Vision Knight Capital

What Vision Knight Capital does

Vision Knight Capital (嘉御资本) is a Shanghai-based private equity firm founded in 2011 by David Wei, former CEO of Alibaba.com. The firm invests growth capital primarily into Chinese internet, consumer, and B2B platform/services companies, with thematic emphases on consumer brands enabled by internet distribution, cross-border e-commerce, and — more recently — AI infrastructure (compute, storage, transmission, and power), healthcare/regenerative medicine, and intelligent hardware. The firm operates a multi-fund matrix spanning USD and RMB vehicles, including a Frontier Technology Fund (1.5 billion RMB, 2024), a Consumer & Cross-Border E-commerce Fund, a Ningbo Cross-Border E-commerce Fund (2025, co-anchored with state-owned capital), a Ziniu Healthcare Fund, and a US-based EnvisionX team in Silicon Valley, with combined AUM exceeding 10 billion RMB.

Revenue is generated through the standard PE model of management fees (typically 1-2% of committed capital annually) on AUM and carried interest (typically 20% above a hurdle rate) on realized investment gains. The firm raised $250M for its maiden fund in March 2013 (with Jack Ma and PCCW as anchor LPs), and over $560M for new funds in December 2025. Notable portfolio companies include OneSmart Education (NYSE IPO 2018, $1.8B market cap), Hushang Ayi (HKEX IPO May 2025, ~HK$20B market cap), Pop Mart, Guoquan Shihui, Pioneer International (100B+ RMB revenue in 2024), Birentech, InnoGrit, Ligent, and Aierpu Regenerative Medicine. Vision Knight Capital maintains a 1-10 person core team plus fund-level partners, and is privately held with no parent company, relying on direct LP relationships across Europe, the US, the Middle East, and Asia-Pacific for fundraising.

Name

Vision Knight Capital

Legal name

Vision Knight Capital

Website

https://vkc-partners.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

1–10 employees

Short description

Vision Knight Capital (嘉御资本) is a Shanghai-based private equity firm founded in 2011 by former Alibaba.com CEO David Wei, managing over 10 billion RMB across thematic USD and RMB funds targeting Chinese consumer, internet, cross-border e-commerce, AI infrastructure, and healthcare companies for institutional and family-office LPs.

Ownership category

akta.pro rank

Product category

Private Equity Investment Management

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Alternative Investments for Private Wealth (Hedge Funds, PE/VC Access, Private Credit) (FSAAABAI)

akta.pro secondary industry

Core Infrastructure Funds (Transport, Social, Digital, Utilities) (FSANAEAA)

Keywords

• Private equity fund
• Growth equity investments
• China consumer investing
• AI infrastructure investment
• Cross-border e-commerce fund

Headquarters

HQ city

Shanghai

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales

Revenue model

1. Fund Management Fees: Private equity fund management model generating revenue through management fees charged on AUM, typically 1-2% of committed capital annually.
2. Carried Interest: Performance fees earned as a percentage of investment profits, typically 20% of returns above a hurdle rate, aligning fund manager and investor interests.

Distribution channels1 record

Marketing channels4 records

Core offering

Vision Knight Capital is a private equity fund founded in 2011 that manages multiple USD and RMB funds focused on investments in internet, new channel, consumer brand, B2B platform/services/products, and AI infrastructure sectors in China. The firm raises capital from institutional investors, family offices, and industry leaders, then deploys that capital into high-growth Chinese companies, providing operational expertise and strategic guidance alongside the investment.

Differentiator

Problem solved

Functional benefit

Brands

• 嘉御前沿科技基金: Frontier Technology Fund focused on AI infrastructure investments
• 嘉御消费&跨境电商基金
• 嘉御紫牛医疗基金
• 嘉御宁波跨境电商基金
• 嘉御科技
• 嘉加资本

Products and services

• Vision Knight Frontier Technology Fund (嘉御前沿科技基金)
• Vision Knight Consumer & Cross-Border E-commerce Fund (嘉御消费&跨境电商基金)
• Vision Knight Healthcare Fund (嘉御紫牛医疗基金)
• Vision Knight Ningbo Cross-Border E-commerce Fund (嘉御宁波跨境电商基金)
• EnvisionX / 嘉加资本 (US-based AI Team)

Quantifiable outcome

• Portfolio company OneSmart Education listed on NYSE March 2018 with $1.8B market cap
• +3 more outcomes

Named customers20 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eleven partnerships are on record, tiered core and minor.

