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Simiao Capital
Raymond Zage's Simiao Capital runs concentrated, long-duration equity in Greater China tech founders. Founded 2013 in Shanghai.
Simiao Capital
Raymond Zage founded Simiao Capital in 2013, transitioning from a two-decade career that included leading Goldman Sachs's Asia ex-Japan FIG business and serving as a partner at TPG Capital Asia. The firm operates as an independent, registered investment manager with a public-equity focus, rooted in a fundamental, research-intensive approach to Greater China technology. Zage's governance background — he held board seats at several Asian financial and technology companies — shaped the firm's thesis that concentrated ownership and operator alignment drive superior risk-adjusted returns in the region. Simiao runs a concentrated long-equity strategy targeting founder-led, growth-stage technology companies across China. The portfolio spans FinTech, enterprise software, digital health, AI, and climate technology. The firm takes active, multi-year positions, often holding fewer than 15 names, and engages directly with management teams on capital allocation and strategic direction. Public filings have shown historical positions in companies such as Yirendai (now Yiren Digital) and Jupai Holdings, reflecting a pattern of identifying platforms that benefit from structural shifts in China's consumption and digitization. The geographic mandate centers on Greater China, with selective exposure to Southeast Asian companies levered to Chinese demand. Simiao maintains a lean partnership structure from its Shanghai base. Zage serves as the lead portfolio manager, supported by a small team of investment professionals, many with backgrounds in private equity or Asian financial regulation. The firm does not operate adjacent philanthropic or real-asset vehicles, and Zage's personal board roles — including audit and governance committee seats — reinforce the investment team's edge in assessing corporate governance risk. The firm's most recent publicly observable capital activity includes ongoing stewardship of its concentrated public-equity book, though no new fund closes or regulatory filings surfaced in the 2024–2025 window. Simiao's structural differentiator lies in its hybrid of private-equity governance instincts applied to a public-market vehicle. Unlike most Greater China long-only managers that run diversified, benchmark-relative books, Simiao concentrates capital in a handful of names it can influence directly, without the two-and-twenty fee structure of a PE fund or the redemption constraints of a hedge fund. This architecture lets it compound returns over holding periods measured in years, not quarters, while avoiding the blind-pool risk that limited partners in regional private funds endured during the 2021–2024 regulatory cycle.
General information
Firm type
Asset Manager
Year founded
2013
AUM
Undisclosed
Location
Region
Asia
Country
China
City
Shanghai
Corporate office
Shanghai, China
Principals
Raymond Zage
Founder and CEO
Sector focus
Frequently asked questions
Who runs investment decisions at Simiao Capital?
Raymond Zage, the founder and CEO, serves as the lead portfolio manager and makes all final investment decisions. Before launching Simiao in 2013, he was a partner at TPG Capital Asia and led Goldman Sachs's Asia ex-Japan financial institutions group. His experience sits at the intersection of private-equity value creation and public-market liquidity, which shapes the firm's concentrated, high-conviction book.
Does Simiao Capital invest in private companies or only public equities?
Simiao's primary vehicle is a long-only public-equity strategy. The firm does not operate a traditional closed-end private equity fund. However, Zage's background in private equity informs the investment approach — the team treats public positions with the due-diligence rigor and engagement posture of a control investor, often holding stakes for five years or more.
What is Simiao Capital's geographic focus?
The firm concentrates on Greater China, with a particular emphasis on companies listed in Hong Kong and the United States whose operations are predominantly onshore. Zage has also selectively evaluated Southeast Asian businesses tied to Chinese consumption and supply chains, but the core mandate remains Greater China technology, financial services, and healthcare.
How concentrated is the Simiao Capital portfolio?
Simiao runs a highly concentrated book, historically holding fewer than 15 positions, with the top five names often representing over half of deployed capital. This structure reflects Zage's view that genuine alpha in Chinese equities comes from deep fundamental research and active board-level engagement, not from broad sector bets or index hugging.
Is Simiao Capital a registered investment manager, and what does that mean for oversight?
Simiao operates as a registered investment manager with the relevant Asian regulatory authorities. This registration subjects the firm to periodic reporting, custody, and compliance obligations that provide a baseline of operational transparency for co-investors. Zage's personal track record on audit and governance committees for portfolio companies adds an additional layer of governance discipline.
Where does the capital Simiao manages come from?
The firm does not publicly disclose its limited partner base or total assets under management. Industry observers note that Simiao's structure — a sub-$1 billion concentrated equity manager with a single decision-maker — is consistent with a capital base drawn from the founder's own balance sheet, select family offices, and a small circle of institutional allocators comfortable with long lock-ups and high conviction concentration.
How does Simiao Capital think about exits?
Simiao does not operate on a fixed fund life or a pre-set exit timetable. Because the vehicle is a permanent-capital public-equity strategy, Zage can hold positions through market cycles, only exiting when the original investment thesis breaks or when the market prices in the full value the team identified. This contrasts with both closed-end PE funds and redemption-sensitive hedge funds active in the same region.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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