NGC Ventures

NGC screens for early-stage blockchain infrastructure projects — protocol layers, data indexing, storage, and interchain operability — across Asia and the US. The firm's team operates validator nodes via NGC StakeX on multiple proof-of-stake networks, which provides direct visibility into protocol roadmaps and technical communities before formal financing rounds. This operational proximity, combined with General Partners' networks from prior venture and banking roles, filters deal flow toward founders building lower-stack components of the crypto ecosystem.

NGC structures its participation to include both equity and token warrants, typical of early-stage crypto venture rounds. The firm's portfolio includes protocols where seed-stage equity converted alongside mainnet token launches, such as Solana and Avalanche. The firm has not publicly disclosed the ratio between equity positions and pure token-side agreements across its current fund vehicle.

NGC Ventures operates as a traditional venture capital firm, not a family office. The three General Partners — Roger Lim, Tony Gu, and Wayne Zhu — built the firm from their prior institutional backgrounds in venture capital, cross-border buyouts, and sell-side equity research, respectively. The firm has not disclosed its limited partner base or fee structure.

NGC StakeX is the firm's in-house staking and validation business, operated by partner Zi-hao Chen. It secures proof-of-stake networks — including Algorand, Skale, and NYM — by running validator nodes. This generates staking yield and voting power while creating an operational lens into protocol governance and network health, which feeds back into NGC's early-stage investment decisions on infrastructure projects.

NGC does not publish an exclusion list, but its stated investment thesis explicitly concentrates on blockchain infrastructure and DeFi, and it does not maintain allocations to traditional equities, real estate, credit, or non-crypto venture sectors. Its portfolio lists no healthcare, enterprise-software, or physical-asset investments outside of decentralized physical infrastructure (DePin) — a category it approaches from the crypto-native protocol side rather than industrial-operating expertise.

Investment decisions sit with the General Partner group: Roger Lim, Tony Gu, and Wayne Zhu. The firm does not publicly describe an investment committee structure, but partners and venture partners like Kay Fong and Andrea Chang lead individual deals, suggesting a consensus-driven model among the senior team. The operational side — staking, technical research, and portfolio support — is led by partners Jack Lu and Zi-hao Chen.

NGC has not publicly identified its limited partners or capital sources. The General Partners' prior venture and buyout experience — Lim at Innosight Ventures, Gu at Rhodium Capital — suggests ties to Asia-based institutional and high-net-worth allocators, but the firm makes no disclosures about fund size, LP composition, or fundraising history.