Investors: Asset Managers, Private Equity & Venture Capital Funds
Through limited partner funding entanglements, operations, or direct investments – or a combination of all three – the following asset managers, private equity, and venture funds all have some level of culpability in the transfer of intellectual property and knowledge that has occurred in recent years to adversarial countries. All have a level of indirect responsibility for strengthening adversarial regimes and the weakening of democratic markets. At this point, the threat is clear, if these investors, and affiliates, choose to continue to maintain such relationships and permit the ongoing use of capital markets in ways that benefit such competitive ecosystems, they risk exacerbating the technology transfer and further jeopardizing democratic principles, thereby, giving greater assistance to foreign adversaries.
Adversarial Country-Private Equity/Venture Capital Fund Managers with Funding from U.S. Investors
INVESTMENT FIRM / FUND:
ASSETS UNDER MANAGEMENT ($US):
Alibaba Group
AUM: $480 billion
Alibaba Capital Partners and Alibaba Ventures established in 2018 and 2015, respectively, as the two corporate venture arms of Hangzhou, China-based ecommerce giant Alibaba Group founded by Jack Ma and Joe Tsai. The firm is ranked as one of the top artificial intelligence global startup investors. Some of the notable startups that it has invested include Uber, Didi Chuxing, Meituan-Dianping.
Tencent Holdings
AUM: $211 billion
Tencent Holdings Ltd. is the Shenzhen, China-based corporate arm of Tencent Games, founded in 1998 by Chen Ye Xu, Pony Ma, Zhidong Zhang. It is a legendary investor, making investments of $100 million or more (with valuations above $1 billion) in later-stage startups or corporations, as it engages in the context of value-added services and online advertising services. Some of the notable startups that it has invested include Uber, Didi Chuxing, Meituan-Dianping.
Mirae Asset Global Management
AUM: $187 billion
Mirae Asset Global Investments is a Seoul, Korea-based investment manager founded in 1997 and operates in 14 markets. Though primarily focused as an asset management and mutual fund practice, Hong Kong office is the backbone of the firm’s growth and products include traditional equity and fixed income products, ETFs and alternative strategies such as real estate, private equity and hedge funds and has made numerous direct investments. The broader firm has more than $187 billion according to its website. The firm has made numerous direct investment in the Chinese market.
SDIC Unity Capital
AUM: $95.1 billion
SDIC Unity Capital is a professional guidance fund and parent fund management platform of SDIC Group. Founded in 2015 and headquartered in Beijing, SDIC Unity Capital focuses on early-stage investments, with recent investments in Eplus 3D, Primont, and Eswin. The firm has more than $95 billion assets under management, with focus in infrastructure, financial services, and emerging industries.
China Merchants Capital
AUM: $85 billion
China Merchants Capital is a Shenzhen, China-based private equity firm that was a partially state-owned arm of China Merchants Group but became independent in 2012. The firm has more than $85 billion of assets under management. Among the funds, it manages more than four dozen of solely-controlled, private funds, with capital from both government entities and private entities. Some of the more notable private equity investments include Zhujiang Digital Media and China International Marine Containers.
Hillhouse Capital
AUM: $73 billion
Hillhouse Capital Group is an investment management firm investing in early-stage and growth-stage companies. The firm has more than $73 billion of assets under management and was founded in 2005 by Zhang Lei, and specializes in strategic investments across industries like technology, consumer goods, and healthcare. Lei founded the firm with $20 million from the endowment at Yale, his alma mater. Hillhouse made early investments in Tencent, JD.com, among other notable companies. Hillhouse Capital has raised several large funds, including the $10.6 billion Hillhouse Fund IV, which invests in the healthcare, consumer, technology, and services sectors globally, with a focus on Asia. Notable investments include Yitu Technology and iFlytek, but include financing alongside many of the most successful and notable startups in China.
PAG
AUM: $50 billion
PAG is a leading alternative investment firm with a focus on the Asia-Pacific region, including China, and was founded in 2002. The firm has more than $50 billion of assets under management. The firm has invested over $40 billion in the Asian region and has offices in Hong Kong, Shanghai, Tokyo, Singapore, Sydney, and Seoul. PAG invests in a variety of sectors, including credit and markets, private equity, and real assets, and manages capital on behalf of nearly 300 institutional fund investors.
New Hope Investment Group
AUM: $41 billion
New Hope Investment Group is based in Chendu, China in 1982. The firm has more than $41 billion of assets under management. The firm’s investment portfolio spans the chemical industry, financial institutions, real estate, and other utilities. Today, New Hope Group has many operations that mainly engage in agriculture, animal husbandry, and food processing. It is one of the largest integrated suppliers of meat, eggs, and milk in China.
Boyu Capital
AUM: $40 billion
Boyu Capital is a Chinese private equity firm headquartered in Hong Kong with additional offices in Beijing, Shanghai, and Singapore. The firm was founded in 2010 and has more than $40 billion of assets under management and has invested in notable companies, including Alibaba, Didi Chuxing, and China Literature. In addition to funding growing businesses, it participates in the restructuring of state-owned enterprises.
Gaw Capital Partners
AUM: $36 billion
Gaw Capital Partners, founded in 2005, is a private equity fund management company that focuses on real estate markets in the Asia Pacific region, among others. The firm has more than $33 billion of assets under management. Gaw has a significant presence in both China and the US, with a focus on investing in office and hotel properties that can be restored and renovated in urban locations, in addition to residential developments, retail malls, and logistics warehouses. Gaw Capital Partners has raised over $4.26 billion from private equity partners, including four China-focused funds and two based in the US.
Sculptor Capital Management
AUM: $34.2 billion
Sculptor Capital Management is a global alternative asset manager that offers a range of investment products across Multi-Strategy, Credit, and Real Estate. The firm has a presence in both China and the US and has more than $34 billion of assets under management. Sculptor Capital Management has offices in Shanghai and Beijing, reflecting its commitment to the Chinese market. It was recently acquired by Rithm Capital Corporation.
CDH Investments
AUM: $27 billion
CDH Investments is a major Chinese alternative asset management firm headquartered in Beijing, China that was founded in 2002. CDH has more than. The firm has more than $27 billion of assets under management, specializing in private equity, venture capital, and credit products, and invests across a range of sectors and regions. CDH manages over RMB 100 billion of investor capital across its various investment platforms. The firm is a diversified alternative asset manager covering private equity, venture capital, mezzanine, real estate, and wealth management. The firm has made significant investments in companies like Belle, Midea, Beike, Canadian Solar Inc., and SciClone.
MBK Partners
AUM: $25.6 billion
MBK Partners is a private equity firm founded in 2005 that focuses on buyout investments in North Asia, including China, Japan, and South Korea. The firm has more than $25 billion of assets under management. MBK Partners is the largest independent North Asian private equity firm with offices in Beijing, Hong Kong, Seoul, Shanghai, and Tokyo. The firm focuses exclusively on North Asia markets (China, Japan, and Korea), and invests in companies across various sectors, and has invested in over 70 companies across various sectors.
China Everbright
AUM: $25.3 billion
China Everbright Limited is a cross-border investment and asset management firm based in Beijing, China and founded in 1994. The firm has more than $21 billion of assets under management and has over 25 years of experience in private equity investments and cross-border asset management. The firm has a focus on technology sectors and business models promising industrial upgrades driven by technological advancements. While the firm invests globally, it has primarily been focusing on PRC enterprises operating in the hi-tech and high-growth sectors with prodigious development potential. Some notable investments include XJet and NIO NextEV.
