DST Global

DST Global is a global investment fund founded by Yuri Milner, known for writing large checks into some of the most consequential internet companies of the past two decades. Per 暗涌Waves, Milner ranks among the most influential figures in the internet investment world, with a portfolio that spans Facebook, Zynga, Snapchat, and Twitter in the U.S., and Alibaba, JD.com, Meituan, ByteDance, SHEIN, Cider, and PatPat in China . The fund operates with a distinctive scale threshold: deals under $500 million are typically made by Milner personally, while those above that line are done through the DST Global vehicle .

In China, DST was long considered one of four "mega funds" alongside Tiger Global, Coatue, and SoftBank Vision Fund—characterized by deep pockets and rapid decision-making . Its recent activity includes participating in a Xiaohongshu secondary share purchase at roughly a $17 billion valuation in 2024, alongside Sequoia China , and leading a $100 million Series C in cross-border payments company Airwallex that propelled it into unicorn status . DST also led Dingdong Maicai's $700 million Series D in 2021 and has backed AI chipmaker Horizon Robotics since 2016, where Milner's interest reportedly stemmed from his background as a physicist and fascination with artificial intelligence .