# JP Gan
JP Gan (甘剑平, also known as Gan Jianping) is a Shanghai-based venture capitalist, founding partner of INCE Capital, and previously a managing partner of [Qiming Venture Partners](https://www.edgepedia.org/qiming-venture-partners), known for early bets on Trip.com, Bilibili, Dianping, Musical.ly, and Meitu.[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) • [2](https://www.incecap.com/team/detail/1) He ranked No. 5 on the 2019 Forbes Midas List, and the firm's profile states he has appeared on the list for seven consecutive years.[2](https://www.incecap.com/team/detail/1) Forbes reported in July 2024 that his most recent Midas appearance was in 2022.[7](https://www.forbes.com/sites/russellflannery/2024/07/22/china-still-beckons-this-successful-venture-capitalist/)
| Fact | Detail |
|---|---|
| Current role | Founding Partner, INCE Capital (since 2019)[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) |
| Prior firm | Managing Partner, Qiming Venture Partners, 2006–2019[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) |
| Education | MBA, University of Chicago Booth; BBA, University of Iowa[2](https://www.incecap.com/team/detail/1) |
| Best Midas rank | No. 5 globally, 2019[2](https://www.incecap.com/team/detail/1) |
| Known investments | Trip.com, Bilibili, Dianping/Meituan, Musical.ly (TikTok), Meitu, TUHU Car, ATL[2](https://www.incecap.com/team/detail/1) |
| INCE funds | Fund I $351.888M (2019); ~$700M second close January 2022; $1B AUM[3](https://www.incecap.com/news/detail/18) • [6](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan) |
| Boards | Trip.com Group director since 2002; Bilibili director since 2015[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) |
## Early career and education
Gan holds a BBA from the [University of Iowa](https://www.edgepedia.org/university-of-iowa) and an MBA from the University of Chicago Booth School of Business.[2](https://www.incecap.com/team/detail/1) His career before venture capital ran through accounting and investment banking: he worked at Price Waterhouse in the United States from 1994 to 1997, then at the investment banking division of Merrill Lynch in Hong Kong from 1999 to 2000.[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan)
He entered venture capital in 2000 as a director at [The Carlyle Group](https://www.edgepedia.org/the-carlyle-group), responsible for venture investments in [Greater China](https://www.edgepedia.org/greater-china) and a founding member of its Asian venture fund, a post he held from 2000 to 2005.[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) • [2](https://www.incecap.com/team/detail/1) From 2005 to 2006 he was chief financial officer of KongZhong Corporation.[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan)
## Qiming Venture Partners, 2006–2019
Gan joined Qiming Venture Partners in 2006 and spent 13 years there as a managing partner and member of its investment committee.[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) • [2](https://www.incecap.com/team/detail/1) His investments during this period included Bilibili (where he has been a director since 2015), Dianping.com (merged with Meituan in 2015), [Musical.ly](https://www.edgepedia.org/musical-ly) (acquired by [ByteDance](https://www.edgepedia.org/bytedance) and became TikTok), Meitu Inc. (HKEX: 1357), Mogu, and Trip.com Group.[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) • [2](https://www.incecap.com/team/detail/1) • [4](https://www.caixinglobal.com/2019-09-02/tech-entrepreneur-jp-gan-raises-163-million-for-new-fund-101458046.html) • [6](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan)
Three of his portfolio companies went public in 2018: Bilibili, Mogu, and Meituan Dianping. Caixin Global reported that these successes propelled him to No. 5 on the 2019 Forbes Midas List.[4](https://www.caixinglobal.com/2019-09-02/tech-entrepreneur-jp-gan-raises-163-million-for-new-fund-101458046.html) By Gan's own estimate, Qiming funded 20 percent of all Chinese unicorns during the decade he was there.[6](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan)
## Founding INCE Capital (2019)
Gan left Qiming in June 2019 to strike out independently.[4](https://www.caixinglobal.com/2019-09-02/tech-entrepreneur-jp-gan-raises-163-million-for-new-fund-101458046.html) INCE Capital was established on July 1, 2019 by Gan and Steven Hu, both former Qiming partners, joined by Paul Keung according to the firm's own announcement; Chicago Booth Magazine instead describes the firm as cofounded by Gan with Steven Hu and Stella Zhou.[3](https://www.incecap.com/news/detail/18) • [6](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan)