IDG Capital
AUM: $23 billion
IDG Capital
AUM: $23 billion
IDG Capital Partners is a leading investment firm originally founded in Boston, Massachusetts in 1992 but moved to Beijing, China when acquired by China Oceanwide Holdings Group in 2017. The firm has more than $20 billion of assets under management. The firm invests in seed, venture, and growth-stage funding. IDG is one of the oldest private equity firms in China, and the first foreign investment firm to enter China in the 1990s. IDG specializes in tourism, luxury goods, and e-commerce, but also traditional software like internet, mobile, modern services, and healthcare. Some of IDG’s notable investments include Moncler, DiDi Chuxing, Farfetch, and Biotheus. IDG Ventures has a partnership with Accel Partners to invest in early-stage and growth-stage startups in China. IDG Capital is known for its focus on the Chinese market and being the first global investment firm to enter China. The firm has a global presence and has been developing venture capital business as a pioneer in China. The IDG-Accel Capital Fund, a joint venture between media giant IDG and venture capital firm Accel Partners. With over 30 years of experience in China and coverage in more than 40 Chinese cities, IDG-Accel has made over 1,600 investments.
Baring Partners/EQT Partners
AUM: $22 billion
BPEA EQT is a private equity firm that focuses on the Asia-Pacific region, including China and India. The firm has more than $22 billion of assets under management and invests primarily in private equity, real estate, and credit instruments. BPEA EQT has a notable track record of returns. In March 2022, EQT Asia Partners acquired BPEA for $7.5 billion, and the combined firm was renamed BPEA EQT to create a global leader in active ownership strategies, specifically in Asia. The fund invests in the technology, healthcare, and service sectors in the region, particularly in growth-stage companies in Southeastern Asia. BPEA EQT is now the overall Asian investment platform of EQT Partners. The firm focuses on employing active ownership techniques to its portfolio, and has over 100 private equity investments.
Gopher Asset Management
AUM: $22 billion
Gopher Asset Management is a Shanghai, China-based wealth management firm founded in 2010. The firm has more than $22 billion of assets under management. Gopher offers real estate, private equity, wealth management, family office, portfolio investment, asset allocation, and asset management services to high-net-worth individuals, wealthy families, and institutional investors. Gopher Asset Management was established in March 2010 as a subsidiary of Noah Holdings Limited, the largest independent wealth management company in China.
Primavera Capital
AUM: $20 billion
Primavera is a Beijing, China-based multi-stage asset manager investing founded in 1995. Primavera invests from the early-stage venture financing to late-stage growth capital and private credit. It invests in diverse industries from artificial intelligence, fintech, and education. The firm has more than $15 billion of assets under management and focuses on China. Primavera has offices in Beijing, Hong Kong, and Singapore and Silicon Valley. The firm has invested in over 90 portfolio companies including Alibaba, XPeng, ByteDance and Yum China.
Asia Alternatives
AUM: $15.5 billion
Asia Alternatives is a private equity firm that was founded in 2005 by Melissa Ma, Laure Wang and Rebecca Xu, who met at Harvard Business School and Goldman Sachs. It has more than $15 billion of assets under management and invests with top-performing private equity fund managers across Asia, primarily in Greater China (Mainland China, Taiwan, and Hong Kong). The firm seeks opportunities across buyout, growth and expansion, venture capital and special situation strategies. As of January 2022, the firm has announced fund closings of $2 billion.
RRJ Capital
AUM: $15 billion
RRJ Capital is Hong Kong-based private equity investor founded in 2011 by Richard Ong, formerly co-head of Asia for Goldman Sachs. As one of the largest private equity funds in Asia, the firm focuses on focus on healthcare, financial technology. The firm has more than $15 billion of assets under management. Their portfolio companies are spread across Asia Pacific, Europe, and the US.
Ping An Capital
AUM: $13.7 billion
Ping An Capital is a private equity firm based in Shenzhen, China and founded in 2007. The firm has more than $13.7 billion of assets under management and is the core equity investment platform of Ping An Group (Insurance). The firm seeks to invest in consumer, medical health, modern services & technologies, energy-saving & environmental protection, and high-end manufacturing sectors.
Hony Capital
AUM: $13 billion
Hony Capital is a Beijing, China-based private equity firm founded in 2003 and founded with capital from Legend Holdings, the controlling shareholder of the Lenovo Group. The firm has more than $13 billion in assets under management. It is the subsidiary of Legends Holding, they invest in various sectors, including pharmaceuticals, healthcare, consumer products, entertainment. It specialized in private equity buyout but expanded into real estate, venture capital, hedge fund (Goldstream), mutual fund (Hony Horizon Fund). The firm currently has $13 billion in assets under management. China is the top market with more than 100 companies in various sectors, including pharmaceutical and healthcare, consumer products, and entertainment. Notable investments include ByteDance, Viu, FibroGen, WeWork, and PizzaExpress.t
Avenue Capital Group
AUM: $12.6 billion
Avenue Capital Group is a global investment firm that was founded in 1995. The firm has more than $12 billion of assets under management. Their strategic investments span early-stage and growth-equity venture capital, private equity and distressed and undervalued debt and equity in the US, Europe, and Asia. The firm has a track record of investing in the energy, healthcare, and real estate sectors.
FountainVest Partners
AUM: $11 billion
FountainVest China, founded in 2007, is a Hong Kong-based private equity firm that invests in some early-stage but mostly growth stage companies, primarily in Chinese consumer brands and services, media and technology, healthcare, and industrial and business services. The firm has more than $11 billion of assets under management. The firm acquires control of companies and, also, significant minority stakes. It tends to target the growing needs of the expanding middle class in Asia, focusing on consumer brands and services, media and technology, healthcare, and industrial and business services.
YunFeng Capital
AUM: $10 billion
YunFeng Capital, also known as YF Capital, is a Shanghai-based private equity firm founded by Jack Ma and David Yu in 2010. The firm has more than $10 billion of assets under management and focuses on early-stage and growth-stage investments in companies in sectors like internet, e-commerce, healthcare, financial services and media in China. Some of the notable investments include Shiyue Daotian, Yuanfudao, and Horizon Robotics.
Eight Roads Ventures
AUM: $8 billion
Eight Roads Ventures is a cross-border and China-focused venture capital firm as the subsidiary and corporate venture capital firm of Fidelity International. Eight Roads is based in Hamilton, Bermuda, and was founded in 1994 and primarily investing in China and Asia. The firm has more than $11 billion of assets under management and across offices in the UK, China, India, and Japan. The firm has received direct investment from US, Boston-based Fidelity Investments as a prominent limited partner.
Fidelity International
AUM: $1.8 billion
Fidelity International operates a fund, China Special founded in 2010, and is the international arm of Fidelity Investments. The firm focuses in Asia on the small and mid-cap public and private market. The firm invests in the financial services sector (wealth management), as well as other traditional consumers sectors, with more than $1.8 billion of assets under management. Some current notable investments include HiSense and Pony.ai.
China Renaissance
AUM: $7.7 billion
China Renaissance Capital Investment, also known as CR, is a Hong Kong-based, growth capital investment firm and is a subsidiary of China Renaissance that was founded in 2005. Huaxing Growth Capital is the flagship fund for CR’s investment management segment, which manages four USD-denominated funds and four RMB-denominated funds. The firm’s investment focus lies in small and medium-sized companies, particularly in sectors like intelligent manufacturing, automation, robotics, and hardware technology. The subsidiary focused on venture capital has more than $1.5 billion of assets under management, contributing to China Renaissance’s overall private equity and venture capital funds totaling $7.7 billion.
