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.
US Private Equity/Venture Capital, and Affiliated Managers, Investing in Adversarial Countries
INVESTMENT FIRM / FUND:
ASSETS UNDER MANAGEMENT ($US):
Fidelity Investments
AUM: $4.5 trillion
Fidelity Investments is a Boston-based global asset manager founded in 1946. Fidelity Investments, commonly referred to as Fidelity, earlier known as Fidelity Management & Research or FMR is one of the largest asset firms in the U.S. Fidelity International was established in 1969, becoming independent 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. Investments backed Eight Roads $350 million China-focused technology fund in 2022, which operates as an independent venture firm.
Eight Roads Ventures
AUM: $8 billion
Eight Roads Ventures is a cross-border and China-focused venture capital firm and is 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 U.S., Boston-based Fidelity Investments as a prominent limited partner.
Fidelity International
AUM: $1.8 billion
Fidelity International operates a fund, China Special, which was founded in 2010, and is the international arm of Fidelity Investments. The firm focuses in Asia on investments in the small and mid-cap public and private markets. 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 notable investments include SenseTime, Chime Biologics, Ant Group, Meituan, HiSense and Pony.ai.
Wellington Management
AUM: $1.2 trillion
Wellington Management Company is a Boston-based global asset manager that was founded in 1933. The firm invests in later stage venture capital, growth equity, and buyout funds, as well as public sector small-cap, mid-cap, and large-cap companies. It serves a wide range of clients. Some of the firm’s notable investments include LianBio, Gracell Biotechnologies, Affirm, Away, Airbnb, Harry’s, SeatGeek and SKIMS. It invests globally, including in China. The firm has more than $1.2 trillion of assets under management.
Oaktree Capital Management
AUM: $183 billion
Oaktree Capital Management is Los Angeles-based, global asset management firm founded in 1995. In 2019, Brookfield Asset Management acquired a majority interest in Oaktree but it operates as an independent business in the portfolio. The firm has more than $183 billion of assets under management, specializing in alternative investments. The firm invests across the capital structure with a diversified mix of global investment strategies in four categories: credit, private equity, real assets, and listed equities, emphasizing an opportunistic, value-oriented and risk-controlled approach. Notable investments include Airbnb, Array Technologies, REEF, Thrasio, Elevate Brands, BioXcel Therapeutics and JW Therapeutics.
SoftBank Investment Advisers
AUM: $154 billion
SoftBank Investment Advisers, also known as SoftBank Vision Fund, is a growth equity firm headquartered in London and founded in 2017. It is split-off from the Japanese wireless service provider and conglomerate, SoftBank. 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. Notable investments include Andela, Cameo, Collective Health, ConsenSys, Doordash, Flexport, Flock Freight, Pacaso, Klarna, Xmov, and SenseTime, but it has made numerous investments in China and Asia-Pacific given the patron and lineage.
Sequoia Capital
AUM: $85 billion
Sequoia Capital is Silicon Valley-based venture capital firm that was founded in 1972. The firm invests from early-stage to growth-stage in sectors that include software, healthcare, and consumer services. The firm has a prominent presence in China through its subsidiary, Sequoia Capital China, which is being split off and renamed HongShan. Sequoia Capital China/HongShan is raising an $8 billion fund (on top of the $56 billion) to invest in Chinese tech companies, following the split in 2024. The firm has more than $85 billion in assets under management.
HongShan Group
AUM: $56 billion
Sequoia Capital China, renamed HongShan, is the Beijing-based subsidiary of Sequoia Capital. HongShan specializes in seed-stage, early-stage, and growth-stage investments in private companies across technology sectors in China. The firm currently has over $56 billion assets under management..
Permira
AUM: $84 trillion
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.
Tiger Global Management
AUM: $75 trillion
Tiger Global Management is a New York-based investment management firm that was founded in 2001. The firm invests across asset classes, including investments in venture capital. 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.
General Atlantic
AUM: $73 billion
General Atlantic is a New York-based investment firm that was founded in 1980. The firm focuses on buyouts and growth capital investments across various sectors, including business products, business services, consumer products, consumer services, information technology, financial services, healthcare, telecom, and manufacturing. The firm has more than $73 billion of assets under management.
Coatue Management
AUM: $70 billion
Coatue is an American technology-focused investment manager founded in 1999 and led by founder and portfolio manager Philippe Laffont. Coatue, located in New York City, invests in public and private markets with a focus on technology, media, telecommunications. the consumer and healthcare sectors, with more than $70 billion of assets under management. Notable investment include ByteDance, Chime, and Box.
HSBC
AUM: $51.7 billion
HSBC Holdings is a London-based universal bank and financial services group that was founded in 1865. HSBC invests across numerous asset classes and sectors, and is known for its unique historical business links to East Asia and multinational footprint. The group currently has over $51 billion assets under management.
