According to BlockBeats, on September 19, Fortune reported that David Gan, founder of Inception Capital, lost contact with investors for several months, triggering a fund liquidation storm. It is reported that in May 2023, Gan informed investors by email that he would go abroad to assist in the investigation, and then Gan lost contact with investors. Gan was selected into the Forbes Asia 30 Under 30 list in 2019. In 2021, he raised his first $50 million venture fund, with investors including Bill Ackman, Alan Howard and other celebrities. In 2024, he raised another $30 million fund. According to documents from the U.S. Securities and Exchange Commission (SEC), Inception Capital manages nearly $100 million in assets.
Gan reappeared and agreed to give up certain key responsibilities of the company during the investor vote to liquidate the fund at the end of June this year. Currently, Inception is working with limited partners (LPs) to develop a transition strategy. Gan said in a statement: "The team has served our LPs and investment companies well. The fund is now 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."
