TikTok - The Tip of Americas Investment Conundrum

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TikTok: The Tip of America’s

Global Investment Conundrum
THE NEW GEOPOLITICAL RISK CALCULUS
The Institutional Investors and Private Funds Invested in ByteDance
May 2024
Cover: Photo by the National Aeronautics and Space Administration
(NASA).
May 2024.
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Future Union is a bipartisan organization designed to galvanize the private sector and forward-thinking leaders
to address a new wave of emerging technology and security challenges facing the United States and its allies.
Our goal is to fuse private sector innovation and democratic capitalism to ensure democracy perseveres in
upcoming clashes between democracies and autocracies.
Future Union was founded on the belief that the next generation of technology and investing will dramatically
shape a new geopolitical reordering. We are dedicated to furthering technology innovation and strengthening
the United States private sector and allies to take on global foes. Our aim is to forge a private and public sector
compact, improving policies and magnifying the impact of the private sector and capitalism in preparation for
global conflicts ahead.
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SHADOW PROFITEERS:
TIKTOK & AMERICA’S GLOBAL
INVESTMENT CONUNDRUM
The New Geopolitical Risk Calculus:
Lessons for Institutional Investors
Andrew King, Executive Director
TABLE OF CONTENTS
I. Foreword and Methodology 1
II. The ByteDance Spotlight Report 3
A. Overview 4
B. ByteDance Fundraising 6
C. U.S. Public Pensions 16
D. University Endowments 21
E. U.S. Nonprofits and Foundations 25
F. Alternative Asset Investors: The Funds Invested in ByteDance 29
III. Conclusion 32
_____________________________________________________
Appendices 34
Appendix 1. Detailing Select Investments by ByteDance Investors 34

FIGURES, TABLES, AND MAPS:
Figure 1. States with at least a Public Pension investing in a fund connected to ByteDance.
Figure 2. States with at least an Endowment investing in a fund connected to ByteDance.
Table 1. Identifiable fundraising by ByteDance since inception. 6

Table 2. Notable targeted acquisitions of ByteDance and prior financing. 11
Table 3. Summary of Public Pension investments in funds connected to ByteDance. 17
Table 4. U.S. Public Pension summary. 18
Table 5. Summary of Univ. Endowment investments in funds connected to ByteDance. 22
Table 6. U.S. University Endowment summary. 23
Table 7. Summary of Nonprofit & Foundation investments in funds connected to ByteDance. 26
Table 8. U.S. Nonprofit and Foundation summary. 27
Table 9. Private Equity Funds with investment connections to the financing of ByteDance. 29
Table 10. Select investments by U.S. and Chinese funds invested in ByteDance. 34
Map 1. States with at least a Public Pension investing in a fund connected to ByteDance. 16
Map 2. States with at least an Endowment investing in a fund connected to ByteDance. 21
Highlights
While media coverage has focused on both the individual investors and a select few fund managers with the greatest prominence and
largest stakes - seemingly with the most at risk - in the ongoing ByteDance saga. Yet for every attention attracting fund investor like
Susquehanna Int’l Group and Jeffrey Yass, there are numerous other funds - and the limited partners behind them like, U.S. Public Pension
funds University Endowments, and Nonprofit/Foundations - with perhaps more at stake in the outcome of ByteDance brinkmanship.
With global attentive interest, the stakes, figuratively and precedentally, are high. ByteDance was once the highest valued global startup
at its pinnacle, and regardless of the process, retains significant value, either through a negotiated detente or at a market clearing price.
Therefore, the waiting game continues as all strategize behind the scenes to secure the best possible outcome for their investments.
While previous coverage has focused on the venture capital, private equity, and crossover hedge funds (that invest in private and
public equity markets). Yet to be detailed are the full degree of the extensive interlocking interests - and, perhaps, influence - of the
origination of the capital that most of the funds are reliant for investments, and subsequently have enormous financial interests in the
outcome. As we will examine, many of the U.S. most prominent institutional investors have investments that are tied to the resultant
outcome of the ByteDance/TikTok standoff between the United States (U.S.) Congress and China. However, we note the figures
do NOT represent exposure to ByteDance instead these are commitments to funds that may have invested in ByteDance - since
any related information is rarely made public, and when it is often such data that is conflated with other aggregate information to
intentionally obscure direct linkages. Therefore, the best available, discoverable data is notional commitments. This detail offers the
most extensive review that was possible and we attempted to make reasonable estimates based on these constraints, but this analyis
still required numerous assumptions. Thus, underlying our evaluation is a two-step process, with these institutional investors then
investing in venture capital, private equity, and hedge fund - based on conflating the timelines of ByteDance fundraising combined
with the vintage year of such identified funds - showing possible current, or past, investments in a ByteDance funding round.
In the report, we list the involvement of some of the the most notable U.S. Public Pension funds and their equivalent
commitments to funds with possible ties to to the TikTok legislation. The total amount of commitments to funds that we
identified with possible exposure to ByteDance is approximately $8.1 billion.
Figure 1. States with Public Pensions invested in funds with links to ByteDance/TikTok investments:
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Our listing also includes many of the most prestigious University Endowments and their commensurate commitments to
funds tied to the TikTok legislation. The total amount of commitments to funds that we identified with possible exposure to
ByteDance is approximately $1.0 billion.
Figure 2. States with University Endowments invested in funds with possible links to ByteDance/TikTok investments:
Additionally, numerous U.S. nonprofits and foundation have longstanding and significant ties to funds with possible investments
in ByteDance, based on our best approximation of identified funds invested in ByteDance overlayed, and coinciding, with the
vintage years of such funds.
