# Heyi Capital Management

Heyi Capital Management is a Venture Capital based in Shanghai, China.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Shanghai, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2018
- **Assets under management:** Undisclosed
- **Website:** cobuilder.vc

## Regulatory record

- **Reports private funds:** No

## About

Heyi Capital Management is a private equity firm based in Shanghai, China. It focuses on venture capital investments.

## Sectors

- Enterprise Software
- AI/ML
- Industrial Tech
- Robotics & Automation
- Energy Transition & Renewables

## People

- Benie Chen — Founding Partner
- Wang Huai — Founding Partner

## 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.

## Related profiles

- [Hexit Capital](https://altss.com/profile/hexit-capital)
- [Heyokha Brothers](https://altss.com/profile/heyokha-brothers)

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Last updated: 2026-06-03T20:00:00.000Z

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