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.
U.S. Private Equity/Venture Capital, and Affiliated Managers, Receiving Funding from Adversarial Countries
INVESTMENT FIRM / FUND:
ASSETS UNDER MANAGEMENT ($US):
BlackRock Asset Management
AUM: $8.6 trillion
BlackRock is a New York-based, multinational investment firm that was founded in 1988. BlackRock’s large asset base invests across a multitude of sectors. With offices in Hong Kong, Singapore, and Taiwan, BlackRock has strong access to evolving Asian markets. BlackRock has strategically set up multiple Asian funds to place investments in key Asian products involving mutual funds and iShares ETFs. The firm has more than $8 trillion of assets under management.
Fidelity Investments
AUM: $4.5 trillion
Fidelity was founded in Boston in 1946. Fidelity Investments, commonly referred to as Fidelity, earlier as Fidelity Management & Research or FMR, is an American multinational financial services corporation based in Boston, Massachusetts. Fidelity International was established in 1969, and became independent of the US organization in 1980. Fidelity is one of the most experienced global investment specialists in Asia-Pacific, with offices in Tokyo, Sydney, Seoul, Beijing, Hong Kong, Singapore and Taiwan. The firm has more than $4.5 billion of assets under management. Notable direct investments by Fidelity Investments backed Eight Roads $350 million China-focused tech fund in 2022.
UBS Asset Management
AUM: $3.1 trillion
UBS is a Zurich, Switzerland-based investment bank and one of the largest in the world, more so since the acquisition of Credit Suisse. UBS Asset Management is a subsidiary and one of the largest wealth management firms in the world. The asset management was founded in 1998 and was one of the first international banks to establish its presence in China in the 1990s. Additionally, their large asset base gives them the ability allocate investments to a wide variety of asset classes, including: equities, fixed income, hedge funds, infrastructure, private equity, private markets, real estate, and private credit. The firm has more than $3.1 trillion of assets under management.
Goldman Sachs Asset Management
AUM: $2.6 trillion
Goldman Sachs is a New York City-based investment bank with a significant presence in global markets, and Goldman Sachs Asset Management is the investment vehicle that was founded in 1988, with more than $2.6 trillion of assets under management. Goldman Sachs Asset Management has actively engaged in fostering economic ties between China and the international financial community. With a focus on technology investments, Goldman Sachs has been instrumental in supporting China’s tech industry and Silicon Valley initiatives. Utilizing its substantial capital and vast network of connections, the firm has played a pivotal role in advancing China’s semiconductor sector in collaboration with local governments. Through strategic partnerships and investments, Goldman Sachs has also facilitated the growth of numerous Chinese startups, contributing to the country’s growing innovation ecosystem. Investments include 1KMXC,
J.P. Morgan Asset Management
AUM: $2.5 trillion
J.P. Morgan Asset Management is the asset management division of JP Morgan Chase & Co., and has more than $2.5 trillion of assets under management. The division was founded in 1984 and is based out of NYC. The company offers a wide range of mutual funds spanning all asset classes, adhering to distinct investment strategies. It has offices across the US, China, and broader world. The firm has been present in China for over 100 years, and their investments in China span various sectors, including technology, healthcare, and consumer goods, reflecting its diversified investment approach.
Capital Groups Private Markets
AUM: $2.2 trillion
Capital Group Private Markets is a leading emerging markets private equity fund manager. The firm has more than $2.2 trillion of assets under management. It is based in Chaoyang, China and was founded in 1992. It has invested cross industries in more than 80 companies in various sectors. Capital Group’s investment approach in China is driven by long-term trends and structural changes in the economy, and it sees potential opportunities as China transitions to a more consumer-driven economy.
Morgan Stanley Private Equity Asia
AUM: $1.3 trillion
Morgan Stanley Private Equity, a subcomponent of Morgan Stanley Asset Management was founded in 1992, and invests across sectors, particularly in consumer products, industrial products, financial services, healthcare, and telecom/technology. Their headquarters in Asia is in Hong Kong and with more than $1.3 trillion in assets under management, Morgan Stanley Investment Management is a significant provider of capital to middle-market companies in North America and has been a leading player in the Asia-Pacific private equity market for close to 25 years.
Wellington Management
AUM: $1.2 trillion
Wellington Management Company is a global asset manager based in Boston, Massachusetts founded in 1933. The firm invests in later stage venture capital and growth equity, buyout funds, and public sector small-cap, mid-cap, and large-cap companies. The firm has more than $1.2 trillion of assets under management. It serves a wide range of clients. Some of the firm’s notable investments include SeatGeek and SKIMS. It invests globally, including in China.
Blackstone
AUM: $991 billion
Blackstone is the world’s largest alternative asset manager, serving institutional and individual investors. The firm was founded in 1985 and is based out of NYC with more than $1 trillion of assets under management. Blackstone has invested in various sectors in China, including real estate, healthcare, and technology. Blackstone has raised significant funds to invest in China, such as the $9.4 billion Blackstone Capital Partners Asia II fund, which closed in 2018.
