Cathay Capital
Key facts
Recent exits
Coverage notes
15 funds tracked, 240 portfolio companies (170 active · 70 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Cathay Capital has raised, with its portfolio companies. Hand-checked from public filings.
Cathay Innovation Fund IIIVC2024 · 2yr€1.0B20 active
Unrealized
20 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AMI Labs | Software | France | 2026 |
| Aqemia | Healthcare | France | 2024 |
| Ascendia Autism Care | Healthcare | United States | 2026 |
| Beatbot | Consumer | China | 2024 |
| Bioptimus | Healthcare | France | 2025 |
| Cryptio | Fintech | France | 2024 |
| David Energy | Industrials | US | 2024 |
| DeepWisdom | Software | China | 2026 |
| Embat | Fintech | Spain | 2026 |
| Entalpic | Fintech | France | 2024 |
| Ether.fi | Fintech | US | 2024 |
| Galaxea AI | Industrials | China | 2026 |
| imagino | Software | France | 2024 |
| Midas | Fintech | France | 2024 |
| Nabla | Healthcare | France | 2024 |
| Nelly | Consumer | France | 2025 |
| Qualified Health | Software | US | 2026 |
| Range | Fintech | US | 2024 |
| Tucuvi | Healthcare | France | 2026 |
| Vambe | Software | Brazil | 2025 |
Ledger Cathay FundVC2022 · 4yr€100M3 active
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Atlas | Software | France | 2025 |
| Huma Finance | Fintech | US | 2024 |
| Logical Intelligence | Software | US | 2025 |
Cathay Capital Small Cap IVGrowth2022 · 4yr€240M5 active
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Avelia | Healthcare | France | 2025 |
| BEBIG Medical | Healthcare | China | 2024 |
| Equadis | SaaS | Switzerland | 2026 |
| Onventis | Software | France | – |
| Parkview Dental Partners | Healthcare | US | 2023 |
Cathay HealthGrowth2021 · 5yr€500M5 active · 1 realized
Unrealized
5 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Ascend Gene & Cell Therapies | Healthcare | France | – |
| Ganymed Robotics | Healthcare | France | 2022 |
| Initiate Studios | Healthcare | US | 2021 |
| Moon Surgical | Healthcare | France | 2022 |
| Tissium | Healthcare | France | 2021 |
Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Kojin Therapeutics | Healthcare | US | 2021 | 2025 | Write-off | – | – |
Cathay Capital Midcap IIBuyout2020 · 6yr€800M14 active · 3 realized
Unrealized
14 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AD EDUCATION | Consumer | France | 2021 |
| Chemspec | Industrials | China | 2021 |
| ChowSing | Consumer | China | 2021 |
| CPAP.COM | Healthcare | US | 2021 |
| DiliTrust | Software | France | 2022 |
| Eigencomm | Industrials | China | 2021 |
| Juliette has a Gun | Consumer | China | 2023 |
| Mistine | Consumer | China | 2022 |
| Shiro Games | Consumer | France | 2022 |
| SHPT | Industrials | China | 2021 |
| SNOCKS | Consumer | France | 2022 |
| TCL Healthcare Group | Healthcare | China | 2021 |
| WeNext | Software | China | 2021 |
| Yejia Optoelectronics Technology | Industrials | China | 2021 |
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Artefact | Software | France | 2021 | 2024 | Secondary | – | |
| DIOT-SIACI | Fintech | France | 2021 | 2025 | Secondary | – | |
| TransCure bioServices | Healthcare | France | 2022 | 2026 | Trade Sale | – |
Cathay Smart EnergyVC2019 · 7yr€130M1 active
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Tianke Energy | Industrials | China | 2023 |
Cathay Innovation Fund IIVC2019 · 7yr€650M45 active
Unrealized
45 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AI Rudder | Software | China | 2022 |
| Akua | Fintech | Brazil | 2024 |
| Allsense | Industrials | China | 2020 |
| Alma | Fintech | France | 2021 |
| Chatail | Software | China | 2021 |
| Cloudpick | Software | China | 2020 |
| Coherent | Fintech | China | 2020 |
| Colizey | Consumer | France | 2021 |
| DayTwo | Healthcare | France | 2019 |
| Descartes Underwriting | Fintech | France | 2020 |
| Dingdong Class | Consumer | China | 2019 |
