What Capitallink does

Capitallink (凯联资本) is a Beijing-headquartered, privately held investment fund management and asset management firm operating across China's domestic and overseas capital markets. Founded in 2002 with 51-100 employees, the firm runs seven core product lines: equity investment, listed-company strategic and securities investment, alternative-asset investment, QFLP cross-border investment, fund of funds and S-fund vehicles, M&A investment, and industrial investment. Its RMB fund, established in 2015, was among the first batch to receive a fund management license from Chinese regulators and currently anchors the franchise with assets under management exceeding CNY 15 billion.

The firm's operating platform combines a Macro Research Institute, an Industrial Research Institute, and an active Entrepreneur Club, which together provide forward-looking economic research, regional government and industry connectivity, and a community-led deal-flow and portfolio-support matrix. Notable disclosed investments include Wuliangye (Five Grain Liquor, 五粮液), United Imaging Healthcare (联影医疗), ChangXin Memory Technologies (长鑫存储), China Electronics Technology Huawei Semiconductor (华大半导体), and GAC Aion (广汽埃安), spanning medical technology, semiconductors, and new energy vehicles. The firm applies a value-driven investment philosophy across strategic emerging industries including new energy, intelligent connected vehicles, semiconductors, digital services, industrial internet, and healthcare.

Capitallink monetizes primarily through recurring management fees on AUM across RMB funds, USD funds, mother funds, and S-funds, supplemented by performance fees (carried interest) and transaction-driven private equity returns. Distribution is direct and relationship-based: the firm targets high-net-worth individuals, family offices, institutional investors, local governments, and listed-company strategic partners through its 20-year industrial network, entrepreneur events, and government-linked industrial fund partnerships, including a 2024 hard-technology industrial fund with Anhui Keda Science and Technology Silicon Valley and Hefei state-owned assets. No disclosed revenue, ARR, or external ownership details are available.

Name

Capitallink

Legal name

凯联（北京）投资基金管理有限公司

Website

https://capitallink.cn

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

51–100 employees

Short description

Capitallink is a Beijing-based Chinese private asset and investment fund manager founded in 2002, offering equity, M&A, QFLP cross-border, FoF/S-fund, and industrial investment products for high-net-worth individuals, family offices, institutions, and local governments across strategic emerging industries.

Ownership category

akta.pro rank

Product category

Private Equity and Asset Management

NAICS

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

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industry

Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Private equity investment
• Asset management services
• Fund of funds
• Cross-border investment
• Mergers and acquisitions

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices2 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: Management fees charged on assets under management across multiple fund products including RMB funds, USD funds, S funds, and mother funds. The firm manages over 150 billion RMB in assets.
2. Performance Fees/Carried Interest: Performance-based fees from successful investments and exits, aligning manager and investor interests.
3. Private Equity Investment Returns: Returns from equity investments in portfolio companies, generating IRR and DPI that exceed industry averages.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Capitallink is a Chinese private equity and asset management firm that invests in and manages RMB funds, USD funds, mother funds, and S funds across equity, listed company strategic investment, alternative assets, QFLP cross-border, fund-of-funds, M&A, and industrial investment strategies. The firm manages over 150 billion RMB in assets, targeting quality projects in strategic emerging industries such as semiconductors, AI, new energy, intelligent connected vehicles, and healthcare for institutional investors, high-net-worth individuals, family offices, listed companies, and regional governments.

Product overview

Capitallink is a traditional investment management and asset management firm offering seven core investment services: equity investment, strategic investment for listed companies, alternative asset investment, QFLP cross-border investment, fund of funds/S funds, M&A investment, and industrial investment. The firm supports these services with internal research capabilities including the Capitallink Macroeconomic Research Institute, Capitallink Industrial Research Institute, and Capitallink Entrepreneur Club. The investment ecosystem provides portfolio companies with comprehensive support from research to post-investment services, targeting strategic emerging industries including semiconductors, AI, new energy, and healthcare.

Differentiator

Problem solved

Functional benefit

Brands

• 凯联宏观研究院: 对经济趋势、周期及政策进行前瞻性研究的宏观经济研究机构
• 凯联产业研究院
• 凯联企业家俱乐部
• 新周期创新研究院
• 新周期产业研究院

Products and services

• Equity Investment (股权投资) Equity investment service applying a value-driven investment philosophy to quality leading projects in sectors such as semiconductors, AI, and strategic emerging industries. Notable investments include Wuliangye (五粮液), United Imaging Healthcare (联影医疗), ChangXin Memory Technologies (长鑫存储), China Electronics Technology Huawei Semiconductor (华为半导体), and GAC Aion (广汽埃安).
• Listed Company Strategic Investment / Securities Investment (上市公司战略投资/证券投资) Strategic investment and securities investment services for listed companies, including private placements, agreement transfers, equity pledges, and bankruptcy restructuring. Designed to meet the capital needs and strategic development requirements of listed companies.
• Alternative Asset Investment (另类资产投资) Alternative asset investment focusing on emerging industries with stable cash flows, low risk, and strong profitability. Key focus areas include new energy storage projects and smart agriculture, with strategic collaborations with Tesla and domestic leading listed companies.
• QFLP Cross-border Investment (QFLP跨境投资) Qualified Foreign Limited Partner (QFLP) cross-border investment service enabling foreign investors to participate in China's private equity market. Investment directions include semiconductors, IT, new energy, and healthcare sectors, leveraging over 20 years of asset management experience.
• Fund of Funds and S Funds (母基金和S基金) Fund of Funds and Secondary Fund (S Fund) investment services. Core capabilities include asset value assessment, transaction structure design, and risk control. Targets discounted quality assets with stronger underlying asset certainty and shorter cash recovery cycles.
• M&A Investment (并购投资)

Quantifiable outcome

• IRR and DPI exceed industry averages
• +2 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Anhui科大硅谷 (Keda Science and Technology Silicon Valley)coreStrategic or Co-development PartnerStrategic cooperation to establish a hard technology industrial fund, leveraging科大硅谷's policy advantages and incubation platform to support semiconductor and low-altitude economy companies.
• Hefei Local State-owned AssetscoreStrategic or Co-development PartnerPartnership with Hefei state-owned assets to link industrial parties and research institute resources for industrial fund establishment and innovation company cultivation.
• TeslaminorStrategic or Co-development PartnerStrategic collaboration with Tesla and domestic leading listed companies to select quality projects for investors in the energy storage sector, leveraging deep industry and technology understanding.
• Local Governments and Financial InstitutionscoreStrategic or Co-development PartnerEstablished close cooperation with local governments and financial institutions across multiple regions to provide comprehensive investment and wealth management solutions.
• Guangzhou Panyu District GovernmentminorStrategic or Co-development PartnerEngaged with Panyu District Government on investment attraction topics during auto supply chain innovation entrepreneur seminar.
• Hefei Municipal GovernmentminorStrategic or Co-development PartnerMet with Hefei city leaders including Secretary Cheng Xuetao to explore new models of government-enterprise-investment institution cooperation under digital transformation.

Scale indicators3 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• CDB Capital: China Development Bank's PE/alternative investment arm. State-backed incumbent competing for the same industrial fund mandates, government LP relationships, and large-cap deals that Capitallink pursues.
• Legend Holdings: Chinese state-linked holding company combining PE fund management (Legend Capital) with strategic operating businesses. Comparable in diversified PE activity, government relationships, and Chinese industrial fund-of-funds positioning.
• Hillhouse Capital: One of the largest Asia-focused investment firms with multi-hundred-billion AUM across PE, public equities, and venture. Although larger and broader, it overlaps with Capitallink in Chinese growth/PE investing, healthcare, and consumer-tech themes.

Direct peers

• Primavera Capital: China-focused PE firm founded by former PE veterans, investing across growth equity and buyouts. Comparable in vintage, China-centric mandate, and multi-product offering including RMB and USD funds serving institutional LPs.
• FountainVest Partners: China-founded PE firm managing multi-billion-dollar buyout and growth funds. Comparable in mid-to-large-cap Chinese PE focus, relationship-driven deal sourcing, and cross-border capability through dual RMB/USD fund structures.
• PAG (Pacific Alliance Group): Asia-focused alternative investment firm with PE, real estate, and credit strategies. Comparable in product breadth, multi-jurisdiction fund structure, and institutional LP base across Asia and global markets.
• Boyu Capital: Asia-focused private investment firm with significant China PE franchise. Directly comparable in AUM scale, sector mix (consumer, healthcare, tech, financials), and focus on providing strategic capital alongside management teams of Chinese growth companies.
• CITIC Capital: Hong Kong/China-headquartered alternative investment manager with PE, real estate, and credit strategies. Comparable product breadth (PE, M&A, special situations) and cross-border reach via QFLP and offshore funds, serving similar HNI/family-office/institutional LP base.
• Hopu Investments: Beijing-based alternative investment firm founded in 2003 by ex-CICC veterans, managing multi-billion-dollar PE/buyout funds with deep China government ties. Closely comparable to Capitallink in vintage, AUM scale, and focus on large-cap Chinese industrial deals.

Regional players

• Baring Private Equity Asia: Pan-Asia PE firm with strong China exposure. Comparable in mid-market Asia buyout/PE activity, though primarily Hong Kong-headquartered with a different geographic concentration than Capitallink's China-domiciled base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/capitallink
• Facebookfacebook.com/CapitalLinkInc

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments18 records

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

Frequently asked questions about Capitallink