• For example, The Robert Wood Johnson Foundation made investments in 3 different funds with possible ties to
ByteDance, as does The Heinz Endowments and the Carnegie Corporation of New York, during the investment period.
• Other foundations, such as the Mayo Clinic, the John D. & Catherine T. MacArthur Foundation, the Andrew W. Mellon
Foundation, the Richard King Mellon Foundation, the J. Paul Getty Trust, and the Peter G. Peterson Foundation, all
have invested in more than one fund with reasonably assumed ties to the ByteDance standoff and we reasonably believe are
likely investors in ByteDance given its fundraising period.
• In our report, we also illustrated the numerous sequential funds that these nonprofit and foundations have financed that may
include ties to ByteDance, as shown herein.
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FOREWORD AND METHODOLOGY

At Future Union, we are a forward-thinking, bipartisan Anti-democratic forces pose an existential threat. These
team focused on securing the future of democracy against actors are promoting goals designed to destabilize and
rising rogue autocratic forces. Our journey began in 2021 supplant the core values of global accountability and
with the aim of encouraging the private sector to play a steadfast adherence to the rule of law, which serve
more prominent role and bring transparency to often-opaque as the very foundation for a thriving world order.
practices of private sector entities, whose economic decisions
exert significant influence over foreign policy. We are Future Union’s research offers a baseline assessment of action
focused on restoring confidence and reinforcing trust in our and accountability for corporate leaders, shareholders, and
capital markets. The recent misuse of free and fair markets citizens as we work to build a better and more free economic
by adversaries of the U.S. has heightened the importance future. As much of the world has recognized, China poses
of efforts necessary to safeguard democratic capitalism. a unique threat as both a “near-peer” technologist and one
of the fastest-growing economies. Thus, in the original
Future Union is focused on impact at the gray line where report, China and the Chinese Communist Party (CCP) are
the private sector, techno-economic policy meets real prominently featured, but this report also highlights other
application and incentive-driven decision making. The autocratic threats that emerge from the quantitative and
organization is working to help to establish a proper balance qualitative data. The report also explicitly focused attention
between useful techno-economic policy and national security on the historical misuse of private capital that has flowed
imperatives together with the profit incentives of private through our capital markets. We aim to fortify the defense of
sector companies. We believe commercial relationships and democratic values and principles by targeting these capital
capital market investments are among the greatest weapons flows and the deleterious actions of private equity and venture
democracy possesses in ensuring it prevails in the clash capital in our private capital markets. The powerhouse of the
between principled ideologies. We highlight the importance U.S. and our allies’ is private sector innovation in concert
of the capital markets, including key capital allocators (also with global capital markets, which offer global democracy
known as “Institutional Investors”) such as U.S. pension the best chance to clear the field of corrupt, rogue dictators.
funds, university endowments, non-profit organizations, and
foundations. Simultaneously, we emphasize the critical nature The Rubicon Report, and the current ByteDance Spotlight
of private equity and venture capital that fuels innovation, as Report focusing on ByteDance/TikTok, was intended to
well as remain the vital link to maintaining and strengthening a serve as a foundational reference point—and an indisputable
system that is governed by the rule of law, free market principles marker—utilizing all accessible publicly and privately
and ensure they remain the foundation of the private markets. available data to construct a holistic and objective evaluation.
We created the Report in partnership with outside consultants
The initial Rubicon initiative was designed with a single goal with expertise in financial analysis, economics, accounting,
in mind: to catalyze and ensure that Institutional Investors, strategy, governance, geopolitics, and international affairs.
funds, and leaders champion free and fair markets that uphold The information herein is derived from several sources, both
democratic values. Given technology’s essential place in publicly available, as well as private, with significant elements
a global civilization, there is a direct connection between of the data sourced from Bloomberg, CB Insights, Crunchbase,
the startup companies driving innovation and countries that FactSet, The Information, Preqin, Private Equity International,
will prevail in the reordering of the geopolitical landscape. S&P Capital IQ, and other databases. Our findings are driven
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by data and are intended to provide a transparent, compelling with other aggregate data that leads to diminished insights. In
analysis of the risks posed by aberrant Institutional Investors attempting to create the first, unified and robust examination
and other entities whose decisions can shift the capital markets. of the ByteDance linkages, we did not have access to specific,
We focused our deal-related analyses on both publicly available proprietary data by the funds or the Institutional Investors,
datasets in tandem with private databases for specific deals. which made our evaluation - and the resultant estimates - the
best that could reasonably determine, but still inexact. Yet
Our methodology throughout this report utilizes informaion we believe this examination is important and incorporated
on ByteDance funding rounds, both direct and secondary, all available information that we could extract from public
combined with information on the identified venture capital, and private sources to form our estimates. Also, it should be
private equity, and hedge fund in those rounds as well as noted, that our figures on pensions, endowments, nonprofit/
the fundraising years (“vintage years”) of such funds, with foundations do NOT represent direct exposure or investments
our best assumptions on the timing of investments with the in ByteDance, instead these are total commitments to funds
funds’ ability to be eligible to participate in those particular that may have invested in ByteDance, based on combining
rounds. This two-stage process, with the source capital fundraising stages and the fundraising timelines of the funds
coming from Institutional Investors, then the private funds themselves. While we invite all pension funds and endowments
making allocations to ByteDance, means the funds deploying herein to participate and assist us in improving the data, of
the capital to ByteDance are in the middle. As such, there is those who responded, most declined or directed us to make
an inherent ambiguity to the data, as pensions, endowments, Freedom of Information Act (FOIA/FOIL) requests for further
nonprofits and foundations rarely make private information information. A select few accepted our invitation and partnered
available and, when data is discernible, it is often conflated in this endeavor, which remain tremendously grateful.
