Primavera Venture Management Limited
Growth equityBeijing · Growth · 28 people tracked
Also known as PRIMAVERA CAPITAL MANAGEMENT LTD
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Investment thesis
Primavera positions itself as a premier Asia-Pacific-focused global investment firm seeking to capture attractive investment opportunities in the dynamic Asia-Pacific region. It aims to build trusted, lasting partnerships with high-potential growth companies in order to promote entrepreneurship, fuel innovation, create business value, and generate positive social impact. The firm emphasizes delivering value for its global investors, its portfolio companies, and the broader public, with a focus on growth-stage businesses across the region.
Source: firm website, verified Oct 17, 2026.
Team · 28 people
from the firm's website & curatedFred Hu is Founder, Chairman and CEO of Primavera Capital Group, where he oversees the firm's strategy, talent and culture and leads relationships with global investors. Before founding Primavera, he was a Partner and Chairman of Greater China at Goldman Sachs and a member of its Partnership Committee, and earlier worked as an economist at the International Monetary Fund. He holds a Master in Engineering Science from Tsinghua University and a Master and PhD in Economics from Harvard University.
Haitao Zhai is a founding Partner of Primavera Capital Group, where he leads investments in financial services and co-leads healthcare investments. Before Primavera, he was a Managing Director at Goldman Sachs, serving as Chief Representative of Goldman Sachs Beijing and Director of the Goldman Sachs-ICBC Strategic Cooperation Office, and earlier worked at the People's Bank of China. He holds a BA in Economics from Peking University, a Master in International Affairs from Columbia University, and an MBA from New York University.
Kenneth Wong is a founding Partner of Primavera Capital Group, where he serves on the Investment Committee and co-chairs the Investment Portfolio Monitoring and Management Committee. He previously led the firm's financial services investments and now oversees its special situations investments. Before Primavera, he was a Managing Director in the Financial Institutions Group at Goldman Sachs and a Director at UBS Investment Banking, and he holds a Bachelor of Arts in Law from Cambridge University.
William Wang is a founding Partner of Primavera Capital Group, where he leads the firm's growth capital investments and co-chairs the Investment Portfolio Monitoring and Management Committee. He previously was a Managing Director in Goldman Sachs' Principal Investment Area and earlier worked at China International Capital Corporation. He holds a Bachelor of Engineering in Engineering Management and Computer Science and a Master of Science in Management Science from Shanghai Jiao Tong University.
Senior Advisor and Investment Committee member who provides clinical support to portfolio companies. The physician previously served as CMO at Contessa Health, Tenet Healthcare, Vanguard Health Systems, and the OhioHealth System.
David Lin is an Advisor to Primavera Capital Group. He previously led Global Fund Investments and Asian Direct Investments at Teachers' Private Capital, the private equity arm of the Ontario Teachers' Pension Plan, and earlier served as a Managing Director at CITIC Goldstone Investment. He earned a Bachelor's degree from the University of Toronto and an MBA from the Richard Ivey School of Business at the University of Western Ontario.
Edward Han is a Managing Director at Primavera, which he joined in 2014, where he oversees investments in industrials, clean tech, and AI and helped establish the firm's climate action investment practice. Before Primavera, he worked at Ardian's Beijing office. He holds a Bachelor of Science and a Master in Finance from Tsinghua University.
Elsie Wong is Chief People Officer at Primavera, where she focuses on recruiting and developing talent for the firm. She previously served as a Director on Deutsche Bank's Equity Capital Markets team. She holds a Bachelor of Business Administration from Boston University and a Master of International Affairs from Columbia University.
Fabian von Heimburg leads Primavera Capital's investment activities in Europe. Before joining the firm, he founded an AI-powered CRM automation and investment advisory business focused on consumer goods and renewable energy technologies in Asia and Europe, and earlier held roles at Google in London and the United Nations in New York. He has advised German government officials on the digital economy and holds a Master of Science in Economic History from the London School of Economics.