Hamilton Lane
AUM: $824 billion
Hamilton Lane is a global private assets fund headquartered in Philadelphia that was founded in 1991. The fund has a global reach, and an established presence in Asia, with offices in Hong Kong, Singapore, Shanghai, Seoul, and Tokyo. With nearly $824 billion assets under management, Hamilton Lane strives to create a globally diverse investment vehicle. The fund’s primary strategies lie in direct credit, direct equity, primary fund investments, real assets, secondaries, and venture capital. Notable investments are Fetch and iCapital.
Citi Investment Management
AUM: $760 billion
Citibank is a New York City-based investment bank and one of the largest in the world. Citi Investment Management/Wealth Management is a subsidiary and manages significant assets of high wealth clients of the firm. The asset management was founded in 1998. As with other banks, their large asset base gives them the ability allocate investments to a wide variety of asset classes, including: equities, fixed income, hedge funds, infrastructure, private equity, private markets, real estate, and private credit. The firm has more than $760 billion of assets under management.
Apollo Global Management
AUM: $512 billion
Apollo Global Management is an American private equity firm that invests in credit, private equity, and real assets. Within the firm’s equity business, they have held over 350 companies since its inception in 1990. The firm is headquartered in New York, but holds a well-established global presence, including offices in Asian cities such as Hong Kong, Mumbai, New Delhi, Shanghai, Singapore, and Tokyo. With over $512 billion assets under management and a strong global network, Apollo has well-diversified investment vehicle that span across a multitude of strategies and sectors. Notable investments are Albertsons and EP Energy.
KKR
AUM: $510 billion
KKR is a leading global investment firm founded in 1976 and based out of NYC with more than $510 billion of assets under management and a significant presence in Asia. The company has raised several funds dedicated to investing in the Asia Pacific region, including the $15 billion Asian Fund IV. KKR’s focus sectors include technology, healthcare, and consumer goods.
The Carlyle Group
AUM: $381 billion
Carlyle Group is one of the largest, global alternative asset manager, founded in 1987, being based out of Washington D.C. they are investing across 324 investment vehicles, with more than $381 billion of assets under management. The company has a significant presence in Asia, with several funds dedicated to investing in the region, and manages five Asia buyout funds worth a total of $15.55 billion. Carlyle focuses on sectors such as technology, healthcare, and consumer goods. These investments include the Carlyle Asia Partners V Fund, which closed at $6.55 billion in 2018, and the Carlyle Asia Partners III Fund, which closed at $2.55 billion in 2008. Notable investments are Ant Group and Beats.
Ares Management
AUM: $360 billion
Ares Management Corporation is a leading global alternative investment manager across credit, private equity, real estate, and infrastructure asset classes. The firm was founded in 1997 and is based out of Los Angeles, California. The firm has more than $360 billion of assets under management. The company has a significant presence in China, with a focus on private equity investments. The company seeks to provide flexible capital to support businesses and create value for its stakeholders and within its communities. By leveraging its expertise in alternative investments and understanding of the Chinese market, Ares continues to seek attractive investment opportunities in China. Notable investments are Virgin Voyages and Dupage.
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.
Oaktree Capital Management
AUM: $183 billion
Oaktree Capital Management is a global investment manager specializing in alternative investments. The firm was founded in 1995 and is based out Los Angeles, CA. The firm has more than $179 billion in assets under management. The firm has invested in China across private equity, real estate, and more niche investments. The company has a significant presence in the US and China, with offices in New York, Los Angeles, Beijing, and Shanghai. Oaktree Capital Management has a diversified mix of global investment strategies. Oaktree Capital Management has invested billions of dollars in alternative investments globally, including private equity, real estate, and niche
Bain Capital
AUM: $175 billion
Bain Capital is a private investment firm that invests in early-stage and late-stage investments, as well as private equity and other asset types. The firm was founded in 1984 and is based out of Boston, MA. The firm has more than $175 billion of assets under management. The company has a significant presence in China, having invested in various sectors such as healthcare, technology, and consumer goods. Bain Capital has also raised funds to invest in Asia, such as the $4.65 billion Bain Capital Asia Fund III, which closed in 2018. In the US, Bain Capital has been active in private equity investments, with a focus on sectors such as healthcare, technology, and financial services. Notable investments are Axis Bank and Hugel Control.
Fiera Capital (Asia)
AUM: $164 billion
Fiera Capital (Asia) is an independent asset management firm based out of Montreal, Canada, providing customized multi-asset solutions across traditional and alternative asset classes to institutional, retail, and private wealth clients across North America, Europe, and Asia. Fiera Capital has expanded its presence in Asia through the acquisition of Clearwater Capital Partners in 2001 which is a privately held employee-owned asset manager with $1.4 billion in assets under management. The firm has more than $164 billion of assets under management. The firm has built an on-the-ground presence in Asia through locally staffed offices and companies in Hong Kong, Singapore, Seoul, and Chongqing.