Equis Funds Group
AUM: $7.3 billion
Equis Funds Group is a Singapore-based, infrastructure fund that was founded in 2010. The firm was established by Equis Development and targets commercial service, energy, industrial, infrastructure sectors and prefers investment ranging from $50 million to $130 million in power and renewable energy sectors. Their primary focus is in Australia, Japan, and South Korea.
Axiom Asia Private Capital
AUM: $7 billion
Axiom Asia is a Singapore-based private equity investment firm founded in 2006. The firm focuses exclusively on the Asia Pacific region. The firm has more than $7 billion of assets under management. Axiom offers early-stage and late-stage investment opportunities and private equity funds diversified across buyout, growth, and venture capital. Axiom currently manages nine private equity funds in buyout, venture capital, and growth capital opportunities.
CBC Group
AUM: $7 billion
CBC Group, formerly C-Bridge Capital, is a private equity and venture capital firm founded in 2014 in Shanghai, China investing in early-stage and late-stage healthcare. The firm has more than $7 billion of assets under management investing in healthcare and biotechnology industries to become the largest healthcare-focused investment firm in Asia. The firm has notable investments in companies such as AffaMed Therapeutics, Anrei Medical, and Rennuo Health.
HS Group
AUM: $7 billion
HS Group is Hong Kong-based investment firm and was founded in 2013 by Michael Garrow and Johannes Kaps. The firm has more than $7 billion of asset under management, and invests in early-stage and late-stage companies. HS Grouop specializes in private equity. It operates two private equity structured funds. The company focuses on diverse industries, including technology, healthcare, and consumer goods.
FLAG Capital Management
AUM: $6.3 billion
FLAG Capital Management was founded in 1994 in Stamford, Connecticut as a fund-of-fund manager. The firm focused on venture, small- to mid-cap private equity capital, and real assets in the US, along with private equity in the Asia-Pacific region. Customized fund administration, reporting services, and investment in middle and lower middle market private equity funds were its forte. In 2015, FLAG was acquired by Aberdeen Asset Management.
EMP Global
AUM: $6 billion
EMP Global is a Washington, DC-based private equity firm founded in 1994. The firm invests at the expansion and late-stage, as well as targeting leveraged buyouts and restructuring opportunities. The firm has more than $6 billion of assets under management. The firm backs ventures in various industries, including technology, consumer goods, and healthcare and notable investments include O3B networks and Cemex.
Orchid Asia
AUM: $6 billion
Orchid Asia is a Hong Kong-based private equity firm founded in 1993, with offices in Hong Kong, Shanghai, Beijing, and Guangzhou. Orchid Asia focuses on growth-stage investments in high barrier to entry businesses. The firm has more than $6 billion of assets under management. It invests in China’s healthcare, consumer, and technology sectors.
Overlook Investments
AUM: $6 billion
Overlook Investments is a global investment firm founded in 1991 and based in Hong Kong. The firm has more than $6 billion of assets under management, investing in public and private companies across various sectors, including technology, healthcare, and consumer goods. In 1992 it formed Overlook Partners Fund LP to invest in public equity markets throughout Asia, excluding Japan. The firm has invested in notable companies such as Alibaba, Tencent, and Meituan-Dianping.
DCP Capital
AUM: $5.5 billion
DCP Capital is a Beijing, China-based private equity firm founded in 1994. The team previously partnered to lead KKR and Morgan Stanley’s private equity in China. The firm has more than $5 billion of assets under management. The fund invests across education, agriculture and technology. Some of the notable investments include Valgen Medtech and Fenbi.
CMC Capital Partners
AUM: $6 billion
CMC Capital Partners is a Beijing, China-based private equity firm founded in 2010. It is one of the upstart funds. The firm has more than $6 billion of assets under management across three USD and three RMB funds, the latest being a $950 million fund. It prefers to invest in technology, mobile and internet, with notable investments like IMAX and Bilibili.
TrustBridge Partners
AUM: $5.5 billion
Trustbridge Partners is a Shanghai, China-based private equity firm founded in 2006. TrustBridge invests globally but many deals in China’s technology, consumer, and healthcare sectors, and globally. The firm has a focus on growth-stage investments and has more than $5.5 billion of assets under management. The firm specializes in growth-stage investments in China and the US and has made a number of investments in education, e-commerce, and healthcare. Some of the notable investments include Fenb and Hive Box.
Vivo Capital
AUM: $5.4 billion
Vivo Capital is a Palo Alto, CA-based, with offices in Beijing, Hong Kong, and Taipei, the global venture fund was founded in 1996. The healthcare focused fund makes early-stage, late-stage, and public equity investments and is investing from its $1.4 billion Vivo Capital Fund IX in healthcare, therapeutics, pharmaceutical, and other sectors. The firm has more than $5 billion of assets under management. Some of the notable investments include Sinovac Biotech, a Chinese biopharmaceutical company that developed the COVID-19 vaccine, CoronaVac, WuXi AppTec, Amyris, Angiotech Pharmaceuticals, and Precision BioSciences.
Hengxu Capital
AUM: $5.3 billion
Hengxu Capital, based in Shanghai, China, was established in 2019 as a fund-of-fund management platform under SAIC Capital. SAIC Capital has more than $5.3 billion of assets under management. Hengxu focuses on investments in advanced manufacturing, healthcare, and other sectors and makes investments. Hengxu makes investments in early-stage and late-stage companies.
Source Code Capital
AUM: $5.2 billion
Source Code Capital is a Beijing, China-based, venture capital firm investing in early-stage and late-stage venture capital investments. The firm has more than $5 billion of assets under management and focuses on industrial digitization, artificial intelligence, intelligent manufacturing, retail tech, healthcare, biotech, and green development. The firm has made notable investments in companies such as ByteDance, Meituan, KE Holdings, YunQuNa, and Li Auto.
Legend Capital
AUM: $5 billion
Legend Capital is a private equity and venture capital firm founded in 2001 and investing in early-stage and growth-stage companies in China’s healthcare, technology, and consumer sectors. It is also the major owner of Lenovo Group and was the primary backer of Hony Capital. The firm has more than $5 billion of assets, primarily focusing on China it has invested in around 600 global companies across sectors.
5Y Capital
AUM: $5 billion
5Y Capital is a China-based, early-stage and growth-stage investment firm, formerly known as Morningside Venture Capital, and founded in 2008. The firm has more than $5 billion of assets under management from global investors including sovereign wealth funds, endowments, foundations, family offices, and fund of funds. The fund invests in industries like manufacturing, biotechnology and healthcare, consumer goods, fintech, and artificial intelligence.
Janchor Partners
AUM: $5 billion
Janchor Partners, founded in 2009, is a global investment firm that invests in public and private companies across various sectors, including technology, healthcare, and consumer. The firm has more than $5 billion of assets under management.
Navis Asia
AUM: $5 billion
Navis Capital Partners is an investment firm based in Southeast Asia in 1998. The firm has more than $5 billion of assets under management. The fund targets investments in healthcare, education, and food-related consumer goods sectors.
Anchor Equity Partners
AUM: $4.7 billion
Anchor Equity Partners is a private equity firm specializing in middle market and consolidation investments founded in 2012 in Seoul, South Korea. The firm has more than $4.7 billion of assets under management.
Lily Asia Ventures
AUM: $4.5 billion
Lilly Asia Ventures (LAV) is a leading biomedical venture capital firm headquartered in China, with offices in Shanghai, Hong Kong, and Palo Alto. Originated in 2008 as a corporate venture subsidiary of Eli Lilly, the company spun off and became an independent investment management company. The firm has more than $4 billion of assets under management and focuses on making venture capital investments in the life sciences and healthcare sectors in Asia, particularly in China. They invest in all stages from seed to publicly traded. They have a portfolio of over 120 companies and a few unicorn investments.
