Doll Capital Management

Doll Capital Management, commonly known as DCM, is a venture capital fund co-founded by Hans Tung (林欣禾) as founding and managing partner . Hurst Lin (林欣禾) serves as a director partner, having founded and led DCM China in 2006 after leaving his role as COO of Sina . The firm was originally established in 1996 in Silicon Valley by Dixon Doll and David Chao (赵克仁) .

DCM operates with a notably lean, "sniper-style" approach—its China investment team has typically stayed under ten people, with roughly ten deals per year and no dedicated post-investment staff, leaving GP oversight for portfolio support . In November 2024, DCM announced it would split off its angel and seed fund team into a separate independent investment company led by partner Osuke Honda (本多央辅), focused primarily on Japan; this restructuring affected only the approximately $100 million A Fund IV, while DCM's main funds and first three exploratory funds continued unchanged . The core investment decision-making body remained composed of David Chao, Hurst Lin, and Ramon Zeng (曾振宇) .