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.

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.