Yi-Bai-Yi Investment

The firm pursues a multi-strategy approach that combines direct private equity investing with a fund-of-funds program. Its direct investments span the full venture lifecycle, from seed and start-up rounds through to expansion and late-stage growth equity. The fund-of-funds arm commits capital to external venture and growth equity managers, providing diversified exposure across the Chinese private equity landscape.

Yi-Bai-Yi Investment is headquartered in Hangzhou and concentrates its deployment in China. Hangzhou and the broader Yangtze River Delta region — a major hub for technology, e-commerce, and advanced manufacturing — form its natural geographic focus for direct investments and manager relationships.

The firm's capital structure and limited partner base are not publicly disclosed. The absence of a website, regulatory filings in English, or named institutional backers leaves its funding model unclear. Given its fund-of-funds and multi-stage direct investment activity, it likely manages third-party capital, but the proportion of proprietary versus external assets cannot be confirmed from public records.

Despite its name, Yi-Bai-Yi Investment is categorized as a private equity firm rather than a single-family office. The 'Yi-Bai-Yi' name could reflect a group of individual founders or a separate corporate entity. No wealth-origin narrative has been publicly disclosed.

Operating a fund-of-funds program alongside direct investing gives Yi-Bai-Yi visibility into the deal flow and investment strategies of other Chinese venture and growth equity managers. This dual perspective can theoretically improve its own direct sourcing — by observing which sectors and companies its peer GPs are backing — and provide a benchmark for its own Fund of Funds allocations. Whether these benefits translate into measurable performance advantage is unknown.