DST Global
AUM: $50 billion
DST Global is a Cayman-based venture capital and private equity firm that was founded in 2009. DST focuses on late-stage investments globally, including in China. The majority of the firm’s investments are in non-US companies. DST Global invests in late-stage ventures, which makes it slightly different from other venture investors, and its focus has traditionally been in the consumer internet sector, with over $7 billion in the sector. The firm currently has over $50 billion assets under management.
Mirae Asset Ventures
AUM: $50 billion
Mirae Asset Ventures is a Seoul, Korea-based venture fund founded in 1999 and the venture arm of Mirae Asset Global Investments operating in 14 markets and primarily working from Hong Kong. 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.
Farallon Capital Management
AUM: $41 billion
Farallon Capital Management is a San Francisco-based asset management firm that was founded in 1986 by Tom Steyer. The firm is primarily a multi-strategy hedge fund pioneered an absolute return model combining potential and risk adjusted returns and the first to raise capital from university endowments, but it also makes merger arbitrage, real estate, credit, value, and direct investments fashioning itself as a value investor rather than a trading firm. Farallon retains talent by allowing enterprising professionals to spin-off and run new funds with Farallon capital. For example, former Farallon members started Noonday Global Management and ChinaRock Capital/CRCM using the firm’s seed capital and back-office support. The firm also has offices in São Paulo, Tokyo, Singapore, and Hong Kong.
Brookside Equity Partners
AUM: $36.3 billion
Brookside Equity Partners is a Stamford, Connecticut-based private equity firm that was founded in 2012. The firm invests in growth-stage companies through leveraged buyouts, but also invests in specialized venture capital investments across various sectors, including business products and financial services. The firm has made more than 45 investments and has 25 exits throughout its history.
Providence Equity Partners
AUM: $35 billion
Providence Equity Partners is a Providence, Rhode Island-based private equity firm that was founded in 1989. The firm focuses on growth-oriented media, communications, education, and technology companies throughout North America and Europe. The firm currently has over $35 billion assets under management.
Accel Partners
AUM: $35 billion
Accel Partners is a Palo Alto-based investment firm that was founded in 1983. Accel’s notable investments include Facebook, Slack, Dropbox, Flipkart, Lynda.com, Atlassian, Braintree, Spotify, Myfitnesspal, Venmo, Vox Media. The IDG-Accel Capital Fund, a joint venture between media giant IDG and venture capital focusing on investing in companies within the information technology, healthcare, consumer technologies, and other emerging technologies sectors in China. The firm has more than $35 billion of assets under management.
Jasper Ridge Partners
AUM: $34 billion
Jasper Ridge Partners is a Menlo Park-based investment firm that was founded in 1999. The firm invests across all major asset classes, including public equity, fixed income, hedge funds, private equity, venture capital, real estate, and natural resources. The firm invests across numerous sectors within each asset class, and currently has over $34 billion assets under management
Lightspeed Venture Partners
AUM: $29 billion
Lightspeed Venture Partners is a Silicon Valley-based early-stage and growth-stage venture global capital firm that was founded in 2000. The firm invests across industries including consumer, enterprise, technology, and cleantech markets. The fund’s existing investments include notable companies such as Aurora, Grab, Seismic, Carta, Snap, QuantumScope, and Affirm. The firm has more than $29 billion of assets under management.
Lightspeed China Partners
AUM: $3 billion
Lightspeed China Partners is a Silicon Valley-based venture capital firm that was founded in 2011. The fund focuses on early-stage investments, and is the Chinese partner to Lightspeed Venture Partners, an American venture capital firm with more than $29 billion of assets under management. The firm has made notable investments in companies such as Pinduoduo, Meituan, Full Truck Alliance, and Xpeng. The fund currently has over $3 billion assets under management
Dragoneer Investment Group
AUM: $24.9 billion
Dragoneer Investment Group is a San Francisco-based investment firm that was founded in 2012. The firm invests globally in both public and private markets. Within private markets, the firm manages private growth equity funds that provide funding to private technology companies. The firm currently has over $24 billion assets under management.
IDG Capital
AUM: $23 billion
IDG Capital Partners is a Beijing-based investment and asset management firm that was founded in 1992. The firm specializes in venture capital, private equity, and M&A. IDG invests in early- and growth-stage funding for companies in various sectors, including internet, mobile and tech, modern services, brand, and healthcare. The firm currently has over $23 billion assets under management.
Kleiner Perkins
AUM: $20 billion
Kleiner Perkins is a Menlo Park-based venture capital firm that was founded in 1972. The fund makes investments across both early-stage and growth-stage companies, investing in diverse industries from technology, healthcare, and clean energy. and has invested in numerous successful technology companies. The firm has over $20 billion assets under management.