CVC Capital Partners
AUM: $155 billion
CVC Capital partners is a Luxembourg-based private equity and investment advisory firm that was founded in 1981. The firm currently has $155 billion assets under management, with a global network that spans beyond the U.S and Europe. The firm has been active in the Asia region since 1999, and currently holds 29 active investments in Asia across numerous sectors such as Consumer retail, financial services, business services, and healthcare. Notable investments are Broadcom and Liga de Futbol Profesional.
SoftBank Investment Advisors
AUM: $154 billion
SoftBank Investment Advisers is a growth equity firm headquartered in London, United Kingdom, that was founded in 2017. The firm has more than $154 billion of assets under management, and seeks to invest in the enterprise, consumer, frontier tech, fintech, ed-tech, health tech, climate, real estate, transportation, and logistics sectors. One of its most notable investments is Cameo.
Ardian
AUM: $150 billion
Ardian is Paris-based, global private equity firm founded in 1996. The firm has more than $150 billion of assets under management across 250+ investment vehicles. The firm primarily invests in late-stage companies, as well as infrastructure and real estate. There is a significant presence in Asia, with offices in Singapore, among other locations. Ardian is known for its fund of fund and secondary fund investments. It prefers to adopt a long-term partnership model, with a focus on sustainable investing in the private markets and has a diverse investment portfolio. Notable investments include Angus Chemical and Databank.
Partners Group
AUM: $142 billion
Partners Group is a Swiss-based global private equity firm that was founded in 1996 and is currently operated under Partners Group Holding AG. The firm currently has over $142 billion assets under management, and over $200 billion invested in private equity, private debt, private real estate, and private infrastructure. The firm’s primary strategy focuses on assets in the extended middle market that are in a growth phase of development. The firm is based in Baar, Switzerland, but has a well-built presence in Asia, including offices in Singapore, Tokyo, Seoul, and Shanghai. Notable investments are Acrisure and Greencross.
TPG Newbridge
AUM: $135 billion
TPG Newbridge is predominantly a late-stage venture capital and private equity firm with founded in 1992 and based out of Fort Worth, TX with more than $135 billion in assets under management. The firm typically invests in healthcare, internet, digital media, real estate, tech, and software. TPG Newbridge primarily focuses on investments in Asia. The firm had a significant presence in the region, with investment offices in Hong Kong, Melbourne, Mumbai, Seoul, Shanghai, Singapore, and Tokyo. TPG Newbridge was involved in various activities and initiatives in Asia, including plans to expand its presence and capitalize on the opportunities in the region. Notable investments are Uber and Spotify.
Man FRM
AUM: $151.7 billion
Man FRM is a hedge fund investment firm that was founded in 1991, headquartered in London with an additional office in New York. The firm’s primary investment strategy is credit focused, with a large portion of assets put towards fixed income and relative value equities. The goal of this strategy is to maintain less directional market exposure than growth-oriented strategies. With over $151 billion assets under management, Man FRM remains one of the largest buy-side hedge fund managed account platforms in the world.
Lyxor Asset Management
AUM: $151.16 billion
Lyxor Asset Management is an investment advisory firm headquartered in Paris. Lyxor was acquired in 2022 by Amundi Asset Management SAS, Europe’s largest asset management firm by the metric of assets under management. Lyxor was founded in 1998 and has over 20 years of experience in alternative investing, advisory and active portfolio management. The firm’s primary investment instrument is through the ETF market, with over $105 billion assets under management in ETFs representing 7.7% of Europe’s ETF market share.
Thoma Bravo
AUM: $131 billion
Thoma Bravo is an American private equity firm founded in 1980. The firm is headquartered in Chicago with additional offices in San Francisco and Miami and has built a reputation for rapidly acquiring and growing software and technology companies. With over $131 billion assets under management, the firm currently holds over 75 portfolio companies. The firm’s latest news is their sale of software and tech company Adenza to Nasdaq.
Bridgewater Associates
AUM: $120 billion
Bridgewater Associates is primarily a hedge fund headquartered in Westport, CT and was founded in 1975. The firm has more than $120 billion of assets under management, and while it primarily pursues global macro economic investments, it also has Bridgewater China, a China-focused subsidiary and both invest in Chinese assets in private credit. Although not significantly investing in private equity or venture capital, it is included herein given its influence on peer funds and clout beyond the U.S.
HarbourVest Partners
AUM: $109 billion
HarbourVest Partners is a global private markets investment specialist with over 35 years of experience and has more than $109 billion of assets under management. The firm is headquartered in Boston and was founded in 1982. The firm has a presence in China, with a focus on building and enhancing relationships with institutional investors and general partners in the region. HarbourVest Partners’ most prominent fund in Asia is the HarbourVest Asia Pacific Fund V, which closed at $2.3 billion in 2019. Notable investments are MetroPCS and Lytx.