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II. Shadow Profiteers: The ByteDance Spotlight

Report
As we indicated in the Executive Summary of the Rubicon Report released in November 2023, this report was dedicated
to a single purpose: to encourage the investors to take principled action for the long-term interests of free and fair markets
and to safeguard intellectual know-how and technologies maintain the superiority of democracy over rogue, autocratic
forces. In January 2024, Future Union released the final, comprehensive Report, which looked at the flows of private
market capital from three vantage points: outbound investment, inbound investment, and entanglements between both.
In our Shadow Profiteers: The ByteDance Spotlight Report, we utilize the same data from the prior Report but focus
more intently on the largely invisible, shadow investors in ByteDance, the Chinese-parent company of TikTok, given
its relevance in the context of the U.S. Congress and White House legislative intent in separating the ByteDance
subsidiary, TikTok, from the ownership of China. The ByteDance Spotlight Report also offers a subsequent,
detailed illustration the importance of embedding a new risk calculus for geopolitical risk in all investments.
As previously detailed, given China’s National Privacy Law, which creates a de facto legal right of intrusion by the state
into any and all private company matters deemed relevant to national security, structurally, if not operationally, it provides
unfettered access, control, and use of all information and data to the ruling CCP. This follows the historic, bipartisan
Congressional vote of April 21st when the United States House of Representatives voted to approve four foreign aid
packages, one of which included restrictions on continued ownership of TikTok by China, in a final voting margin of 360
- 58. In the following days, the legislation would be approved by a 79 - 18 vote in the United States Senate, followed by
final approval from President Biden. However, given the stakes, both geopolitically and technologically, the future of the
company and efforts to separate the TikTok from its parent ByteDancefaces a protracted First Amendment legal fight.
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A. Overview.
The original Report, as well as this more targeted, supplemental These actions are simultaneously linked with China’s
that focused on ByteDance’s institutional investors, reviewed purchase of access to the top U.S. fund managers. This access
the investments in alternative assets of private equity and has been long-standing, and lucrative, which conversely
venture capital that flowed to ByteDance. For more than a also benefits the funds, as such funds gained long sought
decade, the CCP and China have strategically cultivated and access to the Chinese technology market. Yet this access
encouraged foreign investors and capital allocators using many comes with Chinese demands, namely, the priceless access
of the same methods used to entice and manipulate espionage and reputational support of the halos of most well-known
targets. China has heavily promoted investing in the country venture capital, private equity, and asset managers in the U.S.
by staging elaborate conferences like the Wuzhen Investment
Conference, also known as the World Internet Conference, Thus, the threat of China continuing to receive capital from the
which has been operating as a dual showcase and intelligence- U.S. — in combination with Chinese capital coming into the
gathering operation for more than a decade, according to U.S. — still looms over the sectors that constitute the greatest
reports. Despite such public promotional campaigns, the threat to democracy’s ability to maintain technology superiority.
inherent subterfuge and reality behind a cunning marketing The chief capital providers in the U.S., collectively referred to
scheme becomes transparent when, supposed partners begin as the U.S. institutional investors, include public and private
exerting pressure on the foreign investor or corporation to pensions, university endowments, and nonprofit/foundations.
“share” technology, before actively violating the mutual terms
of the contract and ignoring other legal claims and protections.
Typically, in the private capital investment process, the parties
China has adeptly maneuvered the private markets leveraging involved include three main categories of market participants.
the use of capital to pressure companies, and gain broad First, the capital allocators, who are more specifically referred
concessions alongside access, information, and influence. to as Institutional Investors in this report (and comprise
This pressure facilitated “forced technology transfers,” a broader group of capital providers, which may include
surreptitious joint ventures, and outright theft of critical individuals, wealth managers, and others, who are generally
intellectual property from companies and startups in the U.S. referred to as limited partners). Second, the broad class of
— all as a pretense of being permitted to conduct business in investors, who tend to be private equity and venture capitalist
China. The broader financial community’s feigned ignorance funds for the purposes herein (though, at points, this category
has enabled the CCP to establish points of access across also includes asset managers, hedge funds, and global
the U.S. technology ecosystem — including proprietary financial institutions). Finally, the startups and companies who
data and process know-how — along with influence in receive capital directly from investors but, indirectly, are the
the technological hotbeds of Silicon Valley, Boston, and ultimate beneficiary-recipients of the funding that originates
New York, as well as across the global financial system. with capital allocators/Institutional Investor-managers and
cascades down through the investors, in the interlinked,
This was also facilitated by the more muted regulation private market financing ecosystem of technology investing.
of the private market, with fewer reporting requirements
compared to public equity and debt market issuers, despite
an acute proximity to America’s most critical technologies,
proprietary processes, and latest research and development.
