Rotating Boulder Fund

Xu Xiaoping is the founder and primary decision-maker on the investment committee. He is supported by a group of partners with operational experience in China's technology and internet sectors. The firm's investment process is described as high-conviction and founder-driven, with Xiaoping's personal network heavily influencing sourcing and final commitments.

The firm relies heavily on Xu Xiaoping's extensive personal network, built through his career as an educator, co-founder of New Oriental, and early-stage investor at ZhenFund. Deal flow originates from university ecosystems, startup competitions, and referrals from alumni communities. This network-driven model gives the firm access to founders before they engage institutional venture capital.

Rotating Boulder Fund was founded by Xu Xiaoping and Wang Qiang in 2014, after the duo had already established ZhenFund. The two firms operate as distinct entities, though they share founding DNA and overlapping investment philosophies centered on early-stage, founder-first backing. Both are known for their presence in China's seed and angel-stage ecosystem.

The firm's primary investment geography is China, with portfolio companies concentrated in Beijing, Shanghai, Shenzhen, and Hangzhou. Some portfolio companies have expanded into Southeast Asian markets, but the fund itself is not known for direct international investments. Its limited partner base and deal sourcing remain predominantly domestic.

Rotating Boulder Fund's strategy spans pre-seed, seed, Series A, and occasionally later-stage growth rounds. The heaviest concentration is at the seed stage, where the firm often writes the first institutional check. It reserves capital for follow-on investments in portfolio companies that demonstrate strong product-market fit and attract co-investor interest.