Colliers Capital Management
AUM: $99 billion
Colliers is a leading professional services and investment management company that operates in 66 countries with over 18,000 professionals who work to provide expert real estate and investment advice to clients. The firm was formed in Australia in 1976 thought the merger of three commercial property services firms. Since its inception, Colliers has focused most of their growth in the U.S and Europe, most recently acquiring operations in the UK, Ireland, Germany, France, and Belgium. In their Investment Management division, they focus on middle-market infrastructure like communications, transport, energy, and utilities. Additionally, the firm engages in real asset private credit and opportunistic real estate strategies.
Vista Equity Partners
AUM: $100 billion
Founded in 2000, Vista Equity Partners is one of the largest American private equity firms with a focus on financing software, data, and technology-enabled businesses such as Citrix, Ping Identity, and Marketo. The firm is headquartered in Austin, but holds additional offices in Chicago, New York, San Francisco, Oakland, and Hong Kong. The firm recently reached over $100 billion assets under management in 2023, and recently completed its acquisition of Pluralsight, a software company that helps organizations build better products through online courses. Notable investments are Reliance Jio and Securonix.
LGT Capital Partners
AUM: $95 billion
LGT Capital Partners is a leading alternative investment specialist firm, founded in 1994 and headquartered in Pfaeffikon Switzerland, with 15 offices across Europe, U.S, Middle East, and Asia. With more than 650 institutional clients, the firm has over $95 billion assets under management. The firm’s expertise lies in global private markets, liquid alternatives, and multi-asset solutions. Within their private markets division, they boast a large international team as part of a strategy of reaching funds and markets in Europe and Asia where local knowledge is a key competitive advantage. Notable investments are Lilium and Aspire.
Advent International
AUM: $95 billion
Advent international is one of the largest and longest serving independent private equity partnerships. Headquartered in Boston, however being a global firm, they have numerous offices outside of the U.S, most notably Hong Kong, Shanghai, and Mumbai. The firm was founded in 1984 and has since invested over $75 billion in over 410 private equity investments across 42 countries. With over $95 billion assets under management, the firm focuses on technology, retail, business and financial services, healthcare, and industrial sectors. Notable investments are YesBank and Ocensa.
Pathway Capital Management
AUM: $85 billion
Founded in 1991, Pathway Capital Management is a global private markets specialist firm investing on behalf of institutional investors. The firm is based in Irvine, California, and oversees over $85 billion in assets. The firm’s primary strategy is targeting risk-adjusted returns across the private market spectrum. The firm primarily invests in private equity, with a focus on buyouts and venture capital. In addition to private equity, the firm has limited investments made in private credit and infrastructure. Notable investments are Solaris.
Permira
AUM: $84 billion
Permira is a London-based investment management firm that was founded in 1985 as part of Schroders and became independent in 1996. The firm invests across asset classes, primarily in private equity specifically buyout, growth equity and credit funds. During the 1990s, Permira became the largest private equity firm in the Europe, and first in Germany and Spain. It opened offices in New York in 2002, Tokyo in 2005 and Hong Kong in 2008. Permira has made more than 300 investments focused across technology, consumer, services and healthcare sectors, with high profile investments such as Clearwater Analytics, Engel & Völkers, McAfee and Zendesk.
Warburg Pincus
AUM: $82 billion
Warburg Pincus is a leading global private equity firm focused on thesis-driven growth investing at scale. The firm was founded in 1966 and is based out of NYC with more than $82 billion of assets under management. Warburg Pincus has invested in more than 1,000 companies across more than 40 countries. Warburg Pincus has a significant presence in Asia, including offices in Beijing, Hong Kong, Mumbai, Shanghai, Singapore, and Tokyo. Notable investment is Allied Universal.
GCM Grosvenor
AUM: $76 billion
GCM Grosvenor is a Chicago, Illinois-based, alternative asset management firm founded in 1971. The firm has more than $76 billion of assets under management, with more than $30 billion dedicated to private equity. It tends to invest in growth equity and later stage companies as well as early-stage startups, offering clients access to the broad array of alternative investment classes. It has offices in Chicago, New York, Toronto, London, Frankfurt, Seoul, Tokyo, Sydney, and Hong Kong. Notable investments are Uber Freight and Groq.
Tiger Global Management
AUM: $75 billion
Tiger Global Management is a New York-based investment management firm, primarily a hedge fund but with private equity and venture capital arms, that invests across asset classes and was founded in 2001. The firm specializes in investments in the internet, software, consumer, and financial technology sectors. The firm has more than $75 billion of assets under management, notable investments that include Zip and Nomad.
Fort Washington Investment Advisors
AUM: $74.5 billion
Fort Washington Investment Advisors is an asset management firm that primarily invests in both public and private equity, fixed income, asset-liability management, leveraged credit, private debt, midstream energy, and securitized credit. With over $74 billion assets under management, the firm has expanded to have roughly 25% of its portfolio be non-U.S. Founded in 1990 and headquartered in Cincinnati, the firm has additional offices in Albany, San Francisco, and Cleveland. Notable investments are BlueArc and Novarra.
