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Heyi Capital Management
Heyi Capital Management is a venture capital based in Shanghai, founded 2018; the Altss profile covers its classification, headquarters, registration, AUM...
Heyi Capital Management
Heyi Capital Management is a private equity firm based in Shanghai, China. It focuses on venture capital investments.
General information
Firm type
Venture Capital
Year founded
2018
Location
Region
Asia
Country
China
City
Shanghai
Corporate office
Shanghai, China
Principals
Benie Chen
Founding Partner
Wang Huai
Founding Partner
Sector focus
Frequently asked questions
Who runs investment decisions at Heyi Capital?
Investment decisions are led by Founding Partners Benie Chen and Wang Huai. Chen previously worked at Linear Venture, giving Heyi a direct lineage to China's deep-tech early-stage ecosystem.
How does Heyi Capital differentiate its deal-sourcing model?
Heyi employs a "Co-Builder" model that places operating partners directly into portfolio companies post-investment. This hands-on approach embeds operational expertise at the board and management level, which is structurally uncommon among RMB venture funds.
Does Heyi Capital manage both RMB and USD funds?
No. Heyi is a pure RMB-denominated fund manager. Its LP base consists of Chinese state-guided funds, insurance companies, and state-owned enterprises, giving it a domestic-only capital base without a parallel USD fund structure.
What investment stages does Heyi Capital typically target?
Heyi invests from seed through growth, with its heaviest concentration in early-stage Series A and B deep-tech rounds. The firm maintains flexibility to participate in later-stage rounds for standout portfolio companies, as evidenced by its follow-on participation in Enflame Technology's Series C+.
Where does Heyi Capital's capital come from?
Heyi's capital is sourced from domestic Chinese institutional LPs, including state-guided investment funds, insurance companies, and state-owned enterprises. The firm's inaugural fund closed at RMB 2 billion, an unusually large first-time vehicle in China's RMB venture market.
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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