# CDH Investments

CDH Investments is a Private Equity, Venture & Growth, Private Credit, Public Equities, Real Assets based in Central, Hong Kong.

## Overview

- **Organization type:** Private Equity, Venture & Growth, Private Credit, Public Equities, Real Assets
- **Headquarters:** Central, Hong Kong
- **Region:** North America
- **Address:** Central, Hong Kong
- **Founded:** 2002
- **Assets under management:** Over $20 billion (per the firm's official communications, 2023)
- **Website:** cdhfund.com
- **LinkedIn:** https://www.linkedin.com/company/cdh-investments

## Regulatory record

- **Reports private funds:** No

## About

CDH Investments is an alternative investment fund manager founded in 2002 in Beijing, China. The company offers investment services in private equity, real assets, venture and growth capital, mezzanine and credit financing, public equities, and wealth management. CDH Investments has made 459 investments and has 74 portfolio exits, including GenFleet Therapeutics on September 19, 2025.

## Sectors

- Enterprise Software
- Digital Health
- FinTech
- Consumer
- Healthcare Services

## Offices

- Beijing, China
- Shanghai, China
- Singapore

## People

- Wu Shangzhi — Founder and Chairman
- Jiao Zhen — CEO

## Questions

### Who runs investment decisions at CDH Investments?

Wu Shangzhi, the firm's founder and chairman, oversees overall investment strategy and firm direction. Jiao Zhen serves as CEO and participates in major investment committee decisions. CDH operates a partnership model where senior dealmakers across each strategy — buyout, growth, venture, mezzanine, and public securities — lead transaction origination and execution, with investment committees reviewing deals at the fund level.

### How is CDH Investments structured across its different strategies?

CDH operates five principal investment strategies under one partnership: buyout, growth equity, venture capital, mezzanine debt, and public securities. The venture and growth capital arm, CDH VGC, functions as a distinct platform with its own fund vehicles and investment teams, focusing on early-stage and growth-stage technology and healthcare companies. The firm also operates CDH Wealth Management, which serves domestic Chinese high-net-worth individuals with RMB-denominated products.

### Does CDH participate in fund commitments alongside external GPs?

CDH primarily makes direct investments rather than committing capital to third-party funds. The firm's venture and growth arm, CDH VGC, invests directly into portfolio companies. On the buyout side, CDH leads or co-leads consortium deals, occasionally partnering with other private equity firms — as it did in the $6.8 billion take-private of Belle International alongside Hillhouse Capital. The firm does not operate a fund-of-funds program.

### How is CDH related to its former parent, China International Capital Corporation?

Wu Shangzhi led a management buyout of CICC's direct investment department in 2002, taking the team and its portfolio into an independent partnership called CDH Investments. While CDH operates independently and has no formal ties to CICC today, several of its founding partners — including Wu Shangzhi and Jiao Zhen — were senior CICC executives. CICC itself later re-entered private equity through its CICC Capital platform, creating a competitive dynamic between the two firms.

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Last updated: 2026-06-03T20:00:00.000Z

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