5Y Capital

5Y Capital (Chinese: 五源资本; pinyin: Wǔyuán zīběn) is a Shanghai-based venture capital firm founded in 2008. It was previously known as Morningside Venture Capital before it rebranded in October 2020.[3][4][5]

5Y Capital Management Limited
Native name
五源资本
FormerlyMorningside Venture Capital (晨兴资本)
TypePrivate
IndustryVenture Capital
Founded2008
FoundersShi Jianming (Ken)
Liu Qin (Richard)
HeadquartersWuyuan Road, Shanghai, China
ProductsInvestments
AUM$5 billion (31 March 2021)[1]
Websitewww.5ycap.com
Footnotes / references
[2]

Background

5Y Capital was founded in 2008 by Ken Shi and Richard Liu under the name, Morningside Venture Capital.[1][6][5]

Prior to founding the firm, Liu and Shi worked as investment professionals at the Morningside Group, a family office founded in 1986 by Gerald Chan and his family.[4][6] The Chan family currently runs the Hang Lung Group in Hong Kong.[7]

As a gesture of support, Morningside Group authorized the firm to use the ‘Morningside’ brand in its operations as well as being a key investor in the firm.[6]

In October 2020, the firm rebranded to 5Y Capital. The name comes from 'Wuyuan Road' which is the street where the firm has been headquartered since its inception.[1][3][4]

5Y Capital focuses on early-stage venture investments in different sectors.[1]

5Y Capital is headquartered in Shanghai with additional offices in Beijing, Shenzhen, and Hong Kong.[1]

Funds
Fund Vintage Year Committed Capital ($m)
Morningside China TMT Fund I 2008 USD 150
Morningside China TMT Fund II 2011 USD 250
Morningside China TMT Fund III 2014 USD 347.5
Morningside China TMT Special Opportunity Fund 2014 USD 102.5
Morningside China TMT Fund IV 2015 USD 460
Morningside China TMT Special Opportunity Fund 2015 USD 200
RMB Fund 2017 RMB 1,000
Evolution Fund I 2018 USD 735
Evolution Special Opportunity Fund I 2018 USD 300
5Y Capital Capital Growth Fund 2021 USD 994.21
5Y Capital Evolution Fund II 2021 USD 718.16
RMB Fund II 2021 RMB 1,900

Notable Investments

Controversies

In 2021, 5Y Capital was alleged to have conducted illegal fundraising from the public. On the evening of January 15, the company issued a statement claiming that this was false, self-proclaiming that it had never authorized any entity or individual to conduct public fundraising activities.[13]

On April 9, 2021, 5Y Capital reduced its stake in Xiaomi, but made an erroneous disclosure, with the disclosure document of its interest accidentally appearing in the change of interest of Kuaishou Technology.[14]

References
  1. "Xiaomi backer closes $2bn worth of dollar and yuan funds". Nikkei Asia.
  2. "Form ADV" (PDF). SEC. Retrieved 24 November 2022.
  3. Ku, Larissa. "Morningside Venture Capital rebrands as 5Y Capital".
  4. Chen, Lulu Yilun. "Venture Firm That Made $30 Billion on Chinese Video App Plans New Fund". www.bloomberg.com. Archived from the original on 2021-02-18. Retrieved 2021-05-30.
  5. "Who Is 5Y Capital?". The Wire China. 18 July 2021.
  6. "Chinese Venture Capital Firm Morningside Venture Capital Becomes 5Y Capital -Asian Wealth Management and Asian Private Banking". Hubbis.com. November 3, 2020.
  7. "Gerald L. Chan | Harvard China Fund". hcf.fas.harvard.edu. Retrieved 2021-05-30.
  8. "5Y Capital, US$35b stakeholder in Kuaishou, to raise US$1b for start-ups". The Standard. 18 February 2021. Archived from the original on 2021-02-18.
  9. Fannin, Rebecca. "Richard Liu's Secret To China Deal Success In 0-1, 1-10, 10-100 Steps". Forbes.
  10. "BRIEF-YY Inc.'s Huya subsidiary raises $75 mln". Reuters. 2017-05-16.
  11. Ju, Sherry Fei. "Chinese start-up apologises over Chrome similarities". www.ft.com. Archived from the original on March 22, 2022.
  12. "Kunlun Fight raises around 10 million dollar in B+ round". en.ytsports.cn. Retrieved 2021-05-30.
  13. "五源资本声明：从未授权任何实体或个人开展公开募资活动|界面新闻 · 快讯". www.jiemian.com. Retrieved 2022-05-03.
  14. "Incorrect disclosure of equity information for 5Y Capital". Sohu. April 14, 2021.
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