Cathay Capital

What Cathay Capital does

Cathay Capital is a global private investment firm founded in 2007 by Mingpo Cai and headquartered in Paris, France, operating across three integrated investment pillars — Cathay Capital Private Equity (Small Cap €250–300M and Mid Cap €800M funds), Cathay Innovation (multistage venture capital with €2.5B+ AUM and a $1B AI-dedicated Fund III closed in May 2025), and Cathay Health (life sciences and healthcare convergence). As of the latest disclosures the platform manages over $5B in assets under management, has executed 230–280+ buyouts and VC investments, and operates through eight offices on four continents (Paris, New York, Shanghai, Munich, San Francisco, Berlin, Beijing, Singapore). The firm's central proposition is a capital-plus-capability platform: equity capital at multiple stages paired with a curated corporate ecosystem of 20+ Fortune 500 partners (Sanofi, TotalEnergies, Valeo, L'Oréal, Pernod Ricard, BNP Paribas Cardif, Groupe ADP, Michelin, Kering, Air Liquide, bioMérieux, Bpifrance) that provides portfolio companies with cross-border commercial pathways, alongside the Cathay Acceleration Platform (CAP) and Global Operating Partner Program for talent, governance and IPO-readiness support. The firm is multi-jurisdictionally regulated (AMF GP-07000002 since Feb 2007, AIFM authorisation since Mar 2014, SEC adviser registration 801-104468, Chinese subsidiaries in Shanghai and Wuhan, Article 8 SFDR classification for Fund III).

Revenue mechanics rest on two streams: (1) recurring management fees on assets under management across the Small Cap, Mid Cap, Cathay Innovation and Cathay Health fund families (typical PE/VC fee structure of 1.5–2.0% on committed/invested capital, FPCI and SLP fund vehicles), and (2) performance-based carried interest and equity returns from portfolio realisations. Distribution is direct relationship-based LP fundraising from Paris, New York, San Francisco, Shanghai, Beijing, Munich, Berlin and Singapore, supplemented by syndicated co-investments with corporate partners (e.g., TPG Twin Brook credit facility, CRV/Samsung/LVMH/Henkel co-investing in THEKER). The firm has formalised long-term reinvestment through the C&C Generations Perpetual Purpose Fund created in January 2026 under the French PACTE law, which locks holding-level resources into future activities in lieu of dividend distribution — a structural choice with over 20 years of operating precedent. Recent strategic activity has been concentrated on AI-dedicated venture deployment, platform acquisitions (Equadis in June 2026, Powell Software in October 2025), and expansion into frontier-tech and China AI (Moonshot AI, Galaxea AI, DeepWisdom, Spark Space) through 2026.

Name

Cathay Capital

Legal name

Cathay Capital Private Equity (société par actions simplifiée, registered with the Paris Trade and Companies Register under number 490 506 045; capital of €1,600,000; AMF approval number GP-07000002)

Website

https://cathaycapital.com

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

101–250 employees

Short description

Cathay Capital is a Paris-headquartered global private investment firm founded in 2007, operating Cathay Capital Private Equity, Cathay Innovation (venture capital) and Cathay Health across 8 offices and 4 continents with over $5B AUM. It serves mid-market companies, AI-focused startups and life sciences ventures, pairing equity capital with a corporate ecosystem of Fortune 500 partners.

Ownership category

akta.pro rank

Product category

Private Equity and Venture Capital

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSANACAO

Multi-Sector / Generalist Growth Equity

Financial & Insurance/Private Equity & Venture Capital/Growth Equity Firms

SECONDARYFSANACAA

Technology & Software Growth Equity

Financial & Insurance/Private Equity & Venture Capital/Growth Equity Firms

Keywords

• Private equity investment
• Venture capital funding
• Cross-border investment
• Healthcare investment
• Growth capital

Headquarters

HQ city

Paris

HQ country

France

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Investment Fund Management Fees: As an AMF-approved portfolio management company (approval no. GP-07000002 since 28 Feb 2007; AIFM authorization since 4 March 2014), Cathay Capital Private Equity manages professional funds (FPCI and SLP structures) and earns recurring management fees on assets under management. As of latest disclosures, over $5B in AUM, with 230+ buyouts and VC investments across Small Cap (latest €250-300M), Mid Cap (€800M), and Cathay Innovation (Fund III closed at $1B).
2. Carried Interest & Investment Returns: Long-term capital appreciation and performance-based economics from equity investments in portfolio companies. The Perpetual Purpose Fund framework formalizes a longstanding practice of reinvesting proceeds back into the Group, with no dividends distributed at the holding level for over 20 years — indicating returns are reinvested rather than paid out to founders.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels11 records

Core offering

Cathay Capital is a global investment firm that deploys equity capital across three integrated vehicles: Private Equity (Small Cap and Mid Cap funds), Venture Capital through Cathay Innovation, and Healthcare through Cathay Health. Portfolio companies receive equity investment plus post-investment value-add through the Cathay Acceleration Platform (CAP) and a Global Operating Partner Program of tenured industry experts, complemented by access to a 20+ corporate partner ecosystem (Sanofi, TotalEnergies, Valeo, BNP Paribas Cardif, L'Oréal, Pernod Ricard).