| Fastone | Software | China | 2020 |
| Fiture | Consumer | China | 2020 |
| Flowdesk | Consumer | France | – |
| Fundbox | Fintech | US | 2019 |
| GCL Photovoltaics | Industrials | China | 2020 |
| Ghost | Software | US | – |
| Heetch | Industrials | France | 2019 |
| Henry | Consumer | Brazil | 2022 |
| Hok Bee | Consumer | China | 2020 |
| Inato | Healthcare | France | 2019 |
| Iziwork | Software | France | 2019 |
| KaiOS Technologies | Consumer | China | 2019 |
| Kredivo (FinAccel) | Fintech | China | 2019 |
| Laiye Technology | Software | China | 2019 |
| LeadIQ | Software | China | 2021 |
| Medwing | Software | France | 2020 |
| Mogic | Software | China | 2022 |
| MOMENTA | Industrials | China | 2020 |
| ReFire | Industrials | China | 2020 |
| Resilience | Healthcare | France | 2022 |
| Savana | Healthcare | France | 2020 |
| Sidecar Health | Healthcare | US | 2020 |
| Skan.ai | Software | US | 2020 |
| SVOLT | Industrials | China | 2021 |
| Terminal | Software | US | 2019 |
| TGhilyte | Industrials | China | 2020 |
| Tungee | Software | China | 2020 |
| Unomi | Consumer | China | 2021 |
| Unsupervised | Software | US | 2021 |
| Wallbox | Industrials | France | 2021 |
| Waysia (Alorsfaim) | Consumer | France | 2021 |
| Xepelin | Fintech | Brazil | 2021 |
| Yuanbao Insurance | Fintech | China | 2021 |
| ZenBusiness | Software | US | 2020 |
Cathay AfricInvest InnovationVC2019 · 7yr€110M4 active
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Aerobotics | Industrials | Nigeria | 2020 |
| Migo | Fintech | Nigeria | 2020 |
| OZÉ | Fintech | Nigeria | 2022 |
| WhereIsMyTransport | Consumer | Nigeria | 2021 |
CarTech FundVC2017 · 9yr€200M10 active
Unrealized
10 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| ABUP | Industrials | China | 2018 |
| Benewake | Industrials | China | 2018 |
| Bochuang | Industrials | China | 2019 |
| FUTURUS | Industrials | China | 2017 |
| GTA Semiconductor | Industrials | China | 2021 |
| INTPLOG | Industrials | China | 2020 |
| Joynext | Industrials | China | 2020 |
| Uphoton (Reinlight) | Industrials | China | 2018 |
| Waytous | Industrials | China | 2019 |
| YiQi Exchange | Industrials | China | 2019 |
Cathay Capital Small Cap IIIGrowth2016 · 10yr€180M25 active · 12 realized
Unrealized
25 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Aukey | Consumer | China | 2020 |
| BRASS MASTER | Consumer | China | 2018 |
| Brosmed | Healthcare | China | 2020 |
| Deerma | Consumer | China | 2020 |
| EasyVista | Software | France | 2020 |
| Fapon | Healthcare | China | 2020 |
| FuturMaster | Software | France | 2020 |
| Gangtong | Healthcare | China | 2020 |
| Genki Forest | Consumer | China | 2020 |
| Geoskincare | Consumer | China | 2020 |
| JD Logistics | Software | China | 2018 |
| Jieli Cosmetics | Industrials | China | 2019 |
| JIUYE | Software | China | 2018 |
| JUVA | Healthcare | China | 2017 |
| Le Wagon | Consumer | France | 2020 |
| Moose Knuckles | Consumer | US | 2019 |
| OrderPlus | Software | China | 2019 |
| Packgene | Healthcare | China | 2020 |
| Righton Gene (688217.SH) | Healthcare | China | 2018 |
| Simpleway Technology | Consumer | China | 2020 |
| Taclink | Industrials | China | 2020 |
| Universal Medical Imaging | Healthcare | China | 2020 |
| WonderLab | Consumer | China | 2020 |
| Yeelight | Consumer | China | 2018 |
| YIMIDIDA | Industrials | China | 2017 |
Realized
12 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Biose Industrie | Healthcare | France | 2020 | 2024 | Trade Sale | – | |
| Caillau | Industrials | France | 2018 | 2025 | Secondary | – | |
| E. Winkemann | Industrials | France | 2018 | 2023 | Trade Sale | – | |
| Finance Active | Fintech | France | 2019 | 2024 | Trade Sale | – | |
| Havea | Consumer | France | 2017 | 2023 | Secondary | – | |
| IntelliBio | Healthcare | China | 2019 | 2023 | Trade Sale | – | – |
| LABELIUM | Software | France | 2018 | 2021 | Secondary | – | |
