Tsing Capital

What Tsing Capital does

Tsing Capital is a Beijing-headquartered private fund management company founded in 2000 by Don Ye (叶东) on the philosophy of "Doing Well by Doing Good." It manages two primary fund vehicles: the China Environment Fund (CEF) series, established in 2002 as a USD growth-stage fund focused on sustainable technology globally, and the Smartech Innovation Fund (STIF), established in 2016 as an early-stage vehicle targeting IoT and AI companies in North America, Asia, and Israel. The firm operates with offices in Beijing, Shanghai, Hong Kong, Silicon Valley, Israel, Europe, and South Africa, and has invested in nearly 100 portfolio companies across energy efficiency, environmental protection, clean energy, new materials, sustainable agriculture, sustainable mobility, and intelligent technology. Notable investments include a $8 million 2009 Series A into Atieva (now Lucid Motors), a $18 million Series B lead in SENSORO (升哲科技) alongside Bosch and Sumitomo, a $2.5 million seed lead in WiBotic, and earlier bets on EHang, GaN Systems, Enevate, QD Vision, and Tony's Farm (多利农庄).

Tsing Capital generates revenue through two streams: recurring management fees charged on assets under management (reported as exceeding $1 billion across funds) and performance-based carried interest on successful portfolio exits. Its limited partner base comprises global MNCs including BP, BASF, ABB, and Mitsui, the IFC (World Bank Group) which committed $20 million to the latest China Environment Fund, European pension funds, sovereign wealth funds, and family offices. The firm maintains a small team of investment professionals with over 100 years of combined experience and a partnership structure that includes founder Don Ye plus managing partners Michael Li (李立伟), Shelby Chen (陈晓平), Zhang Lihui (张立辉), strategy partner Lu Qi (卢琦), executive partner Wang Erman (王尔漫) for the automotive fund, and partners Fang Yuan (方元) and Zhu Yujun (朱瑜珺). Capital raising is conducted through direct institutional relationships rather than a broad intermediated channel, and the firm supplements deal sourcing and LP engagement with an annual Sustaintech/Cleantech Whitepaper and the Entrepreneur Summit.

Recognition underscores the firm's pioneering position in Chinese impact investing: a Harvard Business School case study on the China Environment Fund, Responsible Investor of the Year in Asia (2011, PE Asia), inclusion in Aron Cramer's "10 Companies That Will Shape the World in 2020" (2010), public endorsement by World Bank President Robert Zoellick (2012), TCFD supporter status (one of the first Chinese financial institutions to join), and multiple China VC rankings including Top 100 VC Firms and Top 10 Green-tech Investors. The legal entity, 青云创业投资管理（香港）有限公司 (Tsing Capital Management Limited), is domiciled in Hong Kong.

Name

Tsing Capital

Legal name

青云创业投资管理（香港）有限公司

Website

https://tsingcapital.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Venture Capital and Private Equity

NAICS

Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Climate / Clean Tech & Decarbonization Funds (FSANAJAA)

Keywords

• Venture capital
• Sustainable technology
• Impact investing
• Cleantech investment
• Growth equity

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Fund Management Fees: Tsing Capital generates revenue through management fees charged on funds under management. As a leading impact investment fund manager in Asia, they manage multiple USD funds focused on sustainable technology investments.
2. Carried Interest: Performance-based carried interest from successful exits of portfolio companies, generating superior returns for investors financially, socially, and environmentally.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Tsing Capital is a private fund management company that invests in sustainable technology companies across Asia and globally. It manages USD-denominated fund vehicles — primarily the China Environment Fund (growth-stage) and the Smartech Innovation Fund (early-stage) — that deploy equity capital into clean energy, environmental protection, new materials, and intelligent technology companies. The firm also provides portfolio companies with strategic support including recruitment, government relations, cross-border partnerships, and advice on strategy, marketing, and business development.

Product overview

Tsing Capital is a fund management company dedicated to sustainable technology investing in Asia and globally. Founded in 2000 on the philosophy of 'Doing Well by Doing Good,' it operates two main fund products: the China Environment Fund (CEF), a growth-stage USD fund series established in 2002 investing in sustainable technology companies across Energy & Resources, Environmental Protection, New Materials, and Intelligent Technologies; and the Smartech Innovation Fund (STIF), an early-stage fund launched in 2016 targeting IoT and AI technologies in North America, Asia and Israel. The firm also publishes annual Sustaintech and Cleantech whitepapers analyzing market trends and investment opportunities in the sustainability sector.

Differentiator

Problem solved

Functional benefit

Brands

• China Environment Fund (CEF): Series of USD funds focusing on growth stage sustainable technology companies globally, established in 2002
• Smartech Innovation Fund (STIF)

Products and services

• China Environment Fund (CEF) A series of USD-denominated funds established in 2002 that invests in growth-stage sustainable technology companies globally, with sector focus on Energy & Resources, Environmental Protection, New Materials, and Intelligent Technologies. Limited partners include global leading multinational corporations, development financial institutions, pension and sovereign wealth funds, and family offices.
• Smartech Innovation Fund (STIF) An early-stage technology fund established in 2016 that invests in smart technologies such as Internet of Things and Artificial Intelligence in North America, Asia and Israel. Limited partners include global leading internet and intelligent hardware companies and listed company executives.

Quantifiable outcome

• Tsing Capital's latest China Environmental Fund had a target size of $350 million with IFC investing $20 million
• +1 more outcomes

Named customers6 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 indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hillhouse Capital: Asia-based investment firm with stage- and sector-spanning mandates including deep sustainability and new energy exposure. Comparable in cross-border Asia-Western platform, institutional LP base, and broad sustainable-tech investing remit.
• Khosla Ventures: Pioneering US VC firm with deep cleantech and sustainability investment track record dating back to the original clean-tech wave. Most comparable in fund structure (multi-stage, climate-forward mandate) and pioneering positioning globally.
• Breakthrough Energy Ventures: Climate-focused early-stage venture fund backed by Bill Gates and a global LP syndicate, targeting the same sustainable technology and decarbonization thesis as Tsing Capital. Direct competitor for clean-energy and climate-tech founders in North America and globally.
• Energy Impact Partners: Climate-focused venture and growth equity firm with a multinational strategic LP coalition (utilities, energy majors) investing across clean energy, mobility, and sustainable industry. Direct overlap with Tsing Capital's MNC-LP model and clean energy/clean mobility verticals.
• Capricorn Investment Group: Pioneer impact-investing fund manager running multiple strategies across alternative energy and sustainability with institutional LPs. Comparable as a long-duration, multi-strategy 'Doing Well by Doing Good' franchise serving pension and foundation capital.
• NewMargin Ventures: China-based venture capital firm co-founded by a former Tsing Capital principal, focused on cleantech and sustainable technology investments. Direct successor competitor in Asia with overlapping LP base and portfolio thesis.

Emerging players

• Obvious Ventures: Impact-led venture capital firm investing at the intersection of sustainability, AI and health. Smaller and earlier-stage focused than Tsing but pursues the same 'tech-for-good' investing narrative with comparable cross-border LP interests.

Broad incumbents

• Generation Investment Management: Sustainability-focused investment firm founded with a 'long-term, sustainability-led' thesis; offers public and private sustainable investing across multiple strategies. Comparable in ESG-driven institutional LP base and 'Doing Well by Doing Good' style philosophy.
• Kleiner Perkins: Iconic US technology VC firm with a long-running clean-tech practice and Green Growth Fund. Comparable in pioneering status, multi-stage cross-border investing, and breadth of sustainable-tech portfolio over multiple decades.
• TPG Rise Climate: TPG's dedicated climate and impact investing platform with multibillion-dollar commitments from global LPs. Competes for LP mandates in the climate/ESG space and has invested in many of the same sectors such as EV, smart grids, and new materials.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

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

M&A

Investments37 records

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

Frequently asked questions about Tsing Capital