Milestone Investment Management

Investment decisions are led by the three founding partners: Jixun Foo, David Su, and Richard Li. Foo, formerly the managing partner of GGV Capital's Asia operations, chairs the investment committee. The firm operates a consensus-driven IC model where all partners must agree on new commitments over $10M, a structure Foo advocated for after observing concentrated decision rights at prior platforms (per public record, 2024).

Milestone is a traditional GP-run venture capital firm, not a family office. It manages two commingled blind-pool vehicles — a USD fund and an RMB fund — raised from institutional limited partners including endowments, sovereign wealth funds, and domestic Chinese guidance funds. The firm carries no permanent capital from a founding family.

Milestone invests exclusively through direct equity and occasionally leads or co-leads rounds, writing initial checks typically between $5M and $20M. The firm is not known to make fund-of-fund commitments or act as a passive LP in other managers' vehicles.

The firm concentrates on Series A and Series B rounds, with selective seed-stage activity for founders known to the partnership from their GGV network. Milestone reserves substantial follow-on capital to maintain ownership through later rounds. Buyout or pre-IPO crossover investments are not part of the current mandate.

The firm has publicly signaled it will not invest in consumer internet platforms, real estate technology, or crypto-native protocols. The mandate explicitly excludes sectors where predecessor fund GGV Capital held large late-stage exposure, as the Milestone team believes those categories now require capital scale beyond the fund's current deployment capacity.

Sourcing leverages the founding partners' two-decade network across Chinese and Southeast Asian technology ecosystems. Jixun Foo's board relationships from GGV's portfolio — including ByteDance, Alibaba, and DiDi — provide a proprietary referral funnel. The firm also maintains a dedicated tech-scout team embedded in five major Chinese university labs, mirroring a model Foo built at his prior firm.

Milestone has not disclosed any affiliated philanthropic foundation or donor-advised fund. The firm's LP agreements contain standard GP commitment provisions, but no separate impact or philanthropic vehicle has been announced as of mid-2025. Founders' personal philanthropic activities are held outside the firm's structure.