F&G Venture

F&G Venture is a Shanghai-based venture capital firm established in September 2012 by a former rotating CEO of Huawei and a former partner of Fidelity Asia. The firm focuses on companies with exponential growth potential in IT industries including IT infrastructure, cloud computing, Internet of Things, SaaS, big data, microchips, and semiconductors. F&G Venture also targets high-end manufacturing businesses spanning modules, intelligent devices and equipment, robotics, and drones. Managing Partner Peter Zhang previously held roles at NEA, Wilson Sonsini, Morgan Lewis, and Huawei before co-founding the firm. F&G Venture has invested in approximately 72 companies with 92 total transactions, primarily at Series A and Series B stages with deal sizes in the $3 million to $15 million range. Notable portfolio companies include Rancher Labs, acquired by SUSE in July 2020; Qiniu, which IPO'd on the Hong Kong Exchange in October 2024 at a $704 million market cap; SmartGiant, which listed on the Shanghai Stock Exchange; Zenlayer; Transwarp; and DeepRobotics, which completed a Series B-III round in July 2025. The portfolio has achieved four IPOs and two acquisitions. The firm manages two funds including Changzhou Fangguang Phase IV Venture Capital Fund. F&G Venture is known for its deep expertise in the Chinese enterprise technology and semiconductor ecosystem. The team of six, including four partners, evaluates investments with a focus on proprietary technology moats and the potential for Chinese tech companies to achieve domestic market leadership while building defensible positions in semiconductors and AI infrastructure.