Boyu Capital
About Boyu Capital
Boyu Capital is a China-focused alternative investment firm based in Hong Kong, with additional offices in Beijing, Shanghai, and Singapore. Founded in 2011, the firm operates with a global mandate and utilizes an integrated platform across various asset classes to foster long-term value creation.
The firm specializes in private equity, public equity, infrastructure, venture investing, real assets, and renewable energy. Boyu Capital provides catalytic capital and strategic support to entrepreneurs and management teams, focusing on businesses with strong growth potential in sectors such as tec
Boyu Capital's website says the firm was founded in 2011. Some databases, including Wikipedia and PitchBook, give 2010. Caproasia and Wikipedia name the founders as Alvin Jiang, Mary Ma, Sean Tong and Louis Cheung. Alvin Jiang is a grandson of former Chinese president Jiang Zemin. Wikipedia lists Louis Cheung as CEO. A Baidu Baike entry says the first fund, US$1 billion, launched in 2011, with Temasek and the Li Ka-shing Foundation among its limited partners. Boyu says it has over 200 portfolio companies. Wikipedia puts assets under management at about US$40 billion (2022), and Caproasia reported in May 2026 that Boyu plans to raise US$3 billion for a new China fund. Boyu has not published a named list of partners who lead AI investing, so none is listed here.
Boyu has no separate AI fund or thesis on its public site. It invests across consumer, technology, healthcare and sustainable energy, and its AI deals fall under those areas. Recent examples are in China. In October 2026 Boyu and IDG Capital led a round of more than $500 million in Butterfly Effect, the parent of AI agent developer Manus. Press reports put the valuation at about $4 billion. The round was the company's first since Beijing forced Meta to unwind its acquisition. In mid-2026 Boyu took part in the seed and seed+ rounds of EonArk, a Shenzhen startup building a longevity foundation model for drug target discovery. Nine Chapters Capital led the seed+ round, and Boyu reinvested in it.
Boyu does not publish check sizes or a stage policy. Its work ranges from early-stage rounds, such as EonArk's seed, to a $500M+ lead in Manus. Preqin lists its strategies as including seed, early stage, growth, pre-IPO and buyout. One aggregator, Private Equity List, estimates tickets of $10-50 million. This is a third-party estimate and is not confirmed by the firm, and it does not match the smaller EonArk round.
- Manus (Butterfly Effect): general-purpose AI agent developer. Boyu and IDG co-led a round of more than $500M in October 2026.
- EonArk: Shenzhen AI biotech startup building a longevity foundation model. It raised about $14M across seed and seed+ rounds in 2026, and Boyu participated in both.
- boyucapital.com
- en.wikipedia.org/wiki/Boyu_Capital
- caproasia.com/2026/05/15/china-40-billion-alternative-investment-manag
- baike.baidu.com/en/item/Boyu%20Capital/12170
- thenextweb.com/news/manus-raises-500m-after-meta-exit
- siliconangle.com/2026/10/08/ai-agent-developer-manus-raises-500m-at-re
- en.tmtpost.com/news/8068662
- app.dealroom.co/news/note/eonark-raises-14m-in-back-to-back-seed-round
Investing activity
Boyu Capital appears in 2 AI deals tracked by the AI Lounge deals desk, rounds totalling $514M, and led 2 of them. The rounds are mostly Growth and Seed, with a median round size of $500M. The most recent are Manus (Butterfly Effect) (Venture round, $500M, Oct 2026) and EonArk (Seed, $14M, Jul 2026).
Boyu Capital most often invests alongside IDG Capital, ZhenFund, Tencent and HSG, and the companies it backs on AI Lounge are mostly in AI agents and AI.
Deals
Frequently asked questions about Boyu Capital
Does Boyu Capital invest in AI startups?
Yes. It co-led Manus's $500M+ round in October 2026 and joined EonArk's seed rounds in 2026. Both companies are in China.
When was Boyu Capital founded and by whom?
Boyu says it was founded in 2011, although some databases say 2010. Alvin Jiang, Mary Ma, Sean Tong and Louis Cheung are named as founders by Caproasia and Wikipedia.
What check size does Boyu Capital write for AI startups?
Boyu does not publish check sizes. A third-party database estimates $10-50 million, but this is unconfirmed. Its known AI deals range from a roughly $14M combined seed to a $500M+ round.
How large is Boyu Capital?
Wikipedia puts assets under management at about US$40 billion (2022). Caproasia reported in May 2026 that Boyu plans to raise a US$3 billion China fund.
Who should AI founders contact at Boyu Capital?
Boyu does not publicly name partners who lead AI investing. Founders can start with the firm's website or LinkedIn page, or with a warm introduction from a co-investor.
What AI companies has Boyu Capital invested in?
Boyu Capital's AI investments include Manus (Butterfly Effect) and EonArk. The 2 rounds on AI Lounge are listed on this page with amounts, dates and co-investors.
Where is Boyu Capital based?
Boyu Capital is based in Hong Kong, Hong Kong Island, Hong Kong.
What stage does Boyu Capital invest at?
In the rounds tracked on AI Lounge, Boyu Capital has invested at Growth and Seed, with a median round of $500M. Boyu Capital led 2 of those rounds.
Who does Boyu Capital co-invest with?
Boyu Capital's most frequent co-investors on AI Lounge are IDG Capital (1 deal), ZhenFund (1 deal), Tencent (1 deal), HSG (1 deal) and Nine Chapters Capital (1 deal).
How can founders reach Boyu Capital?
Founders on AI Lounge can see Boyu Capital's contact details in AI Investor Contacts (paid plans), check for a warm introduction through members who worked with the firm under Warm Paths, and add Boyu Capital to their Investor Pipeline to track the conversation.