KPCB China
AUM: $266 million
KPCB China is the Shanghai-based subsidiary of Kleiner Perkins that was founded in 2005. The fund invests solely in China and has a combination of limited partners from the US and China. KPCB China’s investment advisory team operates independently and with flexibility focusing on Digital, Green Tech, and Life science opportunities. The fund has over $266 million assets under management.
New Enterprise Associates
AUM: $20 billion
New Enterprise Associates (NEA) is a Menlo Park-based global venture capital firm that was founded in 1977. The fund invests in early-stage and growth-stage companies across a wide range of sectors, including technology, big data, healthcare, and consumer services. While it does not have a designated Chinese investment arm, it has invested directly in Chinese startups and invested in funds in China, including Chinese-focused, Northern Light Ventures. The firm has more than $20 billion in assets under management.
Technology Crossover Ventures
AUM: $21 billion
Technology Crossover Ventures Technology Crossover Ventures (TCV) is a Menlo Park-based global venture fund founded in 1995. The firm was founded by Richard Kimball and Jay Hoag to seize opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies and invests through separate early- and growth-stage funds. The firm has built a track-record of backing private and public businesses that have developed into category-defining players across internet, software, fintech, and enterprise IT. The firm has more than $21 billion in assets under management.
Bessemer Venture Partners
AUM: $20 billion
Bessemer Venture Partners is a San Francisco-based global venture capital firm that was founded in 1911. The firm invests in early-stage and growth-stage companies across a wide range of sectors, including technology, healthcare, and consumer services. While it does not have a designated Chinese investment arm, it has invested directly in Chinese startups. The firm has more than $20 billion in assets under management.
Alpha Wave Global
AUM: $19 billion
Alpha Wave Global is a New York-based global investment firm that was founded in 2011. The firm invests across private markets, public markets, and credit. Within private markets, the firm invests in growth-stage venture companies, with no specificity on sector. The fund currently has over $10 billion assets under management.
OrbiMed
AUM: $17 billion
OrbiMed is a New York-based cross border investment fund that was founded in 1989. The firm invests globally across the healthcare industry through a range of private equity funds, public equity funds, and credit funds. that invests in the global healthcare industry, from seed-stage venture capital to large publicly traded companies. The company invests in industries like biotechnology, pharmaceuticals, medical devices, and healthcare services. The firm has over $17 billion of assets under management.
Third Point Ventures
AUM: $16 billion
Third Point Ventures is a Menlo Park-based venture capital fund that was founded in 1995. The fund primarily invests in early-stage companies within the technology sector, with notable investments such as Lyft and SoFi. The fund currently has more than 74 companies in their active portfolio.
Oak Hill Capital Partners
AUM: $16 billion
Oak Hill Capital Partners is a New York-based private equity firm that was founded in 1986. The firm primarily invests across four major sectors: services, industrials, media and communications, and consumer. The firm currently manages over $19 billion assets and has over 95 transactions throughout its more than 40 year history.
Intel Capital
AUM: $13 billion
Intel Capital is a division of Intel Corporation that is set up to manage corporate venture capital, global investment, and M&A. The division was founded in 1991 and is currently based in Santa Clara CA. The fund invests in companies operating in Cloud, Devices, Frontier, and Silicon sectors. The fund has access to Intel’s global reach and supports the corporate mission with more than $13 billion assets under management. The firm has a notable track record of investing BOCOM, Horizon Robotics, Eeasy Tech, Reconova Technologies, HuiyiHuiying/HY Medical, Geek+, JoySee, 6DX, 99cloud, Bluebank, Hampoo, Ninebot, Nuovo Film, PraFly, and AWcloud.
Qiming Venture Partners
AUM: $9.5 billion
Qiming Venture Partners is a Shanghai-based venture capital firm that was founded in 2006. The firm invests in early-stage and growth stage companies in China’s healthcare, technology, and consumer sectors. The firm has a notable track record of investing in Chinese companies such as ByteDance, Xiaomi, Meituan-Dianping, and Bilibili. The firm has more than $9 billion of assets under management.
GGV Capital
AUM: $9.2 billion
GGV Capital is a Menlo Park-based venture capital firm based that was founded in 2000. The firm focuses on multi-stage investments in seed-to-growth stage companies. The firm has a diverse portfolio of companies, with over 320 active companies in its portfolio. The firm Capital has a strong focus on digital transformation and backs the next generation of technology companies, primarily in the social and internet, enterprise tech, and smart tech sectors. The firm currently has over $9.2 billion assets under management.
Oak Investment Management
AUM: $9 billion
Oak Investment Partners is a Greenwich, CT-based venture and private equity investor founded in 1978. The firm is a multi-stage firm focused on early and growth stage venture investments and private equity. The firm targets information technology, internet and consumer, financial services technology, healthcare, and clean energy sectors with a typical investment of $10 million and $150 million. The firm has a diverse portfolio of companies, with over 525 investments and more than $9 billion investments.