General Atlantic
AUM: $73 billion
General Atlantic is a growth/expansion investment firm headquartered in New York and founded in 1980. The firm focuses on buyouts and growth capital investments across various sectors, including business products and services, consumer products and services, information technology, financial services, healthcare, telecom, and manufacturing. The firm has more than $73 billion of assets under management with notable investments that include KAHOOT! and Shein..
Angelo Gordan
AUM: $73 billion
Angelo Gordon is a leading alternative investment manager focusing on credit and real estate investing. The firm was founded in 1988 by John Angelo and Michael Gordon in New York and has more than $73 billion of assets under management. Angelo Gordon has a significant presence in Asia, having raised over $2.5 billion of equity in 83 regional real estate transactions since 2005. The firm has raised several large funds, including the $1.3 billion Asia Real Estate Fund III, which invests in real estate opportunities across Asia. Notable investments are Revlon and DailyPay.
AlpInvest
AUM: $66 billion
AlpInvest is a global private equity company headquartered in Amsterdam that was formed in 2000 as a private investment firm for the two largest pension plans in Europe. The firm is currently owned by parent company Carlyle Group Inc and oversees $66 billion in assets. The firm invests on behalf of more than 450 investors from North America, Asia, Europe, South America, and Africa. The firm’s primary investment focus is through buyouts, venture capital, and private debt segments. Since its inception, the firm has committed over $90 billion to investments over multiple market cycles. Notable investment is Stagwell.
Apax Partners
AUM: $65 billion
Apax Partners LLP is a British private equity firm that was founded in 1969 and is currently headquartered in London. The firm invests globally across four core sectors, including technology, services, healthcare, and internet/consumer. With over $65 billion assets under management, Apax currently holds notable investments in Asian companies, such as YunZhangFang and SouFun.
Pantheon Ventures
AUM: $59 billion
Pantheon Ventures is a private equity, infrastructure, real assets, and debt investor founded in 1982 and based out of London. The firm has more than $59 billion of assets under management invests on behalf of over 660 investors, including public and private pension plans, insurance companies, endowments, and foundations. Pantheon Ventures has investment offices in four locations across three key regions, the US, Asia, and Europe. The firm’s infrastructure and real assets strategy focuses on diversified portfolios with a mix of core operational assets and value-add opportunities, with a focus on secondaries and co-investments. Pantheon’s Asia Fund Size is approximately $66.5 billion. Notable investments are ShiftKey and Skybox Security.
Cerberus
AUM: $60 billion
Cerberus Capital Management is a global private equity firm. The firm has more than $60 billion of assets under management and offices in the US, Europe, and Asia. The firm has a significant presence in China, with a focus on investing in distressed assets and non-performing loans. Cerberus Capital Management has raised several large funds, including the $5.1 billion Cerberus Institutional Real Estate Partners Asia, which invests in real estate opportunities across Asia. The firm was founded in 1992 and is headquartered in New York City. Notable investments are Highwinds and Air Canada.
HIG Capital
AUM: $58 billion
HIG Capital is a private equity and alternative assets firm based in Miami. The firm is owned by HIG Capital partners LP and was founded in 1993, operating a family of private equity, growth equity, credit, and real estate funds. The firm has over $58 billion assets under management and uses their scale to invest across sectors including manufacturing, technology, healthcare, and business services. Notable investments are eHealth and MX Technologies.
Adams Street Partners
AUM: $55 billion
Adams Street Partners is a global private equity firm founded in 1972. The firm is headquartered in Chicago, but holds offices in cities around the world, including Beijing, Seoul, Singapore, and Tokyo. The firm manages over $55 billion assets, and their primary strategies are in co-investments, growth equity, and private credit. With growth equity being the firm’s largest allocation of assets, they specifically target category-leading software, mobile, healthcare, security, and financial technology companies. Notable investments are Hopin and Orca Security.
Portfolio Advisors LLC
AUM: $40.8 billion
Portfolio Advisors LLC is a global private asset manager specializing in the U.S middle market. Founded in 1994 and based out of Darien, CT, the firm has come to manage over $40 billion in assets, and recently combined with FS Investments in 2023, making a combined $75 billion assets under management. The firm focuses on private equity, private credit, and private real estate investment solutions through a variation of direct, secondary, and primary investments. The firm recently raised over $1 billion for 11th Global Private Equity Fund in March 2023. The firm is mainly located in the US but hold offices in Hong Kong and Singapore.
Centerbridge Partners
AUM: $36 billion
Centerbridge partners is a global alternative investment firm that provides investment solutions though private equity, private credit, and real estate. The firm was founded in 2005, and currently headquartered in NYC with an additional office in London. Centerbridge currently has over $36 billion assets under management, with their core investment sectors consisting of financials, healthcare, industrials, technology, and real estate. Notable investments are Sabre and SpeedCast.