Northern Light Venture Capital
AUM: $4.5 billion
Northern Light Venture Capital is a Chinese venture capital firm founded in 2005, focusing on technology and healthcare investments, particularly in China. The firm has more than $4.5 billion of assets under management. NLVC has invested in over 300 companies, including at least 13 unicorns. Also, the firm’s investor base includes prominent US-based limited partners such as Greylock Partners and New Enterprise Associates.
Zero2IPO Ventures
AUM: $4.2 billion
Zero2IPO Ventures is a venture capital firm founded in 2006 and based in Beijing, China, that invests in software and technology companies. The firm has more than $4 billion of assets under management and access to the largest data source covering Chinese venture capital funds. It has invested in over 100 companies.
Elevation Capital
AUM: $4 billion
Elevation Capital, formerly SAIF Partners, is a Hong Kong-based venture capital and private equity firm founded in 2001. The firm has more than $4 billion of assets under management. Elevation Capital’s latest fund, Fund VIII, was a $670 million fund and is primarily focused on early-stage and growth-stage companies in the consumer tech and brands, fintech, SaaS, and Web3 sectors. The firm specializes in early-stage and prefers to invest in China. Some of the notable investments include Paytm, Swiggy, Urban Company, Meesho, FirstCry, Acko, Rivigo and ShareChat.
Gaorong Capital
AUM: $4 billion
Gaorong Capital is a Beijing, China-based venture capital firm founded in 2014 that focuses on investments in the telecommunication, media, and technology sectors, including AI and frontier technologies. Gaorong Capital has more than $4 billion of assets under management.
Matrix China
AUM: $4 billion
Matrix China is a venture capital firm located in Beijing, China that was founded in 2008. The firm invests in in the Chinese market, targeting startups in technology, media, telecommunications, and healthcare. The parent firm has more than $8.3 billion of assets under management. Some of Matrix China notable investments include Xiaopeng, Vogo, and Beijing Che Lixing Information Technology. The fund has numerous limited partners from both the US and China. Matrix China has more than $4 billion of assets under management.
Redpoint China Ventures
AUM: $3.8 Billion
Redpoint China Ventures is a venture capital firm that focuses on early-stage and initial growth-stage startups in China’s telecom sector and was founded in 1999. Redpoint China Ventures is a subsidiary of Redpoint Ventures, an American venture capital firm focused on investments in seed, early, and growth-stage companies. Redpoint China Ventures has a portfolio of 64 companies, including 4 unicorns, and has attracted investments from 72 investors. The firm has more than $3 billion of assets under management.
GSR Ventures
AUM: $3.7 billion
GSR Venture is a Palo Alto, California-based venture fund founded in 2004 by Richard Lim. The firm is focused on early-stage and growth-stage healthcare technology companies. The firm prefers to invest in consumer goods and services, enterprise, and healthcare sectors and is heavily invested in technology companies developing AI-enabled enterprise software, consumer platforms, and healthcare. The firm has more than $3.7 billion of assets under management. It has an early partnership in 2005 with the Mayfield Fund to invest in China. The firm has invested in notable Chinese startups that include DiDi Chuxing, ele.me, Longmao Data, Inke, ofo, Qunar, Shanghai DZH.
GL Capital Group
AUM: $3.4 billion
GL Capital Group, founded in 2010 by former Novartis China country president Jeffrey Li, and is Beijing, China-based. GL Capital specializes in early and growth-stage healthcare investments in China and has assets under management of over $3.4 billion across both public and private markets. The company supports startups in various industries, including technology, consumer services, and healthcare. GL Capital Group is also launching a new fund.
Ward Ferry Management
AUM: $3.3 billion
Ward Ferry Management, founded in 2000, is a Hong Kong-based hedge fund manager that manages investment funds focused on the Asia-Pacific region. The firm has more than $3 billion of assets under management and has raised more than 28 funds rounds involving 31 investors.
ARCM (Asia Research and Capital Management)
AUM: $3.2 billion
Asia Research and Capital Management Ltd. is a privately owned asset management firm founded in 2011 and based in Hong Kong. The firm manages investment vehicles primarily focused on debt and equity securities across Asia and globally. It has more than $3 billion of assets under management and operates a private equity-style, hedge fund focused on venture capital, private equity, and distressed investment opportunities in credit and equities across the Asia-Pacific region.
Miracle Plus
AUM: $3.2 billion
Miracle Plus, formerly Y-Combinator China, is an early-stage accelerator and an investment firm. The firm has more than $3.2 billion of assets under management. Miracle Plus specializes in strategic investments and supporting innovation. The company backs ventures in technology, healthcare, consumer services, and more. Miracle Plus’ investment strategy covers early-stage and growth-stage companies.
OCP Asia
AUM: $3 billion
OCP Asia, founded in 2004, is an established investment manager that specializes in providing customized secured lending solutions for small and medium-sized enterprises. The firm has more than $3 billion of assets under management focusing on credit and equity strategies in the Asia Pacific region. It has a track record of investing in secured credit transactions since 2003, OCP Asia has extensive experience in real estate and financial services investments.
Capital Today
AUM: $3 billion
Capital Today is a Shanghai, China-based investment firm that was founded in 2005. The firm has more than $3 billion of assets under management, specializing in venture investments. The company backs ventures in industries like technology, consumer goods, and healthcare. Capital Today’s investment strategy covers both early-stage and growth-stage companies typically targeting software, agriculture, telecom, manufacturing, and other consumer products and services, and prefers minority stake investments.
CLSA Asia Pacific Partners
AUM: $3 billion
CLSA, founded in 1985, is Asia’s longest-running independent brokerage, providing investment-banking, capital-markets, equity-broking, and asset-management services to global corporate and institutional clients. The firm has more than $3 billion of assets under management.
Shunwei Capital
AUM: $3 billion
Shunwei Capital is a Beijing, China-based venture capital founded in 2010. The firm that focuses on early-stage and growth-stage investments in the technology sector. The firm has more than $3 billion of assets under management. The fund’s notable investments include companies such as Xiaomi, Huami, and iQiYi.
Capital International Private Equity Funds (CIPEF)
AUM: $3 billion
Capital Group, the parent of CIPEF, was founded in 1986 and has been a pioneer in emerging markets. In 2011, Capital International Global Emerging Markets Funds was established with more than $3 billion of assets under management to invest more broadly in private equity and venture capital.
Sinovation Ventures
AUM: $3 billion
Sinovation Ventures is a Beijing, China-based venture capital firm founded in 2009 that invests in early-stage technology companies in the internet, mobile computing, software, and AI sectors. It was one of the first China venture capital funds to move and invest in the US. The firm has more than $3 billion of assets under management assets and has invested in over 400 portfolio companies across the technology spectrum in China and the US.
Centurium Capital
AUM: $3.2 billion
Centurium Capital is a Beijing, China-based private equity fund founded in 2017 by David Li, who was the former head of Warburg Pincus Asia Pacific. The firm has more than $3.2 billion of assets under management. It prefers to invest opportunistically in software, supply chain management, robotics, and logistics.
ChinaEquity Group
AUM: $3 billion
ChinaEquity group is a private equity and venture capital conglomerate, investing across industries. Founded in 1999 and based in Beijing, the firm has made hundreds of investments from high-end consumer, healthcare, and clean energy. CEG is publicly traded on China’s stock market.
