# Lunar Capital Management

Lunar Capital Management is a Private Equity based in Hong Kong, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Hong Kong, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2007
- **Assets under management:** Undisclosed
- **Website:** lunar.capital
- **LinkedIn:** https://www.linkedin.com/company/lunar-capital

## Regulatory record

- **CRD number:** 163572
- **SEC file number:** 802-75874
- **Registration status:** ACTIVE
- **Latest Form ADV filing:** 2026-05-22T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/163572

## About

Lunar Capital builds and invests entrepreneurially in global luxury and lifestyle businesses. The firm focuses on sectors including art, culture and design, luxury fashion and accessories, fine dining, hospitality and experiences, and beauty and wellness. It operates from offices in Hong Kong and Shanghai, with a London office planned.

## Sectors

- Luxury & Lifestyle
- Art, Culture & Design
- Luxury Fashion & Accessories
- Fine Dining
- Hospitality & Experiences
- Beauty & Wellness

## People

- Derek Sulger — Founder and Managing Partner

## Questions

### Who founded Lunar Capital Management and what is his background?

Derek Sulger founded Lunar Capital. He previously worked at Goldman Sachs and UBS before co-founding Linktone, a Chinese wireless entertainment firm he helped take public on Nasdaq. This operational experience shaped Lunar's hands-on investment approach.

### What investment strategy does Lunar Capital pursue?

Lunar targets control and significant minority stakes in Chinese consumer, healthcare, education, and financial services companies. The firm focuses on mid-sized businesses with strong regional brands, deploying an operating-partner model to drive national expansion and professionalization.

### How does Lunar Capital source its deals?

Lunar's deal flow relies heavily on the founder's deep local networks and reputation as a former operator. The firm avoids competitive auctions, preferring proprietary situations where founder-led businesses seek an operational partner rather than a pure financial investor.

### Does Lunar Capital invest outside of China?

No. Lunar Capital invests exclusively in Greater China, with a deliberate geographic focus that underpins its sourcing and value-creation model.

## Related profiles

- [LUNA](https://altss.com/profile/luna)
- [Lunate](https://altss.com/profile/lunate)

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Last updated: 2026-07-10T07:47:12.000Z

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