DFX Intelligence

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S•••

Buyout firmClassification probableMiddle marketSEC exempt reporting adviser· Hong Kongs••••.com

••• Locked

As of 2026-09-21 · identity and classification; each section below carries its own date

Regulatory AUM: Not established
PE fund assets: $2.3B
PE funds: 3
Investments held: 0 of 2
Deals, last 12 months: Not established

Funds and vehicles Team (9)Transactions

As of 2026-09-21 · identity and classification; each section below carries its own date

Why this matters

This firm publishes its own acquisition criteria, so a fit test does not have to be inferred from past deals.
Sectors healthcare
Also held on 1 other DFX graph, so its behaviour can be read from more than one side.
Graphs 1

Classification

How this organization is classified, and on what basisBuyout firm · 2 in historyShow

Class: Buyout firmprobable, confidence 80%
Basis: own website statement
Size band: Middle marketdefined by: proxy: $2.28bn Private Equity Fund GAV on the Form ADV filed 2024-02-02

Classification history (2)

Sep 15, 2026
Buyout firm (probable, 80%, cls-pe-2)
own website statement
“••• Locked”
s••••.com
Sep 13, 2026
Buyout firm (confirmed, 85%, cls-pe-1)
R6: 3 of 3 distinct vehicles are sworn Private Equity Funds; 3 reported gross assets on a filing in 2022 or later

Regulatory footprint (Form ADV)

Adviser type: exempt reporting adviser
Form ADV filings: Mar 30, 2012 to Feb 2, 2024
RAUM: unknownregulatory assets under management of the adviser; not dry powder, not a fund size
PE funds, latest filing: 3
PE fund GAV, latest filing: $2.3Breported gross assets (Form ADV), not fund size
All private fund GAV: $2.3Bevery private fund type, latest filing
2024 PE fund GAV: $2.3Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
PE share of funds, lifetime: 100%
Fund type mix: filed 2024-02-02, latest gav Private Equity Fund $2.3B, latest counts Private Equity Fund 3, lifetime distinct Private Equity Fund 3
Employees: unknown
Headquarters: Hong Kong, Hong Kong
Office address: ••• Locked
Business phone: ••• Locked

Stated criteria beside observed behaviour

2 observed deals

Stated by the firm

Sectors: healthcare
Geography: not stated or not yet read
Revenue: not stated or not yet read
EBITDA: not stated or not yet read
Enterprise value: not stated or not yet read
Equity check: not stated or not yet read
Control: not stated or not yet read
Thesis: not stated or not yet read

Observed from deals on record

roles: unknown 2
period: to unknown, from unknown, undated holdings 2, dated observations 0
window: last unknown, first unknown
control: unknown 2
companies: 2
geography
investments: 2
seller kinds
transactions: 0
cadence by year
platform add on: add ons 0, platforms 0, add ons per platform unknown
sector known for: 0
disclosed value usd: n 0
sector distribution
holding period years: n 0
repeat counterparties
subsector distribution

2 companies on the graph (0 transactions); no dated observations

Funds

3 on record

Fund	Vehicle	Vintage	Reported gross assets (Form ADV), not fund size	Form D sold	Lifecycle
S••• P••••••• I• L••• ADV: Private Equity Fund	buyout or unlabelled	unknown	$1.2B as of Feb 2, 2024	no Form D	Mature
S••• P•••••• I•• L••• ADV: Private Equity Fund	buyout or unlabelled	unknown	$843M as of Feb 2, 2024	no Form D	Mature
S• A••• I••••••••• F••• I• L••• ADV: Private Equity Fund	buyout or unlabelled	unknown	$200M as of Feb 2, 2024	no Form D	Mature

Team

9 current, 1 former

Partner (5)

A••••• Y• Y•• · Shareholder · since Sep 1, 2009 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
B••••••• J• P• N• · Shareholder (S••• Management Ii Ltd.) · since Feb 1, 2008 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
H••• X• · Shareholder (S••• Management Ii Ltd.) · since Feb 1, 2008 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
K••• C••••• S• · Shareholder (S••• Management Ii Ltd.) · since Feb 1, 2008 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
R••• C• A••••••••• · Shareholder (S••• Management Ii Ltd.) · since Feb 1, 2008 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

Principal (3)

D••• Y••• · Director (S••• Beijing Advisors Ltd.) · since Nov 1, 2001 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
H•••••• L•• · Director (S••• Beijing Advisors Ltd.) · since Nov 1, 2001 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
J•• Z••• · Director (S••• Management Ii Ltd.) · since Jan 1, 2020 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

Platform (1)

P•• T•• W•• · Cfo (S••• Advisors Ltd.) · since Sep 1, 2013 SEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)

1 former (kept with end dates)

J••••• H••• L•• · Cfo (S••• Advisors Ltd.) · Sep 1, 2009 to Mar 31, 2014 Inference

Portfolio

2 relationships, 0 platforms, 0 add-ons

Company	Role	Status	Invested	Held	Partner	Source
S•••	Role unknown	unknown	unknown	unknown	unknown	Fact Investment organization websites (team, portfolio, strategy, criteria, news)
S••••••••• E•••••••• C••••••	Role unknown	unknown	unknown	unknown	unknown	Fact Investment organization websites (team, portfolio, strategy, criteria, news)

Transactions

0 on record

No transaction naming this firm has been collected yet. The deal tape is read from SEC filings and cited announcements.

