BA Capital Fund II

China
Series A
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About BA Capital Fund II

Shanghai's BA Capital closed a $225M second USD fund, above its $150M target, a consumer-only bet across food and beverage, retail, fashion and lifestyle. Portfolio includes HeyTea, M Stand and Pop Mart.

Investment Focus

Location / RegionChina
Funding StageSeries A
Industry Focus
Consumer Commerce
Food Beverage

Investor Signals Profile

active

Sweet Spot

China consumer brand or platform founder, early to growth stage

China consumer
food and beverage
retail
fashion
lifestyle

Bullish Signals

$225M final close above $150M targetexternal
Early backer of Pop Mart and HeyTeaexternal

Contrarian Signals

No contrarian signals recorded.

Founder Do's

Build a China consumer brand or platform
Fit early-to-growth stage

Founder Don'ts

Pitch non-consumer sectors (single-sector focus since 2016)

Key GPs & Partners

DH
David He
Managing Partner
consumer-focused
MZ
Michael Zhang
Managing Partner
consumer-focused

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Fund Overview

Fund Size$225M
Saves0

Key People

David He, Michael Zhang

David HeManaging Partner
Michael ZhangManaging Partner

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