TechFlow reported that on September 19, Fortune reported that David Gan, founder of Inception Capital, lost contact with investors after traveling to China to assist his father in an investigation, triggering a fund liquidation storm. It is reported that in May 2023, Gan informed investors via email that his father (a retired senior Chinese government official) was under investigation and that he would go to China. Subsequently, Gan lost contact with investors.
Gan was named to Forbes Asia's 30 Under 30 list in 2019 for his work at Huobi Labs. In 2021, he left Huobi and raised his first $50 million venture fund, with investors including Bill Ackman, Alan Howard and other well-known figures. In 2024, he raised another $30 million fund of funds. According to documents filed with the U.S. Securities and Exchange Commission (SEC), Inception manages nearly $100 million in assets.
At the end of June this year, during the period when investors voted to liquidate the fund, Gan reappeared and agreed to give up certain key responsibilities of the company. Currently, Inception is working with limited partners (LPs) to develop a transition strategy. Gan said in a statement: "The team has done an excellent job serving our LPs and portfolio companies while I returned to China to help my father deal with the complex situation. Today, the fund is operating well and I have resumed my daily work for several months. From the beginning, everything we did was in the best interests of LPs."