# Joy Capital

Joy Capital is a Private Equity based in Beijing, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Beijing, China
- **Region:** Asia
- **Address:** Beijing, China
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** joycapital.com.cn
- **LinkedIn:** https://www.linkedin.com/company/joy-capital

## Regulatory record

- **CRD number:** 277061
- **SEC file number:** 802-106560
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/277061

## About

Joy Capital is an exempt reporting adviser in Grand Cayman, Cayman Islands.

## Sectors

- AI/ML
- Robotics & Automation
- Mobility & Transportation
- Enterprise Software
- Digital Health
- AgriTech & FoodTech

## People

- Liu Erhai — Founding Partner

## Questions

### Who runs investment decisions at 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.

### Does Joy Capital participate in fund commitments or only direct deals?

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.

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

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.

### Which sectors does Joy Capital explicitly avoid?

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.

## Related profiles

- [Joyance Partners](https://altss.com/profile/joyance-partners)
- [Joyful Ventures](https://altss.com/profile/joyful-ventures)

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Last updated: 2026-08-14T12:30:00.000Z

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