# INCE Capital

INCE Capital is a Venture Capital based in Grand Cayman, China.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Grand Cayman, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** incecap.com
- **LinkedIn:** https://www.linkedin.com/company/incecap

## Regulatory record

- **CRD number:** 305380
- **SEC file number:** 802-117374
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/305380

## About

INCE Capital is a global venture capital firm founded in 2019 with an investment focus on early to expansion-stage companies that spearhead innovation in AI, technology, consumer, and biotech industries. The letters INCE embody the firm's mission to deploy INtelligent Capital Empowering the future greats. INCE has more than US$1 billion under management across its managed funds, with investment professionals spanning the U.S. and China.

## Sectors

- Enterprise Software
- AI/ML
- FinTech
- Digital Health
- ClimateTech
- Mobility & Transportation

## People

- JP Gan — Founding Partner

## Questions

### Who runs investment decisions at 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.

### Does INCE Capital raise renminbi funds or only US dollar vehicles?

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.

### What investment stages does INCE Capital typically target?

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.

## Related profiles

- [Inc & Co](https://altss.com/profile/inc-co)
- [Incendium Capital](https://altss.com/profile/incendium-capital)

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Last updated: 2026-08-11T15:07:05.535Z

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