Frank Wang is Chief Operating Officer at Primavera, overseeing day-to-day operations such as IT, facilities management, logistics, and project support, while also participating in the firm's investments in TMT, advanced manufacturing, and business services. Before Primavera, he held managerial roles at multinational companies including Amdocs, Cisco Systems, and Novell. He holds a BA in Economics from Peking University and an MS in Computer Science from the University of Nevada.
Gigi Ng is the Chief Financial Officer of Primavera Capital Group and chairs the firm's Corporate Social Responsibility Committee. She was previously an Executive Director in the Investment Banking Division of Goldman Sachs in Hong Kong, where she managed the ICBC Strategic Cooperation Office, and earlier worked at Morgan Stanley's Asia-Pacific Financial Institutions Group and at Schroders. She holds a Bachelor of Arts in Economics and History of Art from the University of Virginia.
Jeffrey Lau is Partner and Head of Private Credit and Special Situations at Primavera Capital Group. Before joining Primavera, he managed private investments alongside sovereign wealth funds, corporates and family offices, served as an investor and director of Village Roadshow Entertainment Group from 2012 to 2017, and oversaw special situations, structured credit and equity investments in Greater China at Och-Ziff Capital Management Group. Earlier in his career he worked at The Blackstone Group and in Morgan Stanley's Mergers, Acquisitions and Restructuring Department; he holds an AB from Harvard University and an MBA from Harvard Business School.
Jiaqi Zheng is a founding member of Primavera Capital Group, where he leads or co-leads investments in the healthcare and TMT sectors. He previously worked in the Investment Banking Department at China International Capital Corporation. He earned a Bachelor of Arts in Economics from the University of Manchester and a Master of Science in Finance from Lancaster University.
Jimmy Guo joined Primavera Capital Group in 2013 and oversees the firm's investments in industrial and technology sectors. Before Primavera, he worked in the Investment Banking Division of Bank of America Merrill Lynch in Hong Kong. He holds an MBA from the Wharton School of the University of Pennsylvania and a Master of Science from the University of Manchester.
Johnny Zou is a Managing Director and Co-Head of Primavera Venture Partners, where he concentrates on investments in AI, medical technology and equipment, cloud, the shared economy, and cross-border deals. He earned a Bachelor of Arts in History from Yale University and a Master of Science in Economic History from the London School of Economics and Political Science.
Jun Gao leads branding, PR, communications, and media relations at Primavera. Before joining the firm, he was Vice President of the Branding and Marketing Department at a fintech company, and earlier held editorial roles including Chief Editor at Sina's News Center, Deputy Director at Hexun's News Center, and Deputy Director of Tencent's Financial News Center. He earned a Bachelor of Accounting from Central University of Finance and Economics and a Master in Law from Peking University's School of International Relations.
Max Chen is a Partner and founding member of Primavera Capital Group, where he leads investment activities in the TMT and education sectors and co-chairs the firm's Culture and Human Capital Committee. Before Primavera, he worked in the Investment Banking Division of Goldman Sachs in Hong Kong and New York. He holds a BA in Applied Mathematics from Harvard College and JD and MBA degrees from Harvard Law School and Harvard Business School.
Michael Woo is a Managing Director at Primavera, where he leads the firm's investment activities across Southeast Asia. He previously served as co-Head of APAC Financials at BofA Securities, was a Managing Director in investment banking at Goldman Sachs, and worked in structured credit as a Vice-President at JPMorgan. He holds a BA from Stanford University.
Ning Zhu is Senior Macro Strategist at Primavera Capital Group and a Professor of Finance at the Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University, focusing on behavioral finance and the Chinese economy. He serves on the Academic Committee of the China Capital Market Society and previously held senior roles at Lehman Brothers and Nomura Securities. He authored The Enemy of the Investor, The Friend of the Investor, and China's Guaranteed Bubble, and holds a bachelor's degree from Peking University and a Ph.D. from Yale University.
