Trustar Capital
Trustar Capital is the Hong Kong-based private equity affiliate of CITIC Capital Holdings, deploying capital across consumer, healthcare, logistics, and technology companies in China, Japan, and broader Asia-Pacific, with US$10.2 billion in committed capital under its parent platform.
- Company typePrivate
- Founded2003
- HeadquartersHong Kong, Hong Kong SAR China
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Trustar Capital does
Trustar Capital is the private equity affiliate of CITIC Capital Holdings Limited, a Hong Kong-based private equity firm founded in 2003 that invests globally in companies capitalizing on the growth and productive resources of the Chinese economy, with selected activity in Japan and broader Asia-Pacific. The firm operates three dedicated investment strategies — Trustar Capital Partners (buyout/growth), Trustar Growth Partners, and Trustar Japan Partners — and manages its commitments within CITIC Capital's US$10.2 billion committed capital base. Its representative portfolio spans consumer and retail (a 52% controlling stake in McDonald's China with over 7,700 stores; Yatsen Holding, the NYSE-listed beauty group), healthcare (Guilong Pharmaceutical), logistics (Loscam), property services (Evergrande Property Services, under evaluation), and AI-driven biotechnology (Deep Intelligent Pharma).\n\nThe firm's business model is that of a traditional private equity sponsor: it deploys committed capital into controlling or significant minority stakes in Chinese and Asian businesses, provides operational and strategic support, and seeks returns through capital appreciation, dividends, and exits. Revenue is generated through management fees on committed/invested capital and performance fees (carried interest) on realized gains, with investment terms negotiated privately. Trustar does not sell a product in the conventional sense; instead, it originates, structures, and manages direct investments, frequently co-investing with other institutional sponsors such as Hillhouse, Mubadala, FountainVest, CDH, Xinding, Jinyi, and Kaitai to underwrite larger transactions.\n\nThe platform is anchored by its CITIC Capital affiliation, which provides institutional backing, deal sourcing networks across Chinese state-owned enterprises and regulators, and operational resources across Asia. The firm is led by founder Zhang Yichen (Founder, Chairman & CEO) and operates as a wholly-owned private equity unit under the CITIC Capital umbrella. There is no disclosed information on in-house technology platforms, software products, or AI tooling underpinning the investment process.
Trustar Capital firmographics
Firmographics- Name
- Trustar Capital
- Legal name
- Trustar Capital Inc.
- Website
- https://trustarcapital.com
- Company type
- Private
- Founded year
- 2003
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Trustar Capital is the Hong Kong-based private equity affiliate of CITIC Capital Holdings, deploying capital across consumer, healthcare, logistics, and technology companies in China, Japan, and broader Asia-Pacific, with US$10.2 billion in committed capital under its parent platform.
- Ownership category
- akta.pro rank
Where Trustar Capital is headquartered
LocationHeadquarters
- HQ city
- Hong Kong
- HQ country
- Hong Kong SAR China
- HQ region
- Asia
Markets served
Trustar Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Trustar Capital product offering
Product offeringCore offering
Trustar Capital is a private equity investment firm that invests globally in companies capitalizing upon the growth and productive resources of the Chinese economy. It manages US$10.2 billion in committed capital as the private equity affiliate of CITIC Capital Holdings Limited, and operates three distinct strategies — Trustar Capital Partners, Trustar Growth Partners, and Trustar Japan Partners — deploying buyout capital, growth equity, and strategic minority investments into consumer, healthcare, logistics, and technology businesses across Asia.
Product overview
Trustar Capital is a private equity investment firm and the private equity affiliate of CITIC Capital Holdings Limited. The firm operates three primary investment strategies: Trustar Capital Partners (buyout/growth investments), Trustar Growth Partners, and Trustar Japan Partners. The company manages US$10.2 billion in committed capital and focuses on investments in the Asian economy across various sectors including healthcare, consumer goods, logistics, and technology. The representative investment portfolio includes companies such as SF Holding, OmniVision, Axilone, Jissbon, Hygeia, Wanda Commercial Management, CBPO, and King Koil.
Differentiator
Problem solved
Functional benefit
Brands
- Trustar Capital Partners: Private equity investment strategy focusing on growth and expansion opportunities in Asia.
