entrepreneurship of the Kostroma region, as a development Institute, on the proposed system of indicators. According to the calculated indicators, in 2015–2017 the Fund carries out effective activities to attract investments in small and medium-sized enterprises of the region (other investments, that is, loan capital). The condition of economic feasibility of functioning of the system of redistribution of budgetary funds with the participation of development institutions and market institutions for attracting investments in industry on the example of regional development Institute – the Guarantee Fund of Entrepreneurship Support of Kostroma region – on the basis of the author's methodology runs in 2015 and 2017 in accordance with the structure of financing (loans), and in accordance with the structure of the surety. The author proved that the activities of the guarantee Fund, as a subject of structural industrial policy, contributes to the preservation of the industrial potential of the region (in terms of support of the small and medium-sized enterprises). The complex of methodological tools proposed by the author will allow to evaluate the possible efficiency of the implemented industrial policy tools (in particular, development institutions), to select the necessary tools for managing structural changes, to identify the reasons for the low efficiency of individual tools. The scope of the application of the results is structural industrial policy at the national and regional levels. The author sees the directions of further research in the adaptation of the developed system of indicators to assess the effectiveness of the functioning of other development institutions and its evaluation.