Cathay Capital
AUM
€5.5B
Funds
15
vintages 2007–2024
Portfolio
170
Exits
73
Cathay Capital is a Paris private equity firm with €5.5B AUM, 170 active companies and 73 exits.
Key takeaways
- ·38 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 73 realized deals: 6 years.
- ·Fund cadence: ~1Y between vintages · last raise 2024.
Sector breakdown
243 companiesConsumer
46 · 19%
Software
36 · 15%
Industrials
30 · 12%
Fintech
28 · 12%
Healthcare
18 · 7%
Mobility
13 · 5%
MedTech
9 · 4%
Biotech
7 · 3%
Geography breakdown
8 geographiesChina
102 · 42%
France
101 · 42%
US
27 · 11%
Brazil
6 · 2%
Nigeria
4 · 2%
Spain
1 · 0%
Switzerland
1 · 0%
Germany
1 · 0%
Key facts
HQParis, France
Websitecathaycapital.com
Recent exits
Cathay Capital sold TransCure bioServices to Taconic Biosciences in 2026 after 4 years.
Cathay Capital sold Curve to Lloyds Banking Group in 2026 after 7 years.
Cathay Capital sold Kayrros to Energy Aspects in 2026 after 8 years.
Cathay Capital exited Kojin Therapeutics in 2025 after 4 years.
Coverage notes
15 funds tracked, 243 portfolio companies (170 active · 73 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.
15 funds
Fund
Strategy
Vintage
Size
Assets
Exits
Cathay Innovation Fund IIIVC2024€1.0B21 assetsVC2024 · 2yr€1.0B21–
Unrealized
21 held| Company | Entry |
|---|---|
| AMI Labs AI/ML · France | 2026 |
| Aqemia Biotech · France | 2024 |
| Ascendia Autism Care Healthcare · US | 2026 |
| Beatbot Consumer · China | 2024 |
| Bioptimus Biotech · France | 2025 |
| Cryptio Fintech · France | 2024 |
| David Energy Energy · US | 2024 |
| DeepWisdom Software · China | 2026 |
| Embat Fintech · Spain | 2026 |
| Entalpic Deep Tech · France | 2024 |
| Ether.fi Fintech · US | 2024 |
| Galaxea AI Industrials · China | 2026 |
| imagino Software · France | 2024 |
| Midas Fintech · France | 2024 |
| Nabla HealthTech · France | 2024 |
| Nelly HealthTech · France | 2025 |
| Powell Software SaaS · France | 2025 |
| Qualified Health Software · US | 2026 |
| Range Fintech · US | 2024 |
| Tucuvi HealthTech · France | 2026 |
| Vambe Software · Brazil | 2025 |
Cathay Capital Small Cap IVGrowth2022€240M5 assetsGrowth2022 · 4yr€240M5–
Unrealized
5 held| Company | Entry |
|---|---|
| Avelia Healthcare · France | 2025 |
| BEBIG Medical MedTech · China | 2024 |
| Equadis SaaS · Switzerland | 2026 |
| Onventis SaaS · France | – |
| Parkview Dental Partners Healthcare · US | 2023 |
Ledger Cathay FundVC2022€100M4 assetsVC2022 · 4yr€100M4–
Unrealized
4 held| Company | Entry |
|---|---|
| Atlas Software · France | 2025 |
| Huma Finance Fintech · US | 2024 |
| Logical Intelligence Software · US | 2025 |
| Transcure Biotech · France | 2022 |
Cathay HealthGrowth2021€500M5 assets1 exitsGrowth2021 · 5yr€500M51
Unrealized
5 held| Company | Entry |
|---|---|
| Ascend Gene & Cell Therapies Pharma · France | – |
| Ganymed Robotics MedTech · France | 2022 |
| Initiate Studios Healthcare · US | 2021 |
| Moon Surgical MedTech · France | 2022 |
| Tissium MedTech · France | 2021 |
Realized
1 exit| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Kojin Therapeutics Biotech · US | 2021 | 2025 | – | – | – |
Cathay Capital Midcap IIBuyout2020€800M14 assets3 exitsBuyout2020 · 6yr€800M143
Unrealized
14 held| Company | Entry |
|---|---|
| AD Education Education · France | 2021 |
| Chemspec Industrials · China | 2021 |
| ChowSing Consumer · China | 2021 |
| Cpap.com Healthcare · US | 2021 |
| DiliTrust LegalTech · France | 2022 |
| Eigencomm Industrials · China | 2021 |
| Juliette has a Gun Consumer · China | 2023 |
| Mistine Consumer · China | 2022 |
| Shiro Games Consumer · France | 2022 |
| SHPT Mobility · China | 2021 |
| Snocks Consumer · France | 2022 |
| TCL Healthcare Group MedTech · China | 2021 |
| WeNext Software · China | 2021 |