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U.S. institutional investors:

Institution 1. U.S. Public Pension Funds: These government- the Mellon, Ford, Rockefeller, Carnegie, Getty, and Chan
managed investment pools are designed to provide retirement Zuckerberg initiatives. Other foundations administer “Donor
benefits for public sector employees. Since the U.S. lacks Advised Funds”, such as those managed by the Silicon Valley
any government or state-sponsored, Sovereign Wealth Funds Community Foundation. All of these foundations seek to
(“SWF”), such as those in China or Saudi Arabia, U.S. public remediate issues ranging from social ills to health inequalities
pensions funds are the closest vehicle that the U.S. has to such but come with substantial administrative and overhead costs,
governmental investment bodies. The pension funds derive and seek robust rates of return on their investments.
their funding from the retirement accounts that are placed
in trusts for future beneficiaries. Pension portfolio managers These three types of U.S. institutional investors make up the
attempt to generate returns that exceed a threshold above majority of the capital allocated to U.S. venture and private
inflation, as well as the market, to ensure solvency for future equity funds, with public pension funds comprising 67% of
beneficiaries. Investments can be self-managed or outsourced private equity’s aggregate limited partner capital. All three of
to third-party managers. these entities are highly motivated to produce returns beyond
inflation and that of the broader market, which is one reason
Institution 2. Public and Private Colleges and University that alternative assets have been so appealing. These investors
Endowments: These endowments receive funds from three collaborate with private equity and venture capital funds,
sources, a) donations, such as formal capital campaigns, utilizing Limited Partnership Agreements (LPAs) to define
b) normal operations, such as tuition, and c) returns, from each fund’s lifespan and investment parameters. Typically,
deploying investment capital across public and private these LPAs establish a 5-year investment cycle, with a 10-year
markets, which then reverse the process, using such funds to life cycle, with the possibility of extensions for one or two
support operations, scholarships and capital improvements. years. Yet, especially with Chinese-fund portfolio investments
It should be noted that private university endowments are like Ant Group, Alibaba Group, Didi Global, and ByteDance,
administered by educational institutions that often receive the fact that exit opportunities (Initial Public Offerings and
little or no state or federal funding and, thus, tend to have fewer M&A) have been limited, resulting in vexing bottlenecks
regulatory limitations to which they must adhere. However, and delays affecting numerous other transactions and funds’
regardless of public or private status, both endowments have returning capital and distributing cash to limited partners. This
been able to avert public disclosure of investments through a has also affected the predictability of timelines for the wind-
combination of opaque tax and entity structures and through down of funds, which has necessitated longer fund cycles than
lobbying. These portfolios can be entirely self-managed or envisioned in the LPA.
partially (or fully) outsourced to third-party asset managers.
While these Institutional Investors are the capital allocators, it
Institution 3. U.S.-Based Nonprofits and Foundations: is the private equity and venture capital funds that are the final
These entities are established to manage and distribute decision makers, determining which promising startups and
funds for philanthropic purposes, supporting a variety of companies receive the capital that they have been entrusted
charitable activities and initiatives. The vast majority of to deploy on behalf of the Institutional Investors (and other
capital underpinning the largest nonprofits and foundations limited partners).
originate from wealthy individuals, family offices, or other
entities associated with prominent donors. These may include
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B. ByteDance Fundraising.
ByteDance was the world’s most valuable startup, with new company launched a news and content platform core
peak valuation of $500 billion assigned in a secondary product, which was then built for a U.S. audience in 2013.
transaction at the peak in 2021, given the new uncertainties ByteDance then executed a number of acquisitions, including
and real dearth of exit opportunities, a true valuation is the November 2017 acquisition of global music site, Musical.
undoubtedly south of the last ByteDance share buyback Ly, and in 2018 merged the products, retaining the name
offer to employees of $268 billion in late 2023. Additionally, TikTok for a global audience and Douyin in China. ByteDance
should the Chinese government permit a carve-out and sale of has publicly stated that company founders own 20% of the
TikTok by ByteDance - which they have universally rejected equity shares and employees own another 20%. Therefore,
- the questions remain whether it would include all elements, external investors ownership is approximately 60%, while
such as the critically important and desirable algorithm that (as detailed below) the government owns a “golden share”
has proved addictive and durably engaging to an audience of key Chinese subsidiary of ByteDance with influence over
of users, young and old. Despite being a private company, Douyin. As noted, the majority of the ByteDance parent
reports indicate that the company’s revenue was $80 billion company revenues are a product of the Chinese portion
with a profit of $25 billion in 2022. Subsequently, that total of its application business, specifically, the TikTok-like
rose to $120 billion and $40 billion in 2023, a 60% increase Douyin (as TikTok, as an entity, does not operate in China).
in revenue, while revenue of the US-business reached
approximately $16 billion, a mere 13% sliver of the total. According to private data from Bloomberg, CBInsights,
Crunchbase, The Information, and Pitchbook, ByteDance
For background, in 2009, Liang Rubo and Zhang Yiming, board of directors consists of Neil Shen (Sequoia Capital China/
who previously worked at Microsoft and Kuxun, founded HongShan), Bill Ford (General Atlantic), Philippe Laffont
99fang.com, a real estate search engine. In early 2012, they (Coatue Management), and Arthur Dantchik (Susquehanna Int’l
began developing a mobile application that would use big data Group/SIG China) and ByteDance’s Liang Ru and has raised
algorithms to classify news according to users’ preferences, in excess of $9.4 billion of capital across 13 funding rounds.
later becoming a company called Toutiao. In March of
2012, the pair founded ByteDance. In August 2012, the
Table 1. Reported fundraising by ByteDance since incorporation.

Funding Round: Date: Firm: Additional:
Seed March 9, 2012 Susquehanna Int’l Group/SIG Charlie Cao, previously
China, Shunwei Capital, 5Y/ Sequoia Capital China and
Morningside Venture Capital, Ceyuan Ventures, founded
K3 Ventures, Charlie Cao Source Code Capital (2014
(later Source Code), Zijing investor), Zijing Zhou,
Zhou (later Ether Capital), previously Alibaba, founded
Matt Huang (later Starling Ether Capital (2014 investor),
Ventures). and Matt Huang, via personal
investment fund, Starling
Ventures (2013 investor).