Horsley Bridge Partners
AUM: $23 billion
Horsley Bridge Partners is an international private equity fund that was founded in 1983. The firm is headquartered in San Francisco, but holds offices in both London and Beijing, allowing for a strategic presence towards emerging European and Asian markets. The firm’s venture capital approach focuses on early-stage strategies in technology sectors. With over $23 billion assets under management, Horsley Bridge hopes to continue to find rapidly growing venture investments in Asia’s emerging technology markets.
Siguler Guff
AUM: $16 billion
Siguler Guff & Company, LP is a multi-strategy private equity firm that was founded in 1991 and is based in NYC with over $16 billion in assets under management. Siguler Guff’s investment strategies include distressed real estate, distressed securities, multi-manager funds, and direct investment funds. The firm has a global presence with offices in New York, Boston, London, Moscow, Hong Kong, and São Paulo. The firm has made investments in China, such as the Siguler Guff Hp China Opportunities Fund. Notable investments are VerSe Innovation and Pics Art.
Lighthouse Partners
AUM: $15.3 billion
Lighthouse partners is a global investment management firm founded in 1999 and based out of Palm Beach Gardens, FL, that provides hedge fund solutions to its investors, offering a diverse asset mix and stronger growth with a lower correlation to traditional equity and fixed income allocations. Lighthouse partners obtains over 1500 investors, with over $15 billion assets under management and 5 office locations, including offices in Hong Kong and London. The firm uses a proprietary managed account program which includes over 100 managed accounts across numerous asset classes and geographies.
Rock Creek Group
AUM: $15 billion
Rock Creek is a global investment firm founded in 2003 based out of Washington D.C. that invests across numerous asset classes such as public equities, fixed income, real estate, venture capital, and real assets. Rock Creek has recently been focusing much of their interest towards India, as they predict India’s economy will grow from $3 trillion to $6 trillion by the end of the decade. With over $15 billion assets under management, Rock Creek aims to continue to invest in Indian companies that show exemplary corporate governance standards and that rarely rely on leverage. Notable investment is Gotham Greens.
K2 Advisors
AUM: $10.7 Billion
K2 Advisors is an American fund of funds investment firm headquartered in Stamford, Connecticut. K2 was founded in 1994, and is currently a subsidiary of Franklin Templeton Investments, with access to Franklin Templeton’s global network of experienced managers and over $1.4 trillion assets. The firm’s primary alternatives strategies lie in real assets, private debt, and private equity. With this strategy, the firm aims to establish a global presence, with personnel in the U.S, U.K, Spain, Poland, India, Japan, and Australia. With over $10 billion assets under management, K2 remains a relatively small fund of funds, with much growth opportunity as a subsidiary of Franklin Templeton Investments.
Top Tier Capital Partners
AUM: $7.9 billion
Top Tier Capital Partners is an investment manager founded in 2011 that focuses on venture funds, LP and direct secondaries, and direct investments. With $7.9 billion assets under management, the firm’s primary activity is focused on venture strategies that show potential for outsized returns, no matter what stage or sector the fund is located in. The firm’s secondaries provide liquidity solutions to venture funds and shareholders of venture-backed companies. The firm’s direct investment activity focuses on high-growth venture-backed companies, primarily in the technology sector. The firm is headquartered in San Francisco, with additional offices in Boston and London. Notable investments are Talkdesk and LaunchDarkly.
IIndustry Ventures
AUM: $7 billion
Industry Ventures was founded in 2000 and based out of San Francisco that is primarily a fund-of-funds and focuses on early-stage and growth-stage technology companies, with a particular emphasis on software and services. The firm has more than $7 billion of assets under management and has a diverse portfolio of investments across various sectors, including enterprise software, consumer internet, and financial technology. Notable investments are Acorns and Veho.
Trustbridge Partners
AUM: $5.5 billion
Trustbridge Partners is a private equity firm that invests in China’s technology, consumer, and healthcare sectors. The firm has a focus on growth-stage investments in China and the US. The firm has more than $5.5 billion of assets under management. Notable investments are Meituan and WeWork China.
Draper Fisher Jurvetson
AUM: $5 billion
Draper Fisher Jurvetson is a Menlo Park, California-based venture capital firm founded in 1985 and focused on early-stage and growth-stage investments. The firm has more than $5 billion of assets under management. DFJ invests across commercial space exploration, robotics, artificial intelligence, machine learning, SaaS, e-commerce, big data, clean-tech, and sustainable transportation. In January 2019, DFJ Venture, the early-stage team, spun out and formed Threshold Ventures.
CPE Capital
AUM: $4.3 billion
CPE Capital is a private capital investment firm founded in 1987 and based out of Sydney, Australia specializing in venture capital and private equity investments. The firm targets companies with earnings of $100-$750 million. The core feature of investment is focusing on offshore investments with one in three of their portfolio generates the majority of their earnings outside of Australia/New Zealand. The firm focuses on education, logistics, consumer healthcare, financial services and niche manufacturing. The firm has made more than 84 investments and has more than $4.3 billion of assets under management.