Cercano Management
AUM: $8 billion
Cercano Management was founded in 2005 in Bellevue, Washington, and was formerly known as Vulcan Capital. It is a privately held investment firm that allocates across public markets, private equity, private credit and real estate. It has over $8 billion in AUM, with notable investments including SuperFocus and Blokable.
Matrix China
AUM: $7 billion
Matrix China is a Beijing-based venture capital firm that was founded in 2008. The firm invests in in the Chinese market, targeting startups in technology, media, telecommunications, and healthcare. The fund supports ventures in various industries, including software, e-commerce, and healthcare. Some of Matrix China notable investments include Xiaopeng, Vogo, and Beijing Che Lixing Information Technology. The fund currently has over $7 billion assets under management.
Matrix Partners
AUM: $4 billion
Matrix Partners is a San Francisco-based venture fund that was founded in 1977. Matrix invests in early-stage and growth-stage companies. Matrix China is a subsidiary venture fund located in Beijing, China. Notable investments by Matrix Partners includes Apple, Arrowpoint Communications, Digium, JBoss, JustFab, PSINet, SanDisk, TheLadders.com, Tivoli Software, and VERITAS Software. The combined firm has more than $11 billion of assets under management.
B Capital Group
AUM: $6.3 billion
B Capital Group is a Los Angeles-based venture capital firm that was founded in 2015. The firm invests in technology startups in four primary verticals: FinTech, Enterprise, Healthcare, and Opportunistic. The firm has over $6 billion assets under management, and have a strong presence in Asian markets with offices in Singapore, Hong Kong, and Beijing.
Cathay Capital
AUM: $5.4 billion
Cathay Capital is Paris-based investment manager that was founded in 2007 by Mingpo Cai. While Cathay Capital is primarily a private equity fund, it has a Palo-Alto, CA-based Cathay Innovation venture capital arm located in the US. The firm invests in across sectors and has made more than 230 investments across public equity and private growth equity. The Cathay family of funds, managed by New China Capital Management, consists of five funds dedicated to direct investments in China with total invested capital of $755 million and investors include numerous US and European-based investment funds, university endowments, family offices, trusts and high net worth individuals. Cathay’s parent fund has more than $5 billion assets under management. Some of the firm’s notable investments include Laiye, HashData, DataStory, Fanhua, Zhitian. Yuchai, and Cabio Bioengineering.
Lone Pine Capital
AUM: $5.4 billion
Lone Pine Capital is a Greenwich, Connecticut-based hedge fund that was founded in 1997. The firm invests in a number of sectors across public equity and private growth equity to fuel risk adjusted returns. The fund has additional offices in Palo Alto and New York, and currently has more than $5.4 billion assets under management.
Vivo Capital
AUM: $5.4 billion
Vivo Capital is a Palo Alto-based venture fund that was founded in 1996. The healthcare focused fund makes early-stage, late-stage, and public equity investments. 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.. The firm has more than $5 billion of assets under management.
Draper Fisher Jurvetson
AUM: $5 billion
DFJ is a Menlo Park-based venture capital firm that was founded in 1985. The fund focuses on early-stage and growth-stage, investing across commercial space exploration, robotics, artificial intelligence, machine learning, SaaS, e-commerce, big data, clean-tech, and sustainable transportation. The firm has more than $5 billion of assets under management.
DFJ DragonFund China
AUM: $100 million
DFJ DragonFund China is a joint venture between Draper Fisher Jurvetson and DragonFund that was founded in 2006. DFJ Dragon Fund currently manages two US Dollar funds and one Renminbi fund. The firm focuses 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. The firm has more than $100 million assets under management.
Lilly Asia Ventures
AUM: $4.5 billion
Lilly Asia Ventures 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 firm 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.
Access Technology Ventures
AUM: $4 billion
Access Technology Ventures is a growth stage venture investor based in New York and was founded 1986. The firm has more than $4 billion of assets under management and it is an investment subsidiary of Access Industries, a privately held, US-based industrial group with global strategic investments of more than $30 billion. Access Industries was founded in New York in 1986 by Len Blavatnik, a global entrepreneur and philanthropist.Their portfolio includes leading technology companies such as Alibaba, Amazon, Digital Ocean, Facebook, Opendoor, PinDuoDuo, Snap, Square, and Tencent Music.
DCM Ventures
AUM: $4 billion
DCM Ventures is a Silicon Valley-based venture capital fund that was founded in 1996. DCM invests in early-stage and growth-stage companies in the mobile, consumer internet, communications, and service sectors. Some of the firm’s notable investments include Matterport, Fortinet, Careem. The firm has more than $4 billion of assets under management.
