TechFlow news — On September 19, according to Fortune, David Gan, founder of Inception Capital, lost contact with investors after traveling to China to assist in an investigation involving his father, triggering a controlled wind-down period for the fund. In May 2024, Gan informed investors via email that his father—a retired senior Chinese government official—was under investigation and that he would be going to China. After that, Gan disappeared from communication with investors.
By late June, limited partners (LPs) voted to enter a "harvest period," meaning Inception will continue managing existing investments within the original fund timeline but will not call the remaining 25% capital from its first fund. Gan has since reappeared and agreed to relinquish control over the fund’s multi-signature wallet. Currently, Inception is working with LPs to develop a transition strategy. Gan stated he has been back at work for several months, emphasizing that the team excellently supported LPs and portfolio companies during his absence and that fund operations remain healthy.
Gan was named to Forbes Asia's 30 Under 30 list in 2019 for his work at Huobi Labs. In 2021, he left Huobi and raised a first-time $50 million venture fund backed by prominent investors including Bill Ackman and Alan Howard. In early 2024, he closed a second $30 million fund focused on investing in other crypto funds. According to U.S. Securities and Exchange Commission (SEC) filings, Inception manages nearly $100 million in assets.