- Trustar Growth Partners
- Trustar Japan Partners
Products and services
- Trustar Capital Partners
Companies that use Trustar Capital
Customer profileNamed customers5 records
Segments1 record
Ideal customer profiles3 records
Trustar Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Trustar Capital partnerships and signals
Strategic signalScale indicators5 records
Recent moves6 records
Expansion highlights6 records
Trustar Capital competitors and assessment
Company assessmentBroad incumbents
- CITIC Capital Holdings: Parent organization and broader alternative asset manager that Trustar Capital sits within. Operates multiple PE, credit, and real estate strategies across Asia, with materially larger AUM and a more diversified platform spanning the same underlying geographies as Trustar.
- PAG (Pacific Alliance Group): Asia-focused alternatives manager with PE, credit, and real estate strategies. Comparable as a larger, multi-strategy Asia alternatives incumbent operating across similar geographies to Trustar.
- Bain Capital Asia: Global PE firm with dedicated Asia platform executing consumer, healthcare, and tech deals. Comparable by deal scale, cross-border capability, and sector overlap with Trustar's portfolio.
- KKR Asia: Global alternatives giant with established Asia-Pacific PE franchise across consumer, healthcare, and TMT. Functions as a global benchmark for Asia PE strategy execution at far larger scale than Trustar.
- Carlyle Asia Partners: Global PE firm with long-standing Asia buyout franchise investing in consumer, financial services, and healthcare. Comparable by mandate and geography, with substantially larger AUM and team.
Direct peers
- Hillhouse Capital: Asia-focused investment firm with deep China exposure across consumer, healthcare, and technology. Co-invested alongside Trustar in the Yatsen convertible, reflecting directly comparable mandate, sector focus, and deal scale.
- FountainVest Partners: China-headquartered growth and buyout firm investing in consumer, healthcare, and industrials. Co-invested with Trustar in Loscam, making it a directly comparable consumer/Asia PE peer at similar check sizes.
- Boyu Capital: Asia-focused PE firm executing large-cap control and growth investments in China across consumer, TMT, and healthcare. Comparable by mandate size, geography, and stage to Trustar's Capital Partners strategy.
- CDH Investments: One of China's largest PE firms, with consumer, healthcare, and industrial portfolios. Increased its stake in Deep Intelligent Pharma alongside Trustar, marking it as a directly comparable China PE peer with similar sector breadth.
- Hopu Investments: China-focused alternatives platform backed by Singapore's GIC, deploying capital in consumer, financial services, and real assets. Comparable scale, China-centric mandate, and large-check PE strategy.
Market position
Strengths2 records
Weaknesses1 record
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Trustar Capital social profiles
Digital presenceTrustar Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Trustar Capital leadership team
Management profileNumber of profiles
Profiles1 record
Trustar Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Trustar Capital M&A and investment
M&A and investmentM&A2 records
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Trustar Capital
What does Trustar Capital do?
Trustar Capital is a private equity investment firm that invests globally in companies capitalizing upon the growth and productive resources of the Chinese economy. It manages US$10.2 billion in committed capital as the private equity affiliate of CITIC Capital Holdings Limited, and operates three distinct strategies — Trustar Capital Partners, Trustar Growth Partners, and Trustar Japan Partners — deploying buyout capital, growth equity, and strategic minority investments into consumer, healthcare, logistics, and technology businesses across Asia.
Is Trustar Capital a public or private company?
Trustar Capital is a private company. It is classified as corporate owned and is currently operating.
When was Trustar Capital founded?
Trustar Capital was founded in 2003. It employs 51 to 100 people.
Where is Trustar Capital based?
Trustar Capital is headquartered in Hong Kong, Hong Kong SAR China, in the Asia region.
Who are Trustar Capital's main competitors?
Broad incumbents on record are CITIC Capital Holdings, PAG (Pacific Alliance Group), Bain Capital Asia, KKR Asia and Carlyle Asia Partners. Direct peers are Hillhouse Capital, FountainVest Partners, Boyu Capital, CDH Investments and Hopu Investments.
Does Trustar Capital have an API?
No public API is recorded for Trustar Capital.