DCP Capital

DCP Capital is an international private equity firm focused on opportunities in Asia. Founded in 2017 by former leaders of KKR and Morgan Stanley’s private equity businesses in Greater China, the firm brings a long-term track record across economic cycles. Headquartered in Asia, DCP Capital is supported by a diversified base of institutional investors, including sovereign wealth funds, pension funds, endowments, family offices, and funds of funds. The firm pursues private equity investments that leverage its regional knowledge and experience to identify value across the Asian market.

Hwan Chung

Managing Director and Member of the Investment Committee

David H. Liu

Co-Founder, Executive Chairman and member of the Investment Committee

Wayne Wang

Managing Director and Member of the Investment Committee

Julian Wolhardt

CEO

Howard Zhang

Managing Director

18 past transactions

Sun Art Retail Group

Acquisition in 2025
Sun Art Retail Group is a Chinese retail company that operates hypermarkets, superstores, and membership stores under the RT‑Mart, RT‑Super, Auchan, and M‑Club brands. It runs 486 outlets in 232 cities across 29 provinces, autonomous regions and municipalities, covering about 13 million square metres of gross floor area. The company sells goods to consumers, collects membership fees, and rents space within its stores. It also operates an e‑commerce platform. Sun Art focuses on restructuring its hypermarket complexes, expanding into multi‑format and omni‑channel formats, and driving digital transformation of its physical stores. Founded in 1998 and headquartered in Hong Kong, it is a subsidiary of Taobao China Holding Limited.

Jamieson Wellness

Private Equity Round in 2023
Jamieson Wellness specializes in the production of high-quality dietary supplements, offering a diverse portfolio of 225 products, including over 50 proprietary formulations designed to enhance vitality and promote overall wellness for families. The company sources its ingredients from a global network of natural suppliers and conducts comprehensive research, testing, manufacturing, and distribution at its advanced facilities in Windsor, Ontario. Each product adheres to the 360 Pure promise, which involves a minimum of 360 quality-control tests to ensure potency and purity. Additionally, Jamieson Wellness is committed to environmental stewardship and animal welfare through its Jamieson Cares initiative, which supports reforestation and animal protection projects both in Canada and internationally.

Jamieson Wellness

Post in 2023
Jamieson Wellness specializes in the production of high-quality dietary supplements, offering a diverse portfolio of 225 products, including over 50 proprietary formulations designed to enhance vitality and promote overall wellness for families. The company sources its ingredients from a global network of natural suppliers and conducts comprehensive research, testing, manufacturing, and distribution at its advanced facilities in Windsor, Ontario. Each product adheres to the 360 Pure promise, which involves a minimum of 360 quality-control tests to ensure potency and purity. Additionally, Jamieson Wellness is committed to environmental stewardship and animal welfare through its Jamieson Cares initiative, which supports reforestation and animal protection projects both in Canada and internationally.

Simple Love

Series C in 2022
Simple Love is a natural yoghurt brand.

51job

Acquisition in 2022
51job.com is a leading recruitment platform in China, boasting over 72 million registered members and the largest resume database in the country. Established in 1998, it offers a comprehensive range of services including recruitment solutions, training and assessment, HR outsourcing, and consulting. With a robust infrastructure supported by a large team of experienced professionals, 51job.com effectively integrates traditional and digital media to deliver innovative recruitment strategies. The platform features an average of 2.7 million job postings and facilitates around 38 million applications to employers each week. Recognized for its market leadership, 51job.com has consistently ranked first in market share and has received accolades for its influence in the HR industry. The company operates 25 offices across Mainland China, serving numerous domestic and multinational clients.

Adopt A Cow

Series B in 2021
Adopt A Cow is a fast-growing, direct-to-consumer dairy company in China that integrates digital solutions into its core operations.

Datong

Private Equity Round in 2021
Datong Insurance is a professional third-party financial insurance service organization. Datong’s subsidiaries include Datong Insurance Sales Service Co., Ltd., Beijing Datong Insurance Brokers Co., Ltd., among which Datong Insurance Sales Service Co., Ltd. is approved by the China Insurance Regulatory Commission. The first national insurance professional sales and service organization approved to be established. At present, the Datong service network has covered more than 20 provinces and municipalities across the country.

