The Largest VC Firms in China

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Partners Group is a global private markets firm with USD 174 billion in assets under management and c. 1,800 professionals across 23 offices worldwide. We seek to generate superior returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. As a committed, responsible investor, we aim to deliver lasting, positive impact for all our stakeholders. We provide an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. Partners Group has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).

We look at investing through a different lens.Taking an active approach to investing means looking at asset management through a different lens—one with a clear focus on our clients.Throughout market cycles, teams of specialists at Principal Asset Management have applied local insights and global perspectives to optimize results.This clear point of view allows us to identify the most compelling opportunities now, while positioning for what’s next.Follow us to tap into insights and updates on how your world connects with investments, capital markets, and economic events.Principal Asset Management℠ is a trade name of Principal Global Investors, LLC. Principal®, Principal Financial Group®, Principal Asset Management, and Principal and the logomark design are registered trademarks and service marks of Principal Financial Services, Inc., a Principal Financial Group company, in various countries around the world and may be used only with the permission of Principal Financial Services, Inc.To obtain a prospectus, download online or call Customer Service at 1.800.222.5852. https://bit.ly/3SR5AnLInvesting involves risk, including possible loss of principal.Principal Funds are distributed by Principal Funds Distributor, Inc.

EQT is a global investment organization focused on active ownership and thematic investing across private capital, infrastructure, and real estate, from early-stage ventures to large-cap buyouts.

Alibaba Group Holding Limited operates as a holding company. The Company provides internet infrastructure, e-commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

Silicon Valley Bank (SVB) is a specialized financial partner for the innovation economy, serving startups from pre-seed to IPO, as well as venture capital and private equity investors globally.

Lendable is a technology-enabled investment platform providing debt and financing solutions to high-growth fintech companies and impact alternatives in emerging and frontier markets.

Novo Holdings A/S is the holding and investment company responsible for managing the assets of the Novo Nordisk Foundation, one of the world's largest enterprise foundations. Established in 1999, the company is headquartered in Copenhagen, Denmark, with offices in London, San Francisco, Boston, Singapore, and Shanghai. As of 2024, Novo Holdings manages total assets of DKK 1,060 billion (€142 billion). The company's primary objective is to improve people's health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. To achieve this, Novo Holdings invests in life science companies at all stages of development and manages a diversified portfolio that includes equities, bonds, real estate, infrastructure assets, and private equity investments. In 2024, Novo Holdings reported record total income and investment returns of DKK 60 billion (€8.0 billion), driven by strong performances from its investment portfolio and the Novo Group companies. A significant recent development was the completion of a $16.5 billion acquisition of Catalent, a contract drug manufacturer, in December 2024. This strategic move aims to bolster the production of Wegovy, a popular weight-loss drug, to meet increasing demand. Novo Holdings' investment areas include life science investments, capital investments, and planetary health investments, with a focus on regions such as North America, Europe, and Asia. The company's guiding principles emphasize high performance with respect and responsibility, an ambitious strategy focused on return-driven investments, and excellence in operations, including talent development and strong governance.

Keppel is a global asset manager and operator with strong expertise in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity. Headquartered in Singapore, Keppel operates in more than 20 countries worldwide, providing critical infrastructure and services for renewables, clean energy, decarbonisation, sustainable urban renewal and digital connectivity.Keppel creates value for investors and stakeholders through its quality investment platforms and diverse asset portfolios, including private funds and listed real estate and business trusts, and has a total portfolio with more than S$65 billion of assets under management.

Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in over 170 companies and has become a leading private equity firm specializing in growth-oriented investments in media, communications, education and technology.Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in over 170 companies and has become a leading private equity firm specializing in growth-oriented investments in media, communications, education and technology.

