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Black Hole Capital
Zhang Liang's Black Hole Capital deploys R&F Properties wealth into venture and digital assets from Beijing, including a Binance Series A stake.
Black Hole Capital
Black Hole Capital manages venture allocations for the family behind Guangzhou R&F Properties, one of China's largest property developers, co-founded by Zhang Li. From its Chaoyang District base in Beijing, the firm channels proceeds from a massive real-estate liquidity event into technology and digital-asset investments, functioning as an investment office embedded within a broader family holding. Zhang Liang (Johnson), the founder's son, leads the firm as Chairman. The firm's deployment ranges from seed-stage startup equity to expansion and late-stage rounds, with an observable focus on cryptocurrency and blockchain infrastructure. Black Hole Capital's most prominent deployment is its participation in Binance's Series A round, completed alongside co-investor Funcity Capital. Other confirmed positions include UChain, a decentralized peer-to-peer service platform. The firm co-invests frequently with Plum Ventures. Core geographic exposure centers on China and global crypto exchanges, bridging domestic early-stage tech with borderless digital-asset markets. The team operates a lean structure with Zhang Liang as the primary decision-maker, supported by co-investment partners rather than a large disclosed internal roster. The family's ownership includes Beijing R&F City residential units, reflecting the real asset backbone underpinning its venture activities. A known recent operational marker is the firm's ongoing management of the Binance Series A stake through the exchange's multi-year global expansion. Structurally, Black Hole Capital sits at the intersection of a second-generation family office and an opportunistic venture platform. The firm lacks a traditional institutional LP base, granting it permanent capital from the R&F real estate empire. Zhang Liang's mandate combines personal conviction in decentralized technology with the governance flexibility of a single-family pool, avoiding the fund-cycle constraints common to independent venture managers.
General information
Firm type
Single Family Office
Year founded
—
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Beijing
Corporate office
Chaoyang District, Beijing, China
Principals
Zhang Liang (Johnson)
Founder and Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at Black Hole Capital?
Zhang Liang (Johnson) is the Founder and Chairman and the primary decision-maker. He is the son of Zhang Li, co-founder of Guangzhou R&F Properties, the real-estate conglomerate that serves as the ultimate source of the office's capital. No external investment committee or additional named principals are publicly disclosed.
What is Black Hole Capital's foundational wealth origin?
The underlying wealth originates from Guangzhou R&F Properties, one of China's largest real estate developers. R&F was co-founded by Zhang Liang's father, Zhang Li, who is a member of the 11th Chinese People's Political Consultative Conference. The family office channels liquidity from this real-estate base into venture and digital-asset positions.
Does Black Hole Capital operate as a venture capital fund or a family office?
Black Hole Capital functions as a single-family investment vehicle, deploying permanent capital from the R&F Properties family rather than managing third-party LP commitments. Its investment posture, however, mirrors an opportunistic venture platform — participating in priced equity rounds, co-investing alongside other institutional investors, and holding direct stakes in private companies.
What is Black Hole Capital's relationship with Binance?
Black Hole Capital participated in Binance's Series A funding round, co-investing alongside Funcity Capital. The stake represents the firm's most prominent publicly identifiable position and signals a concentrated early conviction in cryptocurrency exchange infrastructure.
Does Black Hole Capital invest exclusively in China-based startups?
No. While the firm is headquartered in Beijing and has invested in domestic Chinese ventures such as UChain, its portfolio includes global exposure — most notably through its Binance position. Black Hole Capital appears to bridge China-based early-stage technology with digital-asset companies operating across borders.
Does the firm make real estate investments alongside its venture activity?
The family's underlying wealth is anchored in real estate, with known residential holdings including Beijing R&F City units on Guangqumenwai Main Street. The family office itself focuses its additional deployment on venture capital and digital assets, functioning as a diversification vehicle rather than a direct real-estate acquisition entity.
Which institutional co-investors does Black Hole Capital typically align with?
Black Hole Capital has co-invested with Plum Ventures across its portfolio and with Funcity Capital in the Binance Series A. These relationships suggest a pattern of partnering with other China-based venture firms that share an appetite for early-stage and expansion-stage tech deals.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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