# MSA Capital

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

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Beijing, China
- **Region:** Asia
- **Address:** Beijing, China
- **Founded:** 2014
- **Assets under management:** Over $2 billion (per firm website)
- **Website:** www.msacap.com
- **LinkedIn:** https://www.linkedin.com/company/msacap

## About

MSA Capital is an SEC-registered investment adviser with approximately $10 million in regulatory assets under management. The firm has 1 employee and 1 investment adviser. It operates with a small team.

## Sectors

- Biotechnology
- Enterprise Software
- AI/ML
- Mobility & Transportation
- Digital Health

## People

- Jenny Zeng — Founder and Managing Partner
- James Feng — Partner
- Hanae Kawada — Partner
- Jiali Mao — Chief Operating Officer
- Walid — Partner, Chief Operating Officer for Emerging Technology Markets

## Questions

### Who runs investment decisions at MSA Capital?

Founder and Managing Partner Jenny Zeng oversees all China investments. The healthcare team is led by Partner James Feng, while Partner Hanae Kawada focuses on enterprise-facing core technology. Walid, a Partner and COO of Emerging Technology Markets, leads the firm’s Middle East and Africa practice. Each partner has autonomous coverage with central coordination from Beijing, per the firm’s website.

### How does MSA Capital source deal flow in the Middle East and Africa?

MSA’s MEA practice is led by Walid, a former Partner at Wamda Capital and Investment Manager at MENA Venture Investments. His track record includes originating or managing investments in Careem (acquired by Uber), Souq (acquired by Amazon), and Yemeksepeti (acquired by Delivery Hero). That on-the-ground operator network provides proprietary access to regional entrepreneurs, a sourcing channel most China-headquartered venture firms do not hold directly.

### What investment stages does MSA Capital target?

MSA covers the full venture lifecycle: seed, start-up, expansion, and late-stage growth. The firm also operates MSA Spark, a program designed to co-create companies from concept alongside founders, providing venture capital, management support, and human-resources infrastructure. This allows the firm to enter deals at formation and follow on through growth rounds.

### Does MSA Capital function like a venture capital fund or something else?

MSA is structured as a global investment firm focused on private venture and growth assets. Its blend of traditional VC investing, in-house company incubation through MSA Spark, and a dedicated emerging-markets practice makes its model closer to a venture platform with operating-company creation capability than a standard limited-partner fund.

### Which sectors does MSA Capital focus on?

The firm’s stated focus is biotechnology and enterprise-facing core technology. In practice, its portfolio spans electric vehicles (Nio), AI-driven health data (Yidu Cloud), online recruitment (BOSS Zhipin), mobility (Mobike), and next-generation drug development (Sironax, Pyrotech). These cluster around deep-tech and life sciences positions with global scalability.

### How is MSA Capital different from other China-headquartered venture firms investing globally?

Most peers either invest capital from the Middle East into Chinese assets or send small deal teams abroad. MSA embedded a senior Middle East partner directly into its leadership team, with a mandate to build and manage a dedicated on-the-ground portfolio. That dual-hub structure — Beijing for China deep-tech and biotech, MEA for emerging-technology markets — gives the firm a genuinely bilateral rather than export-oriented capital flow.

## Related profiles

- [MrPink VC](https://altss.com/profile/mrpink-vc)
- [MS&AD Ventures](https://altss.com/profile/ms-ad-ventures)

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Last updated: 2026-06-03T20:00:00.000Z

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