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TH Capital, known as 华控基金, is a Beijing-based private equity and venture-growth platform founded in 2007. It originated from the Tsinghua University ecosystem, one of China's leading educational institutions. The firm has over 18 years of experience in private equity and manages assets exceeding RMB 10 billion, which is approximately $2.8 billion. TH Capital focuses on investing in rapidly growing Chinese technology companies, particularly in hard-tech sectors.
Currently, TH Capital operates with a team of 50 investment professionals and researchers, and has established offices in Beijing, Shanghai, Shenzhen, and Zurich. The firm has transitioned to a fully privatized structure, moving away from its initial ties to Tsinghua Holdings. It has developed a reputation for its proprietary in-house research methodology, which informs its investment decisions and helps identify high-growth opportunities in the technology sector.
TH Capital has recently closed its debut US dollar fund, which targets early-stage deep tech investments. This marks a significant expansion of its investment strategy, allowing the firm to engage with international markets while maintaining a strong focus on the Chinese domestic market.
TH Capital is dedicated to hard-tech investments, with a specific focus on advanced manufacturing, next-generation information and communication technologies, and decarbonization. The firm primarily invests in minority stakes in companies that exhibit clear and defensible technology portfolios. Key sectors of interest include artificial intelligence (AI), robotics, quantum computing, and other frontier technologies.
The firm seeks to back companies that demonstrate rapid growth and profitability, particularly in the hard-tech space. TH Capital's investment strategy emphasizes the importance of technical defensibility, which is crucial for the success of the companies it supports. The firm also engages in management buyouts, further diversifying its investment approach.
Geographically, TH Capital focuses on the Chinese market while also supporting international expansion for its portfolio companies. The firm utilizes its connections to Tsinghua University and its proprietary research to identify high-potential investment opportunities in the technology sector.
TH Capital has built a diverse portfolio of companies primarily in the hard-tech sector. Notable investments include:
These companies represent TH Capital's commitment to investing in sectors that are at the forefront of technological advancement. The firm actively monitors its portfolio, focusing on cost management, product commercialization, and revenue generation.
Zhang Yang (张扬) - Chairman and CEO. Zhang holds a doctoral degree in finance and economics and has extensive experience in fund management, M&A, and macroeconomic research.
Dong Pan (董攀) - Managing Partner & Head of Strategy. Dong has a background in materials engineering and an MBA, focusing on industry research and strategic development.
Hua Hua (华桦) - Managing Partner and rotating CEO. Hua has a PhD in management from Wharton and a background in computer science from Tsinghua University, with expertise in investment management and enterprise management.
Li Yuanfeng (李远烽) - Managing Partner, Buyout Fund. Li holds an MBA from Tsinghua and has a background in computing/software and aerospace engineering.
Jin Yujiang (金豫江) - Managing Partner, Investment. Jin has an MBA from Tsinghua and a background in applied physics, contributing to investment decisions and portfolio management.
Chen Zhe (陈喆) - Partner, Head of Legal & Compliance. Chen has LL.M and LL.B credentials, overseeing legal and compliance matters for the firm.
Ma Xiaocun (马晓村) - Partner, Head of Operations. Ma is responsible for fund operations and ensuring efficient management of portfolio activities.
Rafael Ratzel - Head of T-Capital International. Rafael leads international operations and has an MBA from Tsinghua and MIT Sloan.
To pitch TH Capital, founders should send an email to contact@thcapital.com.cn. It is recommended to include a comprehensive pitch deck that outlines the business model, market opportunity, and technology differentiation. Founders should expect a response time that varies based on the firm's current deal flow and priorities.
While there is no formal application process disclosed, a well-prepared pitch can significantly enhance the chances of engagement. Warm introductions are beneficial but not strictly necessary.
In April 2026, TH Capital closed its debut US dollar fund targeting early-stage deep tech investments, marking a significant milestone in its investment strategy.
In late 2025, TH Capital co-led a nearly RMB 200 million funding round for Inx, a humanoid robot and embodied-intelligence core-components company, alongside Shenzhen Capital Group.
TH Capital continued its investment in Spirit AI, participating in a nearly RMB 600 million Pre-A+ round, demonstrating its commitment to supporting high-growth companies in the AI and robotics sectors.
Additionally, TH Capital has been recognized as one of the top 50 private equity investment institutions in China by Rongzhong in 2025, highlighting its reputation in the industry.
What are TH Capital's investment criteria?
TH Capital focuses on hard-tech investments, particularly in sectors such as AI, robotics, and quantum computing. The firm seeks to invest in companies that demonstrate clear and defensible technology portfolios and are rapidly growing and profitable.
How can founders pitch to TH Capital?
Founders can reach out to TH Capital via email at contact@thcapital.com.cn. It is advisable to include a detailed pitch deck that outlines the business model, market opportunity, and technology differentiation.
What makes TH Capital different from other investors?
TH Capital leverages its deep industry research and connections to Tsinghua University to identify high-growth opportunities in hard-tech sectors. This unique positioning allows the firm to provide substantial support to its portfolio companies.
What is TH Capital's geographic focus?
TH Capital primarily focuses on the Chinese market but also supports international expansion for its portfolio companies. The firm has a global vision and capabilities to assist companies in scaling beyond China.
What is the typical check size for TH Capital?
While specific check sizes are not disclosed, TH Capital invests in minority stakes in rapidly growing companies, indicating a focus on significant but strategic investments.
What is TH Capital's post-investment involvement?
TH Capital actively engages with its portfolio companies, providing support in areas such as cost management, product commercialization, and follow-on funding capabilities.
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