Product overview

Cathay Capital is a single investment platform organized as a platform-plus-modules architecture, unifying three core investment businesses with supporting service modules. The three core pillars are: (1) Cathay Capital Private Equity — the multi-stage PE arm with Small Cap (€250-300M) and Mid Cap (€800M) funds investing across Europe, North America, and Asia; (2) Cathay Innovation — the venture capital arm (multistage, €2.5B+ AUM, $1B Fund III closed in May 2025) investing globally in AI, fintech, health, and mobility/energy; and (3) Cathay Health — the dedicated healthcare investment arm focused on life sciences, medtech, and digital health convergence. Layered on top are the Cathay Acceleration Platform (CAP) for portfolio business acceleration support and the Global Operating Partner Program providing tenured industry expertise. The Cathay Capital Foundation handles cultural exchange (Europe-China) and the Perpetual Purpose Fund (C&C Generations, created under France's PACTE law) ensures long-term reinvestment of resources into future activities. Together these form a globally integrated investment platform with offices in Paris, New York, Shanghai, Munich, San Francisco, Berlin, Beijing, and Singapore.

Differentiator

Problem solved

Functional benefit

Brands

• Cathay Capital Private Equity: Private equity arm of Cathay Capital — invests in small to midsize companies across industries (Small Cap Fund €250-300M; Mid Cap Fund €800M), creating global leaders with focus on healthcare, consumer, business transformation & software, financial industries.
• Cathay Innovation
• Cathay Health
• Cathay Capital InnoSquare
• C&C Generations

Products and services

• Cathay Capital Private Equity A multi-stage private equity platform investing in small to midsize companies across Europe, North America, and Asia. Operates two main fund tiers: a Small Cap Fund (latest size €250-300M, standard check size €15-25M, 72 investments to date) and a Mid Cap Fund (latest size €800M, standard check size €50-100M, 28 investments to date). Focus sectors include healthcare, consumer goods/services/education, business transformation & software, and financial industries. Supports sustainable digital transformation, talent acquisition, add-on acquisitions and manufacturing optimization for portfolio companies.
• Cathay Innovation (Venture Capital) Multistage venture capital firm affiliated to Cathay Capital, investing in founders building transformative businesses across Europe, North America, Asia, Latin America, and Africa. Founded in Paris in 2015, manages over €2.5B AUM with offices in San Francisco, Berlin, Madrid, Shanghai, and Singapore. Has invested in 120+ startups including Chime, Pinduoduo, Glovo, Wallbox, Owkin, Getaround, Ledger, ZenBusiness, Alma, and Descartes Underwriting. The $1B Fund III (closed May 2025, Article 8 SFDR) focuses on vertical AI solutions across digital health, fintech, consumer, and mobility/energy, with capacity to invest up to $100M in a single startup.
• Cathay Health Dedicated healthcare investment arm of Cathay Capital, investing in companies at the convergence of life sciences, healthcare, and technology with positive impact on human health. Focus areas include life science tools, diagnostics, clinical trial innovation, new care models, novel devices & materials, and enabling technologies for advanced therapies. Invests from venture to growth rounds, leading or co-investing, with cross-border scaling support. Current portfolio includes Ascend (CDMO for gene/cell therapy), Moonsurgical (surgical robots), Tissium (programmable polymers), and Ganymed (orthopedic surgical robotics).
• Cathay Acceleration Platform (CAP) Business acceleration platform providing portfolio companies with organizational diagnosis, training and feedback workshops with top management teams, CEO/HR coaching, management team building, executive search, capital market guidance and IPO planning, and business development via ecosystem collaboration.
• Cathay Global Operating Partner Program Specialized team of tenured industry experts providing practical, real-world industrial experience to portfolio companies across high-impact verticals: industry/mobility, financial services, healthcare, agri-food. Used to support digital and sustainable transformation strategies and co-creation (joint ventures, spin-offs) for investors and corporate partners.

Quantifiable outcome

• Over $5B assets under management
• +5 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Eurazeo: Paris-headquartered listed investment firm with PE, private debt, real assets and venture strategies; directly comparable as a French multi-strategy PE/VC platform with comparable AUM scale and cross-sector reach.
• Ardian: Paris-headquartered global private investment house with PE, infrastructure, real estate, private debt and secondaries strategies; similar multi-strategy French platform, comparable AUM scale and global office footprint.
• Tikehau Capital: Paris-listed alternative asset manager spanning private debt, real estate, private equity and capital markets strategies; comparable French-headquartered multi-strategy platform with growing European institutional LP base.
• Partech: Paris-headquartered global venture capital firm investing across enterprise SaaS, fintech, consumer and deep tech from seed to growth; comparable as a French-rooted VC with global office footprint and AI/digital focus overlapping Cathay Innovation.
• Serena Capital: Paris-based venture capital firm investing across SaaS, deep tech, fintech and digital health from early to growth stage; comparable as a French-led VC with cross-border ambitions overlapping Cathay Innovation's portfolio themes.
• Index Ventures: European-born (Geneva/London) global venture firm investing across enterprise, consumer, fintech and life sciences from seed to growth; comparable global-stage VC with similar AI/digital focus and multinational corporate LP relationships.
• Atomico: London-headquartered global venture firm investing in tech founders from early to growth stage; comparable European-rooted AI/tech VC with similar stage range and multinational corporate network.

Broad incumbents

• Bpifrance: French public investment bank with direct PE/VC fund-of-funds and co-investment activities; comparable as a French cross-border investor partnering with Cathay as an LP, but at materially larger scale and broader mandate including SME lending.
• CVC Capital Partners: Global private equity firm with broad sector exposure across Europe and Asia; comparable as a large cross-border PE platform but at materially larger AUM and without Cathay's venture and dedicated healthcare verticals.

Emerging players

• Pictet Alternative Advisors / Pictet Group: Swiss private bank expanding into alternatives including PE, venture and private debt strategies; partially overlapping as a European-headquartered platform building alternative investment capabilities with institutional and family-office LPs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CathayCapital
• LinkedInlinkedin.com/company/cathay-capital

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments165 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cathay Capital