Xiamen Yanhan Capital

The firm operates a dual-track model, running both a direct venture practice focused on early-stage companies and a fund-of-funds program that commits capital to external venture managers in China. This pairing is structurally unusual for a firm of its likely scale and allows it to combine proprietary deal sourcing with diversified exposure across multiple general partners.

The firm is headquartered in Xiamen, Fujian province, and its investment activity centers on China, with a natural emphasis on the southeastern coastal manufacturing and technology belts. While the Fujian base offers proximity to local deal flow, the fund-of-funds activity likely extends the firm's reach into Shanghai, Shenzhen, and Beijing through commitments to GPs based in those Tier 1 cities.

On the direct side, the firm targets early-stage investments, meaning seed and Series A rounds. Its fund-of-funds sleeve commits to venture capital vehicles that may span multiple stages, giving the overall portfolio exposure from pre-revenue startups through to growth-stage companies.

It does both. The firm explicitly lists fund-of-funds as a core strategy, meaning it allocates capital to external venture capital funds managed by other general partners. This sits alongside its direct early-stage venture investing, creating a hybrid model that few smaller Chinese private equity firms maintain.

There is no public information confirming whether the firm exercises co-investment rights alongside its fund-of-funds commitments. Given the small and opaque nature of the firm's public profile, any co-investment activity would likely be at the discretion of the external GPs it backs and is not disclosed.

It is structured as an asset manager, not a single family office. While its principal ownership is not publicly disclosed, the firm's private equity classification and dual venture/fund-of-funds strategies position it as an institutional investment manager, albeit one with limited public transparency.

No sector exclusions have been publicly stated. The firm describes its venture strategy as general, implying broad sector coverage rather than a thematic specialization. Any avoidance of specific industries would be internally determined and not visible from the external record.