DST Global

DST Global is a global investment fund founded by Yuri Milner, known for backing some of the most consequential consumer internet companies on both sides of the Pacific. In China, its portfolio spans Alibaba, JD.com, Meituan, ByteDance, Xiaohongshu, SHEIN, Cider, and PatPat, among others; in the U.S., it counts Facebook, Twitter, Snapchat, and Zynga among its early bets . The fund operates with a distinctive structure: deals under $500 million are typically made by Milner personally, while larger checks come from the DST fund itself . During China's last major internet land grab—community group buying around 2021—DST notably backed competing players simultaneously, investing in both Shihuituan and Dingdong Maicai . Though it had largely paused new China deals in the two years preceding mid-2024, it re-entered that market through a secondary share purchase in Xiaohongshu at a roughly $17 billion valuation . In the U.S. venture landscape, DST was long grouped alongside Tiger Global, Coatue, and SoftBank Vision Fund as one of the "mega funds"—deep-pocketed, fast-moving, and willing to write large checks .