What MSA Capital does

MSA Capital (also known by its Chinese name 和玉资本) is a global venture capital and growth equity firm founded in 2014 and headquartered in Beijing, China. The firm invests across seed to growth stages in highly innovative and disruptive companies, with a stated focus on biotechnology and enterprise-facing core technology, while maintaining active exposure to consumer internet, mobility, fintech, and e-commerce enablement through portfolio companies such as NIO, Yidu Cloud, BOSS Zhipin, Meituan, BGI, Sironax, Pyrotech, Tabby, Kitopi, and Flextock. MSA also operates the MSA Spark Program, an incubation initiative that builds technology companies from inception by providing founders with capital, management operations, and HR support.

The firm is led by Founder and Managing Partner Jenny Zeng and a cross-border partner team covering China healthcare (James Feng), enterprise technology (Hanae Kawada), and emerging technology markets in the Middle East and Africa (Walid). It serves institutional limited partners and founders globally, with portfolio exposure spanning China, the United States, Brazil, Egypt, Saudi Arabia, and the UAE. Revenue mechanics follow the standard private fund model of management fees on committed or invested capital plus carried interest on exits; MSA has reportedly generated material exits recognized by Private Equity International's 2021 Firm of the Year - China and Exit of the Year - Asia awards.

MSA differentiates on responsible-investing credentials, being the first Asian-headquartered private markets firm to sign the United Nations Principles for Responsible Investing and to adopt the ILPA Diversity, Equity, and Inclusion framework. With over USD 2 billion in assets under management and 11-50 employees, it operates as a mid-sized emerging manager competing for cross-border deal flow against larger global and regional platforms.

Name

MSA Capital

Legal name

MSA Capital

Website

https://msacap.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

MSA Capital is a Beijing-based global venture capital and growth equity firm founded in 2014, managing over USD 2 billion across seed-to-growth investments in biotechnology and enterprise technology, with active operations in China, the Middle East, and Africa.

Ownership category

akta.pro rank

Product category

Venture Capital / Private Equity

NAICS

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

SIC

Investment Advice (6282)

akta.pro primary industry

Managed Account / SMA Multi-Manager Platforms (FSANAGAL)

Keywords

• Venture capital
• Private equity
• Growth investing
• Biotechnology investments
• Enterprise technology investing

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Marketing channels1 record

Core offering

MSA Capital is a global venture capital and growth equity firm that manages over USD 2 billion in assets and invests in highly innovative and disruptive companies in biotechnology and enterprise-facing core technology sectors from seed to growth stage. The firm also runs the MSA Spark Program, which builds innovative technology companies from zero by providing venture capital, management operations, and human resources support to founders.

Product overview

MSA Capital is a global venture capital and growth investment firm, not a product or technology company. The firm manages over USD 2 billion in assets and focuses on private venture and growth investments in highly innovative and disruptive companies in biotechnology and enterprise-facing core technology sectors. The firm also operates the MSA Spark Program, which aims to create innovative technology companies from zero by collaborating with founders and providing venture capital, management operations, and human resources support.

Differentiator

Problem solved

Functional benefit

Brands

• MSA Spark Program: A program aimed at creating the world's most innovative technology companies from zero, providing venture capital, management operations, and human resources support to founders.

Products and services

• MSA Spark Program

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Seven partnerships are on record, tiered core and minor.

• United Nations Principles for Responsible InvestingcoreStrategic or Co-development PartnerMSA Capital is a signatory to the UN PRI, committing to incorporate environmental, social, and governance factors into investment decisions. The firm was the first Asian headquartered private markets investment firm to sign on to these principles.
• Institutional Limited Partners AssociationcoreStrategic or Co-development PartnerMSA Capital was the first Asian headquartered private markets investment firm to employ the ILPA framework for Diversity, Equity, and Inclusion, demonstrating commitment to responsible investment practices and transparency.
• The Nature ConservancyminorOthersMSA Capital is a member of The Nature Conservancy, committed to land and water conservation efforts as part of the firm's impact investing initiatives.
• Brookings China CouncilminorOthersJenny Zeng, Founder and Managing Partner, is a member of the Brookings China Council, contributing to policy discussions on China's economic development.
• Council of The Future ForumminorOthersJenny Zeng is a member of the Council of The Future Forum, engaging in thought leadership on future trends and governance.
• Institute for AI International Governance at Tsinghua UniversityminorStrategic or Co-development PartnerJenny Zeng serves on the Strategic Cooperation and Development Committee of the Institute for AI International Governance at Tsinghua University.
• Greater China Council of The Nature ConservancyminorOthersJenny Zeng is a member of the Greater China Council of The Nature Conservancy, supporting environmental conservation initiatives.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sequoia Capital China: Now operating as Hongshan, Sequoia China is the closest peer — a leading venture and growth firm investing in Chinese technology and biotech with comparable stage range, sector focus, and high-profile portfolio exits.
• Qiming Venture Partners: China-focused VC firm investing across healthcare, technology, and consumer from early to growth stages, with overlapping portfolio themes in biotech and enterprise tech.
• Hillhouse Capital: Asia-focused investment platform spanning public and private markets, with significant venture and growth exposure to Chinese consumer, healthcare, and enterprise technology comparable to MSA.
• IDG Capital: One of the earliest foreign VC entrants in China, investing across technology, healthcare, and consumer at multiple stages with a comparable global-to-China orientation.
• GGV Capital: Multi-stage venture firm investing across US and China in enterprise tech, consumer, and biotech — directly comparable stage and sector coverage.
• Cathay Innovation: Global venture firm with China, Europe, and US presence investing in tech-enabled and healthcare companies from early to growth, mirroring MSA's cross-border model.
• ZhenFund: China-focused early-stage venture firm with comparable sector breadth across consumer internet, enterprise tech, and biotech at the seed and Series A stages.
• 5Y Capital (formerly Morningside Venture Capital): Long-standing China venture firm with a healthcare and enterprise-tech focus similar to MSA's stated investment pillars, and a similarly global LP base.

Broad incumbents

• Warburg Pincus: Global growth investor with deep China and emerging-markets exposure; larger and broader mandate than MSA but overlapping in growth-stage tech and healthcare.

Regional players

• Wamda Capital: MENA-focused venture and growth investor and Walid's former firm. Directly comparable to MSA's MENA practice given shared thesis on regional tech enablers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/MSA_Capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds2 records

Investors1 record

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

M&A

Investments93 records

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

Frequently asked questions about MSA Capital