Redpoint Ventures
AUM: $3.8 billion
Redpoint Ventures is a Menlo Park-based early-stage and growth stage venture capital fund that was founded in 1999. The fund invests in diverse industries, including software, consumer services, and e-commerce. The firm has more than $7 billion of assets under management.
Redpoint Ventures China
AUM: $691 million
Redpoint China Ventures is a Beijing, China-based venture fund launched in 2016. The fund focuses on early-stage and initial growth-stage startups in China’s telecom sector. The first fund was launched in 2016 under independent management after opening an office in China in 2005. The fund has more than $690.7 million in assets under management.
GSR Ventures
AUM: $3.7 billion
GSR Venture is a Palo Alto, California-based venture fund that was founded in 2004. The firm is focused on early-stage and growth-stage healthcare technology companies. The firm primarily investing in consumer goods and services, enterprise, and healthcare sectors. The firm has invested in notable Chinese startups that include DiDi Chuxing, ele.me, Inke, ofo, Qunar, Shanghai DZH. The firm has more than $3.7 billion of assets under management
Greylock Partners
AUM: $3.5 billion
Greylock Partners is a Menlo Park-based venture capital firm that was founded in 1965. The firm invests across both early-stage and growth-stage companies, primarily focusing on consumer and enterprise software sectors, including areas such as AI, crypto, commerce, cybersecurity, fintech, health tech, and more. Greylock has been instrumental in the growth of various companies, including Airbnb, Facebook, and Dropbox. The firm has over $3.5 billion in assets under management.
Susquehanna Int'l Group/SIG China
AUM: $3.5 Billion
SIG venture capital is the venture capital arm of New York-based investment firm, Susquehanna International Group (SIG), a hedge fund founded in 1987. Susquehanna Asia Investments was created by SIG as a China-focused venture fund, called SIG China, and has made more than 350 investments with more than 70 exits. SIG China was founded in 2006. The firm has more than $3.5 billion of investments. Some of the notable investments include Aruna, Kaodim, Pluang, and AsiaKredit.
GL Capital Group
AUM: $3.4 billion
GL Capital Group is a Beijing-based investment group that was founded in 2010. GL Capital specializes in early and growth-stage healthcare investments across both public and private markets. The firm supports startups in various industries, including technology, consumer services, and healthcare. The firm currently has over $3.4 billion assets under management.
IPV Capital
AUM: $3.4 billion
IPV Capital is a Shanghai-based investment firm that was founded in 2005. The firm primarily invests in early-stage companies in the technology sector. The firm has offices in Beijing, Shanghai, Shenzhen, and Silicon Valley. The firm primarily invests in Chinese companies, but also invests in non-Chinese firms able to tap the Chinese market on an opportunistic basis. The firm has more than $3.4 billion of assets under management.
Mayfield Fund
AUM: $3 billion
Mayfield Fund is a Palo Alto-based venture capital firm that was founded in 1969. The fund invests in both early-stage and growth-stage companies. The fund specializes in early-stage to growth-stage investments in enterprise and consumer technology companies, primarily in AI, deep-tech and human and planetary health sectors. The firm has more than $3 billion of assets under management
Sinovation Ventures
AUM: $3 billion
Sinovation Ventures is a Beijing, China-based cross-border venture capital firm that was founded in 2009. The fund invests in early-stage technology companies in the internet, mobile computing, software, and AI sectors. The firm opened a Silicon Valley office to invest in the US in 2013, now having invested in over 400 portfolio companies across the technology spectrum in China and the US. The firm has more than $3 billion of assets under management.
Walden International
AUM: $3 billion
Walden International is a San Francisco-based early-stage cross-border venture capital firm that was founded in 1984. Walden specializes in cross-border investments across various sectors, including Internet & Digital Media (consumer electronics), communications (communication), semiconductors, software & IT services. Walden was one of the first investment funds investing in China. The firm has more than $3 billion of assets under management.
G Squared Equity Management
AUM: $2.7 billion
G Squared is a Chicago-based venture capital fund that was founded in 2011. The fund invests in growth-stage companies across four major sectors: FinTech, consumer internet, mobility, and SaaS. The fund has made notable investments in Airbnb, Alibaba, OpenAI, and numerous others. The fund currently has over $2.7 billion assets under management.
Qualcomm Ventures
AUM: $2 billion
Qualcomm Ventures is a San Diego-based venture capital firm that was founded in 2000. The firm has a portfolio of over 360 companies exclusively in the technology sector, and 18 $1 billion exits. The firm holds offices around the world, including in China and India, and has over $2 billion assets under management.
Cisco Investments
AUM: $2 billion
Cisco Investments is a San Jose-based corporate venture capital arm of Cisco Systems that was founded in 1993. The firm has a portfolio of over 266 corporate investments and has invested in more than 50 venture capital funds as a fund-of-fund investor including Walden International and Walden Catalyst, Redpoint Ventures, CRCM Management, and Gobi Partners. The firm holds offices around the world, including in China and India, and has over $2 billion assets under management. Notable Chinese investments include 4Paradigm, Kyligence, Ketianyun, and ZillionSource.
