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 / Ince Capital Ltd.

Ince Capital Ltd.

Multi-stage venture firm · probableGrand Caymanincecap.comSEC exempt reporting adviser

INCE Capital is a venture capital firm focused on investing in early to expansion stage companies that spearhead innovation in the Internet consumer and intelligent technologies sectors.

both early and growth/opportunity families, reported GAV $1,233M

Importance
34
moderate
Active deployment
8
low
Emerging
0
low
Completeness
69
high
Freshness
100
high
Research priority
7
low
Identity and regulatory footprint
Headquarters
Grand Cayman, Cayman Islandsadviserinfo.sec.gov
Office address
WALKERS CORPORATE LIMITED, CAYMAN CORPORATE CENTRE, 190 ELGIN AVENUE, GEORGE TOWN, Grand Cayman, KY1-9008adviserinfo.sec.gov
Business phone
1-345-814-7600adviserinfo.sec.gov
Website
https://www.incecap.com
SEC adviser type
exempt reporting adviseradviserinfo.sec.gov
SEC exemption claimed
private fund adviseradviserinfo.sec.gov
Latest Form ADV
Mar 28, 2024
Private funds reported
3 (3 venture capital funds)adviserinfo.sec.gov
Private fund gross assets
$1.2Badviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
Owners on Schedule A
Ince Holdings LLC (Shareholder Of Ince Capital Ltd.), E
business email
contact@incecap.comincecap.compublished by the subject
business phone
1-345-814-7600adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
2 observed deals
Stated (the firm’s website)
Sectors
ai, healthcare, biotech, consumer, hardware, robotics
Stages
not stated or not yet read
Geography
global
Check size
not stated; DFX does not estimate checks from round sizes
Self-described
venture capital
Observed (from deals on record)
Stage at participation
series a 50%series b 50%
Stage at first entry
series a 50%series b 50%
Sectors
unknown 50%Biotechnology 50%
lead rate 0%follow-on rate 0%new logos, 12 months 2
Funds and vehicles
3 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Ince Capital Partners II, L.P.Fund2021 form d first saleMature$475M
Mar 28, 2024
87$478M
of $478M
Dec 22, 2021
Ince Opportunity Fund L.P.Opportunity fund2021 form d first saleMature$218M
Mar 28, 2024
60$218MDec 22, 2021
Ince Capital Partners, L.P.Fund2019 form d first saleMature$540M
Mar 28, 2024
66$352MOct 28, 2019
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
9 current, 0 departed
JP Gan
Shareholder Of Ince Opportunity Fund Gp Ltd. · since Apr 1, 2021
General partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Paul Hinsum Keung
Director Of Ince Opportunity Fund Gp Ltd. · since Apr 1, 2021
General partner
FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
JP Gan
Founding Partner
Managing partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Paul Keung
Founding Partner & COO
Managing partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stella Zhou
Founding Partner
Managing partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Steven Hu
Founding Partner
Managing partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Jireh Li
Partner
Partner
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Maomeng Tong
Principal
Principal
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Zhen Xia
Principal
Principal
FactVenture organization websites (about, team, portfolio, thesis, news pages)
Investments on record
2 edges, 2 companies, 0 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Tripo AISeries B · Series BparticipantunknownunknownunknownSep 1, 2026Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS)
Bambusa Therapeutics, Inc.Series A-2 · Series AparticipantunknownunknownunknownNov 17, 2025Fact Press release wires (Business Wire, PR Newswire, GlobeNewswire public RSS)
“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
18 relationships from shared deals, counted for the whole firm
Primavera Capital 1 shared · one timeZhongping Capital 1 shared · one timeHongtai Aplus 1 shared · one timeFortune Capital 1 shared · one timePerfect World 1 shared · one timeYanqu Games 1 shared · one timeVitalbridge Management Ltd. 1 shared · one timeBlueFocus 1 shared · one timeCicc Investment Advisory Company Limited 1 shared · one timeSPC 1 shared · one timeGrowth Capital 1 shared · one timeMuhua Tech Ventures 1 shared · one timeCMC Capital Partners 1 shared · one timeThunderSoft 1 shared · one timeRedmile Group 1 shared · one timeBVF Partners L 1 shared · one timeRA Capital Management, LP 1 shared · one timeATHOS KG 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
4 dated events
  1. Mar 9, 2022
    Ince Capital Partners II, L.P. first reported on Form ADV by Ince Capital Ltd. (Venture Capital Fund), GAV $478,000,000
    Fund first reported on Form ADVFundsFactInce Capital Partners II, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  2. Mar 9, 2022
    Ince Opportunity Fund L.P. first reported on Form ADV by Ince Capital Ltd. (Venture Capital Fund), GAV $218,000,000
    Fund first reported on Form ADVFundsFactInce Opportunity Fund L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
  3. Aug 22, 2019
    Ince Capital Ltd. 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)
  4. Aug 22, 2019
    Ince Capital Partners, L.P. first reported on Form ADV by Ince Capital Ltd. (Venture Capital Fund), GAV $113,300,000
    Fund first reported on Form ADVFundsFactInce Capital Partners, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
  1. Sep 12, 2026
    Multi-stage venture firm (probable, 80%, cls-1)
    both early and growth/opportunity families, reported GAV $1,233M
Evidence
35 observations from 2 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
SEC exemption claimedprivate_fund_adviserMar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
SEC adviser typeexempt_reporting_adviserMar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
First Form ADV filing2019-08-22Mar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Adv history loadedadv-hist-1Sep 12, 2026FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Latest Form ADV filing2024-03-28Mar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Venture share of reported funds1Mar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Business phone1-345-814-7600Mar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Contact page urlhttps://incecap.com/contact
“contact page linked from the home page”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
DescriptionINCE Capital is a venture capital firm focused on investing in early to expansion stage companies that spearhead innovation in the Internet consumer and intelligent technologies sectors.
“meta description”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
DescriptionINCE Capital is a venture capital firm focused on investing in early to expansion stage companies that spearhead innovation in the Internet consumer and intelligent technologies sectors.
“meta description”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
HeadquartersGrand Cayman, Cayman IslandsMar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Office addressWALKERS CORPORATE LIMITED, CAYMAN CORPORATE CENTRE, 190 ELGIN AVENUE, GEORGE TOWN, Grand Cayman, KY1-9008Mar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Self-described typeventure_capital
“INCE Capital is a global venture capital firm with an investment focus on early to expansion-stage companies that spearhead innovation in AI, technology, consumer, and biotech industries.”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Self-described typeventure_capital
“INCE Capital is a global venture capital firm with an investment focus on early to expansion-stage companies that spearhead innovation in AI, technology, consumer, and biotech industries.”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Legal formCorporationMar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Portfolio pagehttps://incecap.com/portfolio
“0 entries read”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Portfolio pagehttps://incecap.com/portfolio
“0 entries read”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Private funds reported3Mar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Private fund gross assets (reported)$1.2BMar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Stated geographyglobal
“geography words on the home page”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated geographyglobal
“geography words on the home page”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated sectorsai,healthcare,biotech,consumer,hardware,robotics
“sector words on the home page”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Stated sectorsai,healthcare,biotech,consumer,hardware,robotics
“sector words on the home page”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://incecap.com/team
“7 name/title pairs read”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Team pagehttps://incecap.com/team
“7 name/title pairs read”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Venture funds reported3Mar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Websitehttps://www.incecap.comMar 28, 2024FactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Site titleINCE Capital - Official Website
“title tag”
Sep 16, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)
Site titleINCE Capital - Official Website
“title tag”
Sep 15, 2026FactVenture organization websites (about, team, portfolio, thesis, news pages)