Updated:
Eminence Ventures
Zheng and He launched Eminence Ventures in 2017 after their advertising-tech startup AdChina sold to Alibaba, then both served as investors at Integral...
Eminence Ventures
Zheng and He launched Eminence Ventures in 2017 after their advertising-tech startup AdChina sold to Alibaba, then both served as investors at Integral Capital. The firm operates as the exclusive China strategic partner of Emergence Capital, the US venture firm behind Salesforce, Zoom, and Veeva — a relationship that imports US enterprise-SaaS pattern recognition into the Chinese early-stage market. Eminence runs parallel US-dollar and RMB-denominated funds; its disclosed limited partners include sovereign wealth funds, charitable foundations, university endowments, family offices, and founders of top-tier Chinese internet platforms. Eminence writes seed through growth-stage checks into enterprise software, AI/ML, fintech, industrial technology, and mobility. The firm targets startups using generative AI to reshape content generation, professional services, productivity software, and cross-border commerce. Named portfolio holdings include Tezign, the AI content-infrastructure platform that raised $100 million in a Series C (per 36Kr, 2021); LaiKen, a cloud ERP for FMCG distributors; and Naturobot, an iPaaS automation provider. On the exit side, Eminence realized returns from early investments in collaborative-office platform YiQiXie, sold to Kuaishou, and the mobile-ordering network ZhangShang KuaiXiao, merged with YiJiuPi. The firm also publishes the proprietary Eminence Enterprise Cloud Index to track China's B2B cloud sector performance. The firm lists 10 investment professionals in Shanghai, led by Zheng, He, and partner Laven Luo, who drives software-cross-border and enterprise-fintech coverage. Investment directors Jason Liu and Yvette Hu extended the mandate in 2024–2025 into embodied AI, AI-driven scientific research, and global e-commerce infrastructure. The firm has not publicly disclosed total AUM or total deployment, describing its capital base only as "several hundred million US dollars" across its dual-currency vehicles. In May 2025, Eminence opened applications for its third annual AI Cloud 100 China list, doubling down on generator-native enterprise startups as the vector for domestic software value creation. Eminence's structural edge is its exclusive Emergence Capital partnership, which gives the Shanghai team direct access to the partner meetings, investment frameworks, and portfolio playbooks of the specialist US SaaS fund. That arrangement lets Eminence filter China's fragmented enterprise-tech landscape through a lens refined by Emergence's two decades of pure-play SaaS investing — a rights-to-play that no other early-stage China VC can replicate.
General information
Firm type
Venture Capital
Year founded
2017
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shanghai
Corporate office
Shanghai, China
Principals
Peter Zheng
Founding Managing Partner
Simon He
Founding Partner
Laven Luo
Partner
Joy Dai
Managing Director
Jason Liu
Investment Director
Yvette Hu
Investment Director
Emma Wang
CMO
Rachel Zou
Finance Vice President
Eileen Lin
Finance Director
Angela Ma
Operations Director
Sector focus
Frequently asked questions
How is Eminence Ventures related to Emergence Capital?
Eminence Ventures operates as Emergence Capital's exclusive China strategic partner, giving it direct access to Emergence's partner meetings, investment frameworks, and portfolio analysis. Emergence is the US-based enterprise-software specialist known for early investments in Salesforce, Zoom, and Veeva. The relationship is not a joint venture or commingled fund; Eminence makes independent investment decisions in China while leveraging Emergence's two decades of pure-play SaaS pattern recognition.
Who runs investment decisions at Eminence Ventures?
Founding managing partner Peter Zheng leads the firm alongside founding partner Simon He. Zheng was formerly a general manager at Tencent's advertising-platform group and co-founder of AdChina, which sold to Alibaba; He also spent 15 years at Tencent, AdChina, and Shanda before co-founding Eminence. Partner Laven Luo drives software-cross-border and enterprise-fintech coverage, while investment directors Jason Liu and Yvette Hu lead AI, embodied AI, and cross-border commerce verticals.
Does Eminence Ventures invest from a single fund or separate vehicles?
Eminence manages dual-currency funds — both US-dollar and RMB-denominated vehicles — enabling it to invest in Chinese companies regardless of their corporate structure. The firm has not publicly disclosed individual fund sizes, describing its total capital base as "several hundred million US dollars" sourced from sovereign wealth funds, university endowments, family offices, and Chinese internet founders.
What investment stages does Eminence Ventures typically target?
Eminence targets seed, start-up, and early-growth stages, with the ability to follow on through growth rounds. The firm concentrates on first- or second-check opportunities, typically into enterprise-software, AI, and cross-border commerce companies. Its early checks are sized to lead or co-lead rounds, and the partnership's Emergence Capital link informs stage-gate frameworks used to evaluate product-market fit in Chinese B2B markets.
Which sectors does Eminence explicitly avoid?
Eminence does not publish an explicit exclusion list, but its mandate is tightly circumscribed to enterprise-facing technology — software, AI/ML infrastructure, B2B marketplaces, and cross-border enablement. There is no evidence of consumer-social, biotech, hard-science, or manufacturing-heavy industrial investments outside of software-enabled industrial-technology plays.
What is Eminence's known posture on co-investments alongside external GPs?
The firm has not publicly outlined a formal co-investment program, but its Alibaba, Kuaishou, and multi-LP exits suggest it syndicates frequently with strategic corporate investors and other domestic venture firms. Eminence's structure as a dual-currency manager allows it to invite US-dollar LPs into deals alongside RMB-focused Chinese strategic partners, though the exact syndication playbook is not publicly documented.
Does Eminence maintain any philanthropic structures, and how are they separated?
There is no public record of a philanthropic foundation or donor-advised vehicle tied directly to the Eminence entity or its managing partners. The firm's LP base includes charitable foundations and university endowments, but those are limited-partner relationships, not Eminence-managed philanthropic structures.
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.
Need institutional-grade insight on venture capital firms?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: