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§ Venture Capital · Beijing, China
Enterprise investment firm making growth-stage tech & business services across Asia. Focus: AI, Data Services, FinTech.
Gaocheng Capital is an enterprise investment firm based in Beijing and Singapore that makes growth-stage equity investments in technology and business services companies across Asia. The firm manages capital on behalf of institutional investors, targeting Series B opportunities across sectors including artificial intelligence, data services, financial technology, and health IT. Gaocheng Capital typically writes investment checks ranging between $100,000 and $5 million, and the firm recently closed its debut technology fund with $300 million in raised capital. Across its four closed funds, the firm's management team has historically participated in three investments valued above $100 billion and over 30 investments valued above $4 billion. The organization is led by a team of recognizable financial industry executives, including managing directors Demos Guo and Matt Xu, alongside chief operating officer Gloria Liu. Gaocheng Capital was founded in 2018 by Jing Hong.
Key people at Gaocheng Capital.
Key people at Gaocheng Capital.
Gaocheng Capital is a Beijing-based private equity investment firm specializing in growth-stage opportunities primarily in the enterprise software and technology-enabled services sectors. Its mission centers on leveraging deep industry expertise to identify and support innovative companies in technological innovation and enterprise services, aiming to maximize returns for its investors. Gaocheng operates a dual-currency fund (RMB and USD), enabling it to invest across domestic and international markets. The firm’s key sectors include finance, human resources, digital infrastructure, securities, and health tech, reflecting a broad but focused approach to technology-driven enterprise solutions. Gaocheng Capital plays a significant role in the startup ecosystem by providing growth capital and strategic support to scale promising technology companies, thereby fostering innovation within China’s dynamic tech landscape[1][2][3][4].
Founded in 2018 by Jing Hong, a former partner at Hillhouse Capital, Gaocheng Capital emerged with a clear focus on growth-stage private equity investments in enterprise software and technology-enabled services. The firm’s establishment coincided with a rising demand for specialized investment in China’s fast-evolving tech sectors. Jing Hong’s background at Hillhouse Capital, a leading investment firm, provided Gaocheng with a strong foundation in both operational expertise and industry connections. Since its inception, Gaocheng has evolved to manage multiple funds, including a debut technology fund closed in 2021 with $300 million in capital, reflecting its growing influence and expanding portfolio[2][3][5].
Gaocheng Capital is riding the wave of China’s rapid digital transformation and enterprise technology adoption. The timing is critical as Chinese enterprises increasingly seek advanced software and technology-enabled services to enhance efficiency and competitiveness. Market forces such as government support for tech innovation, rising demand for digital infrastructure, and the maturation of China’s startup ecosystem create a favorable environment for Gaocheng’s investment strategy. By focusing on growth-stage companies, Gaocheng helps bridge the gap between early innovation and large-scale commercialization, influencing the broader ecosystem by accelerating the development of scalable enterprise technology solutions[1][3][4].
Looking ahead, Gaocheng Capital is poised to deepen its impact by expanding its portfolio in emerging tech sectors like health tech and digital infrastructure, areas expected to see robust growth. Trends such as AI integration, cloud computing, and data-driven enterprise services will likely shape its investment focus. Gaocheng’s dual-currency fund structure and experienced leadership position it well to navigate both domestic and international market dynamics. Its influence is expected to grow as it continues to support companies that drive technological innovation and digital transformation in China’s enterprise sector, reinforcing its role as a key player in the private equity landscape[1][3][5].
Gaocheng Capital has 5 tracked investments across 4 companies. The latest tracked deal is $45.0M Series D in Xinren Xinshi in May 2022.
| Date | Company | Round | Lead Investor(s) | Co-Investor(s) |
|---|---|---|---|---|
| May 1, 2022 | Xinren Xinshi | $45.0M Series D | — | — |
| Feb 16, 2022 | EventX | $8.0M Series B Extension | — | HTC |
| Oct 11, 2021 | EventX | $10.0M Series B | Gaocheng Capital, HTC | — |
| Dec 22, 2020 | ClassIn | $265.0M Series C | Hillhouse Capital | INCE Capital, SIG, Tencent Holdings |
| Feb 18, 2020 | 51CTO | $20.0M Series C | Gaocheng Capital | — |
