INCE Capital

JP Gan, the founding partner, leads the investment committee and makes final allocation decisions. Gan previously spent over a decade at Qiming Venture Partners, where he was a managing partner responsible for backing Bilibili, Meituan, and Zhihu before exiting to start INCE. The firm is structured around a small general partnership, and no other named investment partners with independent decision-making authority have been publicly profiled.

Gan built his network across China's tech ecosystems during his Qiming tenure, and that founder-referral channel is the firm's primary origination engine. INCE also positions itself as an early, often lead investor in rounds that other institutional firms would crowd into later, using Gan's personal brand to compete for allocation. The firm does not operate an incubator or a public deal-sourcing platform.

INCE has exclusively closed US dollar-denominated funds as of its latest disclosed fundraising. This structure attracts institutional LPs seeking dollar-based returns and aligns portfolio companies with offshore exit paths, including Hong Kong and US listings, rather than the onshore A-share market.

INCE concentrates on seed through Series B rounds, with initial checks reported in the $5 million to $20 million range. The firm stays active in follow-on rounds for portfolio companies but does not run a dedicated growth-stage or pre-IPO vehicle, keeping its median entry point squarely in early-stage venture.

INCE has not publicly disclosed a formal exclusion list, but its portfolio and Gan's public statements suggest a deliberate absence from hard-tech sectors like semiconductor fabrication and biotech drug discovery, where capital requirements and regulatory timelines differ from its enterprise-software and consumer-tech focus. The firm also appears to have avoided cryptocurrency and blockchain-native investments.

INCE operates as a traditional venture capital firm with external institutional limited partners, not a family office. JP Gan founded it as a general partnership managing discretionary pooled funds. There is no indication that INCE manages a single-family balance sheet or offers wealth-advisory services.

No philanthropic vehicle or donor-advised fund associated with INCE Capital or JP Gan has been identified in public filings or the firm's own communications. The entity appears to exist solely as a for-profit venture investment manager.