FountainVest Partners
方源资本
FountainVest Partners is a Chinese private-equity firm that has operated across both growth and buyout stages. It was part of the consortium—alongside ANTA Group and Tencent—that acquired Finland's Amer Sports for €5.6 billion in 2019, which 暗涌Waves described as the largest cross-border acquisition in China's sporting-goods industry . The firm has also made venture-style bets, such as co-leading the Series A round in new-energy heavy-truck maker Windrose Technology in 2023 . In the buyout sphere, 暗涌Waves grouped FountainVest with Hillhouse Capital and Primavera Capital as PE shops that migrated from growth investing toward buyouts with a logic of "now expensive, even more expensive in the future"—a departure from traditional bargain-hunting .
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Coverage
Goodbye to a Decade of Venture Capital | Waves' Second Anniversary
Keep moving forward. Don't look back.
Windrose Technology has raised several hundred million yuan in a Series A round, with Yunqi Capital as co-lead investor | Yunqi Capital
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After so many cycles of euphoria and heartbreak, will Chinese buyouts finally deliver a different ending this time?