Valgen Medtech

Series B in 2021
Valgen focus on treatment technologies and systemic solutions for heart disease, especially for mitral and tricuspid valve lesions.

Adopt A Cow

Private Equity Round in 2021
Adopt A Cow is a fast-growing, direct-to-consumer dairy company in China that integrates digital solutions into its core operations.

Simple Love

Series B in 2021
Simple Love is a natural yoghurt brand.

Furong Xingsheng

Venture Round in 2021
Furong Xingsheng is a Chinese company based in Changsha that owns and operates convenience stores. Established in 2009, it specializes in providing B2B logistics and distribution services. The company also functions through its community shopping platform, Xingsheng Youxuan, launched in 2018, which caters to consumers by offering fresh produce, meat, seafood, staples, and general merchandise. This platform employs a unique retail model that combines online ordering with offline pick-up, allowing household consumers to meet their daily needs conveniently through a network of community-based convenience stores.

Fenbi

Series A in 2021
Fenbi Wang provides vocational education examination services.

Yuanfudao

Series G in 2020
Yuanfudao, founded in 2012, is the largest online live course platform in China, catering to primary and secondary school students. With over 1 million paying users, it provides a comprehensive curriculum that includes subjects such as English, Mathematical Olympiad, and various all-subject courses for secondary education. The platform features live online tutoring conducted by nationally recognized teachers, allowing students to receive quality education from home. By utilizing big data analysis, Yuanfudao enables students to identify their learning weaknesses and engage in targeted learning, thus enhancing their educational outcomes. The combination of its extensive course offerings and a large pool of qualified educators benefits hundreds of thousands of students across the country.

Broncus Technologies

Series C in 2020
Broncus Technologies is a medical technology company specializing in minimally-invasive devices for treating emphysema and other lung diseases. Its flagship product, Exhale, employs Airway Bypass therapy, potentially the first minimally-invasive treatment for severe homogeneous emphysema. Broncus is currently enrolling patients worldwide in its pivotal EASE Trial.

Tonghua Dongbao Pharmaceutical

Post in 2020
Tonghua Dongbao Pharmaceutical Co., Ltd. is a China-based company that specializes in the research, development, manufacturing, and sale of pharmaceutical products primarily aimed at treating diabetes and cardiovascular diseases. The company's product range includes various insulin analogues such as insulin glargine and insulin aspart, along with antidiabetic agents and oral hypoglycemic medications. Additionally, it offers medical devices like blood glucose meters and insulin pens. The firm is also engaged in the development of several clinical-stage therapies, including recombinant human interferon injections for hepatitis treatment and granulocyte colony-stimulating factor for chemotherapy-induced neutropenia. Beyond its pharmaceutical endeavors, Tonghua Dongbao produces building materials, including plastic windows. Founded in 1985, the company is headquartered in Tonghua, China.

Far East Horizon

Post in 2019
Far East Horizon is a financial services organization dedicated to providing tailored industrial integrated operation services through continuous innovation. It offers services such as financial leasing and advisory, hospital investment and operation, equipment operation services, trading and brokerage services, engineering management services, and more across industries like health, packaging, transportation, construction, machinery, education, textiles, electronic information, and public utilities.

Venus Medtech

Private Equity Round in 2018
Venus Medtech (Hangzhou) Inc. is a medical device company that specializes in the development and sale of transcatheter heart valve solutions, primarily targeting structural heart diseases. Founded in 2009 and headquartered in Hangzhou, China, the company offers a range of products, including the VenusA-Valve, a transcatheter aortic heart valve replacement designed to treat severe aortic stenosis, and the VenusP-Valve, which addresses dysfunction in the right ventricular outflow tract. Venus Medtech also markets advanced devices such as the V8/TAV8 balloon aortic valvuloplasty catheter systems and the TriGUARD3 cerebral embolic protection device, aimed at minimizing cerebral damage during heart procedures. Additionally, the company is working on new product candidates, including VenusA-Plus and VenusA-Pilot, and is expanding its portfolio to include transcatheter mitral and tricuspid valve replacements. The company is recognized for its contributions to the field and is positioned to meet the increasing clinical demands for innovative heart valve therapies in China and beyond.

Guorui New Materials

Guorui New Materials produces special graphite and provides supporting products for high - temperature gas cooled reactor nuclear fuels.
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