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The Venture Codex

Primavera Capital Group

48/F China World Tower 3, 1 Jian Guo Men Wai Avenue, Beijing, 100004, China

Overview

Primavera Capital Group is a China-based global investment firm. With offices located in Beijing and Hong Kong, Primavera manages both RMB and USD funds for leading institutions, corporations, and families in China and around the world. Primavera Capital Group was founded by Dr. Fred Hu, a renowned economist and successful investor, and a former partner and Chairman of Greater China at Goldman Sachs Group. The firm currently has 30+ investment professionals with an outstanding track record. The team combines global capital market experience, deep industry knowledge, and a unique network of relationships with policy-makers and regulators as well as leading CEOs and entrepreneurs in the region and globally. Primavera Capital Group puts great emphasis on rigorous fundamental research. The firm undertakes sophisticated analysis on economies, industries and companies to generate investment ideas, identify attractive opportunities, and guide its investment decisions. Primavera Capital Group employs a flexible investment strategy of growth capital, buy-out and control, and special situations - restructuring, distressed, and turn-arounds, etc.

Total investments
24
Lead investments
13
Investments · 12mo
1
Active investors
6

Sector focus

  • Financial Services
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Investment portfolio

  • VAST

    Participated · Series A · Mar 2026

    Vast develops Tripo Studio, a platform that generates 3D models from text and image prompts and powers interactive 3D avatars. The company has a partnership with NetEase to offer instant avatar creation in the role-playing game Yanyun Shiliusheng, allowing players to upload photos for avatar generation. Founded in 2023 by Song Yachen, Vast recently raised nearly $200 million and reached a reported $1 billion valuation. Investors in the company include Alibaba, Baidu and Yongce Capital. Vast is also reported to be exploring a Hong Kong IPO and is working with Bank of America and China International Capital Corporation on its stock issuance plans. The company has not announced detailed financial metrics or specific use of funds publicly in the reports.

  • Adden Energy

    Participated · Series A · Oct 2024

    Adden Energy develops lithium-metal, self-healing solid-state batteries aimed at the electric vehicle market. Its technology, originally developed at Harvard and spun out in 2022, uses a self-healing solid-state separator that prevents lithium dendrite growth. Adden’s prototypes charge in less than 10 minutes, deliver nearly 10x the lifetime of conventional batteries, and can double driving range while reducing cost per kilowatt-hour by about 30%. The company has demonstrated EV-compatible pouch-cell form factors and claims its technology enables fast charging and higher energy density. Adden plans to scale production by building a roll-to-roll pilot line at its Waltham, MA headquarters funded by the Series A. The company has received support from both federal programs and the State of Massachusetts. Adden Energy is developing and scaling a solid-state lithium-metal battery technology licensed exclusively from Harvard University aimed at enabling fast-charging, long-life EV batteries. The lab-scale prototype from Professor Xin Li’s group has demonstrated charge rates as fast as three minutes, capacity retention for over 10,000 cycles, high energy density, and material stability that mitigates dendrite growth. The company plans to scale the technology to a palm-sized pouch cell and then toward a full-scale vehicle battery within the next three to five years. Adden was co-founded in 2021 by Xin Li, William Fitzhugh, and Luhan Ye, with Fred Hu of Primavera Capital also a founder. The research underlying the technology has been published in Nature and was supported by multiple Harvard and external funding sources. Adden is based in Waltham, Mass., and has completed initial seed financing to advance commercialization.

  • Snow Tech

    Led · Series A · Jan 2024

    Xue Nuo Technology provides digital security products and services centered on a next‑generation network security access architecture. The company employs a three‑in‑one service model of “product as foundation, security as core, operations as guarantee.” Its flagship product, the Xue Nuo Cloud Zero Trust Secure Access Platform (雪诺云ZTNA), offers context‑aware dynamic policies, asset threat analysis, data security protection, and anomalous behavior analysis. Xue Nuo positions these capabilities to help enterprises defend against external attacks and surface insider threats. The company has completed a nearly ¥100 million Pre‑A financing round. Proceeds will be used to increase R&D investment, further expand market presence, and upgrade the team.

  • Corsair Pharma

    Participated · Series B · Sep 2023

    Corsair Pharma is a private biopharmaceutical company focused on developing prodrugs of treprostinil for treatment of PAH. Its core product is a once-daily transdermal patch intended to provide continuous and consistent blood levels of treprostinil comparable to an infusion pump. The patch delivers an inactive prodrug designed to cross the skin, enter the bloodstream, and convert rapidly to treprostinil in the liver. The company is focused on improving the therapeutic profile of medications and providing treatment options for patients. Led by Bobby Singh, Ph.D., President, CEO and Director, Corsair is advancing the patch through clinical development. The company recently completed a Series B financing to support clinical advancement of its program.

  • Dimension

    Participated · Series A · Oct 2022

    Trash Warrior operates a managed platform that lets businesses book waste removal and dumpster rental services via trashwarrior.com, resolving requests within hours. The platform targets B2B customers and can provide customized enterprise solutions for nationwide clients, removing the need for calls, brokers, and negotiations. Led by CEO Lily Shen, the company serves customers including Amazon, Instacart, Imperfect Foods, Weee!, Tuft & Needle, Holiday Inn, Hyatt and Hilton. Trash Warrior graduated from the Spring 2020 batch of 500 Startups. The company reported $10M in annualized GMV earlier this year and has maintained a high lifetime value since launch. It plans to use new funding to improve technology, hire talent, and strengthen sales and marketing.

Team

  • Fred Hu

    Founder, Chairman & CEO

    LinkedIn
  • William Wang

    Founding Partner

  • Zhai Haitao

    President and Partner

  • David Lin

    Managing Director

    LinkedIn