A small team · A big year

One Year Together.

Different cities.A shared passion.And a year we’re grateful to have shared with you.

Quite a year.

Kabu, the team’s long-haired cream cat, sitting in warm afternoon light — One small family, three cities

01 / You joined

A year ago, you said yes.

You joined a small team still figuring out what it wanted to become.

You brought experience, curiosity, judgment — and a point of view that was entirely your own.

We’re very glad you did.

365days of questions,
conversations & becoming

02 / Three cities · One team

California. Shanghai. New York.

Three people. Three time zones. One very small team.

Far apart, but somehow closer than the map suggests.

CaliforniaPerspective

New YorkYou are here

ShanghaiFocus

03 / Growing together

We didn’t always see things the same way.

And that turned out to be one of the good things.

There were disagreements, different working styles, and plenty of adjustment.

But conversation became understanding, and understanding became trust.

Different perspectives. Better questions. Stronger team.

04 / A small team

People came. People went.

Eventually, the three of us found our rhythm.

California. Shanghai. New York. Still small. Still figuring things out. Still moving.

A teammate smiling during an evening together — Somewhere between work and life

Two teammates smiling together — Different places. Same big questions.

＋

More memories to come

05 / Another move

And somehow, even Kabu crossed an ocean.

Shanghai → California.

New home. Same attitude.

New continent. Same boss.

Kabu asleep on a blanket in Shanghai — Shanghai · CEO of naps

Kabu standing on a scratcher in California — California · Still supervising

Kabu in the afternoon sun — Same Kabu. New timezone.

06 / The year in motion

A lot happened between the conversations.

01

We deployed ~$2M across 4 funds.

Fund investments

02

We exited 4 funds.

Exits

03

We recovered BlackOak’s early redemption fee.

Persistence matters

07 / Not a straight line

Mirumi came. And then it didn’t.

We kept looking anyway.

For better opportunities.Better ideas.Better products.

There is always another question worth asking.

08 / From us

Some things don’t fit into an anniversary summary.

Two personal notes.

From Jay

We have been fortunate to have you.

—

From Xuanhe

There were plenty of moments when we had to learn how to work with each other. And somewhere along the way, you became a little like the older sister of our tiny team.

Thank you for your patience, your honesty, and for always bringing another perspective to the table.

—

One year with us

Thank you.

This year would not have been the same without you.

Here’s to everything we haven’t discovered yet.

Happy one-year anniversary.

On to Year Two.