What 5Y Capital does

5Y Capital (五源资本) is a privately held Chinese venture capital firm headquartered in Shanghai with regional offices in Beijing, Shenzhen, and Hong Kong. The firm traces its active investing history to 2000, when it led the Series A in Trip.com, and has since built a portfolio of more than 50 companies spanning technology, life sciences, and consumer innovation. Marquee holdings include Xiaomi (Series A, 2010), Kuaishou (angel, 2011), WeDoctor, Kingsoft Office, Horizon Robotics (seed, 2015), Xpeng (Series A+, 2017), Pony.ai (Series B, 2018), and SenseTime, alongside recent AI bets such as Moonshot AI, Dify, and Nature Select, and life sciences positions including XtalPi, Taimei Medical Technology, Medbanks, Excalipoint Therapeutics, and Allink Biotherapeutics. The firm manages over US$5 billion in capital sourced from global sovereign wealth funds, endowments, foundations, family offices, and fund-of-fund vehicles, and is a signatory of the UN Principles for Responsible Investment (UN PRI).

The firm operates a multi-stage venture model investing from seed through pre-IPO, generating revenue from recurring management fees on committed and invested capital across multiple fund vintages plus performance-based carried interest on realized exits. Fund terms are negotiated bilaterally with limited partners and are not publicly disclosed. 5Y Capital's go-to-market combines direct, relationship-driven sourcing with founders across its three sector verticals, syndicate co-investment alongside leading Chinese and global investors (Alibaba, Tencent, HSG, Hillhouse, Qiming, Andon Hong Kong), and field-based LP fundraising targeting global institutional capital. The firm emphasizes a "lonely entrepreneurs" thesis, providing long-duration capital and operational support from seed through pre-IPO, and its value proposition is anchored on the network of successful portfolio founders, the reputational halo of its listed holdings, and the ability to lead or co-lead large follow-on rounds.

There is no public product, software platform, or AI/ML offering built in-house by 5Y Capital itself; the firm is a pure-play venture capital manager whose "product" is capital, network access, and operational mentorship. The leadership team comprises three founding partners (Liu Qin, Shi Jianming, Zhang Bo), additional partners and managing directors, a CFO (Wang Zhenting), an HR director (Xu Shanshan), and an investor-relations team. The firm does not disclose fund vintage size, individual ownership stakes, board composition, or detailed cap-table information; AUM is referenced only as exceeding US$5 billion in aggregate.

Name

5Y Capital

Legal name

5Y Capital

Website

https://5ycap.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Short description

5Y Capital (五源资本) is a privately held Chinese venture capital firm managing over US$5 billion that invests from seed through pre-IPO across technology, life sciences, and consumer innovation, serving Chinese founders and global institutional limited partners.

Ownership category

akta.pro rank

Product category

Venture Capital Management

NAICS

Portfolio Management and Investment Advice (52394), Other Financial Vehicles (525990)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investors, Nec (6799)

akta.pro primary industry

Financial Services / Fintech Growth Equity (FSANACAE)

Keywords

• Venture capital investing
• Technology venture funding
• Life sciences investment
• Consumer innovation capital
• Early-stage equity financing

Headquarters

HQ city

Xuhui

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Venture capital fund management: 5Y Capital generates revenue as a venture capital firm managing over US$5 billion in capital. Revenue streams include (1) recurring management fees charged on committed/invested capital across multiple funds, and (2) performance-based carried interest on realized gains from successful portfolio exits. Fund terms are negotiated bilaterally with limited partners and are not publicly disclosed.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

5Y Capital (五源资本) is a privately held Chinese venture capital firm that manages over US$5 billion in capital sourced from global institutional limited partners. The firm invests across technology, life sciences, and consumer innovation sectors at seed through pre-IPO stages, providing multi-stage equity capital and operational mentorship to Chinese founders, including iconic portfolio companies such as Xiaomi, Kuaishou, Trip.com, Xpeng, Pony.ai, and SenseTime. Revenue is generated through recurring management fees on committed/invested capital and performance-based carried interest on realized portfolio exits.

Product overview

5Y Capital (五源资本) is a venture capital firm, not a software product company, and therefore does not offer a unified product platform with sub-products, modules, or features. Its core offering is venture capital investment services delivered across technology, life sciences, and consumer innovation sectors, with the firm managing over US$5 billion in capital from sovereign wealth funds, endowments, foundations, family offices, and fund of funds. The firm's "portfolio" — visible across the Chinese and English homepage and portfolio page — represents the companies it has invested in rather than in-house products. Representative portfolio companies featured on the homepage include Trip.com (Ctrip), Xiaomi, Kuaishou, WeDoctor, Kingsoft Office, Horizon Robotics, Xpeng, Pony.ai, DiDi, Agora, Sensetime, XtalPi, Moore Threads, Hai Robotics, Xpeng Huitian, XVERSE, Xiaoice, Bambu Lab, Deepexi, AkroStar, Agilex Robotics, and SandwichLab. The firm's service is delivered through offices in Shanghai, Beijing, Shenzhen, and Hong Kong, with the team page listing partners, managing directors, the CFO, and investor-relations and HR functions supporting portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• Multi-Stage Venture Capital Funds

Quantifiable outcome

• Over US$5 billion in capital under management
• +2 more outcomes

Named customers33 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• HongShan (HSG, formerly Sequoia Capital China): Direct peer as the successor to Sequoia Capital China — splits from the same original franchise and now the largest Chinese venture platform with overlapping coverage in internet, AI, consumer, and healthcare; competes head-to-head on rounds like Dify and Moonshot AI.
• Hillhouse Capital: Top-tier Chinese growth and venture investor with multi-stage capability across technology and consumer; active co-investor with 5Y Capital (e.g., Dify, Nature Select) and competes for the same lead-check mandates at scale.
• Qiming Venture Partners: Established Chinese venture firm with parallel coverage in technology, healthcare, and consumer; co-invests with 5Y Capital in biotech (Allink, Excalipoint) and consumer (Nature Select) deals and competes for similar early-to-growth stage Chinese startups.
• IDG Capital: One of the longest-tenured Chinese venture platforms with broad coverage in technology, consumer, and healthcare; competes with 5Y Capital for early-stage Chinese tech deals and shares a global LP base.
• Source Code Capital: Chinese venture firm focused on internet, technology, and consumer innovation with comparable founder-led thesis; competes directly with 5Y Capital for early-stage Chinese tech and consumer rounds.
• Matrix Partners China: Chinese arm of Matrix Partners covering early-stage internet, mobile, enterprise SaaS, and consumer; overlaps with 5Y Capital's technology and consumer verticals at seed and Series A stages.
• Legend Capital: Chinese PE/venture firm with technology and life sciences focus; recently led Allink Biotherapeutics' Series A extension alongside 5Y Capital and competes for similar early-to-growth biotech and tech opportunities.
• Sinovation Ventures: AI-focused Chinese venture platform founded by Kai-Fu Lee; competes with 5Y Capital for AI/ML, autonomous systems, and enterprise SaaS deals and shares exposure to China's AI ecosystem.
• Yunfeng Capital: Chinese technology and consumer-focused investment firm founded by Jack Ma; competes with 5Y Capital in internet, AI, and consumer innovation deals across China.
• ZhenFund: Seed- and early-stage-focused Chinese venture firm covering consumer, enterprise, and frontier tech; complementary rather than identical to 5Y's later-stage tilt but competes for many of the same Series A opportunities in Chinese tech.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/5YCapital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Funding overview

Funding rounds

Investors

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

M&A

Investments384 records

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

Frequently asked questions about 5Y Capital