The Raine Group
AUM: $4 billion
The Raine Group is a New York-based private equity and global merchant bank founded in 2009 exclusively focused on sports, technology, media, and telecom with offices in New York, San Francisco, Los Angeles, Paris, London, Shanghai, Hong Kong, Singapore, and Mumbai. The Raine Group has more than $4 billion of assets under management and invests across geographies. It is leveraging its global reach in investing and offers advisory opportunities where its deep industry experience and unique network of strategic relationships can create value for portfolio companies and clients, especially in Asia. Notable investments are DraftKings and Heyday.
Next Legacy Management
AUM: $3.67 billion
Next Legacy Management is a wealth advisor and investment firm founded in 1999 and based out of Palo Alto specializing in venture capital and private equity investments. The firm has more than $3.67 billion of assets under management. They invest of the behalf of philanthropists, athletes, and “changemakers”.
Susquehanna Asia Investments (SIG China)
AUM: $3.5 billion
In 2005, SIG launched SIG China. Parent is Susquehanna International Group/Susquehanna Growth (SIG) is a privately-held global trading and technology firm. The fund is located in Shanghai, China. The SIG China team seeks to commit the firm’s capital to venture capital and private equity investments in China. As of 2022, the firm had invested in over 350 companies with over 70 exits. Notable early investment in ByteDance, among others.
Cendana Capital Management
AUM: $2 billion
Cendana Capital Management is a fund-of-fund investment firm founded in 2010 and based in San Francisco, California that invests in early-stage venture capital funds. The firm has more than $1.98 billion of assets under management. The firm’s investments in China include Cherubic Ventures, a Chinese venture capital firm. Notable investments are DataSift and Daily.co.
SkyBridge Capital
AUM: $1.8 billion
SkyBridge Capital is a global investment firm that was founded in 2005 and is currently headquartered in New York. SkyBridge offers digital assets and fund of hedge funds products including the SkyBridge Coin Fund and the First Trust SkyBridge Crypto Industry and Digital Economy ETF. Under normal market conditions, SkyBridge invests at least 50% of its net assets in Crypto Industry Companies, and 80% in digital economy companies such as MoonPay, Genesis, and Kraken. SkyBridge has $1.8 billion assets under management, including over $580 million in digital asset-related investments.
Morgan Creek Capital Management
AUM: $1.6 billion
Morgan Creek Capital Management is an investment management company based in Chapel Hill, NC that provides asset allocation, financial planning, portfolio management, and investment advisory services to institutions and wealthy families. The firm operates as a fund-of-funds and was established in 2004. The firm has more than $1 billion of assets under management. Morgan Creek Capital Management’s investment professionals are globally based with an office in Shanghai. Notable investments are Humacyte and Ledger.
Fidelity China Special Situations PLC
AUM: $1.3 billion
Fidelity China Special Situations PLC is focused on the long-term growth opportunity of China and is the UK’s only £1bn ($1.3bn) China investment trust. It was established in 2010 and based out of London. The portfolio is made up primarily of securities issued by companies listed in China and Chinese companies listed elsewhere. The Company may also invest in listed companies with significant interests in China. Notable holdings are in Tencent and Alibaba.
Spur Capital Partners
AUM: $1.2 billion
Spur Capital focuses primarily on early-stage, technology-centric, U.S. venture capital partnerships. The fund is based out Bartlesville, Oklahoma and was founded in 2001. Spur Capital Partners, an investor in venture capital funds, is out to raise $200 million for its seventh core fund. Notable investments are Airbnb and Doordash.
Translink Capital
AUM: $1 billion
Translink Capital is a Palo Alto-based venture capital firm that was founded in 2007. The firm invests across geographies but promotes itself as a gateway to Asia as a core focus. The firm emphasizes the significant cross-border operating experience and access to Asia, having helped over 150 startups across a range of sectors, including artificial intelligence, big data, enterprise software, internet-of-things, and consumer internet across 11 funds. The firm has additional offices in Beijing, Seoul, Kuala Lumpur, Tokyo, and Taipei. The firm has more than $1 billion of assets under management.
Focus Ventures
AUM: $830 million
Focus Ventures is a Palo Alto, California-based, venture capital firm investment in both early-stage and late-stage investments that specializes in financing companies in the software, communications, semiconductors, and internet industries. The firm was founded in 1996 by Kevin McQuillan. Focus Ventures has more than $830 million of assets under management. Notable investments are Sigma Networks and Yipes
ChinaRock Capital Management
AUM: $554 million
ChinaRock Capital Management, also known as CRCM, is a venture capital, private equity, and hedge fund firm based in Silicon Valley and Hong Kong, investing in the US and China. CRCM was founded in 2006 by Ding Chun as a spin-off from Farallon Capital Management. The firm has more than $540 million of assets under management. CRCM Ventures, the venture arm of ChinaRock Capital Management, focuses on investments in seed and early-stage companies in Silicon Valley and China, targeting the telecom, consumer services, and enterprise software sectors.