Series A July 1, 2012 Susquehanna Int’l Group/SIG According to reports,
China, DST Global/Apoletto, Susquehanna Int’l Group/SIG
Puhua Capital. China owns 15%. Raised $5
million.
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Series B September 1, 2013 DST Global/Apoletto (lead), Raised $10 million (premoney
Susquehanna Int’l Group/SIG of $50 million).
China, Shanghai Int’l Group,
Starling Ventures.
Series C June 3, 2014 Sequoia Capital China (lead), Neil Chen (Sequoia Capital
KKR Asia, Source Code China) joins board with
Capital, Weibo, Hillhouse firm reportedly having more
Capital. Xiaomi, Tencent. than a 10% stake. Source
Code Capital, a venture
subsequently raised by initial
investor Cao Yi invests, at
the valuation of a previous
funding round and has a stake
of less than 5%. Hillhouse
made its first of multiple
investments, and reportedly
retains less than 0.5%
stake. Raised $100 million
(premoney $400 million).
Series D December 1, 2016 Sequoia Capital China Raised $1 billion (premoney
(lead), China Construction $10 billion). Simultaneously,
Bank/CCB Int’l, GIC, in December Weibo sells stake
Hony Capital, DST Global/ in a secondary transaction.
Apoletto, Altimeter Capital,
Qiming Venture Partners, K3
Ventures.
Unassigned Series December 1, 2017 General Atlantic (lead), Bill Ford (General Atlantic)
Coatue Management, GGV joins board with firm
Capital, Qiming Venture reportedly having less than
Partners, Sky9 Capital, a 5% stake. Philippe Laffont
FutureX Capital, Ether (Coatue Management) joins
Capital. board with firm reportedly
having less than a 5% stake.
Raised $2 billion (premoney
$18 billion).
TikTok Series A March 1, 2018 ByteDance Ventures, Galdana Raised an undisclosed amount
Ventures, K3 Ventures, of financing.
Goodwater Capital, DCM
Ventures.
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Secondary Transaction June 1, 2018 Tiger Global. Tiger Global begins

acquiring secondary shares of
ByteDance, which ultimately
become its single largest
private market holding in
its portfolio, from unknown
investors. However, Xiaomi
and Tencent reportedly
sold their entire stakes
prior to 2020, which means
that both may have been
the counterparies. Tiger
reportedly accumulated shares
by deploying more than $1
billion of capital, prior to
subsequent 2021 direct and
secondary purchases.
Unassigned Series October 26, 2018 SoftBank Investment Advisors Masayoshi Son (SoftBank)
(lead), General Atlantic, KKR joins board with firm as a
Asia, Primavera Capital, Board Observer with the firm
New Enterprise Associates, reportedly having less than a
Technology Crossover 5% stake. Raised $3 billion
Ventures, Alpha Square (premoney $72 billion).
Group, Base Partners, Esas Reportedly, GGV Capital sold
Holdings, Loyal Valley the stake in 2018.
Capital, M31 Capital.
Conventional Debt April 10, 2019 Morgan Stanley, Goldman Raised $1.34 billion in debt
Sachs, Bank of China, CMB financing in a term loan and
Wing Lung Bank. revolving credit facility.
Series E July 8, 2019 Tiger Global, Aglaé Ventures, Raised an undisclosed amount
All Blue Capital, Bank of of financing.
China Group Investment,
EDBI, Iron Edge VC, Mind
Fund, Next Play Capital,
Singapore EDB, Zhong Jin
Innovation.
Secondary Transaction November 1, 2019 Qiming Venture Partners. In November, Qiming
sells stake in a secondary
transaction. Proceeds are
reportedly $113.33 million.
Secondary Transaction March 30, 2020 Tiger Global. In March, Tiger Global
acquires stake in a secondary
transaction. Proceeds are
undisclosed.
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Secondary Transaction July 1, 2020 Octahedron Capital, Sequoia Reportedly Octahedron

Capital China. Capital bought $42 million
of shares from the Flipagram,
executives, which ByteDance
acquired. Simultaneously,
Sequoia Capital China
reportedly acquired shares
from Flipagram, the
transaction dates of which
have not been disclosed.
Series E - 1 December 1, 2020 KKR Asia (lead), Sequoia Raised $2 billion (premoney
Capital China (lead), Base $178 billion).
Partners, Fidelity China,
Group Artemis, Next Play
Capital, Proioxis Ventures,
Recent Capital Management,
Rhea Fund, Setcoin Group,
Carlyle Asia, Xiang He
Capital.
Unassigned Series February 1, 2021 Coatue Management, 2B Raised an undisclosed amount
Global Capital, Spur Capital of financing.
Partners, Sofina, Ocean
Link Partners, FoundersX
Ventures, Puhua Capital,
TeleSoft Partners, China
Internet Investment Fund,
Funcity Capital, Ullas Naik,
Baillie Gifford, Alanda
Capital, Dragonstone Capital,
CSVE Ventures, MarketX,
Silverhorn Investment
Advisors.
Secondary Transaction April 29, 2021 China Internet Investment Reportedly Next Play Capital
Fund. sold its stake to China
Investment Fund amounting
to 1% of the company for $25
billion.
Unassigned Series September 15, 2021 Tiger Global. Reportedly Tiger acquired
additional shares spending
approximately $1 billion,
inclusive of a specific direct
investment of $304.5 million
in late 2021, of which the
transaction dates have not
been disclosed.
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Secondary Transaction March 14, 2023 G42/G42 Global Expansion Reportedly Susquehanna Int’l
Fund. Group/SIG China, SoftBank
Investment Advisors, and
others sold a $100 million
stake at a $220 billion
valuation. G42 is a sovereign
wealth fund by the United
Arab Emirates (UAE).
