# Cao Yi (Charlie Cao)
Yi (Charlie) Cao (曹毅) is the founding partner of Beijing-based Source Code Capital, a venture capital firm he launched in 2014, known for early investments in [ByteDance](https://www.edgepedia.org/bytedance), Meituan, KE Holdings, and [Li Auto](https://www.edgepedia.org/li-auto).[1](https://sourcecodecap.com/yi-cao/) • [2](https://www.forbes.com/profile/yi-cao/) The firm's team page credits him with 19 years of experience across venture capital, investment management, entrepreneurship, and business innovation.[1](https://sourcecodecap.com/yi-cao/)
He should not be confused with other people named Cao Yi in Chinese technology and finance. This article covers only the Cao Yi who is a founding partner of Source Code Capital.
| Fact | Detail |
|---|---|
| Role | Founding Partner, Source Code Capital (Beijing, founded 2014)[1](https://sourcecodecap.com/yi-cao/) • [2](https://www.forbes.com/profile/yi-cao/) |
| Known for | Led investments in ByteDance, Meituan (3690.HK), KE Holdings (NYSE: BEKE), Li Auto (NASDAQ: LI, 2015.HK)[1](https://sourcecodecap.com/yi-cao/) |
| Prior firms | Sequoia Capital China; Ceyuan Ventures[1](https://sourcecodecap.com/yi-cao/) • [3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/) |
| Education | Bachelor's in Computer Science, Tsinghua University; executive MBA at Tsinghua's PBC School of Finance (per Forbes, in progress at profile date)[1](https://sourcecodecap.com/yi-cao/) • [2](https://www.forbes.com/profile/yi-cao/) |
| Firm assets under management | About CNY 35bn (USD 4.82bn) across USD and RMB funds[3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/) |
| Portfolio | More than 300 companies to date[3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/) |
| Recognition | Forbes Midas List debut 2018; the firm states eight consecutive years on the Top 100, Forbes records a seventh year on the 2024 list[1](https://sourcecodecap.com/yi-cao/) • [2](https://www.forbes.com/profile/yi-cao/) |
## Career and education
Cao graduated from [Tsinghua University](https://www.edgepedia.org/tsinghua-university) with a bachelor's degree in Computer Science and worked at Sequoia Capital China and [Ceyuan Ventures](https://www.edgepedia.org/ceyuan-ventures) before founding Source Code Capital.[1](https://sourcecodecap.com/yi-cao/) AVCJ describes him as a former partner at [Sequoia Capital](https://www.edgepedia.org/sequoia-capital).[4](https://www.avcj.com/avcj/news/3004615/source-code-closes-third-china-vc-fund-at-usd260m) Forbes notes he was completing an executive MBA at Tsinghua University's PBC School of Finance at the time of its profile.[2](https://www.forbes.com/profile/yi-cao/)
The firm credits his entrepreneurial period at UC Mobile for his founder-empathy approach to investing.[1](https://sourcecodecap.com/yi-cao/)
## Source Code Capital: firm, funds and strategy
Source Code Capital invests in early-stage technology, media, and telecom (TMT) companies; over a three-year period, per AVCJ, the firm invested in more than 80 Chinese companies, about 25 of which were valued above $100 million.[4](https://www.avcj.com/avcj/news/3004615/source-code-closes-third-china-vc-fund-at-usd260m)
The fund history is dual-currency. The debut US dollar fund closed at $100 million in 2014, a $40 million annex fund for follow-on investments was raised in 2015, and a second USD fund of $150 million closed later the same year.[4](https://www.avcj.com/avcj/news/3004615/source-code-closes-third-china-vc-fund-at-usd260m) AVCJ separately reported a third USD fund closed at $260 million.[4](https://www.avcj.com/avcj/news/3004615/source-code-closes-third-china-vc-fund-at-usd260m) The last USD funds closed in 2021 on USD 1 billion, comprising USD 420m for Source Code Venture Fund V and USD 580m for Growth Fund II.[3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/) Total assets under management are about CNY 35bn, or USD 4.82bn.[3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/)
The overall portfolio has featured more than 300 companies, including ByteDance, Meituan, Ke Holdings, and Li Auto.[3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/)
## Notable investments and exits
Forbes lists Cao's investments as TikTok parent ByteDance (recently valued at $315 billion), shopping platform Meituan (IPO 2018), real estate company [KE Holdings](https://www.edgepedia.org/ke-holdings) (IPO 2020), and electric vehicle maker Li Auto (IPO 2020).[2](https://www.forbes.com/profile/yi-cao/) The firm's team page says Cao led these investments, with Meituan listed as 3690.HK, KE Holdings as NYSE: BEKE, and Li Auto on both NASDAQ and the Hong Kong exchange.[1](https://sourcecodecap.com/yi-cao/)
What the sources do not establish: the exact dates, check sizes, and stage of his seed-stage involvement with ByteDance and Meituan, and the current value of those stakes. The ByteDance $315 billion valuation is Forbes's "recently valued" figure, undated in the excerpt. PitchBook lists 86 Source Code Capital exits, including IPOs by Moore Threads Technology (5 December 2025) and Mech-Mind (1 September 2026) and a listing such as Unitree (19 August 2026), but exit sizes are paywalled and unverified.[5](https://pitchbook.com/profiles/investor/96985-27)
## Recent developments
Mergermarket reported that Source Code Capital is raising USD 300m for Source Code Venture Fund VI (Source Code Rhythm), an early-stage fund led by a younger partner while founder [Yi Cao](https://www.edgepedia.org/yi-cao) scales back his involvement in day-to-day operations.[3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/) The new fund will focus on Series A investments in artificial intelligence applications in software and robotics, and in businesses that can expand overseas or generate significant revenue from international markets.[3](https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/)
## References
1. Yi Cao – Source Code Capital team page, https://sourcecodecap.com/yi-cao/
2. Yi Cao – Forbes Midas List profile, https://www.forbes.com/profile/yi-cao/
3. China's Source Code Capital recalibrates team, seeks USD 300m for VC fund – ION Analytics (Mergermarket), https://ionanalytics.com/insights/mergermarket/chinas-source-code-capital-recalibrates-team-seeks-usd-300m-for-vc-fund/
4. Source Code closes third China VC fund at $260m – AVCJ, https://www.avcj.com/avcj/news/3004615/source-code-closes-third-china-vc-fund-at-usd260m
5. Source Code Capital investment portfolio – PitchBook, https://pitchbook.com/profiles/investor/96985-27
---
*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Venture and growth investors › Greater China venture › 2010s fund investors*
*Initially written Sep 17, 2026 · Reviewed: Sep 18, 2026 · Edited: Sep 18, 2026; Oct 11, 2026; Oct 15, 2026 · Last review: Sep 18, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license