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 / 5y Capital Management Limited
5y Capital Management Limited
关于五源资本，在五源资本（原晨兴资本），我们相信， 如果别⼈眼中疯狂的你，开始被相信，世界会更美好。真正的企业家精神，是一种唤醒⾃己与唤醒他人改变的能⼒，借此促成世界进步的野心。五源资本赞扬这样的精神，并且和杰出的企业家共享这种精神。伟⼤企业家的初始往往是不被理解、很难识别的，五源资本通过⼴角探索与深度研究，辨别出真正稀缺的创业者，挖掘并成就他们与众不同的天赋。 骄傲不是⾃大，⽽是理性的⾃负，敢于定义⾃己，定义世界。五源资本背后，是一群想要成就令人骄傲的事业，并愿意为骄傲付出极致努力与恒久热情的人。
both early and growth/opportunity families, reported GAV $4,144M
Importance
55
elevated
Active deployment
55
elevated
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
24
moderate
Identity and regulatory footprint
- Headquarters
- Hong Kong, Hong Kongadviserinfo.sec.gov
- Office address
- UNIT 905, 9F, ICBC TOWER,, 3 GARDEN ROAD, CENTRAL, Hong Kongadviserinfo.sec.gov
- Business phone
- +852 29891120adviserinfo.sec.gov
- Website
- http://www.5ycap.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
- Mar 29, 2024
- Private funds reported
- 11 (11 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $4.1Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Owners on Schedule A
- Croton Consultants Limited (Shareholder(Ordinary Shares)), E; Sovereign Fiduciaries (guernsey) Limited (Trustee), F
- business phone
- +852 29891120adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
35 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 35
Funds and vehicles
11 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| 5y Capital Evolution Fund Iii-A, L.P. | Feeder or parallel | 2024 adv first reported | Early deployment | $365M Mar 29, 2024 | 50 | $0 | Nov 29, 2023 |
| 5y Capital Evolution Fund III, L.P. | Fund | 2024 adv first reported | Early deployment | $173M Mar 29, 2024 | 20 | $0 | Nov 29, 2023 |
| 5y Capital Evolution Fund III Co-Investment, L.P. | SPV or co-invest vehicle | 2024 adv first reported | Early deployment | $31.9M Mar 29, 2024 | 10 | $0 | Nov 29, 2023 |
| 5y Spf III, L.P. | Fund | 2022 adv first reported | Active deployment | $30.0M Mar 29, 2024 | 1 | unknown | unknown |
| 5y Capital Growth Fund I, L.P. | Growth fund | 2021 form d first sale | Mature | $894M Mar 29, 2024 | 90 | $904M of $904M | Apr 12, 2021 |
| 5y Capital Evolution Fund II, L.P. | Fund | 2021 form d first sale | Mature | $676M Mar 29, 2024 | 80 | $653M of $653M | Apr 12, 2021 |
| 5y Capital Growth Fund I Co-Investment, L.P. | SPV or co-invest vehicle | 2021 form d first sale | Mature | $90.7M Mar 29, 2024 | 40 | $90.0M of $90.0M | Apr 12, 2021 |
| 5y Capital Evolution Fund II Co-Investment, L.P. | SPV or co-invest vehicle | 2021 form d first sale | Mature | $69.8M Mar 29, 2024 | 40 | $65.0M of $65.0M | Apr 12, 2021 |
| Evolution Fund I, L.P. | Fund | 2018 form d first sale | Harvest | $1.2B Mar 29, 2024 | 70 | $396M of $600M | Sep 25, 2018 |
| Evolution Special Opportunity Fund I, L.P. | Opportunity fund | 2018 form d first sale | Harvest | $345M Mar 29, 2024 | 70 | $198M of $300M | Sep 25, 2018 |
| Evolution Fund I Co-Investment, L.P. | SPV or co-invest vehicle | 2018 form d first sale | Harvest | $244M Mar 29, 2024 | 30 | $107M of $135M | Sep 28, 2018 |
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
4 current, 0 departed
Jianming Shi
PrincipalDirector Shares) · since Jan 1, 2020
Jianming Shi
PrincipalDirector · since Jan 1, 2020
QIN Liu
PrincipalDirector · since Aug 1, 2018
QIN Liu
PrincipalDirector · since Aug 1, 2018
Investments on record
35 edges, 35 companies, 0 partner-attributed
“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
14 relationships from shared deals, counted for the whole firm
Qiming 2 shared · recurringHLC Vgc Management IV Limited 1 shared · one time01vc Advisor Ltd 1 shared · one timeMonolith Venture Advisory Limited 1 shared · one timeCoatue Management, L.L.C. 1 shared · one timeAlkeon Capital Management, LLC 1 shared · one timeBLC Advisors, Ltd. 1 shared · one timeXiang He Management Services, Inc. 1 shared · one timeBase Partners 1 shared · one timeDark Pool Capital 1 shared · one timeNext Legacy Management, LLC 1 shared · one time6 Dimensions Capital 1 shared · one timeBanyan Capital Partners Ltd. 1 shared · one timeMomentum Capital Partners Alpha 1 shared · one time
Limited partners
3 disclosed
Timeline
38 dated events
- Sep 16, 2026虎牙 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference虎牙Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026小马智行 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference小马智行Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026小鹏汽车 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference小鹏汽车Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026云米 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference云米Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026华米科技 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference华米科技Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026声网（NASDAQ: API） no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference声网（NASDAQ: API）Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026荔枝（NASDAQ: LIZI） no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference荔枝（NASDAQ: LIZI）Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026万物新生（NYSE: RERE） no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference万物新生（NYSE: RERE）Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026凤凰新媒体 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference凤凰新媒体Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026欢聚集团 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference欢聚集团Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026正保远程教育 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference正保远程教育Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026迅雷 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference迅雷Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026携程 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference携程Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 16, 2026搜狐 no longer listed on 5y Capital Management Limited's portfolio pageRemoved from portfolio pagePortfolioInference搜狐Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 14, 2026迅雷: listed (NASDAQ: XNET) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio page