Secondary Transaction Early 2024 Lead Edge Capital. Reportedly purchased
an undisclosed stake in
ByteDance.
Secondary Transaction March 15, 2024 ATP Private Equity, T Rowe Reportedly conducted an
Price. undisclosed secondary market
transaction.
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Table 2. Notable Acquisition Targets of ByteDance, which assumes the owners of the certain transaction
targets received at least a portion of proceeds in ByteDance equity upon completion (in lieu of cash).
Funding Round: Date: Firm: Additional:

News Republic (subsequently January 1, 2008 N/A. Raised $12 million from undisclosed
acquired from Cheetah investors. Note: assumption that all
Mobile on 11/8/2016). Angel equity holders were liquidated in
prior Cheetah Mobile acquisition and,
thus, not eligible to receive equity in
ByteDance.
News Republic. Seed February 27, 2009 Creathor Ventures (lead). Raised $1.4 million. Note: assumption
that all equity holders were liquidated in
prior Cheetah Mobile acquisition and,
ByteDance.
Cheetah Mobile (subsequently January 1, 2011 Etohum, RocketSpace. Cheetah Mobile joins Etohum
acquired News Republic accelerator/incubator and receives
on 6/8/2016 prior sale to $120K in funding.
ByteDance on 11/8/2016).
Accelerator
Cheetah Mobile. Series A July 6, 2011 Tencent Holdings/Tencent Raised $18.6 million. Assumes that the
Industry Win-Win Fund, prior investors in New Republic exited,
Matrix Partners China. with only Cheetah Mobile receiving
shares in ByteDance in the subsequent
sale of News Republic on 11/8/2016.
News Republic. Series A March 20, 2012 Creathor Ventures, XAnge Raised $4.3 million.
Private Equity.
Flipagram (subsequently March 5, 2013 Mind Fund (lead), Charles Raised $2.5 million.
acquired on 12/31/2017). Seed River Ventures, Trinity
Ventures, Naval Ravikant,
Amir Banifatemi, Thomas
McInerney, George Zachary.
Com4Loves (subsequently July 22, 2013 Shenzhen Bridge Capital, Raised an undisclosed amount of
acquired on 4/13/2021). Seed Liqing Zeng (later Decent financing. Liqing Zeng is the co-founder,
Capital). former COO, and Chairman of Tencent
Holdings, who would later launch
Shenzhen Decent Investments e.g.
Decent Capital.
Cheetah Mobile. Series B July 23, 2011 Tencent Holdings/Tencent Raised $52.2 million. Assumes that the
Industry Win-Win Fund, prior investors in New Republic exited,
Kingsoft Corporation. with only Cheetah Mobile receiving
shares in ByteDance in the subsequent
sale of News Republic on 11/8/2016.
FUTURE UNION 11
News Republic. Series B October 22, 2013 Intel Capital (lead), CreathorRaised $6 million. Note: assumption
Ventures, Private Equity, that all equity holders were liquidated in
Kreos Capital. prior Cheetah Mobile acquisition and,
ByteDance.
FaceU (subsequently acquired January 31, 2014 IDG Capital. Raised an undisclosed amount of
on 2/20/2018). Angel financing.
Flipagram. Series A February 4, 2014 Index Ventures, K5 Ventures, Raised $65 million (premoney $240
Sequoia Capital. million).
Cheetah Mobile. Initial Public May 8, 2014 Initial Public Offering. Raised $168 million through an Initial
Offering Public Offering listing on the Deutsche
Boerse AG stock exchange under the
ticker symbol of 0C9. A total of 12
million shares were sold at $14.00 per
share. Post-IPO, a total of 138,117,094
outstanding shares valuing the company
at $1.93 billion. All private shareholders
exited in the public offering. Assumes
that the prior investors in New Republic
exited, with only Cheetah Mobile
receiving shares in ByteDance in the
subsequent sale of News Republic on
11/8/2016.
Bcy.net (subsequently July 1, 2014 Sinovation Ventures, Zhengshi Raised $3 million.
acquired on 2/18/2018). Seed Ziben/Zhengshi Capital.
FaceU. Series A June 1, 2014 Lightspeed China, IDG Raised $10 million.
Capital.
Musical.Ly (subsequently December 29, 2014 ChinaRock Capital Raised $250K.
acquired on 12/19/2017). Seed Management/CRCM
Ventures, Innovation Camp.
Musical.Ly. Series A April 22, 2015 Kingsoft Corporation Fund/ Raised $810K.
Cheetah Mobile.
Bcy.net. Series A June 1, 2015 NewMargin Ventures (lead). Raised $20 million.
Musical.Ly. Series B July 1, 2015 GGV Capital (lead), Greylock Raised $16.6 million (premoney $83.4
(lead), Susquehanna Int’l million).
Group/SIG China, 5Y/
Morningside Venture Fund,
Kingsoft Corporation Fund/
Cheetah Mobile.
Com4Loves. Series A July 24, 2015 Xiaomi Ventures. Raised an undisclosed amount of
financing.
Flipagram. Series B July 16, 2015 Sequoia Capital (lead), Index Raised $70 million.
Ventures, K5 Ventures,
Kleiner Perkins Caufield &
Byers.
FUTURE UNION 12
CaiCloud (subsequently October 1, 2015 Cybernaut (China) Investment Raised $1.3 million.
acquired on 7/30/2020). Angel (lead).
TerArk (subsequently December 1, 2015 LaunchHill (lead), Empower Raised $120K.
acquired on 4/22/19). Angel Investment (China).
Round
FaceU. Series B March 1, 2016 Lightspeed China, Meitu. Raised $10 million.