Philip Hu is a Founding Member and Managing Director of Primavera Capital, where he serves on several internal committees including the Leadership, Strategic Partnerships, Portfolio Management, ESG, and Operations Committees. Before joining Primavera, he worked in investment banking in Hong Kong and at a hedge fund in San Francisco. He earned a Bachelor of Science from Cornell University.
Stephen Zhang is a founding member of Primavera Capital Group, where he leads or co-leads investments in consumer & retail, advanced manufacturing, and business services, and co-chairs the firm's Culture and Human Capital Committee. He previously worked as an investment professional in Morgan Stanley's Special Situations Group and Investment Banking Division. He holds bachelor's and master's degrees in Business Administration from Tsinghua University.
Wanda Wang is a founding member of Primavera Capital Group, where she handles onshore investor relations along with government/regulatory relations and communications. She previously served as Chief Operating Officer of Broad Green Energy Service Corporation and as Board Secretary and assistant to the President at Broad Group, and was a Board Director and Vice President of Meishi Power Group. She holds a BA from Hunan Normal University, a Master of Management from Peking University, and an MBA from Columbia University.
Wei Wang joined Primavera Capital Group in 2011 and focuses on the firm's investments in the consumer/retail and healthcare sectors. Before Primavera, he worked as an auditor at KPMG in China and Mongolia. He holds a Bachelor of Business in Accounting from Peking University and is a member of the Chinese Institute of Certified Public Accountants (CICPA).
Xu Chen serves as General Counsel at Primavera, overseeing the firm's legal affairs and compliance. She previously worked as legal counsel at China International Capital Corporation (Hong Kong) Ltd and as a lawyer at Fangda Partners in its Hong Kong and Beijing offices. She holds an LLB from Peking University and an LLM from the University of California, Berkeley, and is admitted to practice in New York.
Oversees daily administrative operations and portfolio coordination while directly supporting the Chairman. She joined Martin Ventures in 2014 after supporting the Chairman of Vanguard Health Systems.
A paralegal with over 25 years of in-house experience in healthcare and corporate law, M&A, due diligence, and compliance. She joined Martin Ventures in 2013 after serving as a director/senior paralegal at Vanguard Health Systems.
What they invest in
from 20 of 73 portfolio companiesAI & Machine Learning ×8Deep Tech ×6Consumer ×5Mobility & Transportation ×5Enterprise Software ×4Cleantech ×3Cloud Computing ×3E-commerce ×3
HQs:China×8United States×4Hong Kong×2Switzerland×1Cayman Islands×1New Zealand×1
Who they back
founder profiles across 11 portfolio companiesFounding team size:solo founder×32 founders×13 founders×34+ founders×4
Investments · 73 tracked
founders shown can be your intro pathBy year:2026 · 12021 · 23 dated
Alibaba Group is a large multinational conglomerate operating in e-commerce, cloud computing, digital payments, and logistics sectors globally.
AI & Machine LearningB2B MarketplacesCloud ComputingE-commerceEnterprise SoftwareHangzhou, CN
Jack Ma(Founder)Joseph Tsai(Founder)Joe Tsai(Founder)
Co-investorsAccess Technology VenturesAlpha Wave GlobalFJ LabsG SquaredHongShan Capital GroupInsight Partners+10 more
Palantir builds data integration and analysis platforms — Gotham for defence and government, Foundry for commercial operations — and deploys forward engineers inside customer organisations.
Palo Alto, US
Peter Thiel(Founder)inStephen Cohen(Founder)Nathan Gettings(Founder)Joe Lonsdale(Founder)inAlexander C. Karp(Founder)Alex Karp(Founder)
Co-investors137 Ventures8VCA*AiSprouts VCAkkadian VenturesAllied Venture Partners+74 more
Vitaco is a supplements, sports nutrition and health food company that owns and manufactures brands including Musashi, Athena, Nutra-Life and Healtheries.
