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Frees Fund
Li Feng launched Frees Fund in 2015 after IDG Capital, investing across Chinese TMT, healthcare, hardware, and digital assets including Coinbase and...
Frees Fund
Frees Fund was formed in 2015 by Li Feng, who had previously served as a general partner at IDG Capital and deputy vice president at New Oriental Education & Technology Group. The firm operates from Shanghai and Beijing without disclosing a single-family capital base; it functions as a generalist venture investor anchored by Li Feng's institutional track record. Frees Fund deploys across seed, start-up, expansion, late-stage, and PIPE rounds in China, with a public commitment to being the first institutional check in early-stage technology. Its disclosed portfolio spans blockchain infrastructure and digital assets — including positions in Coinbase, Circle, Cobo, and Hashgard — alongside a broader mandate covering TMT, healthcare, hardware, and advanced manufacturing. The firm maintains an open-source industry membership with Hyperledger, underscoring a deliberate blockchain weighting. Co-investment flows often involve IDG Capital, where Li Feng was formerly a partner, indicating a durable relationship that shapes deal access (per Altss estimate). Team size and aggregate assets remain undisclosed, but the partnership includes Lin Lu alongside Li Feng. Frees Fund operates out of the ZJ Venture Studio Office in Shanghai's Pudong District and the Liangmaqiao Diplomatic Office Building in Beijing. It also runs Frees Club, a Shanghai-based networking app. Li Feng's role as a Forbes China 30 Under 30 judge and mentor extends the firm's brand into China's start-up ecosystem. Recent operational activity has not been publicly disclosed in the last 24 months. Frees Fund's architecture blends a traditional China VC partnership with a concentrated digital-asset book and a founder whose prior IDG Capital tenure provides an external deal-sourcing channel distinct from purely domestic networks. Without disclosed fund sizes or a family-office backer, the firm's structural differentiator is its combined exposure to China hardware and global crypto infrastructure — a dual mandate rarely held by early-stage managers of its vintage in Shanghai.
General information
Firm type
Generalist
Year founded
2015
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shanghai
Corporate office
Shanghai, China
Additional offices
Beijing, China
Principals
Li Feng
Founding Partner
Lin Lu
Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Frees Fund?
Li Feng, the founding partner, leads investment decisions. He was formerly a general partner at IDG Capital and held a deputy vice president role at New Oriental Education & Technology Group. Partner Lin Lu is also listed on the investment team. Day-to-day committee structure is not publicly detailed.
Does Frees Fund operate as a family office or a venture firm?
Frees Fund is structured as a generalist venture capital manager, not a single-family office. The firm raises external capital and makes third-party investments across the technology spectrum. No single-family wealth origin has been disclosed.
What is Frees Fund’s relationship with IDG Capital?
Li Feng was a general partner at IDG Capital before founding Frees Fund in 2015. IDG Capital frequently appears as a co-investor alongside Frees Fund, reflecting a durable post-departure deal-sharing relationship that shapes sourcing.
Does Frees Fund participate in fund commitments or only direct deals?
Frees Fund primarily makes direct venture investments across seed, start-up, expansion, late-stage, and PIPE rounds. The firm has not publicly disclosed a fund-of-funds program. Its co-investor pattern with IDG Capital suggests a preference for direct co-investment rather than LP commitments.
Which sectors does Frees Fund explicitly target?
The firm publicly targets TMT, healthcare, hardware, and advanced manufacturing. Its disclosed portfolio adds a meaningful blockchain component, with holdings in Coinbase, Circle, Cobo, and Hashgard, plus membership in the Hyperledger open-source project. No explicit sector exclusions have been published.
Does Frees Fund maintain any philanthropic or network structures?
Frees Club, a Shanghai-based networking app, operates alongside the main fund. No philanthropic foundation has been publicly disclosed. Li Feng's role as a Forbes China 30 Under 30 judge extends the firm's ecosystem influence beyond pure investing.
What is Frees Fund's known posture on co-investments alongside external GPs?
The firm co-invests regularly with IDG Capital, its founder's former partnership. No formal co-investment program or external LP syndicate has been described publicly, but the Frees Club app and Hyperledger membership indicate structured ecosystem-building that can generate deal-sharing relationships.
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.
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