Fundraising moved quickly. A late-August 2019 SEC Form D filing showed $163.3 million raised for the new fund; in an interview at the same time Gan told Forbes the amount was $165 million.[4](https://www.caixinglobal.com/2019-09-02/tech-entrepreneur-jp-gan-raises-163-million-for-new-fund-101458046.html) • [5](https://www.forbes.com/sites/russellflannery/2019/08/26/forbes-midas-lister-jp-gans-ince-raises-165-mln-for-first-china-fund/) The fund, INCE Capital Partners, LP, closed with $351.888 million in commitments, about $328 million of it from global institutional investors, exceeding its $250 million target and reaching its hard cap in under four months.[3](https://www.incecap.com/news/detail/18) In January 2022 INCE closed a second round of about $700 million across two funds, bringing assets under management to $1 billion.[6](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan)
The firm invests at early to expansion stage in internet, consumer, and intelligent technology sectors in China.[3](https://www.incecap.com/news/detail/18) Its operating cadence, per Chicago Booth Magazine: 800 to 1,000 companies met per year, with 10 to 15 investments made annually.[6](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan)
## Notable investments and exits
**The Qiming-era deals** built his reputation. The firm's profile lists Bilibili (Nasdaq: BILI), Dianping (merged with Meituan, HKEX: 3690), Musical.ly (acquired by ByteDance and became TikTok), Meitu (HKEX: 1357), TUHU Car (HKEX: 9690), ATL, and Trip.com (Nasdaq: TCOM).[2](https://www.incecap.com/team/detail/1)
**INCE-era deals** include the education platform ClassIn, in which INCE invested more than $35 million at Series B in July 2020, followed by a $265 million Series C from INCE and others in December 2020.[6](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan) As of July 2024, INCE had backed more than 30 companies, including unicorns KK Group, Yuanxin Technology, and EEO Group.[7](https://www.forbes.com/sites/russellflannery/2024/07/22/china-still-beckons-this-successful-venture-capitalist/) Gan cited Temu, which advertised during the 2024 [Super Bowl](https://www.edgepedia.org/super-bowl), among INCE's larger successes, and the firm has also invested in the Middle East last-mile delivery company iMile, pet-products maker Petkit, and the Chinese large language model company Baichuan, founded by former Sogou CEO Wang Xiaochuan.[7](https://www.forbes.com/sites/russellflannery/2024/07/22/china-still-beckons-this-successful-venture-capitalist/)
## Boards and industry positions
Gan has served on Trip.com Group's board since 2002 and on Bilibili's board since 2015, both per Trip.com's own director biography.[1](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan) (The INCE site dates the Ctrip directorship to 2001; the company's own page says 2002.) He is a member of the Chicago Booth Council and the Polsky Center Council and a board member of GPCA.[2](https://www.incecap.com/team/detail/1)
## References
1. [JP Gan | Board Member | Trip.com Group Limited](https://ctripcominternationalltd.gcs-web.com/board-member/jp-gan)
2. [JP Gan - INCE Capital Official Website](https://www.incecap.com/team/detail/1)
3. [INCE Capital announces closing of first fund](https://www.incecap.com/news/detail/18)
4. [Tech Entrepreneur JP Gan Raises $163 Million for New Fund - Caixin Global](https://www.caixinglobal.com/2019-09-02/tech-entrepreneur-jp-gan-raises-163-million-for-new-fund-101458046.html)
5. [Forbes Midas Lister JP Gan's INCE Raises $165 Mln For First China Fund](https://www.forbes.com/sites/russellflannery/2019/08/26/forbes-midas-lister-jp-gans-ince-raises-165-mln-for-first-china-fund/)
6. [Looking at What Could Be | Chicago Booth Magazine](https://www.chicagobooth.edu/magazine/venture-capitalist-jp-gan)
7. [China Still Beckons This Successful Venture Capitalist (Forbes, July 22, 2024)](https://www.forbes.com/sites/russellflannery/2024/07/22/china-still-beckons-this-successful-venture-capitalist/)
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*Topic: Encyclopedia › Society and history › Economics and business › Founders, operators, and investors › Venture and growth investors › Greater China venture › 2000s firm partners › Titles symbols to K*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license