- Sep 14, 2026欢聚集团: listed (NASDAQ: JOYY) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio pagePublic listingExitsFact欢聚集团Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 14, 2026华米科技: listed (NYSE: ZEPP) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio pagePublic listingExitsFact华米科技Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 14, 2026虎牙: listed (NYSE: HUYA) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio page
- Sep 14, 2026小马智行: listed (NASDAQ: PONY) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio pagePublic listingExitsFact小马智行Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 14, 2026云米: listed (NASDAQ: VIOT) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio page
- Sep 14, 2026小鹏汽车: listed (NYSE: XPEV) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio pagePublic listingExitsFact小鹏汽车Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 14, 2026携程: listed (NASDAQ: TCOM) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio page
- Sep 14, 2026搜狐: listed (NASDAQ: SOHU) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio page
- Sep 14, 2026凤凰新媒体: listed (NYSE: FENG) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio pagePublic listingExitsFact凤凰新媒体Venture organization websites (about, team, portfolio, thesis, news pages)
- Sep 14, 2026正保远程教育: listed (NYSE: DL) on or before 2026-09-14 (no date published), per 5y Capital Management Limited's portfolio pagePublic listingExitsFact正保远程教育Venture organization websites (about, team, portfolio, thesis, news pages)
- Mar 29, 20245y Capital Evolution Fund III, L.P. first reported on Form ADV by 5y Capital Management Limited (Venture Capital Fund), GAV $173,000,000Fund first reported on Form ADVFundsFact5y Capital Evolution 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 29, 20245y Capital Evolution Fund III Co-Investment, L.P. first reported on Form ADV by 5y Capital Management Limited (Venture Capital Fund), GAV $31,860,000Fund first reported on Form ADVFundsFact5y Capital Evolution Fund III Co-Investment, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 29, 20245y Capital Evolution Fund Iii-A, L.P. first reported on Form ADV by 5y Capital Management Limited (Venture Capital Fund), GAV $365,200,000Fund first reported on Form ADVFundsFact5y Capital Evolution Fund Iii-A, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 20225y Capital Evolution Fund II Co-Investment, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $65,798,019Fund first reported on Form ADVFundsFact5y Capital Evolution Fund II Co-Investment, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 20225y Spf III, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $30,020,366Fund first reported on Form ADVFundsFact5y Spf III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 20225y Capital Growth Fund I, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $902,770,168Fund first reported on Form ADVFundsFact5y Capital Growth Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 20225y Capital Growth Fund I Co-Investment, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $90,282,405Fund first reported on Form ADVFundsFact5y Capital Growth Fund I Co-Investment, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Mar 30, 20225y Capital Evolution Fund II, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $647,056,363Fund first reported on Form ADVFundsFact5y Capital Evolution Fund II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jan 1, 2020Jianming Shi joined Schedule A of Evolution Capital Management Limited as Director
- Dec 27, 2018Evolution Special Opportunity Fund I, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $300,000,000Fund first reported on Form ADVFundsFactEvolution Special Opportunity Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Dec 27, 2018Evolution Fund I Co-Investment, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $135,000,000Fund first reported on Form ADVFundsFactEvolution Fund I Co-Investment, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Dec 27, 2018Evolution Fund I, L.P. first reported on Form ADV by Evolution Capital Management Limited (Venture Capital Fund), GAV $600,000,000Fund first reported on Form ADVFundsFactEvolution Fund I, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Dec 27, 2018Evolution Capital Management Limited 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)
Classification history
- Sep 12, 2026Multi-stage venture firm (confirmed, 95%, cls-1)both early and growth/opportunity families, reported GAV $4,144M
Evidence
31 observations from 3 sources