| medifa healthcare group | Healthcare | France | 2019 | 2024 | Trade Sale | – | |
| NeoXam | Software | France | 2018 | 2023 | Secondary | – | |
| Soocas | Consumer | China | 2018 | 2023 | Trade Sale | – | – |
| The Independents | Software | France | 2017 | 2023 | Secondary | – | |
| Zongteng | Software | China | 2018 | 2023 | Trade Sale | – | – |
Cathay Innovation Fund IVC2016 · 10yr€290M13 active · 7 realized
Unrealized
13 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Aqara (Lumi) | Consumer | China | 2017 |
| Bryj (FollowAnalytics) | Software | US | 2016 |
| CHIME | Fintech | US | 2017 |
| Finalcad | Software | France | 2018 |
| LECHEBANG | Industrials | China | 2017 |
| Ledger | Software | France | 2018 |
| OnTruck | Industrials | France | 2018 |
| OWKIN | Healthcare | France | 2017 |
| PEEK | Software | US | 2018 |
| Quantifind | Software | US | 2016 |
| SXL | Software | China | 2018 |
| TU BO SHI | Consumer | China | 2018 |
| Ushopal | Software | China | 2016 |
Realized
7 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| ALKEMICS | Software | France | 2016 | 2023 | Trade Sale | – | |
| Drivy by Getaround | Industrials | France | 2016 | 2019 | Trade Sale | – | |
| GLOVO | Consumer | France | 2017 | 2022 | Trade Sale | – | |
| Kayrros | Industrials | France | 2018 | 2026 | Trade Sale | – | |
| Meet You | Consumer | China | 2015 | 2020 | Secondary | – | – |
| PDD | Consumer | China | 2016 | 2018 | IPO | – | – |
| Trifacta | Software | US | 2015 | 2022 | Trade Sale | – |
C. EntrepreneursVC2016 · 10yr€50M16 active · 4 realized
Unrealized
16 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| AnotherBrain | Software | France | 2017 |
| Beem | Industrials | France | – |
| Cosmo Tech | Software | France | 2018 |
| Coverfy | Fintech | France | 2018 |
| Curve | Fintech | France | 2019 |
| Facily | Consumer | Brazil | 2020 |
| FirstVet | Software | France | 2020 |
| Housfy | Consumer | France | 2019 |
| Igloo | Fintech | China | 2020 |
| Kueski | Fintech | Brazil | 2019 |
| Lana | Fintech | France | 2020 |
| Lifepal | Fintech | China | 2021 |
| Openlegacy | Software | US | 2018 |
| Payflow | Fintech | France | 2022 |
| Qover | Fintech | France | 2021 |
| Reebelo | Consumer | China | 2021 |
Cathay Capital Midcap IBuyout2014 · 12yr€500M7 active · 15 realized
Unrealized
7 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| ABV | Consumer | US | 2016 |
| ATRenew (Aihuishou) | Consumer | China | 2016 |
| CCDI | Industrials | China | 2015 |
| Innovative Motion Technologies | Consumer | US | 2016 |
| Jiuhetang | Healthcare | China | 2018 |
| Powell | Software | France | 2025 |
| WST | Industrials | France | 2016 |
Realized
15 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| ABS | Consumer | China | 2016 | 2022 | Trade Sale | – | – |
| ATI | Industrials | France | 2016 | 2022 | Trade Sale | – | – |
| Byzance | Consumer | France | 2014 | 2020 | Trade Sale | – | – |
| Cabio | Industrials | China | 2015 | 2021 | IPO | – | – |
| Cenexi | Healthcare | France | 2015 | 2023 | Trade Sale | – | |
| Datawords | Software | France | 2015 | 2024 | Trade Sale | – | |
| Echosens | Healthcare | France | 2015 | 2018 | Secondary | – | |
| Equativ | Software | France | 2015 | 2021 | Secondary | – | |
| Guanghua Education | Consumer | China | 2016 | 2022 | Trade Sale | – | – |
| Origene | Healthcare | China | 2015 | 2021 | Trade Sale | – | – |
| SeaOwl | Industrials | France | 2015 | 2021 | Trade Sale | – | – |
| Shenghuo | Healthcare | China | 2014 | 2020 | Trade Sale | – | – |
| SINO-KOR | Consumer | China | 2015 | 2021 | Trade Sale | – | – |
| YUANMAI | Consumer | China | 2016 | 2022 | Trade Sale | – | – |
| ZBOM | Consumer | China | 2014 | 2017 | IPO | – | – |
Cathay Capital Small Cap IIGrowth2010 · 16yr€90M2 active · 18 realized
Unrealized
2 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| YOLOO | Industrials | China | 2012 |
