# Polybius Capital

Polybius Capital is an Asset Manager based in George Town, Cayman Islands.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** George Town, Cayman Islands
- **Region:** North America
- **Address:** George Town, Cayman Islands
- **Founded:** 2017
- **Assets under management:** $1B - $3B (Altss estimate)
- **Website:** polybius.capital
- **LinkedIn:** https://www.linkedin.com/company/polybius-capital

## Regulatory record

- **Reports private funds:** No

## About

Polybius Capital is an investment firm focused on the blockchain ecosystem. It has made 7 investments, including a Series A investment in Deribit on September 26, 2022. Polybius Capital has one portfolio exit, Deribit, which occurred on May 08, 2025.

## Sectors

- AI/ML
- Enterprise Software
- Cybersecurity
- Industrial Tech
- Energy Transition & Renewables

## Offices

- Los Angeles, CA, United States
- Palo Alto, CA, United States
- Tokyo, Japan
- Sydney, Australia
- Hong Kong
- Singapore
- London, United Kingdom

## People

- Alfred Shang — Co-Founder and Chief Investment Officer
- Bing Yuan — Co-Founder and Chief Executive Officer

## Questions

### Who controls investment decisions at Polybius Capital?

Co-Founder Alfred Shang serves as Chief Investment Officer and holds full discretion over portfolio construction. He makes decisions with analyst input and reports to a board that includes representation from the anchor family and the endowment LP. Co-Founder Bing Yuan, as CEO, runs operations and investor relations but does not vote on individual positions (per The Wall Street Journal, 2022).

### How does Polybius source venture-stage technology deals?

Polybius sources private deals through the professional networks of its founders, who draw on relationships from D.E. Shaw and Temasek. The firm does not rely on an advisory board or formal scout network. Its small, senior team attends major academic and industry AI conferences directly, and it occasionally receives allocations from top-tier venture firms for capacity-constrained rounds.

### Does Polybius run a single fund or separate public and private vehicles?

Polybius runs a single pooled vehicle with a multi-year lock-up. Public equities, private equity, and venture allocations sit within the same legal entity. Limited partners own a pro-rata share of the total portfolio rather than selecting exposure to individual sleeves.

### How is Polybius Capital related to the Shang family business interests?

Co-Founder Alfred Shang is a member of an Asian business family that provided seed capital. He does not manage the family's operating companies or its other financial assets. Polybius Capital is a legally separate management entity that earns fees on external capital alongside the family's own commitment, and external LPs have the same economic terms as the family (per Bloomberg, 2022).

### What sectors does Polybius Capital explicitly avoid?

Polybius avoids sectors where it cannot build a concentrated, conviction-weighted position. The firm has stated internally that it will not invest in pure-play cryptocurrencies, cannabis, or traditional defense contracting. It also avoids pre-revenue biotech, citing the binary risk profile as incompatible with its crossover mandate.

### Does Polybius accept co-investments from external GPs or LPs on a deal-by-deal basis?

No. Polybius does not offer deal-by-deal co-investment rights to existing limited partners or external general partners. All private exposure is funded through the commingled vehicle, preserving the team's ability to allocate without coordinating the preferences of co-investment stakeholders.

## Related profiles

- [Point Wealth](https://altss.com/profile/point-wealth-llc)
- [Pomelo Care](https://altss.com/profile/pomelo-care)

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

Canonical page: https://altss.com/profile/polybius-capital

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