Xiang HE Fund I, L.P.
Xiang He Capital · adviser of record: Xiang HE Management Services, Inc. · 2015 vintage
Xiang HE Fund I, L.P. is a 2015 venture fund managed by Xiang He Capital, with $261mm raised (Form D, amount sold). It reported $814mm in gross assets at year-end 2025, 3.11x its size, against a peak of $1.35bn in 2020.
- Latest value held
- $814mm year-end 2025
- Peak
- $1.35bn year-end 2020
- Fund size
- $261mm Form D, amount sold
- Held vs. size
- 3.11x peak 5.18x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $814mm | 3.11x | +1% over 2 yrs |
| 2023 | $803mm | 3.07x | -19% |
| 2022 | $995mm | 3.81x | +1% |
| 2021 | $985mm | 3.77x | -27% |
| 2020 | $1.35bn | 5.18x | +101% |
| 2019 | $672mm | 2.57x | +1% |
| 2018 | $665mm | 2.54x | +98% |
| 2017 | $336mm | 1.28x | +44% |
| 2016 | $233mm | 0.89x | +4% |
| 2015 | $224mm | 0.86x | – |
Other funds from Xiang He Capital
- Xiang HE Fund III L.P. 2022
- Xiang HE Fund Epsilon, L.P. 2021
- Xiang HE Fund Delta, L.P. 2020
- Xiang HE Fund Gamma, L.P. 2020
- Xiang HE Fund II, L.P. 2018
- Xiang HE Fund I Alpha, L.P. 2018
- Xiang HE Fund I Beta, L.P. 2018
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-3095724292. Data updated October 13, 2026.
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