TSVC
AUM: $450 million
TSVC, coming from the TEEC Angel Fund is an early-stage venture capital firm founded in 2010 founded by Eugene Zhang and based out of Los Altos, CA. TSVC specializes in seed-stage investing in the deeptech, fintech, SaaS, and healthcare industries. The firm has more than $450 million in assets under management, touting more than 225 investments. TSVC is a veritable US-based cross-border affiliate of Tsinghua University, touting investments in mainland China and in Silicon Valley. TSVC uses its capital and connections to advance China’s semiconductor industry in collaboration with local governments. It actively touts its significant connections to China’s Tsinghua University. Some of TSVC’s notable investments include Zoom, Carta, Ginko Bioworks, and Iterable.
Cherubic Ventures
AUM: $250 million
Cherubic Ventures is an early-stage venture capital firm founded in 2010 and based out of Taipei that focuses on investing in startups at the seed and Series A stages. The firm primarily invests in technology-driven companies across various sectors, including consumer internet, enterprise software, and healthcare. The firm has more than $250 million in assets under management. Notable investments are Flexport and Wish.
Foothill Ventures
AUM: $245 million
Foothill Ventures, formerly known as Tsingyuan Ventures is a Los Altos, CA-based and founded in 2017. It was another spin-out of the Silicon Valley’s early-stage venture capital firm Tsinghua Silicon Valley Capital, formerly TEEC Angel Fund, which is a series of funds raised and administered by the Tsinghua Entrepreneur and Executive Club. Foothills Ventures is an early-stage venture fund investing in seed-to-A-round startups. The firm has more than $200 million of assets under management. It invests in deep tech from material science, analytics, artificial intelligence, cybersecurity, biotechnology, and robotics. It actively touts its significant connections to China’s Tsinghua University, well-known as one of the best universities in China. Some of the notable investments include Neural Galaxy, WeRide, MemVerge, and Metalenz.
Tyche Partners
AUM: $170 million
Tyche Partners is a Los Altos, California-based venture capital firm founded in 2015 by Weijie Yun. It invests in early-stage and growth stage hard and disruptive technology companies. The firm has more than $170 million of assets under management. It invests in the US and has made more than 33 investments.
Acorn Pacific Ventures
AUM: $150 million
Acorn Pacific Ventures is a Santa Clara, California-based venture capital firm founded in 2015 by Chih-Kai Cheng. It invests in early-stage and growth stage companies. The firm has more than $150 million of assets under management. It invests in the US and Asia. It prefers to invest across healthcare technology, IT, software, and consumer. Some of the notable investments include NGINX, Crown Bioscience, and Motiv.
Hone Capital
AUM: $150 million
Hone Capital is the US-arm of CSC Group, one of China’s largest and extensive private equity and venture capital investors in China. Hone is a Palo Alto, California-based venture capital firm founded in 2015 that invests in US companies. The firm has more than $150 million of assets under management and invests in early to growth-stage startups in the technology sector, using proprietary data-driven intelligence platform and our network of deep relationships with syndicate leads, sector experts, and VC firms. The firm touts leveraging proprietary machine learning and persistent tracking tools and their wide network of syndicate leads who essentially serve as a “distributed GP” network. Some of the notable investments include Guardant Health and Carbon Black.
11.2 Capital
AUM: $150 million
11.2 Capital is a venture capital firm based in San Francisco, California, that was founded in 2014. 11.2 Capital invests in firms with artificial intelligence, machine learning, robotics, and other emerging technologies. The firm has more than $150 million of assets under management, raising $101 million for its first fund. It has invested in notable companies such as Ginkgo Bioworks and Hinge Health.
DFJ DragonFund China
AUM: $100 million
DFJ DragonFund China, founded in 2006 and based out of Silicon Valley, was the joint venture between the internationally recognized venture capital firm Draper Fisher Jurvetson and DragonFund. DFJ Dragon Fund currently manages two US Dollar funds and one Renminbi fund. The firm had more than $100 million under management and focused on China-centric early and middle stage companies in the technology market. Some of the firm’s more notable investments include Taike Environmental Protection and BIGOFFS.
Wanxiang Healthcare Investments
AUM: Unknown
Wanxiang America Healthcare Investments is an Elgin, IL-based, corporate-backed venture arm of China’s largest auto-parts maker, Hangzhou-based Wanxiang Group, which was founded in 2016. The American arm of the conglomerate is led by Pin Ni. The firm targets early to growth stage healthcare and information technology companies and has made 37 investments. The fund also provided the seed capital for Chicago private equity firm, Geneva Glen Capital. Some of the notable investments include Aclima, Livongo, Forward, Watershed Health, Carallel, Akili, Higi, Ro and Augmedix.