Decent Ventures
AUM: $2 billion
Decent Ventures is a Menlo Park-based venture capital firm that was founded in 2007. The firm invests internationally in three primary sectors: enterprise, consumer, and frontier tech. The firm has over $2 billion assets under management, with over 300 global portfolio companies.
Pegasus Tech Ventures
AUM: $2 billion
Pegasus Tech Ventures is a San Jose-based venture capital fund that was founded in 2011. The fund invests in companies operating in the consumer, enterprise, fintech, AI, and healthcare sectors. The fund has more than $2 billion of assets under management. It has invested in over 250 companies, with 70 exits and 21 IPOs. Additionally, the fund’s portfolio includes companies from Asia, Europe, and North America.
BlueRun Ventures
AUM: $2 billion
BlueRun Ventures is a Silicon Valley-based early-stage and growth-stage venture fund that was founded in 1998. The fund invests in early-stage startup companies, covering innovative technology and interface, enterprise services, emerging consumer trends, healthcare services, etc. The firm has more than $2 billion of assets under management
BlueRun Ventures China/BRV China
AUM: $1.5 billion
BlueRun Ventures China (BRV China) is a Beijing, China-based fund that was founded in 2005. The fund focuses on early-stage venture investments, and has invested in over 150 startup companies, covering innovative technology and interface, enterprise services, emerging consumer trends, healthcare services. The fund 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.
NewView Capital
AUM: $1.9 billion
NewView Capital is a Burlingame California-based venture capital fund that was founded in 2018. The fund invests exclusively in high-growth technology companies in the growth-stage of development. The fund invests on a primary, secondary, and hybrid basis, and does not follow a minimum ownership requirement. The fund currently has $1.9 billion assets under management.
Bertelsmann Asia/Next Investments
AUM: $1.7 billion
Bertelsmann Investments, and Bertelsmann Next, an acceleration unit that is New York-based, was founded in 2016. Bertelsmann Investments comprises Bertelsmann’s global venture capital including Bertelsmann Asia, India, and Digital Media Investments funds. The fund invests exclusively in high-growth technology companies and invests on a primary, secondary, and hybrid basis, and does not follow a minimum ownership requirement. Bertelsmann Asia Investments focuses on sectors including urbanization and retail, finance, china-based conglomerates, social/media/content, and tech and infrastructure. As an evergreen fund, the firm has more than 400 investments and more than $1.7 billion assets under management.
AME Cloud Ventures
AUM: $1.5 billion
AME Cloud Ventures is a Palo Alto-based venture capital fund that was founded in 2012. The fund invests in seed to later stage companies building infrastructure and value chains around data. While the fund is based in California, they have strong ties and partnerships in China. The fund currently does not display their size by AUM, but they have raised over $1.5 billion in the past twelve months.
SOSV (SOS Ventures)
AUM: $1.5 billion
SOSV is a Princeton, New Jersey-based venture capital firm that was founded in 1995. The firm provides early-stage and growth stage funding to startups in the technology sector. With nearly 300 investments per year and a portfolio of more than 1,000 startups, the firm offers accelerator programs, connecting startups with corporate partners, mentors, and investors. The firm has more than $1.5 billion of assets under management.
GreenHills Ventures
AUM: $1.5 billion
GreenHills Ventures, LLC., is a private investment holding company established in 2001 for the purpose of investing in early stage companies. GreenHills Ventures manages all the investment activities for GH Fund I and GH Fund II. GHV Fund II invests in early stage healthcare technology, medical devices, mobile, wireless, and cloud software companies in the $1 – $5 million range. They have over $1.5 billion in AUM. Notable investments include Infocrossing, Digital Angel, and Viisage Technology.
Griffin Gaming Partners
AUM: $1 billion
Griffin Gaming Partners is a Santa Monica-based venture fund that was founded in 2019. The fund exclusively invests in the rapidly growing gaming industry. The fund has made notable investments in companies such as Forte, Discord, and Overwolf. The fund has not made any notable investments in Chinese products, but has increased their global presence by investing in gaming companies based in European and Middle Eastern countries. The fund has over $1 billion assets under management.
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.
Dragon Global
AUM: $1 billion
Dragon Global is a Miami-based private investment firm that was founded in 2012. The firm invests across venture capital and real estate asset classes. Within venture capital, the fund leverages artificial intelligence to build market-transforming consumer and enterprise companies. The firm has over $1 billion assets under management, and has made historic investments in large companies such as Meta and Twitter.
