JP Gan’s Ince Capital Partners Garners $163.3M In First Close Of Debut China Fund

JP Gan had spent 13 years with Chinese venture capital firm Qiming Venture Partners before he stroke out his own investment outfit earlier this year.

JP Gan, a former managing partner at Chinese venture capital firm Qiming Venture Partners, has raised US$163.3 million in fresh capital for his debut fund to back early-stage consumer-related technology companies in China, according to a recent SEC filing.

The veteran investor kicked off his own investment company, Ince Capital Partners, in June 2019 after he spent 13 years with Shanghai-based Qiming Venture Partners. The newly-founded firm adopted its name "in" from the concept of "internet, intelligence, investment and innovation," and "ce" from the Chinese word for "strategy."

The new fund, dubbed "INCE Capital Partners," has attracted capital injections from 27 investors in the two weeks between August 8 and August 23, according to the filing.

Prior to Qiming, Gan worked as an investment banker at Merrill Lynch and a director at the Carlyle Group where he started his venture capital career as a founding member of the firm’s Asian venture fund in Hong Kong.

Gan ranked No. 5 on the 2019 Forbes Midas List due to three initial public offerings (IPOs) he has enjoyed since 2018, including the listings of video sharing site Bilibili, on-demand delivery service Meituan-Dianping and fashion social commerce site Mogu. These exits elevated his previous portfolio that already includes Chinese travel site Ctrip, selfie-editing app Meitu, question-and-answer website Zhihu, and car service and product provider Tuhu.

The other manager of the new fund is Paul Keung, the former CFO at Chinese online education platform iTutor Group and children’s social networking site Taomee. The two companies were both portfolio firms of Qiming Venture Partners.