Fund profile / China

BA Capital Fund II

Geography: China
Stage: Series A
Fund size: $225M
Focus: Consumer & Commerce and Food & Beverage
Signals: Published

N°01 / About

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.

N°02 / Thesis

Investment Focus

Location / RegionChina

Funding StageSeries A

Industry Focus

Consumer & Commerce

Food & Beverage

Investor Signals Profile

active

Sweet Spot

China consumer brand founder, early-to-growth, IPO-track potential

China consumer

brand scaling

retail & F&B

global expansion

direct-to-consumer

Bullish Signals

$225M final close above $150M targetexternal

Early backer of Pop Mart and HeyTeaexternal

5+ portfolio IPOs: Pop Mart, Old Pu Gold, Minmin Busyexternal

Pop Mart 2024 revenue RMB13B, Minmin 555B retail GMVexternal

Old Pu Gold 2024 net profit RMB1.4-1.5B (+236-260%)external

Portfolio includes Juzoi, Haelim, UR, Element Forestexternal

Brand globalization focus with Tenways, Oladance exitsexternal

Contrarian Signals

Heavy concentration in retail/F&B, limited B2B/SaaSexternal

Most exits/scale plays in luxury jewelry & collectiblesexternal

Founder Do's

Build China consumer brand or platform

Focus on unit economics & unit model

Plan for structural opportunities & efficiency

Aim for 10k+ store potential or global scale

Demonstrate supply chain rigor

Founder Don'ts

Pitch non-consumer sectors

Come unprepared on unit economics

Ignore consumer insight & taste trends

21 signals on BA Capital Fund II

7 bullish · 2 contrarian · 5 pitch do's · 3 don'ts · 4 GP profiles, each with its source. From €9/month, cancel anytime.

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Facts

Fund Overview

Fund Size$225M

Saves0

Website

People

Key People

David He, Michael Zhang

David HeManaging Partner

Michael ZhangManaging Partner

He YuManaging Partner

Zhang PeiyuanFounding Partner

N°04 / See also

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