Musical.Ly. Series C May 6, 2016 Qiming Venture Partners Raised $133.5 million
(lead), GGV Capital (lead), (premoney $589.5 million).
Legend Capital, GX Capital,
Greylock, DCM Ventures.
News Republic. Merger June 8, 2016 Cheetah Mobile acquisition Reportedly Cheetah Mobile
and Acquisition by Cheetah prior to ByteDance. acquired for $52.496 million
Mobile. with a contingent $3.610
million earn-out. Note:
assumption that all equity
holders were liquidated
in prior Cheetah Mobile
acquisition and, thus, not
eligible to receive equity in
ByteDance.
News Republic sold to November 8, 2016 – Reportedly acquired for $86.7
ByteDance by Cheetah million.
Mobile. Acquisition
Baikemy.com (subsequently November 15, 2016 Liuhe Huanneng. Raised an undisclosed amount
acquired on 5/15/2020). Angel of financing.
CaiCloud. Accelerator January 1, 2017 Microsoft for Startups. Completed Microsoft for
Startups Accelerator in
Hangzhou, China.
Flipagram. Acquisition January 31, 2017 – Acquired for an undisclosed
amount.
CaiCloud. Series A March 6, 2017 Matrix Partners China Raised $6 million.
(lead), Cybernaut (China)
Investment.
TerArk. Seed/Accelerator March 20, 2017 Y Combinator. Raised $150K after joining
Winter 2017 class.
Baikemy.com. Seed October 27, 2017 BlueRun Ventures China/ Raised an unknown amount of
Lanchi Ventures, Sogou. financing.
FaceU. Series C October 30, 2017 ByteDance Ventures, Sky9 Raised $50 million.
Capital, China Industrial
Bank.
Bcy.net. Acquisition February 10, 2018 – Acquired for an undisclosed
amount.
FUTURE UNION 13
Musical.Ly. Acquisition December 19, 2017 – Reportedly acquired for $1.0

billion.
Com4Loves. Series B December 26, 2017 China Soft Capital, Hanjiang Raised an undisclosed amount
Investment Holdings. of financing.
Bcy.net. Acquisition February 10, 2018 – Acquired for an undisclosed
amount.
FaceU. Acquisition February 20, 2018 – Reportedly acquired for $300
million.
CaiCloud. Series B - 1 February 27, 2018 China Growth Capital (CGC) Raised an undisclosed amount
(lead), Matrix Partners of financing.
China, Cybernaut (China)
Investment.
Pico Interactive (subsequently July 31, 2018 GF Xinde Investment Raised $24.7 million.
acquired on 8/29/2021). Series Management (lead), GF
A Qianhe Investment (lead),
Qingdao Jufeng Science
& Technology Venture
Investment.
Baikemy.com. Series A October 11, 2018 BlueRun Ventures China/ Raised $2.9 million.
Lanchi Ventures.
TeraArk. Acquisition April 22, 2019 – Acquired for an undisclosed
amount.
Baikemy.com. Series B October 17, 2019 Cenova Capital (lead), Raised $10 million.
BlueRun Ventures China/
Lanchi Ventures.
CaiCloud. Series B - 2 December 8, 2019 Volcanics Venture (lead), Raised an undisclosed amount
China Growth Capital (CGC), of financing.
Matrix Partners China.
Baikemy.com. Acquisition May 15, 2020 – Reportedly acquired for
$70.610 million.
CaiCloud. Acquisition July 30, 2020 – Acquired for an undisclosed
amount.
Com4Loves. Series C September 29, 2020 ByteDance Ventures. Raised an undisclosed amount
of financing.
Pico Interactive. Series B - 1 December 31, 2020 Shenzhen KeyStone Reportedly raised $29.5
Wealth, China Int’l Capital million.
Corporation (CICC).
Pico Interactive. Series B - 2 March 2, 2021 Co-Stone Venture Capital, Reportedly raised $37.42
Jianyin Int’l Capital million.
Management, CCBI Tech
Ventures, Shenzhen Yidun
Media Investment Fund.
Com4Loves. Acquisition April 13, 2021 – Acquired for an undisclosed
amount.
Pico Interactive. Acquisition August 29, 2021 – Reportedly acquired for $1.5
billion.
Table 1 & 2: Identifiable private financing of ByteDance, and the financing of targets prior to acquisition by Toutiao/ByteDance.
Source: Public and private databases and statements as of April 22, 2024.
FUTURE UNION 14
According to reports, in 2021 China state-owned China Of the investors listed, there are a number of investors identified
Internet Investment Fund purchased a 1% stake in ByteDance, that comprise a veritable cabal, with involvement and repeated
in a nationalistic transactionas termed a “golden share”, investments in the best known and successful Chinese startups,
an investment as permitted under Chinese laws - and which includes crossborder funds DCM Ventures, GGV Capital,
illustrating the nearly indecipherable nature of the state and Qiming Venture Partners, Sinovation Ventures, and U.S. funds
private sector companies in China under the laws eventually with China-specific investment arms, Sequoia Capital China/
culminating in Congressional action in April - and appointed HongShan, Matrix Partners China, BlueRun Ventures China/
Wu Shugang, a government official with a background in Lanchi Ventures. Additionally, many of the longstanding,
state propaganda as one of the subsidiary’s board members. typically later stage, private equity and hedge funds have gotten
involved, which include the Carlyle Group through their Asia-
In 2017, ByteDance acquired Musical.Ly (and, later, Pico focused investment arms of Carlyle Asia, KKR through KKR
Interactive), which likely added new investors to ByteDance Asia, Coatue, General Atlantic, and hedge funds such as DST
ownership through the transactions, among others. For example, Global, Tiger Global, and Susquehanna Int’l Group through
we highlight Musical.Ly, given the importance and critical its China-arm, Susquehanna Asia Investments/SIG China.
