# Spruce Capital

Spruce Capital is a Private Equity based in New York, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** New York, China
- **Region:** Asia
- **Address:** Xi'an, Shaanxi, China
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **LinkedIn:** https://www.linkedin.com/company/spruce-capital

## About

Spruce Capital is an SEC-registered investment adviser in NEW YORK, NY, registered since 2025. The firm manages approximately $556 million in regulatory assets. It has 4 employees and 3 investment advisers.

## Questions

### What investment stages does Spruce Capital cover?

Spruce Capital's mandate spans seed, start-up, expansion, late-stage, and pre-IPO rounds. This full-lifecycle approach allows the firm to back companies from early technology development through commercial maturity. The multi-stage structure is common among Chinese private equity firms seeking to maintain exposure to portfolio companies across multiple funding rounds rather than handing off relationships at a single stage.

### Does Spruce Capital disclose its assets under management or investment track record?

No. Spruce Capital does not publicly disclose assets under management, fund sizes, realized returns, or portfolio company names through English-language channels or a publicly accessible website. This opacity is characteristic of a segment of domestically focused Chinese private equity firms that raise capital from local limited partners and operate without international investor reporting norms.

### What makes Spruce Capital structurally different from coastal Chinese private equity firms?

Spruce Capital is embedded in Xi'an's regional industrial ecosystem rather than the Beijing-Shanghai-Shenzhen corridor where most Chinese private equity capital concentrates. This geographic positioning provides proximity to aerospace, defense, and advanced manufacturing deal flow that is less accessible to coastal GPs. It also means the firm operates with a domestic LP base and local-network governance norms rather than international institutional standards.

## Related profiles

- [Spring Dawn Ventures](https://altss.com/profile/spring-dawn-ventures)
- [SSC Venture Partners](https://altss.com/profile/ssc-venture-partners)

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Last updated: 2026-08-10T19:36:47.593Z

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