Alpha Square Group
AUM: $1 billion
ASG is a New York-based investment firm that was founded in 2015. It invests in global innovation across public and private markets, backing cutting-edge companies and top-tier managers primarily in Enterprise SaaS sectors. ASG is registered with the U.S. Securities and Exchange Commission and has more than $1 billion in AUM. Recent investments include JupiterOne and ControlRooms.ai.
Amino Capital
AUM: $1 billion
Amino Capital, formerly known as zPark Capital, is a Palo Alto-based venture capital fund that was founded in 2012. The fund invests exclusively in early-stage technology companies and has invested in over 260 companies since its inception in 2012. The fund currently has over $1 billion assets under management.
Alumni Ventures
AUM: $1 billion
Alumni Ventures is a Manchester, New Hampshire-based venture capital fund that was founded in 2014. The fund invests across numerous sectors, stages, and international regions. The fund receives funds from many different university alumni networks, and currently has over $1 billion assets under management.
Makers Fund
AUM: $1 billion
Makers Fund is a Singapore-based venture capital firm that was founded in 2017. The firm invests in content, platforms, and technology, focusing on the gaming and interactive entertainment industry. The firm has additional offices in San Francisco. The firm has more than $1 billion of assets under management.
Russia Partners
AUM: $1 billion
Russia Partners is a New York-based private equity firm that was founded in 1991. The firm focuses on investment opportunities in Russia and Europe, investing in companies operating in the advertising, publishing, construction material, consumer, household product, consumer service, financial service, leasing, IT service, logistics, media, pharmaceutical, real estate, retail, and telecommunication sectors. The firm currently has over $1 billion assets under management.
Breyer Capital
AUM: $925 million
Breyer Capital is an Austin, Texas-based venture capital and private equity firm that was founded in 2006. The firm focuses on artificial intelligence and machine learning and invests globally, including in China. The firm aims to transform technology and investment opportunities globally. Among the firm’s notable investments are Meta, Stash, Spotify, Etsy and ShieldAI. The firm has more than $900 million of assets under management.
Playground Global
AUM: $850 million
Playground Global is a Palo Alto-based early-stage venture capital firm that was founded in 2015. The firm focuses on investing in early-stage technology companies in the US and China. The fund primarily invests in deep tech companies and provide support in software, hardware, machine learning, marketing, talent, and design. The firm has previously invested in companies such as Nauto, a self-driving delivery startup, and Relativity Space, a 3D-printed rocket company. The firm has more than $850 million of assets under management.
BITKRAFT Ventures
AUM: $823 million
BITKRAFT Ventures is a Santa Monica, California-based venture capital firm that was founded in 2016. The firm focuses on Seed, Series A, and Series B investments in game studios, gaming platforms, and gaming-related technology. The fund has over 100 active investments, including big industry names like Epic Games and Discord. The firm has roughly $823 million assets under management.
ACME Capital
AUM: $780 million
ACME Capital is a San Francisco-based venture capital fund that was founded in 2013. The fund invests in early-stage companies across numerous regions and sectors including tech, FinTech, enterprise, and healthcare. Some of the funds’ notable portfolio investments are Airbnb, Forma.AI, and Robinhood.
Galaxy Interactive
AUM: $585 million
Galaxy Interactive is a New York-based early-stage venture capital fund that was founded in 2018. The firm has over 120 active investments in content, technology, and social commerce with an emphasis on video games and infrastructure backing virtual reality. The fund has over $585 million assets under management.
Vertex Ventures HC
AUM: $550 million
Vertex Ventures HC is a Palo Alto-based arm of Vertex Holdings, a Temasek Holdings-owned, cross border venture capital fund founded in 1988 as Singapore Technologies corporate venture arm. The firm focuses on life science and medical technologies companies. The firm has invested in more than 25 companies, mostly biotech and healthcare. The firm has more than $550 million of assets under management.
Axone Capital
AUM: $500 million
Axone Capital is a Newport Beach, California-based venture capital fund that was founded in 2012. The fund offers a variety of services, including real estate ventures, tax-advantaged investments, qualified opportunity zones, and various selected fund options. The fund currently has over $500 million assets under management.
Bridger Management
AUM: $411 million
Bridger Management is a New York-based investment firm that was founded in 2000. The firm manages investment vehicles that generate long-term adjusted total returns, focusing on publicly traded equities. The firm invests across numerous sectors, and currently has over $411 million assets under management.
3E Bioventures 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. 3E targets breakthrough, first-in-class therapies and disruptive cross-disciplinary innovations in medical devices and diagnostics. The firm has more than $375 million of assets under management.
