# Source Code Capital

Source Code Capital is a Private Equity based in Beijing, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Beijing, China
- **Region:** Asia
- **Address:** Beijing, China
- **Founded:** 2014
- **Assets under management:** $5B – $8B (Altss estimate)
- **Website:** sourcecodecap.com
- **LinkedIn:** https://www.linkedin.com/company/%E6%BA%90%E7%A0%81%E8%B5%84%E6%9C%AC
- **Wikidata:** Q115861961

## Regulatory record

- **Reports private funds:** No

## About

Source Code Capital is a venture capital firm founded in 2014 in Beijing, China. It has formed a strategic alliance called "Code Class" with influential industrial investors in China. The firm's portfolio includes investments in internet finance, B2B, e-commerce, AI-enabled companies, and others, with 484 investments made to date.

## Sectors

- Enterprise Software
- AI/ML
- FinTech
- Robotics & Automation
- Digital Health
- Mobility & Transportation
- Industrial Tech

## Offices

- Shanghai, China

## People

- Cao Yi — Founding Partner
- Zhang Honghe — Partner

## Questions

### Who runs investment decisions at Source Code Capital?

Founding partner Cao Yi leads the investment committee alongside partner Zhang Honghe. Cao previously ran Sequoia China's seed-stage practice, where he sourced ByteDance and Meituan. The partnership is deliberately compact — fewer than a dozen managing directors control allocation — with no external LP board or parent GP overriding local decisions.

### How does Source Code source proprietary deal flow?

The firm originates through a founder-alumni network that traces back to Tsinghua, Zhejiang University, and Shanghai Jiao Tong University's engineering and computer science departments. Portfolio founders actively refer spinout teams and second-time founders to the partnership. This network is concentrated in enterprise AI, semiconductors, and autonomous systems — sectors where academic lab credentials signal technical readiness better than pitch decks.

### What is Source Code's typical check size?

Initial checks range from $1M at seed to $15M at Series A, with the firm reserving capital to follow through Series D and beyond. In concentrated positions, total commitment can exceed $100M across a single company's lifecycle, reflecting the firm's conviction-weighted deployment model rather than index-style portfolio construction.

### How does the firm handle the US-China tech decoupling risk?

Source Code's portfolio has tilted heavily toward domestic enterprise and deep-tech companies that serve China's internal market — autonomous driving, industrial robotics, HR SaaS, AI chips — reducing direct exposure to cross-border regulatory friction. The firm does not publicly disclose LP composition by geography, but the ability to deploy RMB alongside USD capital gives portfolio companies a domestic listing path.

### Which sectors does Source Code explicitly avoid?

The firm has largely stayed away from consumer internet, edtech, and crypto — sectors that dominated China VC from 2015–2021 but faced steep regulatory headwinds. This posture predated the 2021 regulatory crackdown and reflects Cao Yi's stated preference for engineering-moat businesses over capital-intensive customer-acquisition models.

### Is Source Code Capital independent or affiliated with a larger institution?

Independent. Cao Yi left Sequoia China in 2014 to launch Source Code as an autonomous partnership. There is no parent GP, no offshore anchor LP controlling strategy, and no corporate venture arm affiliation. The firm has maintained this independence through five USD fund closes and parallel RMB vehicles.

## Related profiles

- [Source Capital](https://altss.com/profile/source-capital-credit-opportunities-advisors-iii)
- [Sourcing Brothers](https://altss.com/profile/sourcing-brothers)

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

Canonical page: https://altss.com/profile/source-code-capital

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