Yan Han
韩彦
Yan Han is a Chinese venture capitalist who founded Heart Capital (心资本) around 2023, having spent the prior fifteen years at Lightspeed China . He joined Lightspeed in 2008 as an investment manager after leaving McKinsey, back when the US firm was just entering China . At Lightspeed he built a track record backing XPeng and Full Truck Alliance among others—he invested in XPeng not because founder He Xiaopeng knew cars, but because He said he didn't want to tell his child he merely founded a mobile browser . In January 2025, 暗涌Waves described him as "a hard investor to categorize" and noted he had just completed the first close of a new RMB fund, explicitly rejecting US dollar commitments . Looking ahead, he has framed his stance as continuing to "go long China" and "do the present with heart" amid industry upheaval .
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Coverage
The Fundraising Stories of China's "Six Little Tigers": Six Paths, Six Lives
If Kimi ever goes public, will the bell-ringing photo look very different?
elsewhere别处发生·Another VC Rebrands with a New Name
The twentieth year of local iteration.
暗涌Waves·Kerry Han Lands His First Fundraise of 2025, Says He'll Reject All US Dollars
The sentimental Han Yan told an even more sentimental story.
暗涌Waves·2024, When Everyone Stands at a Crossroads: 96 Investors' Decisions
Deciding is easy. Waiting is hard.
暗涌Waves·Put some people in the metaverse, send others to space
One is an inward journey of self-discovery; the other, an outward quest for what lies beyond.
暗涌Waves·
