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 / Xiang He Management Services, Inc.
Xiang He Management Services, Inc.
襄禾资本是原百度公司负责战略投资并购的副总裁汤和松先生和执行总监杨柳共同创立，持续聚焦技术变革和创新的早期机会，发掘并支持具备创新能力和高增长潜力的创业企业，秉持着「襄助创业，改变世界」的使命，助力每一个微小至伟大的力量。
venture manager, reported GAV $1,409M across 6 vehicles
Importance
37
elevated
Active deployment
8
low
Emerging
0
low
Completeness
56
elevated
Freshness
100
high
Research priority
10
low
Identity and regulatory footprint
- Headquarters
- Grand Cayman, Cayman Islandsadviserinfo.sec.gov
- Office address
- UGLAND HOUSE - #309, Grand Cayman, KY11104adviserinfo.sec.gov
- Business phone
- 1-650-666-7287adviserinfo.sec.gov
- Website
- HTTP://WWW.XIANGHECAP.COM
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- venture capital fund adviseradviserinfo.sec.govItem 2.B(1): advises solely venture capital funds
- Latest Form ADV
- Aug 9, 2024
- Private funds reported
- 6 (6 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $1.4Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- HT Holding Delaware, LLC (Sole Shareholder Of Ht Holding, Ltd.), E; Magic Willow LLC (Shareholder Of The Era), C; HT Holding US, LLC (Sole Shareholder Of Ht Holding Delaware, Llc), E; HT Holding, Ltd. (Shareholder Of The Era), D
- business email
- bp@xianghecap.comxianghecap.compublished by the subject
- business email
- pr@xianghecap.comxianghecap.compublished by the subject
- business phone
- 1-650-666-7287adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
2 observed deals
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
unknown 100%
lead rate n/afollow-on rate n/anew logos, 12 months 2
Funds and vehicles
6 reported, 2 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Xiang He Fund III L.P. | Fund | 2022 form d first sale | Active deployment | $19.0M Aug 9, 2024 | 15 | $44.9M | Jun 14, 2023 |
| Xiang He Fund Epsilon, L.P. | Fund | 2022 adv first reported | Active deployment | $9.2M Aug 9, 2024 | 3 | unknown | unknown |
| Xiang He Fund Delta, L.P. | Fund | 2021 adv first reported | Mature | $38.1M Aug 9, 2024 | 2 | unknown | unknown |
| Xiang He Fund II, L.P. | Fund | 2018 form d first sale | Harvest | $528M Aug 9, 2024 | 115 | $378M of $425M | Jul 18, 2019 |
| Xiang He Fund I Alpha, L.P. | Fund | 2018 form d first sale | Harvest | $11.1M Aug 9, 2024 | 4 | $3.5M of $3.5M | Jun 22, 2018 |
| Xiang He Fund I, L.P. | Fund | 2016 form d first sale | Harvest | $803M Aug 9, 2024 | 28 | $261M of $300M | May 4, 2017 |
| Xiang He Fund Gamma, L.P. | Fund | 2021 adv first reported | Wound down | $13.5M Mar 31, 2022 | 7 | unknown | unknown |
| Xiang He Fund I Beta, L.P. | Fund | 2019 adv first reported | Wound down | $0 Mar 31, 2022 | 3 | 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
5 current, 1 departed
WEI Li
Platform and operationsGeneral Counsel Of The Era · since Jun 1, 2018
Hesong Tang
PrincipalDirector And Chief Executive Officer Of The Era · since Jan 1, 2016
Hesong Tang
PrincipalDirector And Chief Executive Officer Of The Era Era · since Jan 1, 2016
LIU Yang
PrincipalDirector Of The Era · since Oct 1, 2019
LIU Yang
PrincipalDirector Of The Era · since Oct 1, 2019
1 departed (kept with end dates)
- Eva Wang · General Counsel Of The Era · Jun 1, 2016 to Mar 28, 2018 Inference
Investments on record
2 edges, 2 companies, 0 partner-attributed
| Company | Round | Role | Partner | Round size | This investor | Date | Source |
|---|---|---|---|---|---|---|---|
| 京ICP备14020814号 | portfolio listing | unknown | unknown | unknown | unknown | Sep 16, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
| Powered by yongsy | portfolio listing | unknown | unknown | unknown | unknown | Sep 13, 2026 | Fact Venture organization websites (about, team, portfolio, thesis, news pages) |
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
8 relationships from shared deals, counted for the whole firm
HLC Vgc Management IV Limited 1 shared · one time01vc Advisor Ltd 1 shared · one timeMonolith Venture Advisory Limited 1 shared · one time5y Capital Management Limited 1 shared · one timeBanyan Capital Partners Ltd. 1 shared · one time6 Dimensions Capital 1 shared · one timeBLC Advisors, Ltd. 1 shared · one timeQiming 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
15 dated events
- Sep 16, 2026Powered by yongsy no longer listed on Xiang He Management Services, Inc.'s portfolio pageRemoved from portfolio pagePortfolioInferencePowered by yongsyVenture organization websites (about, team, portfolio, thesis, news pages)
- Mar 29, 2024Xiang He Fund III L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund), GAV $18,979,561Fund first reported on Form ADVFundsFactXiang He Fund III L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023Xiang He Fund Gamma, L.P. no longer reported on Form ADV by Xiang He Management Services, Inc.Fund no longer reportedFundsInferenceXiang He Fund Gamma, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2023Xiang He Fund I Beta, L.P. no longer reported on Form ADV by Xiang He Management Services, Inc.Fund no longer reportedFundsInferenceXiang He Fund I Beta, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 31, 2022Xiang He Fund Epsilon, L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund), GAV $8,535,344Fund first reported on Form ADVFundsFactXiang He Fund Epsilon, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Xiang He Fund Gamma, L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund), GAV $18,500,000Fund first reported on Form ADVFundsFactXiang He Fund Gamma, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 2021Xiang He Fund Delta, L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund), GAV $38,075,299Fund first reported on Form ADVFundsFactXiang He Fund Delta, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 27, 2019Xiang He Fund I Beta, L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund)Fund first reported on Form ADVFundsFactXiang He Fund I Beta, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 27, 2019Xiang He Fund II, L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund), GAV $151,500,000Fund first reported on Form ADVFundsFactXiang He Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 27, 2019Xiang He Fund I Alpha, L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund), GAV $4,737,344Fund first reported on Form ADVFundsFactXiang He Fund I Alpha, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jun 1, 2018WEI Li joined Schedule A of Xiang He Management Services, Inc. as General Counsel Of The Era
- Mar 28, 2018EVA Wang (General Counsel Of The Era) no longer on Schedule A of Xiang He Management Services, Inc.
- Dec 1, 2017LIU Yang joined Schedule A of Xiang He Management Services, Inc. as Sole Managing Member, President, Treasurer And Secretary Of Magic Willow Llc
- Jul 6, 2016Xiang He Management Services, Inc. first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 6, 2016Xiang He Fund I, L.P. first reported on Form ADV by Xiang He Management Services, Inc. (Venture Capital Fund), GAV $224,375,635Fund first reported on Form ADVFundsFactXiang He Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 12, 2026Institutional venture firm (confirmed, 95%, cls-1)venture manager, reported GAV $1,409M across 6 vehicles
Evidence
34 observations from 3 sources