Shenzhen Capital Group Company, Ltd. (“SCGC”) is a venture capital firm (“VC”) in China. SCGC was originallyco-founded by the Shenzhen Municipal Government and a group of private partners in August 1999, SCGC is now a privately and independently managed VC. Since its establishment, SCGC’s venture capital investments have focused on cultivating domesticand international companies, helping to shape national brands, and promoting economic transformation and emerging industries. SCGC has registered capital of 5.42 billion RMB and total asset under management (“AUM”) of 346.36 billion RMB.SCGC primarily invests in innovative high-tech companies in emerging industries in their start-up, growth or pre-IPOstage. SCGC investments are extensive, including,but not limited to, investments in information technology (“IT”), internet, new media, healthcare, new energy, environment protection, chemical engineering, new material, advanced manufacturing, consumer goods, modern service, etc. As of February, 2020, SCGC is ranked the No.1 VC in Chinabased on the overall number of portfolio companies (1082), the total investment amount (49.3 billion RMB) and the number of portfolio companies that are listed on capital markets worldwide (160 companies listed in 16 different capital markets).

Terra Firma drives value creation. Founded by Private Equity pioneer Guy Hands in 1994, Terra Firma has a 26-year track record of investing in transformational private equity, operational real estate and infrastructure plus. Since establishment, Terra Firma has invested €18 billion in 39 businesses with an aggregate enterprise value of over €51 billion. Terra Firma means ‘solid ground’. It reflects our consistent and distinctive approach to investment. We buy asset-rich businesses in essential industries that can be transformed through fundamental change in the long term. As such, we invest time, money and expertise into transforming the strategy, operations and finances of the businesses we acquire, recognising that long term success is not achieved purely by focusing on short-term objectives but through dedicated partnership, integrity and tenacity.

Founded in 2012 and headquartered in Shenzhen and Hong Kong, China Merchants Capital is the private equity arm of China Merchants Group. With over US$43 billion in assets under management as of 2017, we invest in private equity and real estate opportunities home and abroad. We generate value for our investors through disciplined approach, professional management, active oversight, and synergies with China Merchants Group. Mission: To generate superior returns for our investors by integrating resources within and outside our group. Vision: To become a world-leading private equity firm. Core Value: Preserve the century-old spirits of China Merchants Group.

Boyu Capital is an alternative asset management firm founded in 2010 by Alvin Jiang. The company specializes in private equity, public equities, real assets and infrastructure, and venture capital. With a focus on fast-growing companies, particularly in the Greater China region, Boyu targets sectors such as consumer and retail, financial services, healthcare, media, and technology. The firm manages investments in publicly traded companies and provides capital for real estate and infrastructure projects. Boyu Capital also supports early-stage companies with innovative ideas. The company has attracted significant investors, including the Li Ka Shing Foundation, GIC, Temasek Holdings, and the New York State Common Retirement Fund. With offices in Beijing and Hong Kong, Boyu Capital plays a key role in the Chinese investment landscape, managing tens of billions of U.S. dollars.

UOB Venture Management Private Limited (UOBVM) is a wholly owned subsidiary of United Overseas Bank (UOB) Limited, one of Asia's leading international banking and financial groups. Founded in 1935 and listed on the Singapore Stock Exchange since 1970, UOB has more than 500 offices in Southeast Asia and Greater China. The UOB Group has total assets of more than S$300 billion.Operational since 1992, UOBVM has provided financing to more than 100 privately held companies through direct equity investment, mainly in Southeast Asia and Greater China. Our investments include responsible investing where communities are enriched through our ESG policies and impact investing.

Warburg Pincus is a global private equity firm founded in 1966, specializing in growth investing across various sectors and geographies. With over $87 billion in assets under management, the firm has invested in more than 1,000 companies worldwide. Their investment focus spans business services, capital solutions, consumer, energy transition & sustainability, financial services, healthcare, industrials, real estate, and technology. Warburg Pincus operates with a global approach, bringing together deep expertise across sectors to unlock cross-industry insights and opportunities. The firm is headquartered in New York City, with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.

