Fengye Capital

David Wu, the founding partner, chairs the investment committee and retains final approval authority over all deployments. The firm operates without an external advisory board, so sourcing, due diligence, and approval are all centralized with Wu. Prior to founding Fengye in 2015, Wu was a venture partner at a Shanghai-based early-stage fund.

The firm sources through relationships with science parks, municipal guidance funds, and local government investment platforms in the Yangtze River Delta and Beijing-Tianjin corridors. These entities often co-underwrite Fengye's special-purpose vehicles. Wu's personal network, built during his prior venture role, also generates proprietary deal flow that bypasses competitive auction processes common among larger growth-stage platforms.

Fengye does not operate a blind-pool fund. Every investment is structured as a discrete special-purpose vehicle aligned to a single portfolio company, with limited partners opting in on a per-deal basis. This structure avoids the duration mismatch that affects many RMB-denominated closed-end funds and gives investors direct control over their exposure.

The firm concentrates on Series C through pre-IPO rounds, usually for companies generating revenue above RMB 100 million. Its underwriting requires a visible 12- to 24-month path to a domestic A-share listing on the STAR Board or a Hong Kong Exchange flotation. Hold periods are compressed to 18–36 months, reflecting this listing-timing discipline.

Fengye does not invest in consumer internet, real estate, or sectors subject to ad-hoc regulatory intervention such as private tutoring and gaming, per public record. The firm's disclosed positions and thematic focus remain strictly within enterprise technology, industrial automation, AI applications, and healthcare services — all sectors aligned with explicit state industrial-policy priorities.

The firm has historically targeted three to four deployments annually, maintaining a concentrated portfolio rather than a broad index approach. This pace allows Wu to personally oversee each deal's underwriting and listing preparation, with typical hold periods of 18–36 months from initial investment to public-market exit.

Fengye has built a recurring syndicate of Yangtze River Delta family offices that have co-invested alongside its SPVs since 2017. These relationships function as a standing co-investor club rather than ad-hoc syndications. The firm also partners with municipal guidance funds that provide both deal flow and co-underwriting capacity on a vehicle-by-vehicle basis.