Dragonfly Capital Partners
VC · San Francisco (United States)
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About
Dragonfly Capital Partners is a private equity firm focusing on investments in the consumer, healthcare, education, and technology sectors across Asia. The firm was established in 2017 by David Liu and Julian Wolhardt, both former partners at Kohlberg Kravis Roberts (KKR), where they were responsible for investments in the China region. Prior to their tenure at KKR, they collaborated at Morgan Stanley Private Equity. Dragonfly Capital Partners is headquartered in Beijing, China, with additional offices in Hong Kong and Shanghai. The firm's investment strategy emphasizes buyout deals, particularly in situations where family businesses seek to sell due to succession challenges. They also focus on state-owned enterprise reforms and taking companies private, as well as cross-border deals between overseas businesses and the Chinese market. In April 2019, the firm raised $2.5 billion for its debut fund, marking it as the sixth-largest China-focused fund since the 2007-2008 financial crisis. The fund was significantly oversubscribed, attracting investors such as GIC, Temasek Holdings, Caisse de dépôt et placement du Québec, and the New York State Common Retirement Fund. Dragonfly Capital Partners has been involved in backing notable companies, including Ping An Insurance, Mengniu Dairy, Haier, and China International Capital Corporation. In January 2025, the firm acquired Sun Art, a Chinese retail company, from Alibaba for $1.6 billion.
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