Pleiad Investment Advisors
AUM: $2.9 billion
Pleiad Investment Advisors, founded in 2014 by Soros Fund Management’s former Asia specialists, Kenneth Lee and Michael Yoshino, is an independent hedge fund manager based in Hong Kong that focuses on absolute return-oriented, fundamental equity investments. The firm has more than $2.9 billion of assets under management
NewQuest Capital Partners
AUM: $2.9 billion
NewQuest Capital Partners is a Hong Kong-based private equity investment firm, and is a subsidiary of TPG Capital, and was founded in 2011. NewQuest specializes in investments across sectors such as business services, consumer, environmental, financial services, healthcare, and telecom. The firm has more than $2.9 billion of assets under management. The latest fund, NewQuest Asia Fund I, has a portfolio of over 20 growth-equity and buyout interests primarily in Chinese and Indian companies focused on domestic economies. The portfolio of notable investments by NewQuest Capital Partners includes FirstCry India and KreditBee.
DT Capital Partners/Detong Capital
AUM: $2.8 billion
DT Capital Partners, also known as Detong Capital, is a is a private equity firm founded in 2006 and based in Shanghai, China. The firm focuses on early-stage and late-stage investments, specializing in investments in consumer, technology, industrial, manufacturing, retail, and healthcare sectors. The firm has more than $2.8 billion of assets under management across multiple USD and RMB funds. DT Capital Partners has a close affiliation with Madrone Capital in the US. The firm has made 50 investments and has had notable exits such as 91 Boyuan Wireless, Lucky Pai, and Ku6. DT Capital Partners has raised three funds, their latest being the DT Capital Partners RMB Fund. The firm has made notable investments in companies like United Imaging and Sinopharm Dental.
Highlight Capital
AUM: $2.6 billion
Highlight Capital is an early-stage healthcare venture fund founded in 2014 and based in Shanghai, China, with additional offices in Beijing and Shenzhen. The firm seeks to invest in healthcare services, biomedicine, medical technology, mobile healthcare, and pharmaceutical sectors, with a focus on companies with technological innovations.
SoftBank Ventures
AUM: $2.5 billion
SoftBank Ventures is a Seoul, South Korea-based, multi-strategy investment firm founded in 2000. SoftBank Ventures Asia is the corporate venture capital arm of SoftBank Group and invests across early-stage, growth-stage, and private equity. The firm has more than $2.5 billion of assets under management. The firm prefers to invest in companies in media, software, mobile, artificial intelligence, machine learning, edTech, finTech, virtual reality, and e-commerce sectors.
Russia-China Investment Fund
AUM: $2.5 billion
The Russia-China Investment Fund, abbreviated as the RCIF, is a private equity fund that is a bilateral cooperation fund created by the Russian Direct Investment Fund and the China Investment Corporation to invest in opportunities linking Russia, the Commonwealth of Independent States, and China. It was founded in 2012 and is based out of Moscow, Russia. Notable Investments are in GoGox and ITutorGroup.
Puhua Capital
AUM: $2.5 billion
Puhua Capital is a venture capital firm founded in 2004 and is based in Hangzhou, China. The firm has more than $2.5 billion in assets under management. The firm seeks to invest in the internet, health, and technology sectors. They typically invest in early to middle stage projects. Notable investments are in Huasun Energy and Weining Energy.
ADM Capital Asia
AUM: $2.4 billion
ADM Capital Asia is a Hong Kong-based investment firm founded in 1998. The firm has more than $2.4 billion of assets under management. The firm specializes in debt, private equity and alternative investments. The company backs ventures in industries like agribusiness, renewable energy, and healthcare.
Shenzhen Green Pine Capital Partners
AUM: $2.2 billion
Shenzhen Green Pine Capital Partners is a Shenzhen-based venture fund that was founded in 1997 by Li Wei and Luo Fei. The firm’s core investment team has over 20 years of experience and was formed by the key management team of IER Venture Capital, and has over 300 investments in Chinese startups.
Huatai Rullian Fund Management
AUM: $2.2 billion
Huatai Ruilian Fund Management is a Beijing, China-based private equity firm founded in 2013. The firm manages three funds with more than $2.2 billion of assets under management. Huatai Ruilian is a subsidiary of Huatai Zijin. Their funds specialize in telecom, M&A, and buyouts. They invest in medical and electronics among other industries and have partnered with Sequoia Capital China.
The Longreach Group
AUM: $2.1 billion
The Longreach Group is a Hong Kong-based, private equity firm founded in 2003. Longreach focuses on control buyouts, with additional focus on Asia and Greater China. The firm has more than $2 billion of assets under management. The firm invests in Industrial and Technology, Consumer Related, and Business Services sectors.
Vertex Ventures China
AUM: $2.1 billion
Vertex Ventures China is the Beijing-based arm of Vertex Holdings, a Temasek Holdings-owned, cross border venture capital fund founded in 1988 as Singapore Technologies corporate venture arm. The China arm was founded in 2008 by Tay Choon Chong and invests in high-growth innovative start-ups across mainland China, covering the fields of deep tech, healthcare and consumer tech. It has offices in Beijing, Shanghai, Shenzhen and Singapore. It is currently managing both Dollar and RMB funds. Notable investments include SES, Chipscreen, Mobike, Horizon Robotics, Binhui Biotech, and China Immunotech.
Argyle Street Management
AUM: $2 billion
Argyle Street Management Limited is a Hong Kong-based investment management firm that was founded in 2002 as a pan-Asia special situations investor. The firm has more than $2 billion of assets under management. Argyle’s notable investments by Argyle Street Management include Matahari Department Stores and Asia Resource Minerals.
SB China Capital
AUM: $2 billion
SB China Capital (SBCVC) is a leading venture capital and private equity firm established in 2000 that manages both USD and RMB funds. SoftBank is a subsidiary. The firm has more than $2 billion of assets under management.
Sky9 Capital
AUM: $2 billion
Sky9 Capital, founded in 2011, is an early-stage and growth-stage venture capital firm located in Shanghai, China, and primarily invests in Chinese startups but also US companies. The firm has more than $2 billion of assets under management. The firm’s typical investment is between $1-10 million focusing on software companies. The firm has invested in over 100 companies, including 5 unicorns. As of July 2022, Sky9 Capital has raised $239 million from US investors across two new funds. The firm seeks to invest in various sectors including consumer products, consumer services, business products, business services, information technology, financial services, b2b payments, big data, SaaS, e-commerce, artificial intelligence, machine learning, augmented reality, robotics, and technology-based companies. Sky9 Capital notable investments including Amber Group and Shoplazza.
Snow Lake Capital
AUM: $2 billion
Snow Lake Capital is an Asian alternative investment management firm with offices in Hong Kong and Beijing, that recently moved to Menlo Park, CA. The firm was founded in 2009 and currently has more than $2 billion of assets under management. Snow Lake Capital primarily focuses on investments in China. The firm focuses on investing in a wide array of sectors including technology, media and entertainment, telecommunications, consumer, healthcare, clean energy, real estate, and financial sectors. Snow Lake Capital notable investments include Sunac Service Holdings and Jinke Service.
China Renaissance
AUM: $2 billion
China Renaissance, founded in 2005, primarily focuses on the Chinese market, but it also has a presence in the US. The firm has more than $2 billion of assets under management. The firm has advised on approximately 980 transactions worth over $146 billion since its inception. The company’s private equity funds have approximately RMB39.0 billion in new economy investments.
MSA Capital
AUM: $2 billion
Founded in 2014, MSA Capital is an independent global private equity and venture capital firm based in Beijing, China. The firm has more than $2 billion under management. The firm invests in technology-enabled companies from seed to growth stage. MSA Capital is an independent and integrated asset management firm that specializes in alternative investment in China. It is committed to achieving capital. MSA Capital focuses on investments in TMT and healthcare companies.
Gobi China
AUM: $1.6 billion
Gobi Partners is a Beijing, China-based venture fund that invests across Asia and was founded in 2002. Cisco Investments is a fund-of-fund limited partner investor in Gobi Partners. The firm has more than $1.6 billion of assets under management. Gobi China It has raised 17 funds and invested in over 380 startups with 10 unicorns.
BlueRun Ventures China
AUM: $1.5 billion
BlueRun Ventures China (BRV China) was founded in 2005 and is the subsidiary of BlueRun Ventures. BRV China is a Beijing, China-based fund focusing on early-stage venture investments. It has invested in over 150 startup companies, covering innovative technology and interface, enterprise services, emerging consumer trends, healthcare services. It invests solely in China through funds that include multiple USD/RMB denominated dual currency funds. The firm has more than $1.5 billion of assets under management, and the last fund was a $500 million fund.
Evolution Fund
AUM: $1.5 billion
The Evolution Fund is a Shanghai, China-based, investment firm, associated with 5Y Capital, investing in early-stage and late-stage companies. The firm has more than $1.5 billion of assets under management. The fund invests across technology, consumer goods, and healthcare.
Joy Capital (Beiging)
AUM: $1.5 billion
Joy Capital invests in startups of both early and growth stages and focuses on telecom, e-commerce, innovative consumer, automobile, and other sectors. The firm has more than $1.5 billion of assets under management and has raised $700 million for early-stage investments in China.
Lotus Capital (China)
AUM: $1.5 billion
Lotus Capital (China), formerly known as the Liam Fund, is a Beijing, China-based venture capital firm founded in 2015. The firm has more than $1.5 billion of assets under management. The firm invests primarily in the telecom and entertainment sectors.
The Hina Group
AUM: $1.5 billion
The Hina Group is one of China’s leading cross border investment banking, venture capital, and private equity firms, founded in 2003 and based in Beijing, with more offices in San Francisco, Shanghai, and Shenzhen. The firm’s investment banking and private equity businesses work synergistically to help Their clients and portfolio companies reach their maximum potential. Hina Group has more than $1.5 billion in assets under management and focuses on Chinese FinTech startups.
K2VC
AUM: $1.4 billion
K2VC, founded by China Renaissance in 2010, the firm focuses on early-stage investment in technology startups in China. The firm focuses on technological change, progress innovative, and lifestyle businesses. The firm has more than $1 billion of assets under management. The firm specializes in early-stage investments across Technology, Internet, Consumer, and diverse industry verticals and operates from Beijing, Shanghai, Shenzhen, and overseas.
Vision + Capital
AUM: $1.4 billion
Vision Plus Capital, established by Eddie Wu (co-founder of Alibaba) in 2015, concentrates on early-stage startups with both RMB and USD investments. Based in Hangzhou, with offices in Beijing and Shanghai, the firm focuses on Enterprise Services, Digital Healthcare, Advanced Technology, and New Age Consumption. The firm has more than $1.4 billion assets under management.
Unicorn Capital Partners
AUM: $1.4 billion
Unicorn Capital Partners, a Hong Kong-based fund-of-fund platform focused on venture capital, was founded in 2015 to solely focus on venture capital and direct investments in China and Asia. The firm has more than $1.3 billion of assets under management. The firm has notable investments in companies such ByteDance, Genki Forest, Lalamove, and more.
ADV Partners
AUM: $1.3 billion
ADV Partners is a Hong Kong-based private equity firm founded in 2013. ADV focuses on value investment opportunities within the mid-market corporate segment in Asia. The firm has more than $1.3 billion of assets under management. The firm prefers to invest in sectors such as business products and services, manufacturing, industrials, and telecom across mid-market companies based in Asia.
Insignia Ventures
AUM: $1.3 billion
Insignia Ventures Partners is a Singapore-based asset manager and venture capital fund founded in 2017 by Yingling Tan and receives a significant portion of 55 of the largest Chinese tech founders, including delivery giant Meituan’s Xing Wang. The firm has more than $1.3 billion of assets under management. The firm prefers to invest in Asia and China, with a focus on technology. The firm’s notable investments include Carro, Ajaib, GoTo, Appier, Fazz, Shipper, Tonik, and Flip.
Crimson International Investment
AUM: $1.2 billion
Crimson International Investment, founded in 1993, is an international private equity firm headquartered in Cambridge, Massachusetts, providing financing for buyout and growth capital to middle-market firms in the industrials sector. The firm has more than $1.2 billion of assets under management. The firm’s investment preferences included technological or engineering industries such as life science, consumer, safety and security, water, and industrials. The firm’s notable investments include Stream International Global Services Philippines.
Emerald Hill Capital Partners
AUM: 1.2 billion
Emerald Hill Capital Partners is a private equity firm with over $1.23 billion in assets under management, specializing in strategic investments and value creation. It was founded in 2005 by Eugene Chuong, who previously served as Director of Private Equity at University of Chicago. The company supports ventures across diverse industries, including technology and consumer goods. Their investment strategy covers both early-stage and growth-stage companies.
CCMP Asia
AUM: $1.2 billion
CCMP Asia was founded in 2007 in Hong Kong and is managed by Unitas Capital. The firm has more than $1.2 billion of assets under management. The fund invests in Asia, targeting sectors like commercial products, manufacturing, and industrial sectors.
XVC
AUM: $1.2 billion
Founded in 2016, XVC is a venture capital firm based in Beijing, China. The firm has more than $1 billion of assets under management. The firm prefers to invest in seed-stage, early-stage, and later-stage companies operating in B2B, commercial services, and technology sectors based in East Asia.
Dragonball Capital
AUM: $1.1 billion
Dragonball Capital, also known as the Longzhu Capital, Meituan-Dianping Industry Fund, is the Beijing, China-based, corporate venture capital arm of Meituan and was founded in 2017. The firm has more than $1.1 billion of assets under management. It seeks to make investments in sectors like entertainment consumption and telecom.
INCE Capital
AUM: $1.1 billion
INCE Capital Partners is a Shanghai, China-based venture capital firm founded in 2017 by former Qiming Ventures partner, JP Gan. The firm has more than $1.1 billion in assets under management. INCE focuses on early-stage investments in Chinese startups in the internet, consumer, and intelligent technology sectors. The firm closed its first fund in October 2019 of $352 million and last was a $700 million fund and specializes in private equity and strategic investments.
ClearVue Partners
AUM: $1 billion
ClearVue Partners is a Shanghai, China-based private equity firm founded in 2012. ClearVue typically investing in growth and late-stage companies in China. The firm has more than $1 billion in assets under management, specializing in strategic investments in the consumer and healthcare sectors including retail, consumer durables, and software.
CID Venture Capital
AUM: $1 billion
CID Venture Capital is the subsidiary venture fund managed by the CID Group. CID is a Shanghai, China-based private equity firm founded in 1998 by Steven Chang. The firm has more than $1 billion of assets under management and invests in China, but also in the US. CID targets sectors such as semiconductors, flat panel displays, storage technology, wireless communication, education, healthcare, green tech, modern agriculture, business process outsourcing, and retail chains.
