Gaorong Ventures Completes Fundraise Exceeding 10 Billion RMB, Partnering with Founders to Create Long-Term Value

Gaorong Ventures announced its annual USD and RMB fundraising results, with new capital commitments exceeding RMB 10 billion in total. Its fifth USD fund closed at $1.15 billion, making it the largest USD-denominated VC fund raised in China so far this year.

The firm's total AUM across USD and RMB funds now stands at approximately RMB 28 billion. Following this raise, Gaorong Ventures will continue to focus on new consumption, new technology, enterprise services, and healthcare technology.

This round saw continued trust and support from both existing and new investors. The fifth USD fund was significantly oversubscribed, completing its full fundraising process in just over a month — a strong signal of how global top-tier investors view Gaorong's track record and team strength. The fund's limited partners are predominantly institutional investors with broad geographic and background diversity, spanning sovereign wealth funds, charitable foundations, university endowments, fund-of-funds, and family offices.

The new RMB fund also received robust backing from returning and new investors, with institutional investors accounting for over 90% of commitments. These include major insurance companies, top university endowments, large industrial conglomerates, prominent fund-of-funds, and family offices.

Additionally, founders and senior executives from several leading TMT companies and traditional industry giants have become significant LPs in Gaorong's new funds. They will continue to provide Gaorong's portfolio companies with strategic support across capital, industry resources, and expertise, building out a collaborative innovation ecosystem.

Since its founding in 2014, Gaorong Ventures has invested in over 200 companies. Twelve of its portfolio companies have gone public, and more than 20 have reached valuations exceeding $1 billion. Multiple companies have grown into industry leaders, including Pinduoduo (NASDAQ: PDD), Gaotu Techedu (NYSE: GSX), HUYA Inc. (NYSE: HUYA), Roborock (688169.SH), NYSE: ZEPP, YITU, Nuro, Waterdrop, BOSS Zhipin, Hello Inc., Dingdong Maicai, Perfect Diary, Genki Forest, and Poizon App, among others. At the time of Gaorong's initial investment, the vast majority of these companies were still in early stages of development.

Following this fundraise, Gaorong Ventures will continue to follow market trends, identify and support outstanding entrepreneurs, and build long-term value together with them. In new consumption: as China's consumer market gradually becomes the world's largest single market, Gaorong will continue to find investment opportunities in new e-commerce, new retail, new brands, and new consumption infrastructure. In new technology: the firm will continue to deepen its presence in hard tech sectors including AI, robotics, and semiconductors, capturing commercial opportunities arising from technological convergence and breakthroughs. Against the backdrop of new infrastructure development, as industries accelerate their informatization, digitization, and intelligentization, Gaorong will keep seeking opportunities in enterprise services and industrial upgrading. Meanwhile, the firm has long been bullish on healthcare technology's future prospects, and invests in outstanding companies across digital health, pharmaceutical innovation, biotechnology, and medical devices.

The Gaorong Ventures team has grown from its original three founding partners — Chang Chen, Gao Xiang, and Yue Bin — to approximately 50 people. The firm has built a diverse team united by shared vision, organizational strength, and execution capability, and continues to attract top industry talent to better capture value investment opportunities and provide more systematic and diversified services to portfolio companies.

Chang Chen, founding partner of Gaorong Ventures, said: "We are grateful to our new and existing LPs, both domestic and international, for their continued trust and support. We have always believed that technology and innovation will help people achieve a better future. Especially under the dual circulation development paradigm and in this era of new technology-driven industrial transformation, new consumption, new creation, and new supply will thrive. In recent years, we have seen more and more Chinese entrepreneurs demonstrate long-term vision and admirable innovative spirit, and we have been fortunate to accompany and witness them in building great companies worth tens or even hundreds of billions of dollars. Going forward, we will remain true to our original aspiration, support entrepreneurs in multiple dimensions, generate richer returns for our investors, and create positive long-term value for society."