| ZM Logistics | Industrials | China | 2013 |
Realized
18 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| AMPLITUDE | Industrials | France | 2012 | 2019 | Trade Sale | – | |
| BANDWEAVER | Industrials | China | 2012 | 2018 | Trade Sale | – | – |
| CMR | Industrials | France | 2011 | 2017 | Trade Sale | – | – |
| eBao | Software | China | 2012 | 2018 | Trade Sale | – | – |
| FLEXITALLIC | Industrials | France | 2013 | 2017 | Trade Sale | – | – |
| Ginger CEBTP | Industrials | France | 2013 | 2017 | Secondary | – | |
| HAOLIFANG | Consumer | China | 2011 | 2016 | Trade Sale | – | – |
| IMV | Industrials | France | 2010 | 2016 | Trade Sale | – | – |
| JURATOYS | Consumer | France | 2011 | 2017 | Trade Sale | – | – |
| KIDSLAND | Consumer | China | 2012 | 2017 | IPO | – | – |
| MAUBOUSSIN | Consumer | France | 2010 | 2016 | Secondary | – | – |
| MEINIAN | Healthcare | China | 2013 | 2015 | IPO | – | – |
| MINAFIN | Healthcare | France | 2011 | 2017 | Trade Sale | – | – |
| MONCLER | Consumer | France | 2011 | 2013 | IPO | – | – |
| Poten | Industrials | China | 2012 | 2018 | Trade Sale | – | – |
| SOLIA | Consumer | France | 2010 | 2016 | Trade Sale | – | – |
| SURYS | Software | France | 2013 | 2019 | Trade Sale | – | |
| VULCANIC | Industrials | France | 2011 | 2017 | Trade Sale | – | – |
Cathay Capital Small Cap IGrowth2007 · 19yr€70M0 active · 10 realized
Realized
10 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| C.C.D. International | Healthcare | France | 2008 | 2014 | Trade Sale | – | – |
| DESSANGE | Consumer | France | 2009 | 2015 | Secondary | – | – |
| DOTSOFT | Software | France | 2009 | 2015 | Trade Sale | – | – |
| EUROGERM | Industrials | France | 2009 | 2017 | Trade Sale | – | |
| FREMAUX DELORME | Consumer | France | 2008 | 2014 | Trade Sale | – | – |
| Miro | Industrials | China | 2008 | 2014 | Trade Sale | – | – |
| SINDER | Healthcare | China | 2008 | 2014 | Trade Sale | – | – |
| SOGAL | Consumer | France | 2009 | 2016 | Trade Sale | – | – |
| SUOFEIYA | Consumer | China | 2009 | 2012 | IPO | – | – |
| WOLF | Consumer | France | 2008 | 2015 | Trade Sale | – | – |
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About Cathay Capital
Cathay Capital is a cross-border private equity and venture firm with €5.5 billion of assets under management as of December 2024, headquartered in Paris with offices in Shanghai, Beijing, Shenzhen, New York and San Francisco. Founded in 2007, the firm specialises in cross-border investments helping European and US companies expand internationally with a particular focus on the China corridor, plus Chinese and Asian companies expanding into Europe and North America. The unique cross-border mandate distinguishes Cathay from regional-focused peers.
Investment thesis
Cathay deploys capital across complementary strategies including mid-market LBO (Cathay Capital PE) and late-stage technology venture (Cathay Innovation), with sectors spanning Consumer, Industrials, Software, Fintech and Healthcare. The platform's cross-border value-add focuses on supporting portfolio companies through international expansion, sourcing partnerships and operational capabilities across the three core regions of France-China-US. Equity ticket sizes vary by strategy from venture-stage early commitments through to mid-cap LBO majority equity positions of €20 million to €150 million.
Recent activity
Recent realised exits include TransCure bioServices (healthcare, 2026), DIOT-SIACI (fintech, 2025), Saagie (software, 2025), Artefact (software, 2024), Biose Industrie (healthcare, 2024) and Datawords (software, 2024), reflecting active distribution across the cross-border franchise. The platform tracks 15 funds, 167 active portfolio companies and 68 realised exits across multiple investment cycles. Detailed buyer names and multiple data available on Pro at €29/month.
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