CDH Investments (鼎晖投资) describes itself as one of the first China focused alternative asset managers, founded in 2002 by investment and finance professionals together with institutional backers including GIC. It is not a single venture partnership: its own site divides the platform into six separately branded and separately staffed businesses. Private Equity (私募股权投资) does large growth, restructuring and buyout deals in Consumer, Healthcare, Hard Technology and Business Services & New Infrastructure. Venture and Growth Capital, branded CDH VGC (创新与成长投资) and founded in 2015, is the venture arm and states it has invested in over 90 innovative companies in healthcare, hard technology, AI and AI+, enterprise solutions and consumer. Private Credit (夹层与信用投资) states RMB 23 billion of AUM against a strategy it calls "三新一特": new infrastructure, new energy, new industrial assets and special situations. Real Assets (不动产投资) states $15bn of asset value invested across China, the United States, Japan and Asia Pacific. Cephei Capital (润晖投资), founded in 2006, is a bottom-up value public-equities manager and states $3.5bn of AUM as of January 2026. CDH Baifu (鼎晖百孚), founded in 2012, is described as a boutique technology fund investment platform. The firm states it has invested in over 350 companies and that more than 100 of them have listed.
US$16.26B (RMB 114.322bn / ￥1143.22亿 of assets under management as of end-2025, stated by the firm on its own About page in both Chinese and English) AUM77/100 Power Score™2002 FoundedBeijing, China
Wu Shangzhi founds CDH Investments (鼎晖投资), which the firm's About page describes as established by investment and finance professionals together with institutional backers including GIC; Hu Xiaoling and Wang Lin are among the founding partners.
2005
CDH makes its first investment in footwear retailer Belle (百丽), which it had first met in 2003.
2006
Li Gang founds Cephei (润晖投资), CDH's public equities platform.
2007
CDH becomes the controlling shareholder of Shuanghui (双汇), and separately makes its first investment in Joyoung (九阳股份) and assists Belle's Hong Kong IPO.
2012
Ying Wei founds CDH Baifu (鼎晖百孚), the group's technology-focused boutique fund investment platform.
2013
CDH backs Shuanghui's US$7.1 billion acquisition of Smithfield Foods.
2014
WH Group (万洲国际), formed from the reorganisation of Shuanghui and Smithfield, completes its IPO in Hong Kong in August 2014.
2015
CDH VGC, the firm's venture and growth capital arm, is founded.
2019
Belle spins off its sportswear business Topsports (滔搏), which lists on the Hong Kong Stock Exchange in December 2019.
2020
Trina Solar (天合光能), in which CDH invested in 2017, lists on the Shanghai STAR Market in June 2020.
2022
SVOLT Energy (蜂巢能源) raises a RMB 6 billion (60亿) B+ round on 11 December 2022 from investors including CDH.