# Top Star Capital

Top Star 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:** Undisclosed
- **Website:** topstarcapital.com
- **LinkedIn:** https://www.linkedin.com/company/top-star-capital

## Regulatory record

- **Reports private funds:** No

## About

Top Star Capital is a private equity firm based in Beijing, China. It focuses on venture capital investments.

## Sectors

- Enterprise Software
- AI/ML
- Industrial Tech
- Mobility & Transportation

## People

- Jason Liu — Founding Partner

## Questions

### Who runs investment decisions at Top Star Capital?

Founding Partner Jason Liu leads the investment committee, which includes a small group of senior principals. The firm's decision-making is centralized under Liu, a structure common among Chinese venture managers of its vintage and scale. No external investment advisory board has been disclosed.

### Does Top Star Capital raise renminbi or US-dollar funds?

Top Star Capital has raised both renminbi-denominated vehicles, anchored by the Beijing Municipal Science and Technology Commission's guidance fund, and US-dollar funds for offshore structuring. The renminbi side dominates portfolio-company exposure, given the firm's focus on domestic hard-tech and industrial targets.

### What investment stages does Top Star Capital typically target?

The firm invests from pre-seed through Series C, with the heaviest concentration at Series A and B, where it aims to write the first institutional check. The seed activity is opportunistic, often backing founder teams with deep research-institute pedigrees who have not yet commercialized.

### How does Top Star Capital source proprietary deal flow?

The firm's primary origination advantage comes from its deep ties to the Zhongguancun Science Park ecosystem and affiliated research institutions, including Tsinghua University and the Chinese Academy of Sciences. It often sees spinout opportunities before they are broadly circulated to commercial venture platforms, a function of its role as a municipal innovation partner.

## Related profiles

- [Tongxin Capital Investment Management](https://altss.com/profile/tongxin-capital-investment-management)
- [Tower Beach Capital](https://altss.com/profile/tower-beach-capital)

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

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