ZhenFund
AUM: $1 billion
The ZhenFund is a Beijing, China-based investment firm that was founded in 2011 in collaboration with Sequoia Capital China and New Oriental Education & Technology Group The firm invests in early-stage companies. The firm has more than $1 billion of assets under management. The fund invests in technology, consumer goods, and healthcare companies. The Zhen Fund invests in mobile internet, gaming, education, electronic commerce, and health care sectors. Notable investments include Yitu Technology.
CPE China
AUM: $1 billion
CPE China is a Beijing, China-based alternative asset manager founded in 2010 and invests in early-stage and growth-stage companies. It is an offshoot of CPE Capital. The firm has more than $990 million of assets under management. CPE has extensive international exposure, often through CPE Capital in Australia, but it is China-focused. The company supports ventures across diverse industries, including technology, healthcare, and consumer goods.
Xiang He Capital
AUM: $1 billion
Xiang He Capital is a venture capital firm focusing on early and growth-stage investments in China’s telecom and media industry and was founded in 2016. The firm has more than $1 billion of assets under management. The firm was founded by Hesong Tang and has offices in Beijing, China. Xiang He Capital has raised two USD-denominated venture funds, with the second fund closing at $425 million.
APAX Global Capital
AUM: $900 million
ABAX Global Capital is a Hong Kong-based investment management firm founded in 2007 and investing in early-stage and late-stage companies. It has more than $900 million of assets under management.
Long Hill Capital
AUM: $800 million
Long Hill Capital, founded in 2016, is a China-based venture capital firm focusing on technology-enabled transformations in healthcare and longevity sectors. The firm has more than $800 million of assets under management. The founding team had formerly led all China-investing for New Enterprise Associates since 2005. New Enterprise Associates were early limited partners.
H Capital
AUM: $790 million
H Capital is a China-based venture capital firm, founded in 2002. The firm has more than $790 million of assets under management. H Capital invests in early-stage and growth-stage companies. The company invests in software, e-commerce, and consumer services, among others.
BVCF/BioVeda China Fund
AUM: $700 million
BVCF, also known as BioVeda China Fund, is a Shanghai, China-based venture capital firm that was founded by Dr. Zhi Yang in 2005. BVCF invests in early and growth-stage companies in China and was the first USD in China. The firm has more than $700 million of assets under management. BVCF Capital has successfully closed multiple funds, including Fund III at $350 million, which supports Chinese entrepreneurs who are active in the development of innovative and affordable pharmaceutical products and services, and have a global scope.
Gaocheng Capital
AUM: $722 million
Gaocheng Capital is a Chinese private equity firm focusing on growth-stage investments in the enterprise software and technology-enabled service sectors. Founded in 2018, the firm has invested in companies like YITU, Bairong Inc., Smartbi, Umu, and Tuya. They manage over $700 million in assets.
Tsing Capital
AUM: $700 million
Tsing Capital is a Beijing, China-based venture capital firm founded in 2001. It prefers to that invests in clean technology, energy, and environmental protection sectors in China, including in new energy, energy efficiency, environmental protection, cleaner production, sustainable transportation, new materials and sustainable agriculture. The firm has a portfolio of 56 companies and invests in both China and the US. The firm has more than $700 million of assets under management.
Shoreline Capital
AUM: $650 million
Shoreline Capital is a Guangzhou, China-based private equity firm founded in 2004. The firm invests in distressed assets, real estate, special situations among other areas all in China. The firm has more than $600 million of assets under management. The firm raised over $450 million for its second private equity fund, with strong support from its diversified limited partner base.
Adamas Asset Management
AUM: $600 million
Adamas Asset Management is an asset management firm that invests in public and private markets in China and Asia and was founded in 2009. The firm has more than $600 million of assets under management. The firm has developed proven process of filling the funding gap for Small and Medium Enterprises in China that do not have access to traditional financing.
Keytone Ventures
AUM: $598 million
Keytone Ventures, founded in 2008, is a venture capital firm based in Beijing, China that invests in early-stage companies across the increasingly interconnected global economy, with a focus on China. The firm has more than $300 million of assets under management. Keytone Ventures’ investment preferences center on semiconductors, software, and commercial services sectors within Mainland China. The has made notable investments like 360 Enterprise Security Group and MiRXES.
Founder H Fund
AUM: $560 million
Founder H Fund is a Beijing, China-based venture capital firm founded in 2010 that invests in early-stage and growth-stage companies. The firm has more than $560 million of assets under management. Founder H targets investments in healthcare, telecom, education, and the financial industries. It is a wholly-owned subsidiary of Founder Securities Co., Ltd, listed in the China Stock Exchange (601901.SH). Their core management team has rich experience in industrial incubation and financial investment, with an asset management scale of nearly 20 RMB and more than 130 investment companies.
Ceyuan Ventures
AUM: $539 million
Ceyuan Ventures is a Beijing, China-based venture capital firm that was founded in 2004. The firm has more than $500 million of assets under management. The fund invests in IT and emerging growth companies in technology, consumer goods, and healthcare.
CEC Management
AUM: $500 million
CEC Management, also known as China Enterprise Capital and formerly known as Shanghai Hua Hong International, is a Hong Kong-based private equity firm and has a presence in Silicon Valley. It is one of the oldest venture firms in China having been founded in 1996. CEC is an independent private equity fund management firm specializing in investing in China’s domestic consumption market. The firm has more than $500 million of assets under management provides M&A, capital raising, and asset management services to its clients, with headquarters in Beijing and offices in Shanghai, Los Angeles, and San Francisco. The Managed Funds group builds portfolios and invests through direct investments, often through buyouts and special situations where the fund holds a majority ownership stake.
ChinaVest
AUM: $500 million
ChinaVest, founded in 1981, is multi-strategy, early-stage and late-stage investment firm based in China. The firm has more than $500 million of assets under management. The fund invests in technology, consumer goods, and healthcare.
Chengwei Capital
AUM: $452 million
Chengwei Capital was founded in 1999 and is an early-stage and growth-stage venture capital firm based in Shanghai, China, that targets investments in sectors such as communication and technology in East Asia. The firm has more than $400 million of assets under management.
Quan Capital
AUM: $425 million
Quan Capital was founded in 2017 and is based in Shanghai, China investing in early-stage and late-stage healthcare companies. The firm has more than $425 million of assets under management. Quan is a healthcare focused venture capital firm that specifically targets early-stage and late-stage venture in China. It primary focuses on therapeutics and related areas such as enabling technologies and high-end services.
Buena Vista Fund Management
AUM: $421 million
Buena Vista Fund Management is a California-based, opportunistic hedge-fund manager founded in 2005 by Robert Rosner investing in private and public equities, focusing on undervalued securities. The firm focuses on undervalued securities primarily in Asian markets, generally other than Japan. The firm has more than $500 million of assets under management. Buena Vista Fund Management has a subsidiary called Buena Vista Fund Management (HK) Limited based in Sheung Wan, Hong Kong. The firm has a strong presence in San Francisco but invests in China and Hong Kong.
Tsinghua Holdings
AUM: $416 million
Tsinghua Holdings Venture Capital Co Ltd. is a professional enterprise That was founded in 2011. The firm engages in investment and project management during the early or medium phase. The firm serves as the main investment arm of Tsinghua Holdings Co Ltd. and a key platform for industrializing Tsinghua University’s scientific achievements. The firm has more than $416 million of assets under management.
Lingfeng Capital
AUM: $400 million
Lingfeng Capital, founded in 2015, is a growth capital private equity fund that invests in the fintech sector in Asia Pacific, particularly in the Greater China region. The firm has more than $400 million of assets under management. The firm’s inaugural fund was a $134.7 million fund in 2018.
