Keyin Fund

Founder Zheng Wei leads the investment committee and sets the firm's sector strategy, drawing on his prior tenure as a TMT investment lead at CITIC Capital. The firm has not publicly named additional general partners, and investment decisions are understood to be made by a compact internal committee that includes Wei and senior investment directors. The operating-partner network advises on diligence and portfolio management but does not hold formal voting authority.

The firm relies on Zheng Wei's relationships across China's venture ecosystem, cultivated during his CITIC Capital years, combined with the deal origination networks of its sector-focused operating partners. Keyin Fund also participates in syndicates with state-backed funds, which provides access to policy-aligned technology and healthcare companies that may not run broad fundraising processes. The firm does not maintain a formal university or incubator partnership program.

Keyin Fund executes direct equity investments and co-investments; there is no public evidence of a fund-of-funds allocation program or participation as an LP in external managers' vehicles. The firm's disclosed activity — including its role in X-Epic's 2023 Series B extension — is consistent with a direct-investment mandate across both venture and growth equity.

The firm invests from seed stage through pre-IPO, with particular density in Series A through growth equity rounds for enterprise-software and industrial-technology companies. Healthcare allocations span later-stage medical-device and diagnostics platforms. The dual RMB- and USD-denominated capital base allows Keyin Fund to back companies seeking either a domestic A-share listing or an offshore exit.

There is no public statement of sector exclusions, but the portfolio's observed absence of consumer-internet, gaming, and real-estate positions suggests a deliberate focus on enterprise-facing and regulated industrial sectors. The firm also shows no exposure to cryptocurrency, blockchain infrastructure, or carbon-credit markets.