First Beijing

First Beijing

First Beijing operates as a closely held investment group established by Liu Zhenyun, with its center of gravity in Beijing. The firm reflects a model common among China's first generation of private wealth — moving from foundational operating assets into a structured portfolio spanning property, healthcare, and consumer enterprises. The office has historically favored direct, control-oriented positions over passive allocations. The firm's deployment strategy concentrates on private equity and real estate within Greater China. Known allocations emphasize operational control in growth-stage companies rather than minority stakes, with a portfolio spanning residential and commercial real estate developments alongside healthcare services and branded consumer goods. The group typically structures investments as direct equity or secured project-level vehicles, avoiding public-market exposure and maintaining a fully physical asset base. Team size remains undisclosed, but the firm is known to operate a lean internal structure supported by long-tenured affiliates. In recent years, the office has deepened its focus on domestic healthcare consolidation, aligning with China's regulatory push toward private hospital and senior-care development — a visible shift from its earlier heavy weighting toward real estate. The structural differentiator lies in its governance architecture. Unlike many mainland family offices that outsource decision-making to external wealth managers, First Beijing retains investment authority within the founding family and a tight circle of operating partners, creating speed and discretion in competitive domestic deal processes.