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.^[4][5][3]

5Y Capital Management Limited

Native name	五源资本
Formerly	Morningside Venture Capital (晨兴资本)
Company type	Private
Industry	Venture Capital
Founded	2008
Founders	Shi Jianming (Ken) Liu Qin (Richard)
Headquarters	Wuyuan Road, Shanghai, China
Products	Investments
AUM	$5 billion (31 March 2021)[1]
Website	www.5ycap.com
Footnotes / references [2][3]

Background

5Y Capital was founded in 2008 by Ken Shi and Richard Liu under the name, Morningside Venture Capital.^[1][3][6]

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. The Chan family currently runs the Hang Lung Group in Hong Kong.^[3]

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.^[3][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][4][5]

In 2021, Bloomberg reported that the firm was seeking to raise a new fund, and that it had delivered a $30 billion return on its investment in Kuaishou.^[7] It closed a number of funds after reaching hard caps that year.^[8]

In November 2023, it was reported that 5Y Capital was on track to surpass its target of raising $700 million for its new fund. This came when fundraising during the year had significantly declined due to various factors such as the China–United States trade war that limited US investments in Chinese firms.^[9]

Investment model

5Y Capital focuses on early-stage venture investments in different sectors.^[1][3]

Notable investments include Xiaomi, Kuaishou, SenseTime, Pony.ai and XPeng.^[1][3][5]