Placement agents, lenders, advisers and co-investors

0 relationships

No counterparty collected yet. These are counted from transactions that name both this firm and the other party, and from placement agents on this firm’s funds.

LP commitments

5 disclosed

C••••••••• P••••• E••••••••• R••••••••• S••••• $100M calpers.ca.gov
N•• Y••• S•••• C••••• R••••••••• F••• $50.0M osc.ny.gov
N•• Y••• S•••• C••••• R••••••••• F••• in S••• P••••••• I• L••• $100M osc.ny.gov
N•• Y••• S•••• C••••• R••••••••• F••• $50.0M osc.ny.gov
N•• Y••• S•••• C••••• R••••••••• F••• in S••• P••••••• I• L••• $100M osc.ny.gov

Events

5 most recent

Sep 1, 2026
Adviser CRD 163673 is not on the SEC registered or exempt adviser roster of 2026-09-01
Adviser off rosterInferenceSEC Form ADV monthly roster (registered + exempt reporting advisers)
Dec 31, 2025
C••••••••• P••••• E••••••••• R••••••••• S••••• reports S••• P••••••• I•I L.P.: $100,000,000 committed, vintage 2007, net IRR 7.0%
Lp commitment disclosedFactC••••••••• P••••• E••••••••• R••••••••• S•••••P••••• pension private-markets disclosures, read through the venture lane's LP report tape
Mar 31, 2025
N•• Y••• S•••• C••••• R••••••••• F••• reports S••• P••••••• I•I, LP: $50,000,000 committed, vintage 2007
Lp commitment disclosedFactN•• Y••• S•••• C••••• R••••••••• F•••P••••• pension private-markets disclosures, read through the venture lane's LP report tape
Mar 30, 2012
S••• first filed Form ADV in the extract (ERA)
First Form ADV filingFactSEC Form ADV filing data 2011 to 2024 (Schedule D 7.B.(1) private funds, Schedules A/B, 1.I websites)
Mar 1, 2007
N•• Y••• S•••• C••••• R••••••••• F••• reports S••• P••••••• I•I: $50,000,000 committed
Lp commitment disclosedFactN•• Y••• S•••• C••••• R••••••••• F•••P••••• pension private-markets disclosures, read through the venture lane's LP report tape

Scores and what they are made of

Freshness100 · HIGH: as of: 2026-09-21items: [{"code":"DAYS_SINCE_NEWEST_EVIDENCE","points":1,"evidence":"0 days"}]method: sum of component points, capped at 1.0
model score-pe-1
Research priority57 · ELEVATED: as of: 2026-09-21items: [{"code":"SCALE_BAND","points":0.3,"evidence":"MIDDLE_MARKET"},{"code":"COMPLETEmethod: sum of component points, capped at 1.0
model score-pe-1
Investment velocity0 · LOW: as of: 2026-09-21items: []method: sum of component points, capped at 1.0
missing: no dated transactions
model score-pe-1
Acquisition appetite5 · LOW: as of: 2026-09-21items: [{"code":"STATED_CRITERIA_PUBLISHED","points":0.05,"evidence":"••• Locked"}]method: sum of component points, capped at 1.0
missing: no transactions on the graph for this firm yet
model score-pe-1
Profile completeness67 · ELEVATED: as of: 2026-09-21items: [{"code":"FIELDS_PRESENT","points":0.6666666666666666,"evidence":["website","desmethod: sum of component points, capped at 1.0
missing: transactions, lenders, intermediaries, cross dfx
model score-pe-1
Fund deployment activity0 · LOW: as of: 2026-09-21items: []method: sum of component points, capped at 1.0
model score-pe-1

Across DFX

No link to the family office, independent sponsor or venture graphs yet. Links are made only on a shared identifier such as a CRD or CIK number.

Record

First observed: Sep 13, 2026
Last observed: today
Observations: 27
Sources: 3
Open research tasks: 1

Reading this profile

Reported gross assets are what an adviser told the SEC a fund held on a date. They are not the fund’s size and not dry powder. RAUM is a regulatory measure of the adviser, not capital available to invest.

A section that says nothing has been collected means exactly that: the graph has not read that kind of record for this firm yet.

Across the graphs

S••• is the same institution as 1 record in Allocators.

Allocators1

Which record it is in each graph, what it is called there, and what the two were joined on. The Data Factory holds all nine graphs and the identity layer between them.

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