Joy Capital
Joy Capital last closed a fund in June 2022 — 53 months ago. By its own rhythm, that is already past its usual gap.
Joy Capital has raised 3 times about every 42 months. The last was Joy Capital IV, L.P. That pointed to Dec 2025. It is 11 months past its own gap and has not filed a new fund.
Historically about 1 in 4 firms in this position filed within a year. The month is approximate — how often this is right.
Late-cycle This firm is deep enough into its last fund that a new one would not be a surprise.
Still filing with the SEC: June 2023. That is an amendment to an existing offering, not a new fund - which is what an evergreen structure looks like in this data.
- Funds on file
- 5
- Capital raised
- $1.34B
- Latest close
- June 2022
- Based in
- non-US
Vehicles on file
| Vehicle | First close | Amount | Filings |
|---|---|---|---|
| Joy Capital IV, L.P. | June 2022 | $155M | 0001926452 ↗ |
| Joy Capital III, L.P. | July 2019 | $385M | 0001782835 ↗ |
| Joy Capital I, L.P. | June 2015 | $200M | 0001643343 ↗ |
| Joy Capital II, L.P. | — | $300M | 0001715080 ↗ |
| Joy Capital Opportunity, L.P. | — | $300M | 0001757920 ↗ |
Each row links to that vehicle’s Form D filings on EDGAR — the name, date and amount above should match what is filed there.
Named on filings
Erhai Liu, Leenong Li
What Joy Capital invests in
- Typical fund
- $300M median, multistage
Service providers
- Fund administrator
- None reported — the adviser answered “no administrator” for 5 of 5 funds
- Auditor
- PwC (5 funds)
From Form ADV filed by JOY CAPITAL MANAGEMENT, LTD. CRD 277061 ↗, latest filing March 2026, covering 5 funds linked to this firm by Form D file number. Form ADV is filed once a year, so a provider may have changed since. How this is matched.
What this is. Every figure on this page comes from Form D filings with the U.S. Securities and Exchange Commission — public records, reproduced here as filed. Service providers, where shown, come from the adviser’s Form ADV and are dated.
What it is not. Single-deal SPVs, feeder vehicles and GP or employee commitment funds are listed but excluded from fund counts and capital totals: an SPV is one investment, a feeder holds the same capital as its master, and a “Principals” or “Entrepreneurs” fund closes alongside a main fund rather than being raised in its own right. Capital deployed from a family office, a corporate balance sheet or an evergreen structure never arrives as a fund close, so a firm doing that looks quiet here. Amounts are as of the last amendment and go stale. Dates are the date of first sale — a fund's first close, not its final one. Funds filed as “Indefinite” are excluded from totals rather than counted as zero, so a total is a floor.
“No recent fund” is a statement about filings. It is not a statement about whether a firm is solvent, investing, or still in business.