Recently, Investors China released its prestigious 2025-2026 Fund Partners Ranking. Efung Capital has been honored as one of the Top 50 Best Venture Capital Institutions of 2025-2026, and our CEO, Mr. Zhu Pai, has been recognized among the Top 30 Best Venture Capital Investors of 2025-2026.
Over the past year, China's equity investment industry has undergone a profound restructuring and value redefinition. The speculative logic that once profited from hot trends and quick flips is gradually losing its effectiveness. In its place emerges a new competitive landscape rooted in industrial fundamentals and long-term commitment—where the weak exit faster, and the strong ride the wave of change.
This transformation is most vividly reflected in a "collective migration" across all investment stages—whether early-stage, growth-stage, mature-stage, or corporate venture capital—converging around the hard-tech theme. Early-stage investors remain committed to "investing early, investing small, and investing in hard tech." The old playbook of chasing speed and casting a wide net is fading. VCs are now engaging in a more hard-nosed game of deep tech due diligence and frontier sector analysis. PE firms, seeing the "last-mile" arbitrage opportunities disappear, are moving upstream to actively participate in corporate expansion and industrial chain integration.
Industrial capital, no longer blindly chasing fads, is making precise investments in upstream and downstream core technologies, critical components, and innovative tech companies that align with its primary ecosystem and "second growth curve." This represents a shift toward demand-driven investment that, in turn, fuels industrial upgrading. FoFs, with a macro perspective, are strategically allocating capital across quality tech-track GPs, channeling active liquidity into the real economy through professional selection and targeted enablement.
"A single strategy across all tracks, and a unified direction across all institutions"—this has been the defining characteristic of the primary market over the past year. Long-term confidence in capital is always rooted in sustainable, real-world exit returns. After years of cyclical adjustments and valuation cleansing, the exit environment in the primary market has recovered. An ecosystem of "normalized IPOs and diversified M&A" is reigniting capital flows, offering a clear window of returns for exceptional investors across all sectors.
At the threshold of a new cycle, Investors China and its research institute, relying on the WFin Database, evaluated VC/PE firms, CVCs, and FoFs in China based on fundraising scale, investment case volume and size, exit case volume and size, and fund performance from the second half of 2025 to the first half of 2026—all serving as the foundation for this ranking.
As the tide of the era surges forward—as the equity investment industry transitions from scale-driven growth to value creation, and as "patient capital" evolves from a slogan to a shared consensus—Efung Capital remains firmly anchored in the two core tracks of biopharmaceuticals and high-end medical devices. Through professional insight and industrial ecosystem enablement, we will continue to accompany more hard-tech enterprises through market cycles, empowering them to become pillars of global innovation. This is both a tribute to the investment community in this new era and Efung Capital's steadfast commitment to the future.
【Disclaimer】
The information contained herein represents the views of the Company based on current publicly available information and data provided by its portfolio companies. It does not constitute investment advice, medical advice, or a guarantee of any particular company's performance. All investments carry risks, and readers should exercise caution and make independent judgments based on publicly available information. Unauthorized reproduction or commercial use is prohibited.