Last May, David Gan sent a cryptic email to the investors in his blockchain-focused venture firm, Inception Capital. Gan informed them that his father, a retired high-ranking Chinese government official, was under investigation and that he would be traveling to China. Then, according to investors who spoke with Fortune, he went silent.
The investors, or limited partners, had backed Gan for a reason. In 2019, the 28-year-old Gan was named to the 30 under 30 Asia list for his work as managing director of Huobi Labs, one of the world’s largest crypto platforms, where he helped incubate and invest in blockchain projects. He left in 2021 to raise his first $50 million venture fund backed by top names including Bill Ackman, Alan Howard, Y Combinator CEO Garry Tan, and Galaxy before closing a second $30 million fund of fund vehicle in 2024. According to Securities and Exchange Commission filings, Inception manages nearly $100 million of assets.
