China Venture Capital Firm BAI Capital Raised $600 Million in First Close for $800 Million Fund to Invest in Companies with Commercial Validation & Strong Potential for Cross-Regional Expansion, Founded in 2008 by Germany Media, Services & Education Conglomerate Bertelsmann Group as Bertelsmann Asia Investments & Became Independent Entity in 2021 as BAI Capital, Founding & Managing Partner is Annabelle Yu Long
24th May 2026 | Hong Kong
China venture capital firm BAI Capital has raised $600 million in first close for $800 million fund to invest in companies with commercial validation & strong potential for cross-regional expansion. BAI Capital was founded in 2008 by Germany media, services & education conglomerate Bertelsmann Group as Bertelsmann Asia Investments, and became an independent entity in 2021 as BAI Capital. BAI Capital Founding & Managing Partner is Annabelle Yu Long. Announcement: “BAI Capital Announces First Close of New US$800 Million Fund, Continues to Back Asia Growth and Globalization Opportunities BAI Capital today announced the first close of its latest USD fund, targeting US$800 million. The first close reached US$600 million in commitments. Founded in 2008, BAI Capital has built an 18-year track record, with 22 IPOs and 51 trade sale & secondary sale exits. Over the years, BAI has continued to evolve its investment approach and organizational capabilities in response to changing market conditions, while developing a more distinctive institutional positioning. The firm focuses not only on innovation itself, but also on how innovation can cross geographic boundaries and become a source of long-term value creation for global markets. The new fund will build on BAI Capital’s strengths in growth investing, with a focus on companies that have achieved commercial validation and show strong potential for cross-regional expansion. BAI will focus on three categories of opportunities: new growth platforms created by Chinese champion companies expanding overseas; globally oriented companies emerging from Asia’s innovation ecosystem and scaling into multinational businesses; and international companies with globally leading innovation capabilities that can leverage the Chinese market to achieve scale. The fund will cover sectors including technology and AI, financial services, consumer and entertainment, and business services. BAI Capital has been deeply rooted in China’s technology and industrial ecosystem, while continuously expanding its global perspective and cross-regional capabilities. Leveraging the partnership ecosystem it has built over the years, particularly its deep collaborations with global technology leaders and strategic industry partners, as well as Bertelsmann’s global network and industrial resources, BAI has developed a platform advantage that combines local insight with global collaboration. 贝塔斯曼 is a media, services, and education company with more than 75,000 employees that operates in some 50 countries around the world. The company generated revenues of €19 billion in the 2025 financial year. BAI Capital traces its roots to Bertelsmann Asia Investments under Bertelsmann Investments, and completed its first independent fundraising in 2021. Following its independence, BAI Capital has continued to leverage the Bertelsmann platform to provide value-added support to relevant portfolio companies. Looking ahead, BAI Capital will continue to be rooted in Asia and connected to the world. With an open perspective and long-term patience, the firm will support the next generation of companies as they grow into truly global businesses.” BAI Capital – BAI Capital is a leading venture capital fund in China. Since 2008, the team of BAI Capital has invested in more than 200 portfolios, including 22 IPOs and 40+ unicorns. BAI Capital has two main focuses: China-based global companies and China’s structural transformation. BAI Capital seeks to partner with and empower outstanding Chinese companies and entrepreneurs that can leverage the multiplier effect of China’s technology, talent, and supply chain advantages and to expand globally in consumer retail and services, financial services, AI, technology, content and media innovation. On the other hand, at the turning point of China’s structural transformation, the fund will also seize major cross-cycle disruption opportunities in frontier and infra tech, electric vehicles and autonomous driving, and industrial upgrade driven by enterprise software development. The investor base for BAI Capital includes institutional investors such as sovereign wealth funds, large insurance companies, internet giants and fund of funds globally, as well as Bertelsmann. BAI Capital has its background from Bertelsmann Asia Investments, part of the Bertelsmann Group. Bertelsmann is a media, services and education corporation that operates in about 50 countries with more than 75,000 employees around the world. It aspires to achieve climate neutrality by 2030. BAI Capital will continue to empower portfolio companies with its China expertise and Bertelsmann’s vast European and global network, bringing together global resources and perspectives to assist the development of its portfolios.
“ China Venture Capital Firm BAI Capital Raised $600 Million in First Close for $800 Million Fund to Invest in Companies with Commercial Validation & Strong Potential for Cross-Regional Expansion, Founded in 2008 by Germany Media, Services & Education Conglomerate Bertelsmann Group as Bertelsmann Asia Investments & Became Independent Entity in 2021 as BAI Capital, Founding & Managing Partner is Annabelle Yu Long “
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China Venture Capital Firm BAI Capital Raised $600 Million in First Close for $800 Million Fund to Invest in Companies with Commercial Validation & Strong Potential for Cross-Regional Expansion, Founded in 2008 by Germany Media, Services & Education Conglomerate Bertelsmann Group as Bertelsmann Asia Investments & Became Independent Entity in 2021 as BAI Capital, Founding & Managing Partner is Annabelle Yu Long
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