Simiao Capital

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.