ConsumerFoodTechHealthtechWellness & FitnessAuckland, NZ
Craig Kearney(Chief Executive Officer)inAndrew Folkard(Chief Commercial Officer)inJeff Peng(Chief Financial Officer)inLucinda Warren(Chief People & Culture Officer)inRoger Scott(Chief Operating Officer)in
Co-investorsNext Capital
Adden Energy develops solid-state, dynamically-stable batteries based on self-healing separator technology discovered at Harvard, aimed at fast charging, long lifetime, and non-flammable components.
CleantechDeep TechEnergyWaltham, US
William Fitzhugh(Co-founder & CEO)inLuhan Ye(Co-founder & CTO)inXin Li(Co-founder)inKarl McGoldrick(Founder)Knudt Flor(Director)Jason Whaley(Director)
Co-investorsAt One VenturesMassVenturesRhapsody Venture Partners
Chinese fintech group, formerly Ant Financial, that operates Alipay and related payment, lending, wealth and insurance services.
Hangzhou, CN
Jack Ma(Founder)
Co-investorsAccess Technology VenturesCoatue ManagementFJ LabsGeneral AtlanticJDACWarburg Pincus+8 more
HKSE-listed leader in AI-powered HCM solutions
Ji Weiguo(Founder)Wang Zhaohui(Founder)
Co-investorsGaocheng CapitalSoftBank Vision FundGenesis Venture CapitalGoldman SachsHongShan Capital GroupMatrix Partners China+3 more
Breitling is a Swiss luxury watch manufacturer that designs and produces mechanical timepieces, including collections such as Navitimer, Chronomat, and Superocean.
ConsumerDirect to ConsumerE-commerce
Co-investorsCVC Asia Pacific (Japan) Kabushiki Kaisha
ByteDance builds a portfolio of digital platforms and services focused on short-form video, content creation, e-commerce, and workplace collaboration, serving creators and consumers globally.
Creator EconomyE-commerceMedia & EntertainmentBeijing, CN
Yiming Zhang(Founder)inRubo Liang(Founder)inZhang Yiming(Founder)Liang Rubo(Founder)
Co-investors1435 Capital3Comma Capital5Y CapitalAccess Ventures (New York)Aglae VenturesAlanda Capital Holding Limited+38 more
Kang Jia(Founder)Wang Yuan(Founder)Zhang Xuhao(Founder)
Co-investorsGSR VenturesHongShan Capital GroupMatrix Partners China
Focus Media is a digital out-of-home advertising company operating the largest network of digital flat-panel displays in Hong Kong and Singapore, serving business executives and affluent consumers through elevator lobbies, building facades, and high-traffic commercial locations.
AdTechMedia & EntertainmentHong Kong, HK
Co-investorsBeyond VenturesDraper AssociatesHuangpu River CapitalSBCVCWI Harper GroupCarlyle Group+2 more
Hellobike (哈啰出行) operates a bike-sharing and mobility platform in China, offering shared bicycles, e-bikes, and battery-swapping services.
ConsumerIoTMarketplacesMobility & TransportationShanghai, CN
杨磊 (Yang Lei)(Co-founder & CEO)in李开逐 (Li Kaizhu)(Co-founder, Executive President)Li Kaizhu(Founder)Yang Lei(Founder)
Co-investorsGranite AsiaXVC Venture CapitalFosun CapitalGaorong VenturesGGV Capital
iSoftStone (软通动力) is a China-listed IT and digital technology services company (stock code 301236) providing consulting, digital technology services, and industry solutions in areas such as cloud, AI and large models, industrial internet, and data services.
AI & Machine LearningCloud ComputingEnterprise Software
刘天文(董事长兼首席执行官 (Chairman & CEO))
Co-investorsAddor CapitalInfotech VenturesIPVFortune Venture Capital
LIGENTEC is a European manufacturer of Photonic Integrated Circuits (PICs) based on Silicon Nitride, including heterogeneous integration with Thin-film Lithium Niobate and III-V materials.
