# Frees Fund

Frees Fund is an Asset Manager based in Shanghai, China.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Shanghai, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** www.freesvc.com
- **LinkedIn:** https://www.linkedin.com/company/frees-fund

## Regulatory record

- **Reports private funds:** No

## About

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. 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.

## Sectors

- Enterprise Software
- FinTech
- Digital Health
- AI/ML
- Industrial Tech
- Energy Transition & Renewables
- Media & Entertainment

## Offices

- Beijing, China

## People

- Li Feng — Founding Partner
- Lin Lu — Partner

## 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.

### 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.

### 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.

## Related profiles

- [Freeman Spogli](https://altss.com/profile/freeman-spogli-co)
- [Free Sky Capital](https://altss.com/profile/free-sky-capital)

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Last updated: 2026-08-11T02:43:31.692Z

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