• 嘉加资本 (EnvisionX)coreStrategic or Co-development PartnerVision Knight-supported US team based in Silicon Valley that focuses on AI industry applications and helps Chinese companies access overseas technology and talent. Manages investments in AI+industry applications in healthcare, financial services and gaming.
• CrestaminorStrategic or Co-development PartnerAI customer interaction platform for call centers, backed by top global capital and Fortune 500 companies. Vision Knight portfolio company, CEO presented at VKC investor conference on helping Chinese companies go global.
• Bot AutominorStrategic or Co-development PartnerLeading autonomous driving trucking company. Founder presented at VKC forum on achieving profitable autonomous trucking through extreme business efficiency.
• 泛鼎国际 (Pioneer International)coreStrategic or Co-development PartnerGlobal integrated supply chain service provider. VKC led the C-round investment of tens of millions of USD. Pioneer International operates across 100+ countries serving 5000+ clients with 60+ overseas warehouses.
• 光源资本minorImplementation/ SI/ Consulting PartnerServed as exclusive financial advisor for 泛鼎国际 C-round financing
• 阿里云minorStrategic or Co-development PartnerIndustry partner at VKC 2024 Technology Forum. Shared insights on AI data center infrastructure planning including network architecture and cooling solutions.
• 立讯精密minorStrategic or Co-development PartnerIndustry partner at VKC 2024 Technology Forum. Presented AI data center solutions covering power, optics, thermal management.
• 天合光能minorStrategic or Co-development PartnerIndustry partner at VKC 2024 Technology Forum focused on AI infrastructure
• 甬元投资minorStrategic or Co-development PartnerCo-organizer of Ningbo Cross-border E-commerce Forum 2025 with VKC
• 慈溪工信基金minorStrategic or Co-development PartnerCo-organizer of Ningbo Cross-border E-commerce Forum 2025 with VKC
• 米奥会展minorStrategic or Co-development PartnerSupporting organization for Ningbo Cross-border Forum 2025. Provides exhibition services and AI-powered exhibition products for cross-border companies.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hillhouse Capital: Asia-focused investment firm managing public and private capital across consumer, technology, and healthcare. Directly comparable to VKC in its Chinese consumer/internet growth-equity orientation and LP base of institutional and sovereign investors.
• Sequoia Capital China (HongShan): China-focused venture and growth firm investing across technology, consumer, and healthcare. Mirrors VKC's early-stage-to-growth focus, founder-led culture, and AI/consumer deal flow.
• CDH Investments: One of China's largest alternative asset managers with consumer, healthcare, and industrial growth-equity funds. Comparable GP scale, multi-fund structure, and cross-border LP relationships to VKC.
• Boyu Capital: Asian alternative investment firm with consumer, tech, and healthcare exposure across Greater China and Southeast Asia. Similar in multi-fund platform approach and cross-border consumer thesis.
• Citic Capital: China-rooted alternative asset manager with buyout, growth, real estate, and special situations strategies. Comparable in diversified fund offerings and LP mix including state-linked capital.
• FountainVest Partners: China-focused PE firm investing in consumer, media, healthcare, and tech-enabled businesses. Closely comparable in growth-equity style and founder-led consumer franchise investments.
• Hopu Investments: China private equity firm with significant consumer, financial services, and technology exposure. Comparable in scale, multi-fund architecture, and large-LP relationships.
• IDG Capital: Long-standing China tech-focused VC/PE firm with broad consumer, enterprise, and AI portfolios. Comparable in growth-stage internet/AI investing and cross-border LP base.
• Legend Capital: China-focused PE/VC firm backed by Lenovo Holdings with IT, consumer, and healthcare focus. Comparable in growth-equity ticket size, founder-friendly approach, and sector breadth.
• MatrixPartners China: China-focused venture and growth firm with deep internet, consumer, and AI infrastructure portfolios. Comparable in early-stage internet lineage and US-China dual market presence.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments64 records

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

Frequently asked questions about Vision Knight Capital