DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Hony Capital Limited
Hony Capital Limited
venture manager, reported GAV $111M across 5 vehicles
Importance
22
moderate
Active deployment
0
low
Emerging
0
low
Completeness
56
elevated
Freshness
100
high
Research priority
5
low
Identity and regulatory footprint
- Headquarters
- Hong Kong, Chinaadviserinfo.sec.gov
- Office address
- SUITE 09, 70/F, TWO INTERNATIONAL FINANCIAL CENTRE, 8 FINANCE STREET, CENTRAL, Hong Kong, N/Aadviserinfo.sec.gov
- Business phone
- 852-39619700adviserinfo.sec.gov
- Website
- HTTP://WWW.HONYCAPITAL.COM
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- private fund adviseradviserinfo.sec.gov
- Latest Form ADV
- Mar 20, 2024
- Private funds reported
- 7 (1 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $3.6Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Hony Managing Partners Limited ("hmp") (Shareholder Of Hgml), E; Hony Partners Group, L.P. ("hpg") (Lp Of Hcg Lp), E; Harvest King Limited (Shareholder Of Efg), C; Hony Group Management Limited ("hgml") (Gp Of Hpe/Hcg), F; Hony PE Fund Management, L.P. ("hpe") (Shareholder), E; Hony Capital Group, L.P. ("hcg") (Lp Of Hpe), E; Harvest Well Limited (Shareholder Of Efg), C; Hony Capital Group, L.P. ("hcg") (Shareholder Of Hcg Ltd), E; Exponential Fortune Group Limited ("efg") (Shareholder Of Hmp), E
- business phone
- 852-39619700adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
no observed deals yet
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors: no observed deals yet
lead rate n/afollow-on rate n/anew logos, 12 months 0
Funds and vehicles
5 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Hony Ventures Fund I, L.P. | Fund | 2021 adv first reported | Mature | $111M Mar 20, 2024 | 18 | unknown | unknown |
| Hony Capital Fund VIII (Cayman), LP | Feeder or parallel | 2016 lp reported | Harvest | unknown | unknown | unknown | unknown |
| Hony Capital Fund VIII, L. P | Fund | 2016 lp reported | Harvest | unknown | unknown | unknown | unknown |
| Hony Capital V, LP | Fund | 2011 lp reported | Harvest | unknown | unknown | unknown | unknown |
| Hony Capital Fund V, L.P | Fund | 2011 lp reported | Harvest | unknown | unknown | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
7 current, 3 departed
Huan John Zhao
PartnerShareholder Of Efg · since Jun 1, 2013
Minsheng Xu
PartnerShareholder Of Harvest King Limited · since Jun 1, 2013
MIN Ning
PrincipalDirector · since Jul 1, 2015
Peng Li
PrincipalDirector · since Mar 1, 2020
SZE Ying Terry Tam
PrincipalDirector · since Mar 1, 2022
Xiaobin Bao
PrincipalDirector · since Mar 1, 2020
Yonggang Cao
PrincipalDirector · since Mar 1, 2020
3 departed (kept with end dates)
- Bing Yuan · Director · Mar 1, 2020 to Mar 13, 2023 Inference
- Chuanzhi Liu · Director · Dec 1, 2004 to Apr 1, 2016 Inference
- Linan Zhu · Director · Dec 1, 2004 to Apr 1, 2020 Inference
Investments on record
0 edges, 0 companies, 0 partner-attributed
No investment on record yet. Edges arrive from the firm’s portfolio page, financing announcements, and Form D board seats.
Co-investors
0 relationships from shared deals, counted for the whole firm
No co-investor relationship yet: these are derived only from rounds and portfolio listings the graph has seen both investors on.
Limited partners
11 disclosed
- New York State Common Retirement Fund $200M Apr 6, 2016 osc.ny.gov
- New York State Common Retirement Fund in Hony Capital Fund VIII, L. P $200M Apr 6, 2016 osc.ny.gov
- New York State Common Retirement Fund in Hony Capital V, LP $4.0M Dec 15, 2011 osc.ny.gov
- California State Teachers' Retirement System in Hony Capital Fund V, L.P $75.0M calstrs.com
- Massachusetts Pension Reserves Investment Management Board amount undisclosed mapension.com
- New York State Common Retirement Fund in Hony Capital Fund VIII (Cayman), LP $200M osc.ny.gov
- New York State Common Retirement Fund in Hony Capital V, LP $15.0M osc.ny.gov
- Los Angeles City Employees' Retirement System in Hony Capital Fund V, L.P amount undisclosed lacers.org
- New York State Common Retirement Fund in Hony Capital Fund V, L.P $100M osc.ny.gov
- California State Teachers' Retirement System $50.0M calstrs.com
- New York State Common Retirement Fund $15.0M osc.ny.gov
Timeline
19 dated events
- Jun 30, 2025CalSTRS reports Hony Capital Fund V, L.P.: $75,000,000 committed, vintage 2011, net IRR -3.9%, 0.74x
- Jun 30, 2025CalSTRS reports Hony Capital Fund 2008, L.P.: $50,000,000 committed, vintage 2008, net IRR -5.1%, 0.68x
- Jun 30, 2025Mass PRIM lists Hony Capital among its private equity managers
- Mar 31, 2025NYSCRF reports Hony Capital V, LP: $15,000,000 committed, vintage 2011 via New York Co-Investment Pool Asia Investors, LP
- Mar 31, 2025NYSCRF reports Hony Capital Fund VIII (Cayman), LP: $200,000,000 committed, vintage 2016
- Mar 31, 2025NYSCRF reports Hony Capital Fund V, LP: $100,000,000 committed, vintage 2011
- Mar 13, 2023Bing Yuan (Director) no longer on Schedule A of Hony Capital Limited
- Mar 1, 2022SZE Ying Terry Tam joined Schedule A of Hony Capital Limited as Director
- Mar 24, 2021Hony Ventures Fund I, L.P. first reported on Form ADV by Hony Capital Limited (Venture Capital Fund), GAV $249,759,519Fund first reported on Form ADVFundsFactHony Ventures Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Apr 1, 2020Linan Zhu (Director) no longer on Schedule A of Hony Capital Limited
- Mar 1, 2020Bing Yuan joined Schedule A of Hony Capital Limited as Director
- Mar 1, 2020Peng Li joined Schedule A of Hony Capital Limited as Director
- Mar 1, 2020Xiaobin Bao joined Schedule A of Hony Capital Limited as Director
- Apr 6, 2016NYSCRF commits $200,000,000 to Hony Capital Fund VIII, L. P. (Hony Capital), closed 2016-04-06, existing relationship
- Apr 1, 2016Chuanzhi Liu (Director) no longer on Schedule A of Hony Capital Limited
- Jul 1, 2015MIN Ning joined Schedule A of Hony Capital Limited as Director
- Jun 1, 2013Minsheng Xu joined Schedule A of Hony Capital Limited as Shareholder Of Efg
- Jun 1, 2013Yonggang Cao joined Schedule A of Hony Capital Limited as Shareholder Of Efg
- Apr 4, 2012Hony Capital Limited first filed Form ADV (ERA)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 14, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $111M across 5 vehicles
- Sep 13, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $111M across 4 vehicles
- Sep 12, 2026Institutional venture firm (probable, 80%, cls-1)venture manager, reported GAV $111M across 1 vehicles
Evidence
29 observations from 2 sources