# Who Invests With HSG: 137 Co-Investors (2026) > The 137 investors that have backed two or more of the same startups as HSG, by kind: vc firms, private equity and asset managers and corporate investors. Source: https://millionrounds.com/portfolio-maps/hsg-co-investors (Millionrounds; every figure on the page links to its filing or article) ## VC firms 106 - [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) - [Tengxun Touzi](https://millionrounds.com/fund/tengxun-touzi) - [ZhenFund](https://millionrounds.com/fund/zhenfund) - [Qiming Venture Partners](https://millionrounds.com/fund/qiming-venture-partners) - [*MP* Matrix Partners China](https://millionrounds.com/fund/matrix-partners-china-2) - [Gaorong Capital](https://millionrounds.com/fund/gaorong-capital) - [*SC* Sequoia Capital China](https://millionrounds.com/fund/sequoia-capital-china) - [5Y Capital](https://millionrounds.com/fund/5y-capital) - [Source Code Capital](https://millionrounds.com/fund/source-code-capital) - [Tiger Global Management](https://millionrounds.com/fund/tiger-global-management) - [Lilly Asia Ventures](https://millionrounds.com/fund/lilly-asia-ventures) - [GSR](https://millionrounds.com/fund/gsr) - [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) - [SoftBank](https://millionrounds.com/fund/softbank-2) - [SoftBank Vision Fund](https://millionrounds.com/fund/softbank-investment-advisers) - [Temasek Holdings](https://millionrounds.com/fund/temasek) - [Shunwei Capital](https://millionrounds.com/fund/shunwei-capital) - [*VP* Vision Plus Capital](https://millionrounds.com/fund/vision-plus-capital-2) - [GGV Capital](https://millionrounds.com/fund/ggv-capital) - [Northern Light Venture Capital](https://millionrounds.com/fund/nlvc) - [BAI Capital](https://millionrounds.com/fund/bai-capital-2) - [Vertex Ventures](https://millionrounds.com/fund/vertex-ventures) - [Xiaomi](https://millionrounds.com/fund/xiaomi) - [Legend Capital](https://millionrounds.com/fund/legend-capital) +82 more ## Private equity and asset managers 21 - [IDG Capital](https://millionrounds.com/fund/idg-capital) - [CDH Investments](https://millionrounds.com/fund/cdh-investments) - [OrbiMed](https://millionrounds.com/fund/orbimed) - [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) - [Warburg Pincus](https://millionrounds.com/fund/warburg-pincus) - [General Atlantic](https://millionrounds.com/fund/general-atlantic) - [Matrix](https://millionrounds.com/fund/matrix) - [Gaingels](https://millionrounds.com/fund/gaingels) - [Eastern Bell Capital](https://millionrounds.com/fund/eastern-bell-capital) - [Cathay Capital](https://millionrounds.com/fund/cathay-capital) - [DST Global](https://millionrounds.com/fund/dst-global) - [Polygon](https://millionrounds.com/fund/polygon) - [DCM Ventures](https://millionrounds.com/fund/dcm-ventures) - [Lone Pine Capital](https://millionrounds.com/fund/lone-pine-capital) - [Janus Henderson Investors](https://millionrounds.com/fund/janus-henderson-investors) - [Genesis](https://millionrounds.com/fund/genesis-3) - [RA Capital Management](https://millionrounds.com/fund/ra-capital-management) - [CICC](https://millionrounds.com/fund/cicc) - [Blackbird](https://millionrounds.com/fund/blackbird) - [Boyu Capital](https://millionrounds.com/fund/boyu-capital) - [TCV](https://millionrounds.com/fund/tcv) ## Corporate investors 7 - [Alibaba Group](https://millionrounds.com/fund/alibaba-group) - [Ant Group](https://millionrounds.com/fund/ant-group) - [Coinbase Ventures](https://millionrounds.com/fund/coinbase) - [Salesforce Ventures](https://millionrounds.com/fund/salesforce-ventures) - [SoftBank BB Corp](https://millionrounds.com/fund/softbank) - [Qualcomm Ventures](https://millionrounds.com/fund/qualcomm-ventures) - [Merck Global Health Innovation Fund](https://millionrounds.com/fund/merck-global-health-innovation-fund) ## Government funds 3 - [Shenzhen Capital Group Co.](https://millionrounds.com/fund/shenzhen-capital-group) - [International Finance Corporation](https://millionrounds.com/fund/international-finance-corporation-ifc) - [Connecticut Innovations](https://millionrounds.com/fund/connecticut-innovations) ## Segment by segment ### VC firms 106 investors - [**Sequoia Capital**](https://millionrounds.com/fund/sequoia-capital) VC firm United States 43 backed - [**Tengxun Touzi**](https://millionrounds.com/fund/tengxun-touzi) VC firm China 20 backed - [**ZhenFund**](https://millionrounds.com/fund/zhenfund) VC firm China 20 backed - [**Qiming Venture Partners**](https://millionrounds.com/fund/qiming-venture-partners) VC firm Hong Kong SAR China 18 backed - [*MP* **Matrix Partners China**](https://millionrounds.com/fund/matrix-partners-china-2) VC firm United States 18 backed - [**Gaorong Capital**](https://millionrounds.com/fund/gaorong-capital) VC firm China 13 backed - [*SC* **Sequoia Capital China**](https://millionrounds.com/fund/sequoia-capital-china) VC firm China 13 backed - [**5Y Capital**](https://millionrounds.com/fund/5y-capital) VC firm China 12 backed ### Private equity and asset managers 21 investors - [**IDG Capital**](https://millionrounds.com/fund/idg-capital) Private equity China 25 backed - [**CDH Investments**](https://millionrounds.com/fund/cdh-investments) Private equity Hong Kong SAR China 11 backed - [**OrbiMed**](https://millionrounds.com/fund/orbimed) Private equity United States 8 backed - [**Goldman Sachs**](https://millionrounds.com/fund/goldman-sachs) Private equity United States 5 backed - [**Warburg Pincus**](https://millionrounds.com/fund/warburg-pincus) Private equity United States 4 backed - [**General Atlantic**](https://millionrounds.com/fund/general-atlantic) Private equity United States 4 backed - [**Matrix**](https://millionrounds.com/fund/matrix) Hedge fund United Arab Emirates 4 backed - [**Gaingels**](https://millionrounds.com/fund/gaingels) Private equity United States 4 backed ### Corporate investors 7 investors - [**Alibaba Group**](https://millionrounds.com/fund/alibaba-group) Corporate investor China 7 backed - [**Ant Group**](https://millionrounds.com/fund/ant-group) Corporate investor China 5 backed - [**Coinbase Ventures**](https://millionrounds.com/fund/coinbase) Corporate investor United States 4 backed - [**Salesforce Ventures**](https://millionrounds.com/fund/salesforce-ventures) Corporate investor United States 3 backed - [**SoftBank BB Corp**](https://millionrounds.com/fund/softbank) Corporate investor Japan 3 backed - [**Qualcomm Ventures**](https://millionrounds.com/fund/qualcomm-ventures) Corporate investor United States 2 backed - [**Merck Global Health Innovation Fund**](https://millionrounds.com/fund/merck-global-health-innovation-fund) Corporate investor United States 2 backed ### Government funds 3 investors - [**Shenzhen Capital Group Co.**](https://millionrounds.com/fund/shenzhen-capital-group) Government fund China 10 backed - [**International Finance Corporation**](https://millionrounds.com/fund/international-finance-corporation-ifc) Government fund United States 3 backed - [**Connecticut Innovations**](https://millionrounds.com/fund/connecticut-innovations) Government fund United States 2 backed **How this map is made.** Every investor here has backed two or more of the same startups as HSG, in rounds we track. Grouped by kind, each ranked by how many startups it shares with HSG. Rebuilt nightly; updated 15 November 2026. ## More portfolio maps [All portfolios](https://millionrounds.com/portfolio-maps) [Portfolio map **HSG portfolio map** 185 startups · $66B](https://millionrounds.com/portfolio-maps/hsg-portfolio-map)[Investments abroad **HSG's investments in China** 94 startups · $47B](https://millionrounds.com/portfolio-maps/hsg-investments-china)[Sector portfolio **HSG's AI portfolio** 52 startups · $44B](https://millionrounds.com/portfolio-maps/hsg-ai-portfolio)[Investments abroad **HSG's investments in the United States** 42 startups · $8.6B](https://millionrounds.com/portfolio-maps/hsg-investments-united-states)[Sector portfolio **HSG's Biotech portfolio** 34 startups · $5.8B](https://millionrounds.com/portfolio-maps/hsg-biotech-portfolio)[Sector portfolio **HSG's Fintech portfolio** 19 startups · $4.3B](https://millionrounds.com/portfolio-maps/hsg-fintech-portfolio) ## Raising from investors like HSG? 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