American Securities is a leading U.S. private equity firm with approximately $26 billion under management. Based in New York with offices in Shanghai, the firm invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion. Our mission is to generate superior returns by making investments in great businesses and helping management better them.

As the first foreign investment institution to enter China, IDG Capital brings a powerful combination of global perspective and local resources to investment management. Founded in 1992, IDG Capital has invested in more than 1400 companies and made over 400 successful exits across the globe through IPOs and M&A. IDG Capital has funded more than half of all Chinese unicorns in early rounds. It is now among the top three investors in Chinese unicorns, with 33 portfolio companies each valued at more than US$1 billion, according to the 2019 Hurun Report. World-renowned IDG Capital’s portfolio companies include Tencent, Baidu, Coinbase, Ctrip, Xiaomi, Meituan, iQiyi, SenseTime, Circle, Moncler and Farfetch. At IDG Capital, we value scientific research, technology innovation and strategic partnership. Our global reach is sustained through our worldwide offices in New York, London, Beijing, Guangzhou, Hangzhou, Hong Kong, Macau, Shanghai, Shenzhen, Seoul, Hanoi and Ho Chi Minh City.

Vitruvian Partners is an international investment firm that supports the most ambitious and talented entrepreneurs and higher growth companies to achieve their goals. We invest in higher growth, dynamic situation buyouts and growth capital investments. We back exceptional entrepreneurs and management teams in companies creating sustainable high growth and strategic value. We invest between €40m-€600m+ in companies typically valued between €75m-€4bn+.

Hony Capital, founded in 2003 and sponsored by Legend Holdings, is a leading investment management firm. It focuses on the development of China’s real economy with “Value creation, Price Realization” as its investment philosophy. Hony Capital puts China as its top market with investments in over 100 companies in areas of pharmaceutical and healthcare, consumer products, catering, media and entertainment, environmental protection and new energy, as well as machinery and equipment manufacturing. Hony Capital’s portfolio companies include China Shijiazhuang Pharmaceutical Group (CSPC), Zoomlion, China International Marine Containers (CIMC), Suning, Chengtou Holding, Jin Jiang International Hotels, ENN, PizzaExpress (UK), STX(US) , WeWork (US) , I-Mab Biopharma, COFCO Capital, Zoomlion Environmental Industry(Zoomlion-Enviro), etc. The assets value of these companies totals about RMB 2.9 trillion with sales volume of RMB 860 billion, providing more than 450,000 jobs. Hony Capital strives to become a trustworthy and respected leading Chinese investment management company with worldwide prestige and long-term strength.

TenOneTen Ventures is a Los Angeles-based venture capital firm that invests early in technical teams transforming major industries like healthcare, logistics, and manufacturing using AI and data.

Legend Capital (君联资本), established in 2001, is a leading professional investment institution in China focusing on early-stage venture capital and growth-stage private equity investments. With over 25 years of history, it manages over 90 billion RMB and has invested in more than 600 companies, including 124 IPOs and nearly 100 M&A exits.

Breyer Capital is a premier global venture capital and private equity investor focused on catalyzing high-impact entrepreneurs in the United States and China. Our team frames strategic investments anchored by the passion of founders, the insights of our network of world-class investors, and a conviction that artificial intelligence and machine learning will transform technology and investment opportunities globally. Technology is an enabler not a replacer.

Sapphire Ventures is a venture capital firm partnering with expansion-stage, B2B enterprise software companies to help them scale from expansion stage to IPO.

Eight Roads Ventures is a global venture capital firm with over 50 years of investing experience and more than $11 billion in assets under management. The firm has invested in over 500 portfolio companies worldwide, focusing on sectors such as technology, healthcare, and consumer services. Their investment philosophy emphasizes long-term partnerships with entrepreneurs, providing strategic support and resources to help companies scale and succeed. Notable portfolio companies include AppsFlyer, Icertis, and Paidy.