JUMP Investors
AUM: $350 million
Jump Investors is a Los Angeles-based venture capital fund that was founded in 1999. The fund invests in a variety of real estate companies, private equity funds, hedge funds, and over 40 early-stage technology companies. The fund currently has over $350 million assets under management
Play Ventures
AUM: $310 million
Play Ventures is a Singapore-based venture capital fund that was founded in August of 2018. The fund primarily invests in early-stage gaming venture capital, with an emphasis on free-to-play and Web3 game studios. Being based in Singapore, the fund has a strong presence in Asian markets. The fund currently has over 50 active investments and over $310 million assets under management.
Plug and Play Ventures
AUM: $300 million
Plug and Play Ventures is a Sunnyvale, California-based venture fund that was founded in 1990. The fund specializes in early-stage startups across various sectors, such as fintech, health, and retail. The firm invests in more than 250 startups annually and operates in over 30 global locations, including China. The firm has played a key role in the success of companies like Dropbox, PayPal, and Honey. The firm has more than $300 million of assets under management
We Capital
AUM: $300 million
We Capital is headquartered in Singapore with offices in Shanghai and Silicon Valley and was founded in 2020. The firm focuses on early to growth-stage investment within technology, SaaS, consumer, and eCommerce sectors. The firm manages three funds denominated in US dollars with more than $300 million of assets under management. It invests in both the US and China. Some of the firm’s more notable investments include Palantir, Gusto, Weave, Branch, TuSimple, Rescale, Dray Alliance, Lilith Games and Asia companies, Poizon, FlashEx, LELECHA and Meituan.
FJ Labs
AUM: $260 million
FJ Labs is a New York-based venture capital fund that was founded in 2015. The fund primarily invests in technology startups, and over the course of its eight-year history, the fund has backed over 1,000 startups, 17 of which are from Asia. The fund currently has over $260 million assets under management.
MarketX
AUM: $250 million
MarketX is a venture capital and investment management frim located in San Francisco and was founded in 2015. Their managed fund focuses on investments in six sectors including transportation, industry cloud, new financial services, creative living, metaverse/blockchain, and lifestyle/education. They have over with over $250 million in AUM, with notable investments include ByteDance, Stack Overflow, Meituan, NeuReality, and Emerge.
Knickerbocker Capital/KFG
AUM: $151 million
Founded in 2010, Knickerbocker Capital is a hedge fund manager based in New York, New York. The firm employs an equity long/short and sector oriented. Knickerbocker Financial Group (KFG) is a New York based venture investment and family office capital network with over $151 million in assets under management. They invest in and curate next-gen digital businesses (Block-chain, Fin-tech, Digital Media & Marketplaces, and ClimateTech/ESG) and combine them with an extensive network of strategic capital partners. They work with some of the largest and most notable single and multi-family offices, venture and private equity firms and serial entrepreneurs.
Madrone Capital Partners
AUM: Unknown
Madrone Capital Partners is a Menlo Park-based private equity and venture capital firm that was founded in 2005. The firm is associated with Rob Walton, the eldest son of founder Sam Walton, and managed by his son-in-law Greg Penner. The firm is focused on alternative energy and China, but investments indicate a level of sector flexibility, with previous investments including Global Hyatt Corp., the ad agency, Wasserman, and the recent acquisition of the NFL’s Denver Broncos.
Microsoft Ventures/M12
AUM: Unknown
M12 is a Seattle-based corporate venture arm of Microsoft and Microsoft Ventures (the precursor to M12) was founded in 2016. The firm has a portfolio of over 107 companies exclusively in the technology sector, and has more than a dozen exits. The firm holds offices around the world, including in China. Notable investments include PsiQuantum, Laiye, Raven Tech, and Clobotics.
IMO Ventures
AUM: Unknown
IMO Ventures is a San Mateo-based venture capital firm that was founded in 2016. The firm exclusively invests in technology software, primarily artificial intelligence across China and the US. The portfolio consists of over 200 companies, 35 of which are currently valued at over $1 billion.
Iron Edge VC
AUM: Unknown
Iron Edge VC is a venture capital investment firm based in Morristown, New Jersey that was founded in 2018. The firm prefers to invest in the consumer products, healthcare, and IT. Notable investments include TopGolf and SpaceX.
Next Play Capital
AUM: Unknown
Next Play Capital and Legacy Ventures joined to create Next Legacy, and achieves maximum ROI by backing leading early-stage venture capital firms and enterprising founders. They aim to create an impact that reaches beyond monetary returns.
SternAegis Ventures
AUM: Unknown
SternAegis Ventures is the private equity investment banking division of Aegis Capital Corp. The fund is headquartered in New York and was founded in 2012. The fund primarily invests across three major sectors: energy, technology, and healthcare. The fund currently has 17 portfolio companies.
DFJ ePlanet Ventures
AUM: Unknown
DFJ ePlanet Ventures is a San Jose-based venture capital fund that was founded in 1999. The fund exclusively invests in the technology, media, and telecommunications sectors, with no particular focus on growth stage. The fund has more than 100 investments throughout their history.
