Sansheng Venture Capital

Lin Jinfeng, the founder, serves as the primary decision-maker. Sansheng's structure is principal-led, meaning Lin holds final approval authority on all investments. The firm does not operate a formal investment committee with external members, which is consistent with boutique Chinese venture firms of its generation where the founder's conviction drives portfolio construction.

Sansheng's sourcing model relies on Lin Jinfeng's network of former technology operators — engineers and founders who identify early-stage companies before they enter broad auction processes. This scout network provided access to deals outside the competitive Zhongguancun ecosystem, where term sheets from larger funds often arrived pre-emptively. The model works through trusted relationships rather than inbound pitch volume.

Sansheng focuses on early-stage technology investments, primarily Series A and select Series B rounds. Initial check sizes ranged from $5 million to $15 million, with the firm typically leading or co-leading rounds rather than participating as a passive minority investor. The firm did not operate a seed-stage program or a dedicated growth-stage vehicle.

Sansheng's confirmed sector coverage includes enterprise software, artificial intelligence and machine learning, fintech infrastructure, and mobility technology. The firm also has exposure to digital health. Sansheng avoided consumer-internet marketplace models that dominated Chinese venture portfolios during the 2010s, instead focusing on B2B technology infrastructure.

Sansheng operates as a venture capital firm, not a family office. While Lin Jinfeng's personal capital anchors the firm, Sansheng also pools capital from a small group of Chinese technology entrepreneurs who participate on a deal-by-deal basis. The firm does not provide wealth-management services or operate a multi-family office structure.

Sansheng primarily executes direct investments and does not publicly participate as a limited partner in external funds. The firm takes board seats in nearly every portfolio company, reflecting a high-conviction, concentrated approach rather than a fund-of-funds or passive LP strategy.

Sansheng co-invests selectively, and its portfolio companies have historically gone on to raise follow-on rounds from major Chinese venture franchises including Sequoia Capital China and Matrix Partners. The firm is willing to syndicate but typically seeks to lead or co-lead initial rounds to secure board representation and influence over governance terms.