# Pangmao Venture Capital

Pangmao Venture Capital is a Venture Capital based in Shanghai, China.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Shanghai, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2014
- **Assets under management:** Undisclosed
- **Website:** pangmaovc.com

## Regulatory record

- **Reports private funds:** No

## About

Pangmao Venture Capital is a private equity firm based in Shanghai, China. It focuses on venture capital investments. The firm is headquartered in Shanghai.

## Sectors

- Enterprise Software
- AI/ML
- Industrial Tech
- Robotics & Automation

## People

- Li Feng — Founding Partner

## Questions

### Who runs investment decisions at Pangmao Venture Capital?

Investment decisions at Pangmao Venture Capital are led by founding partner Li Feng. The firm operates with a lean partnership structure, and Li Feng is the primary identifiable decision-maker in public communications and portfolio interactions. The full composition of the investment committee has not been publicly disclosed.

### Which sectors does Pangmao Venture Capital explicitly focus on?

Pangmao concentrates on enterprise software, artificial intelligence and machine learning, industrial technology, and robotics and automation. The firm has deliberately avoided consumer internet, platform business models, and healthcare — a narrowing that distinguishes it from many generalist China-focused venture funds. This sector discipline has been consistent since the firm's founding around 2014.

### Does Pangmao Venture Capital invest from RMB or USD funds?

Pangmao has structured parallel RMB- and USD-denominated limited partnerships, a common architecture for Shanghai-based venture firms. RMB vehicles draw primarily from domestic institutional limited partners, while earlier USD vintages included select offshore family offices. The current fund mix and open fund status have not been publicly disclosed.

### How does Pangmao Venture Capital source its deals?

Pangmao sources deals through founder networks from Shanghai, Shenzhen, and Beijing technical communities, particularly among engineers and researchers moving out of industrial conglomerates, national labs, and top-tier engineering universities. The firm's narrow sector focus and Li Feng's long-running WeChat commentary on industrial technology trends serve as a visible inbound magnet for founders building in its target areas.

## Related profiles

- [Panda Equity Investment Fund Management](https://altss.com/profile/panda-equity-investment-fund-management)
- [Pangu Capital](https://altss.com/profile/pangu-capital)

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

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