NAC Capital

Institution Overview

NAC Capital, established in 2008, is a professional private equity and venture capital fund management firm headquartered in Shanghai. The core investment team originates from Shanghai Lianhe Investment Co., Ltd., with extensive investment and management experience spanning state-owned enterprise restructuring, private venture capital, and multinational corporation localization.

NAC Capital currently manages nearly 20 funds through two platforms—Shanghai Lianxin Investment Consulting Co., Ltd. (established in 2012) and Shanghai NAC Capital Management Co., Ltd. (established in 2015)—with cumulative AUM exceeding RMB 15 billion. To date, over 160 investments have been made, with nearly 40+ portfolio companies achieving domestic or overseas IPO listings, nurturing a cohort of industry-leading enterprises.

Key investors include prominent state-owned enterprise groups, professional fund-of-funds, government guidance funds, and listed companies, forming a diversified LP base.

Founder's Participation

Investment Focus Areas

NAC Capital's investments span the full spectrum from early-stage to growth and mature stages, with a strategic focus on the following hard technology domains:

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  Information Technology Semiconductors, communications technology, enterprise software, intelligent hardware, and other core IT sectors.
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  Healthcare Innovative pharmaceuticals, medical devices, precision medicine, biotechnology, and the broader health industry.
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  New Energy Photovoltaics, energy storage, new energy vehicle supply chains, hydrogen energy, and other clean energy technologies.
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  Advanced Manufacturing Precision manufacturing, intelligent equipment, new materials, aerospace, and other advanced manufacturing industries.
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  Automotive & Mobility Intelligent connected vehicles, autonomous driving, new energy vehicle core components, and other mobility technology.

Fund Management Platforms

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  Shanghai Lianxin Investment Consulting Co., Ltd. Established in 2012, managing 10 funds with AUM of RMB 1–2 billion, focused on early-stage and growth investments.
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  Shanghai NAC Capital Management Co., Ltd. Established in 2015, managing 9 funds with AUM of RMB 5–10 billion, covering growth to mature-stage investments.

Representative funds include NAC Fund I, NAC Fund II, NAC Xingyi, Shanghai-Israel Industry Fund, Lianzhi Fund, and others, spanning different investment stages and sector focuses.

Investment Track Record

NAC Capital boasts an outstanding investment exit record, with nearly 40+ portfolio companies having achieved domestic or overseas IPO listings:

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  160+ Investment Projects Spanning 15+ sub-sectors including information technology, healthcare, new energy, and advanced manufacturing, with full coverage from early to mature stages.
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  40+ IPO/Listed Companies Portfolio companies have successfully listed on A-shares, Hong Kong Stock Exchange, U.S. markets, and other capital markets, cultivating a cohort of industry leaders.

Core Team

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  Qu Liefeng — Chairman Founder of NAC Capital, with years of deep expertise in private equity investment, leading the investment and exit of multiple industry-leading enterprises.
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  Xu Hai — Partner Focused on investment research and project management in information technology and advanced manufacturing.
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  Li Fei — Vice President Responsible for investment project due diligence, execution, and post-investment management.