| Yejia Optoelectronics Technology Industrials · China | 2021 |
Realized
3 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Artefact Business Services · France | 2021 | 2024 | Secondary | Cinven | – |
| Diot-siaci Fintech · France | 2021 | 2025 | Secondary | Ardian | – |
| TransCure bioServices Healthcare · France | 2022 | 2026 | Trade Sale | Taconic Biosciences | – |
Cathay AfricInvest InnovationVC2019€110M4 assetsVC2019 · 7yr€110M4–
Unrealized
4 held| Company | Entry |
|---|---|
| Aerobotics AgTech · Nigeria | 2020 |
| Migo Fintech · Nigeria | 2020 |
| OZÉ Fintech · Nigeria | 2022 |
| WhereIsMyTransport Consumer · Nigeria | 2021 |
Cathay Innovation Fund IIVC2019€650M45 assetsVC2019 · 7yr€650M45–
Unrealized
45 held| Company | 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 E-commerce · France | 2021 |
| DayTwo Biotech · France | 2019 |
| Descartes Underwriting InsurTech · France | 2020 |
| Dingdong Class EdTech · China | 2019 |
| Fastone Software · China | 2020 |
| Fiture Consumer · China | 2020 |
| Flowdesk Fintech · France | 2022 |
| Fundbox Fintech · US | 2019 |
| GCL Photovoltaics Industrials · China | 2020 |
| Ghost Software · US | – |
| Heetch Mobility · France | 2019 |
| Henry EdTech · Brazil | 2022 |
| Hok Bee Consumer · China | 2020 |
| Inato Biotech · 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 HR Tech · France | 2020 |
| Mogic Software · China | 2022 |
| Momenta Mobility · China | 2020 |
| ReFire Mobility · China | 2020 |
| Resilience HealthTech · France | 2022 |
| Savana HealthTech · France | 2020 |
| Sidecar Health Healthcare · US | 2020 |
| Skan.ai Software · US | 2020 |
| Svolt Mobility · China | 2021 |
| Terminal IT Services · US | 2019 |
| TGhilyte Industrials · China | 2020 |
| Tungee Software · China | 2020 |
| Unomi Consumer · China | 2021 |
| Unsupervised Data & Analytics · US | 2021 |
| Wallbox Mobility · France | 2021 |
| Waysia (Alorsfaim) Consumer · France | 2021 |
| Xepelin Fintech · Brazil | 2021 |
| Yuanbao Insurance Fintech · China | 2021 |
| ZenBusiness Software · US | 2020 |
Cathay Smart EnergyVC2019€130M1 assetsVC2019 · 7yr€130M1–
Unrealized
1 held| Company | Entry |
|---|---|
| Tianke Energy Industrials · China | 2023 |
CarTech FundVC2017€200M10 assetsVC2017 · 9yr€200M10–
Unrealized
10 held| Company | Entry |
|---|---|
| ABUP Mobility · China | 2018 |
| Benewake Industrials · China | 2018 |
| Bochuang Industrials · China | 2019 |
| Futurus Mobility · China | 2017 |
| GTA Semiconductor Industrials · China | 2021 |
| Intplog Logistics · China | 2020 |
| Joynext Mobility · China | 2020 |
| Uphoton (Reinlight) Industrials · China | 2018 |
| Waytous Industrials · China | 2019 |
| YiQi Exchange Mobility · China | 2019 |
C. EntrepreneursVC2016€50M15 assets5 exitsVC2016 · 10yr€50M155
Unrealized
15 held| Company | Entry |
|---|---|
| AnotherBrain Deep Tech · France | 2017 |
| Beem Industrials · France | – |
| Cosmo Tech Software · France | 2018 |
| Coverfy InsurTech · France | 2018 |
| Facily E-commerce · Brazil | 2020 |
| FirstVet HealthTech · France | 2020 |
| Housfy PropTech · 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 InsurTech · France | 2021 |
| Reebelo E-commerce · China | 2021 |
Realized
5 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Curve Fintech · France | 2019 | 2026 | Trade Sale | Lloyds Banking Group | – |
| Datasine Software · France | 2017 | 2021 | Trade Sale | Shutterstock | – |
| Paycar Fintech · France | 2016 | 2021 | Trade Sale | Leboncoin | – |
| Saagie Data & Analytics · France | 2017 | 2025 | Trade Sale | Scaleway (Iliad Group) | – |
| Stratumn Fintech · France | 2017 | 2021 | Secondary | Sia Partners | – |
Cathay Capital Small Cap IIIGrowth2016€180M25 assets12 exitsGrowth2016 · 10yr€180M2512
Unrealized
25 held| Company | Entry |
|---|---|
| Aukey Consumer · China | 2020 |