Deep TechHardwareSemiconductors
Love, Bonito is a direct-to-consumer fashion brand offering clothing across multiple categories including denim, tops, and staples for women.
ConsumerDirect to Consumer
Rachel Lim(Founder)in
Co-investorsOpenspace Ventures
Momenta develops autonomous driving software for automakers, offering L2/L2+ assisted driving and L3 autonomous driving systems for mass-produced vehicles.
AI & Machine LearningDeep TechMobility & TransportationRoboticsBeijing, CN
Co-investorsBlue Lake CapitalCathay InnovationGranite AsiaNIO CapitalShunwei CapitalBlackRock+3 more
NIO is an electric vehicle company offering smart EV models along with battery services including charging, swapping, and upgradable batteries.
CleantechHardwareMobility & Transportation
William Li(Founder)inWilliam Li Bin(Founder)
Co-investorsCapital Q® Ventures Inc.Hundreds CapitalLenovo Capital and Incubator Group (LCIG)Shunwei CapitalHongShan Capital Group
ProLogium develops solid-state battery technology designed for high performance, safety, and affordability to support the global energy transition to net zero emissions.
CleantechEnergyNew Materials
Co-investorsD&FG Elements
VivaReal runs an online real estate marketplace, incorporated in the Cayman Islands, that lists residential properties for sale and rent.
PropTechSebastopol, KY
Brian RequarthinDiego SimonThomas Floracksin
BoardEric AcherinNicolas Szekasy
Co-investors500 GlobalFirst Trust Capital PartnersFJ LabsGraph VenturesLead Edge CapitalMONASHEES+4 more
WorldStrides organizes educational travel experiences for K-12 and university students, combining classroom learning with immersive international programs across 40+ countries.
ConsumerEdTechTravel & Hospitality
Phil Wendel
Co-investorsCharlesbank Capital Partners
未知君 (XBiome) develops microbiome-based therapeutics and diagnostics using AI-driven bioengineering, targeting diseases including cancer immunotherapy, inflammatory conditions, and autism through live bacterial therapeutics and fecal microbiota transplantation (FMT).
AI & Machine LearningBiotechDeep TechMedical DevicesBeijing, CN
Co-investors5Y CapitalGaorong CapitalHaystackHike CapitalSky9 CapitalLegend Capital
Zoox develops autonomous robotaxis designed as purpose-built vehicles for autonomous transportation.
AI & Machine LearningMobility & TransportationRoboticsMenlo Park, US
TIM KENTLEY-KLAY(Executive Officer, Director)JESSE LEVINSON(Executive Officer, Director)JON FOSTER(Executive Officer)inJesse Levinson(Founder)Tim Kentley-Klay(Founder)
BoardHEIDI ROIZEN(Director)in
Co-investorsBlackbird VenturesBrave CapitalBreyer CapitalIntrepid Growth PartnersLux CapitalRaptor Group+7 more
Hou Jianbin(Founder)
Co-investorsCoatue ManagementGranite AsiaNew Enterprise Associates (NEA)SoftBank Vision FundTeachers' Venture GrowthXiang He Capital+1 more
SenseTime is an AI and computer vision company that develops technology solutions for enterprise and industry applications.
AI & Machine LearningCloud ComputingDeep TechEnterprise SoftwareHong Kong, HK
Dr. Xu Li(Co-Founder, Executive Chairman of the Board, Executive Director & Chief Executive Officer)Dr. Wang Xiaogang(Co-Founder, Executive Director, Chief Technology Officer & Executive Vice President)Dr. Lin Dahua(Co-Founder, Executive Director, Chief Scientist & Executive Vice President)Mr. Yang Fan(Co-Founder, Executive Director & President of SenseCore Business Group)Tang Xiao'ou(Founder)Tang Xiao'ou Xu Li(Founder)
Co-investors5Y CapitalAlpha Intelligence CapitalBeyond VenturesGlade Brook Capital PartnersBlackPineChina Internet Investment Fund+2 more
XPENG develops smart electric vehicles, including AI-powered SUVs and coupes, along with related mobility technology spanning road and air travel.
