Private Equity

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DragonBall Capital

Longzhu Capital is a venture capital subsidiary of Meituan-Dianping, based in Changsha, China. It has made 68 investments, including a Seed VC - II investment...

DragonBall Capital

Longzhu Capital is a venture capital subsidiary of Meituan-Dianping, based in Changsha, China. It has made 68 investments, including a Seed VC - II investment in NovaFusionX on April 10, 2026. Longzhu Capital has facilitated 5 portfolio exits, with Axera exiting on February 10, 2026.

General information

Firm type

Private Equity

Year founded

2017

AUM

Undisclosed

Location

Region

Asia

Country

China

City

Beijing

Corporate office

Beijing, China

Sector focus

TechnologyHealthcareConsumer

Frequently asked questions

Who runs investment decisions at DragonBall Capital?

DragonBall Capital has not publicly disclosed its investment committee or lead principals. No named executives or fund managers appear in public records or on the firm's nonexistent website or LinkedIn. The firm's investment governance structure remains opaque.

How does DragonBall Capital source proprietary deal flow?

The firm's sourcing strategy is not publicly documented. Given its Beijing headquarters and focus on Chinese startups, it likely leverages local networks and relationships—common among Chinese private equity firms—but no specific methodology such as scout programs, accelerator partnerships, or inbound models has been confirmed.

Is DragonBall Capital structured as a single family office or does it operate more like a venture firm?

DragonBall Capital is categorized as a private equity asset manager under public records. There is no evidence it operates as a single or multi-family office. Its strategy covers venture and growth equity, consistent with an institutional-style private equity firm rather than a family office.

Does DragonBall Capital participate in fund commitments or only direct deals?

No information exists on whether DragonBall Capital participates in fund-of-funds, direct investments, or co-investment structures. The firm's investment vehicle preferences—such as SPVs, club deals, or dedicated funds—are not publicly known.

What investment stages does DragonBall Capital typically target?

Based on available public records, DragonBall Capital targets early-stage seed, startup, expansion, and pre-IPO rounds. This indicates a stage-agnostic approach within venture and growth equity, covering the entire lifecycle from initial funding to late-stage pre-IPO investments.

Which sectors does DragonBall Capital explicitly avoid?

DragonBall Capital has not publicly listed any excluded sectors. Its disclosed focus includes technology, healthcare, and consumer—suggesting an avoidance of heavy industry, energy, real estate, and financial services, though this is inferred rather than stated.

Where does the underlying wealth come from?

The origin of capital managed by DragonBall Capital is not disclosed. Without named principals or a disclosed wealth origin, it is impossible to determine whether the capital comes from a single family, institutional limited partners, or a combination of sources.

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