| Brass Master Consumer · China | 2018 |
| Brosmed MedTech · China | 2020 |
| Deerma Consumer · China | 2020 |
| EasyVista SaaS · 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 Logistics · China | 2018 |
| Jieli Cosmetics Industrials · China | 2019 |
| Jiuye Software · China | 2018 |
| JUVA Healthcare · China | 2017 |
| Le Wagon Education · 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 Logistics · China | 2017 |
Realized
12 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Biose Industrie Pharma · France | 2020 | 2024 | Trade Sale | L-GAM / BPI France (French Tech Souveraineté) | – |
| Caillau Industrials · France | 2018 | 2025 | Secondary | Montyon Capital | – |
| E. Winkemann Mobility · France | 2018 | 2023 | Trade Sale | Associated Spring (One Equity Partners) | – |
| Finance Active Fintech · France | 2019 | 2024 | Trade Sale | Altus Group | – |
| Havea Consumer · France | 2017 | 2023 | Secondary | BC Partners | – |
| IntelliBio MedTech · China | 2019 | 2023 | Trade Sale | – | – |
| Labelium IT Services · France | 2018 | 2021 | Secondary | Charterhouse Capital Partners | – |
| medifa healthcare group MedTech · France | 2019 | 2024 | Trade Sale | Reinsberg Group (BHM Group) | – |
| NeoXam Fintech · France | 2018 | 2023 | Secondary | Eurazeo | – |
| Soocas Consumer · China | 2018 | 2023 | Trade Sale | – | – |
| The Independents IT Services · France | 2017 | 2023 | Secondary | TowerBrook Capital Partners / FL Entertainment | – |
| Zongteng Software · China | 2018 | 2023 | Trade Sale | – | – |
Cathay Innovation Fund IVC2016€290M12 assets9 exitsVC2016 · 10yr€290M129
Unrealized
12 held| Company | Entry |
|---|---|
| Aqara (Lumi) Consumer · China | 2017 |
| Bryj (FollowAnalytics) Software · US | 2016 |
| Lechebang Mobility · China | 2017 |
| Ledger Cybersecurity · France | 2018 |
| OnTruck Logistics · France | 2018 |
| Owkin Biotech · France | 2017 |
| PEEK SaaS · US | 2018 |
| Quantifind AI/ML · US | 2016 |
| SXL Software · China | 2018 |
| TU BO SHI Consumer · China | 2018 |
| Ushopal Software · China | 2016 |
| WST Praezisionstechnik Industrials · Germany | 2016 |
Realized
9 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Alkemics SaaS · France | 2016 | 2023 | Trade Sale | Salsify | – |
| Chime Fintech · US | 2017 | 2025 | IPO | Public markets | – |
| Drivy by Getaround Mobility · France | 2016 | 2019 | Trade Sale | Getaround | – |
| Finalcad Software · France | 2018 | 2025 | Trade Sale | Orisha | – |
| Glovo FoodTech · France | 2017 | 2022 | Trade Sale | Delivery Hero | – |
| Kayrros Software · France | 2018 | 2026 | Trade Sale | Energy Aspects | – |
| Meet You Consumer · China | 2015 | 2020 | Secondary | – | – |
| PDD Consumer · China | 2016 | 2018 | IPO | Public markets | – |
| Trifacta Software · US | 2015 | 2022 | Trade Sale | Alteryx | – |
Cathay Capital Midcap IBuyout2014€500M7 assets15 exitsBuyout2014 · 12yr€500M715
Unrealized
7 held| Company | Entry |
|---|---|
| ABV Consumer · US | 2016 |
| ATRenew (Aihuishou) Consumer · China | 2016 |
| CCDI Construction · China | 2015 |
| Innovative Motion Technologies Consumer · US | 2016 |
| Jiuhetang Healthcare · China | 2018 |
| Powell Software · France | 2025 |
| WST Industrials · France | 2016 |
Realized
15 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| ABS Consumer · China | 2016 | 2022 | Trade Sale | – | – |
| ATI Healthcare · France | 2016 | 2022 | Trade Sale | – | – |
| Byzance Consumer · France | 2014 | 2020 | MBO | Mickael Piffard-Besnard and management | – |
| Cabio Industrials · China | 2015 | 2021 | IPO | – | – |
| Cenexi Pharma · France | 2015 | 2023 | Trade Sale | Gland Pharma (Fosun) | – |
| Datawords TMT · France | 2015 | 2024 | Trade Sale | Wedia (public bid) | – |
| Echosens MedTech · France | 2015 | 2018 | Secondary | Astorg | – |
