Joy Capital

Liu Erhai is the founding partner and primary decision-maker. He previously worked at Legend Capital, where he led the firm's investment in Didi Chuxing, establishing a track record in mobility before spinning out to form Joy Capital in 2015. The firm maintains a flat partnership structure with investment authority concentrated around his office.

Joy Capital's strategy centers on direct equity investments. The firm does not market itself as a fund-of-funds investor nor does it maintain a separate LP commitment program. Its investment activity involves taking board positions and concentrated stakes in portfolio companies from seed through pre-IPO rounds.

The firm invests from seed and early-stage rounds through late-stage growth, adopting a stage-agnostic approach that allows it to maintain ownership across a company's lifecycle. This flexibility is critical in its core sectors — smart mobility and advanced manufacturing — where capital needs shift from R&D burns to production-line financing over long development cycles.

Joy Capital does not publicly enumerate excluded sectors. However, its investment history — dominated by smart electric vehicles, industrial AI, and robotics — demonstrates a consistent avoidance of sectors without physical production or supply-chain complexity, such as consumer internet, content platforms, and pure enterprise SaaS.