Doll Capital Management

Doll Capital Management, commonly known as DCM, is a venture capital fund co-founded by Hans Tung (林欣禾), who serves as founding and managing partner . Hurst Lin (林欣禾) also holds the title of founding partner and managing director at DCM China . As of late 2024, the firm was in the process of splitting off its angel and seed fund team into a new independent investment company led by director partner Osuke Honda (本多央辅), while DCM Ventures stated that the restructuring aimed to better serve LP interests . At that time, DCM was managing its $780 million ninth flagship fund (DCM IX) and $100 million third exploration fund (DCM A Fund III), both in their investment periods, though the firm had maintained an unusually low public profile in the preceding years . DCM has historically operated as a dollar-denominated fund and had not established a true RMB fund as of 2022, despite having set up a RMB entity in 2020 .