| Equativ Software · France | 2015 | 2021 | Secondary | Capital Croissance | – |
| Guanghua Education Education · China | 2016 | 2022 | Trade Sale | – | – |
| Origene Healthcare · China | 2015 | 2021 | Trade Sale | Vcanbio Cell & Gene Engineering | – |
| SeaOwl Industrials · France | 2015 | 2021 | Secondary | Butler Industries | – |
| Shenghuo Pharma · China | 2014 | 2020 | Trade Sale | China Resources Sanjiu Medical & Pharmaceutical | – |
| 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€90M2 assets18 exitsGrowth2010 · 16yr€90M218
Unrealized
2 held| Company | Entry |
|---|---|
| Yoloo Industrials · China | 2012 |
| ZM Logistics Logistics · China | 2013 |
Realized
18 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Amplitude Industrials · France | 2012 | 2019 | Trade Sale | L-GAM | – |
| Bandweaver Industrials · China | 2012 | 2018 | Trade Sale | – | – |
| CMR Industrials · France | 2011 | 2017 | Trade Sale | Amphenol | – |
| eBao Software · China | 2012 | 2018 | Trade Sale | – | – |
| Flexitallic Industrials · France | 2013 | 2017 | Secondary | Bridgepoint | – |
| Ginger CEBTP Construction · France | 2013 | 2017 | Secondary | EMZ Partners | – |
| Haolifang Consumer · China | 2011 | 2016 | Trade Sale | – | – |
| IMV Agriculture · France | 2010 | 2020 | Secondary | Qualium Investissement | – |
| Juratoys Consumer · France | 2011 | 2017 | Secondary | Propel Equity Partners | – |
| Kidsland Consumer · China | 2012 | 2017 | IPO | – | – |
| Mauboussin Consumer · France | 2010 | 2016 | Secondary | – | – |
| Meinian Healthcare · China | 2013 | 2015 | IPO | – | – |
| Minafin Pharma · France | 2011 | 2017 | Secondary | Edmond de Rothschild Investment Partners and Siparex | – |
| Moncler Consumer · France | 2011 | 2013 | IPO | Tamburi Investment Partners (TIP) | – |
| Poten Industrials · China | 2012 | 2018 | Trade Sale | – | – |
| Solia Consumer · France | 2010 | 2016 | Trade Sale | UI Gestion | – |
| Surys Cybersecurity · France | 2013 | 2019 | Trade Sale | IN Groupe | – |
| Vulcanic Industrials · France | 2011 | 2017 | Secondary | Qualium Investissement | – |
Cathay Capital Small Cap IGrowth2007€70M0 assets10 exitsGrowth2007 · 19yr€70M010
Realized
10 exits| Company | 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 | Novagerm | – |
| Fremaux Delorme Consumer · France | 2008 | 2014 | Trade Sale | – | – |
| Miro Industrials · China | 2008 | 2014 | Trade Sale | – | – |
| Sinder Pharma · China | 2008 | 2014 | Trade Sale | – | – |
| Sogal Consumer · France | 2009 | 2016 | Trade Sale | Qualium Investissement | – |
| Suofeiya Consumer · China | 2009 | 2012 | IPO | SOGAL FRANCE | – |
| WOLF Consumer · France | 2008 | 2015 | Secondary | Gimv and Alsace Capital | – |
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.
Portfolio platforms backed by Cathay Capital made 3 researched add-on acquisitions during its ownership.
Frequently asked questions
- How many portfolio companies does Cathay Capital have?
- Cathay Capital has 170 active portfolio companies and 73 completed exits and 15 funds tracked on GP Intel.
- Where is Cathay Capital headquartered?
- Cathay Capital is headquartered in Paris, France.
- What is Cathay Capital's assets under management?
- Cathay Capital manages approximately €5.5B in assets under management.
- What are Cathay Capital's recent exits?
- Recent realized exits by Cathay Capital include: TransCure bioServices (2026) to Taconic Biosciences; Curve (2026) to Lloyds Banking Group; Kayrros (2026) to Energy Aspects; DIOT-SIACI (2025) to Ardian; Saagie (2025) to Scaleway (Iliad Group); Caillau (2025) to Montyon Capital; CHIME (2025) to Public markets; Finalcad (2025) to Orisha.
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Last updated August 2026 · Sourced from public filings · Report an issue