BAI Capital USD Fund

About BAI Capital USD Fund

Beijing-based growth fund (spun off from Bertelsmann Asia Investments in 2021). $600M first close on $800M target. Backs Chinese champions globalizing, Asian companies going global, and global companies leveraging China. 22 IPOs, 51 exits across 18-year track record.

Investment Focus

Location / RegionChina

Funding StageGrowth

Industry Focus

Ai Ml

Consumer Commerce

Enterprise Software

Fintech

Investor Signals Profile

active

Sweet Spot

Chinese-rooted growth-stage company with serious cross-border expansion ambition

China champions going global

cross-regional growth

Asia-emerging brands

tech & AI

consumer & fintech

Bullish Signals

$600M first close on $800M targetblog

22 IPOs + 51 exits track recordblog

Largest BAI USD fund ever raisedblog

Asian & ME sovereign LPs returning to Chinablog

Contrarian Signals

Geopolitical decoupling risk: 5–7yr holdblog

China USD LP appetite still fragileblog

Cross-border thesis bets sanctions don't tightenblog

Founder Do's

Have cross-border expansion plans (SEA, MENA, LatAm, EU)

Show commercial validation before approaching

Leverage Chinese manufacturing or consumer scale

Be growth-stage with scalable unit economics

International co with China market entry strategy

Founder Don'ts

Early-stage or pre-revenue — this is growth only

Pure domestic China play, no global angle

No clear path to cross-regional distribution

Key GPs & Partners

Anna Long

Founder & Managing Partner

ex-founderthesis-drivenpatient-capital

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Fund Overview

Fund Size$800M

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Website

Key People