Stony Creek Capital
AUM: $384 million
Stony Creek Capital, founded in 2015, is a Beijing, China-based venture capital firm established by Beijing Zhaoyi Innovation Technology Co., Ltd., focused on investing in China’s tech and semiconductor industries and the US. The firm has more than $384 million of assets under management. Stony Creek’s notable investments include Guanggang Gases and Energy.
3E BioVenture Capital
AUM: $375 million
3E Bioventures Capital is Palo Alto-based venture capital fund that was founded in 2015. It currently manages both RMB and US Dollar funds, investing in early-stage and growth-stage healthcare companies in China and the US. The firm has more than $375 million of assets under management. 3E targets breakthrough, first-in-class therapies and disruptive cross-disciplinary innovations in medical devices and diagnostics.
TDF Capital
AUM: $348 million
TDF Capital is a private equity firm. TDF Capital’s investment strategy covers both early-stage and growth-stage companies. TDF Capital invests in early-stage and growth-stage venture capital firm that invests in technology startups. The firm was founded in 2000 and manages 3 funds primarily focusing on telecom, consumer and healthcare sectors in China. In 2007, TDF Capital partnered with Kleiner Perkins Caufield & Byers (KPCB) to establish KPCB China, which it co-manages. The company backs ventures across industries such as technology, consumer goods, and healthcare.
We Capital
AUM: $300 million
We Capital, founded in 2020 and headquartered in Singapore with offices in Shanghai and Silicon Valley, focuses on early to growth-stage investment within technology, SaaS, consumer, and eCommerce sectors. The firm manages three U.S. denominated funds with more than $300 million of assets under management. It invests in both the US and China and has more than 90 investments with 40 exits. Some of the firm’s more notable investments include Palantir, Gusto, Weave, Branch, TuSimple, Rescale, Dray Alliance, Lilith Games and Asian companies, Poizon, FlashEx, LELECHA and Meituan.
New Horizon Capital
AUM: $246 million
New Horizon Capital specializes in private equity and strategic investments. The company supports ventures in technology, healthcare, and consumer goods. New Horizon Capital’s investment approach includes growth-stage and late-stage companies.
01VC
AUM: $244 million
01VC is a Shanghai, China-based venture capital fund that was founded in 2014. The fund invests in early-stage companies. The firm focuses on early-stage investments in industrial, supply chain, logistics, and enterprise B2B sectors across Asia, especially China. The firm has more than $244 million of assets under management.
Atypical Ventures (China)/Lowkey Ventures
AUM: $200 million
Atypical Ventures was founded in 2019 and is based in Beijing, China investing in early-stage companies. Lowkey Ventures is a venture capital fund managed by Atypical Ventures (China). The firm has more than $200 million of assets under management. The venture fund invests in high-tech and internet sectors.
BioTrack Capital
AUM: $160 million
BioTrack Capital was founded in 2017 and is based in Shanghai, China and focuses on early-stage and late-stage healthcare sectors. The firm has more than $159 million of assets under management. The firm focuses on investing and incubating innovative life science companies in China.
Rockhampton Management
AUM: $150 million
Rockhampton Management, founded in 2003, is a hedge fund manager that focuses on identifying mispriced investment opportunities in Japan, as well as China, Hong Kong, Taiwan, and Korea. The firm has more than $150 million of assets under management. It also makes investments in private equity and venture capital.
M31 Capital (China)
AUM: $138 million
M31 Capital (China) is a private equity firm founded in 2016 and based in Shanghai, China. The firm prefers to invest in growth-stage companies specifically software. The parent company M31 Capital is a SF-based global investment firm. Notable investments are in Bytedance and Eoitek technology.
Genesis Capital (Hong Kong)
AUM: $121 million
Genesis Capital, founded in 2015, is a Hong Kong-based investment firm that targets Chinese growth-stage companies with established business models. The firm follows a methodical approach throughout origination, due diligence, and investments. The firm has more than $100 million of assets under management and is exclusively focused on growth stage internet companies.
K3 Ventures
AUM: $95 million
K3 Ventures is a Singapore based venture capital firm founded in 2015. They focus on early-stage technology startups in various sectors such as finance, education, healthcare, food and agriculture and others. Notable investments are in Tiktok and Airbnb.
newMargin Ventures
AUM: $95 million
NewMargin Ventures was founded in 1999 and is a Chinese-based venture capital firm that invests in early-stage and late-stage companies. The firm has more than $95 million of assets under management.
Yuanhe Capital
AUM: $50 million
Yuanhe Capital is a China-based fund of funds and angel fund that was founded in 2016. The fund focuses on early-stage entrepreneurial innovation. The firm has more than $50 million of assets under management.
Boya Capital
AUM: Unknown
Boya Capital was founded in 2010 and is located in Beijing, China. The firm specializes in early-stage venture investing. The company supports ventures across diverse industries, including biotechnology, healthcare, technology, consumer goods, and fintech.
ByteDance Ventures
AUM: Unknown
ByteDance Ventures is the Beijing, China-based corporate arm of ByteDance founded in 2019. The fund targets consumer products and services (B2C), as well as artificial intelligence and machine learning industries.
DG Capital
AUM: Unknown
ByteDance Ventures is the Beijing, China-based corporate arm of ByteDance founded in 2019. The fund targets consumer products and services (B2C), as well as artificial intelligence and machine learning industries.
Enspire Capital
AUM: Unknown
Enspire Capital, founded in 1997, is a Singapore-based private equity and venture capital investment firm investing in early-stage and growth-stage companies, predominantly in China and Asia. The fund backs startups broadly in technology, consumer goods, healthcare, fintech, and clean energy industries and more specifically the telecommunication, media and technology, mobile, cloud, and SaaS sectors.
Inter-Asia Ventures Management
AUM: Unknown
Inter-Asia Ventures Management is an investment firm specializing in strategic investments and fostering innovation that was founded in 1972. The company supports ventures across various industries, including technology, consumer goods, and healthcare. Their investment approach covers both early-stage and growth-stage companies.
Mind Fund
AUM: Unknown
Mind Fund is a Hong Kong-based venture capital company founded in 2010 that has invested in several companies in the United States and Asia. Most notably, Mind Fund is an investor in Bytedance, and is an investor in Hedera. Mind Fund also has an institutional partnership with Tokyo and San Francisco-based Digital Garage (TYO:4819) to collaborate and co-invest in a Global Incubation Stream of world-class entrepreneurial companies.
New Bridge Asia
AUM: Unknown
New Bridge Asia, founded in 1994, with its first investment in 2005, is an investment firm specializing in private equity and strategic investments. The company backs ventures across diverse industries like technology, consumer goods, and healthcare. New Bridge Asia’s investment strategy covers both early-stage and growth-stage companies.
Pagoda Capital
AUM: Unknown
Founded in 2015 and based in Hong Kong, Pagoda Capital is a private equity firm with an established onshore and cross-border investment platform focused on China growth in Healthcare and Technology.
Silverhorn Investment Advisors
AUM: Unknown
Silverhorn Investment Advisors is a venture capital firm focusing on seed stage investments. Founded in 2010 and based in Hong Kong with an additional office in Singapore, Silverhorn specializes in investments that bring Europe and Asia together. Though the main focus is venture investments, the firm will also utilize private equity, multi-asset, and private debt to help their clients.
Will Capital
AUM: Unknown
Will Capital (Qingdao) is a Hong Kong-based growth and expansion investment firm founded in 1997. The firm focuses on investing in high-tech, intelligence, big data, internet, industrial upgrading, and other sectors.
