# TF Capital

TF Capital is a Private Equity based in Shanghai, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Shanghai, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** https://www.tfcapital.net
- **LinkedIn:** https://www.linkedin.com/company/%E6%B3%B0%E7%A6%8F%E8%B5%84%E6%9C%AC-tf-capital

## Regulatory record

- **Reports private funds:** No

## About

TF Capital is a venture capital fund that invests in early-stage and growing companies in pharmaceutical R&D and biomedical technology. The firm has made 103 investments, including a Series A investment in Vivatides on April 10, 2026. TF Capital has facilitated 15 portfolio exits, with GenFleet Therapeutics exiting on September 19, 2025.

## Questions

### What is TF Capital's investment scope within China?

TF Capital pursues a multi-stage venture and growth-equity strategy spanning seed, early-stage, and pre-IPO investments. The firm's Shanghai headquarters places it at the center of China's largest startup ecosystem. Its approach covers the full private-company lifecycle, giving it flexibility to support portfolio companies across multiple funding rounds.

### How does TF Capital's multi-stage structure affect its portfolio construction?

By covering seed through pre-IPO, TF Capital can retain allocation capacity for follow-on rounds without depending entirely on external co-investors. This model also allows the firm to enter positions at the growth stage when earlier-stage funds face limits. In China's regulatory environment, maintaining board continuity across stages is a practical governance mechanism.

### What investment stages does TF Capital target?

TF Capital targets early-stage seed and start-up rounds, expansion and late-stage venture, and pre-IPO opportunities. This span positions the firm to deploy capital at company formation and sustain exposure through public-market listing events.

### How is TF Capital positioned relative to other Shanghai-based venture firms?

TF Capital's full-lifecycle mandate distinguishes it from pure seed-stage accelerators and from later-stage growth funds that only enter mature companies. This intermediate positioning can appeal to founders seeking a single long-term institutional partner rather than onboarding new investors at each round.

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

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