AI & Machine LearningHardwareMobility & Transportation
Xiaopeng He(Founder)in
Co-investorsCoatue ManagementEast West Ventures EWVGranite AsiaShunwei CapitalWelight CapitalAlibaba Group+5 more
4Paradigm conducts research in AutoML and artificial intelligence technologies, partnering with universities and research institutions globally to advance AI applications across industries.
AI & Machine LearningData & InfrastructureDeep TechEnterprise Software
Wenyuan Dai(Founder & CEO)inQiang Yang(Co-founder)Jinfeng YiinDai Wenyuan(Founder)
Co-investorsCisco InvestmentsGreen Pine Capital PartnersTusStarHongShan Capital GroupSinovation Ventures
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
PV Summa4ParadigmAsia Medical GroupAvary HoldingAvistoneCainiaoCangoChemspecChinaAMCCOSMXCPICDeepinfar Ocean TechnologyEnflameEnvision GroupGenesisMedtechHisense Broadband MultimediaI-ResearchIovate Health SciencesiResearchJianshi TechnologyJunlebaoKuaishouLBX PharmacyLufaxLufax HoldingMead Johnson ChinaMinglamp TechnologyMininglamp TechnologyOnion MathOptoMedicPalantirPengding HoldingPostal Savings BankPostal Savings Bank of ChinaRuigu ShopShanda GamesShukunSyMapTaikangTrina SolarUboxXingsheng YouxuanXPengYangcong MathYum ChinaZeyi Supply ChainZhaopinZhengming Logistics
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Exits · 4
3 IPOs · 1 acquisitions · showing 2AlibabaNYSE: BABAPalantir Technologies Inc.NASDAQ: PLTR
Portfolio news
latest coverage across their companies
Alibaba · cnbc.com · Aug 26, 2026
Bytedance · research.contrary.com · Jun 8, 2026
Fund performance · per public LP disclosures · 2
as of Mar 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| Primavera Capital Fund IIILPs: Pennsylvania Public School Employees' Retirement System | 2019 | — | 6.2% | 1.30x | 0.21x |
| Primavera Capital Fund IILPs: Pennsylvania Public School Employees' Retirement System | 2015 | — | 7.3% | 1.50x | 0.53x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Public market activity · per SEC filings
what is this? ⓘDisclosed stake · filed Nov 2020
Disclosed stake · filed May 2020
Disclosed stake · filed Nov 2019
Disclosed stake · filed Aug 2019
Disclosed stake · filed Jul 2019
Disclosed stake · filed Apr 2018
Disclosed stake · filed Jul 2017
Disclosed stake · filed Jan 2017
Disclosed stake · filed Nov 2016
Files 13F institutional holdings reports · latest Aug 2026
From the firm's own SEC EDGAR filings — stakes and insider roles in public companies, typically portfolio companies after an IPO. Not a portfolio list published by the firm.
Frequently asked questions
- How many investments has Primavera Venture Management Limited made?
- Primavera Venture Management Limited has 73 tracked investments, 4 of which have exited, including 1 dated in the last 24 months.
- What stage does Primavera Venture Management Limited invest at?
- Primavera Venture Management Limited invests at the Growth stage.
- What sectors does Primavera Venture Management Limited focus on?
- Primavera Venture Management Limited focuses on AI & Machine Learning, Cleantech, Climate Tech, Consumer, Fintech, Mobility & Transportation, Sector Agnostic.
- Where is Primavera Venture Management Limited located?
- Primavera Venture Management Limited is headquartered in Beijing, CN.
- Who does Primavera Venture Management Limited co-invest with?
- Primavera Venture Management Limited most often shares deals with Granite Asia, Shunwei Capital, Coatue Management, among 89 tracked co-investors.
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