# TS First Fortune Asset Management

TS First Fortune Asset Management is a Private Equity based in Shanghai, China.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Shanghai, China
- **Region:** Asia
- **Address:** Shanghai, China
- **Founded:** 2009
- **Assets under management:** Undisclosed

## Regulatory record

- **Reports private funds:** No

## About

TS First Fortune Asset Management is a private equity fund of funds manager based in Shanghai, China. It oversees approximately $962.71 million in assets and has $1.7 million in dry powder.

## Questions

### What is TS First Fortune's core investment model?

The firm operates as a dedicated private equity fund-of-funds manager. It does not make direct company investments. Instead, it commits capital to a curated set of underlying Chinese GPs, spanning venture capital at the seed and early stages, growth equity, and buyout funds. This model provides its LPs with cross-vintage, multi-strategy exposure to China's private markets through a single vehicle.

### Where does TS First Fortune sit in the China PE ecosystem?

TS First Fortune occupies an intermediary layer between domestic wealth and China's fragmented GP landscape. The firm aggregates LP capital and deploys it across multiple fund managers — a role that requires deep onshore relationships and manager due-diligence capabilities. In the Chinese market, where many institutional investors lack in-house China teams, this fund-of-funds bridge is a distinct function.

### Does the firm make direct equity investments?

No. The firm's documented strategy focuses exclusively on fund commitments rather than co-investments or direct equity stakes. This pure fund-of-funds approach avoids the conflict of interest that arises when a larger allocator competes with its own GPs for direct deal allocations, a structural concern that has grown as many fund-of-funds globally have layered on direct programs.

### What investment stages does TS First Fortune target?

The firm covers the full corporate lifecycle. Its mandate includes seed and start-up venture stages, expansion and growth capital, mid-market and large buyouts, and general venture capital. This breadth allows the firm to construct diversified portfolios across vintage years and economic cycles within China's dynamic but cyclical private markets.

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

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