nature of the Musical.Ly acquisition to ByteDance growth,
as such, it is also reasonable to assume that new investors As noted above, under a typical LPA, each U.S. public pension,
received an allocation of ByteDance equity, which would have university endowment, and nonprofit or foundation’s limited
included funds such as Greylock, Kingsoft Corporation Fund/ partner commitment to a U.S. or Chinese-based venture capital
Cheetah Mobile (from whom ByteDance later acquired News or private equity fund has an investment period that spans 5
Republic), DCM Ventures, Goodwater Capital and Legend years on average. For example, if a venture capital fund was
Capital. This would also augment the stakes of existing raised with a 2010 vintage year, such as Sequoia Capital
investors in ByteDance with simultaneous stakes in Musical. China/HongShan, it would have an allotted investment period
Ly, including 5Y/Morningside, GGV Capital, Susquehanna through 2015. And with the reported funding for ByteDance
Int’l Group/SIG China, Qiming Venture Partners, which also starting in 2012, that would imply that the Sequioa Capital
illustrates how many of the same, prominent investors overlap China/HongShan fund would have a 3-year overlapping
in the vast majority of deals in China. This serves to illustrate, period in which to make an investment like ByteDance.
and reinforce the point, denoting how the information and Additionally, given that the top venture capital and private
network exchanges coincide with such ownership in China, equity managers tend to want to secure stakes for their best
permitting and incentivizing collusion and the broad, related- limited partners that often invest across different vintage
party sharing of technical and intellectual information to years of the same fund managers, it is reasonably likely that
increase the probability of success of each investment. such funds would invest numerous fund vintages in deals like
Meanwhile all these endeavors combine to enhance the Chinese ByteDance, the best investment of any of the funds available
innovation ecosystem’s ability to compete with, and beat, any in that window. Thus, we used the transaction information
and all competing U.S. startups therein securing more lucrative obtained above to approximate the capital allocators interest
outcomes, and returns, for limited partner investors. All this in funds feasibly investing in the ByeDance investment
occurs ignoring the required level of political connections rounds (and those of Musical.Ly and Pico Interactive, the
necessary to operate in China and the foreseeable assistance investors of which reportedly received ByteDance shares
that such Chinese startups might receive from the state through upon the acquisition) and, later, the TikTok financing rounds.
the forced information sharing that all private companies must
provide to the state under China’s National Privacy Law.
1 Other firms with reported “golden share” investments by the Chinese government include microblogging platform, Weibo, short video-sharing app operator, Kuaishou Technology,
audio platform, Ximalaya, and Chinese truck-hailing app, Full Truck Alliance.
FUTURE UNION 15
C. U.S. Public Pensions.

Map 1. States with at least one Public Pension invested in funds with connections to ByteDance.
Map 1. States with Public Pensions that have Invested in funds that have linkages to TouTiao/ByteDance and, thus, TikTok.
Source: Public and private databases as of June 30, 2023.
FUTURE UNION 16
Table 3. The Summary of U.S. Public Pension investments in funds with ties to ByteDance.
Firm: Number of Location:
Pensions:
KKR & Co./KKR Asian Fund 23 New York, NY/Hong Kong, HKG.
Technology Crossover Ventures (TCV) 14 Menlo Park, CA
The Carlyle Group/Carlyle Asia 12 Washington, DC/Hong Kong, HKG.
Hony Capital (subs. Legend Holding) 8 Shanghai, CHN.
Hillhouse Capital 5 Beijing, CHN.
Notable Capital/Granite Asia (fmr. GGV Capital) 5 Menlo Park, CA/Singapore, SGP.
Legend Capital (subs. Legend Holding) 3 Beijing, CHN.
Table 3: Funding to U.S. and Chinese-based funds with direct connection to investments in TouTiao/ByteDance.
After evaluating the largest U.S. Pension Funds, the data secondary market transaction, according to financial data). For
indicated that 48 of the largest U.S. Public Pensions may our research, we evaluated the firms investing, the timelines
have had investments in funds that invested in ByteDance in of investment and used our best logical estimates to make
the investment period between 2012 (the initial investment projections based on the coinciding of those elements and
period, according to financial data) and 2023 (the latest knowledge of the capital stack of ByteDance, and related
entities.
Disclaimer: The information is derived from publicly available sources and private databases but significantly underreports the scope and scale of the issue, suffering from the twin
challenges: a) many public pensions only report in aggregate, thus, offering little transparency on particular fund managers necessary to properly evaluate the investments, and, b)
private pensions are not subject to similar disclosure and reporting requirements. Additionally, the lag in reporting regimes may undercount the number of states that have recently made
commitments.
FUTURE UNION 17
The U.S. Public Pension Investors invested in funds with ties to ByteDance.
The following are the largest U.S. Public Pensions investing into funds possibly invested in ByteDance:
Table 4. U.S. Public Pension Summary.
U.S. Public Pensions: Total Reported
Capital Committed to
Fund/s ($mm):
Washington State Investment Board (WA) $500+
New York State Common Retirement Fund (NY) $500+
California Public Employees Retirement System (CA) $500+
California State Teachers Retirements System (CA) $500+
New York State Teachers' Retirement System (NY) $500+
Oregon Public Employees Retirement System (OR) $250-499
San Francisco Employees' Retirement System (CA) $250-499
Florida Retirement System Pension Plan (FL) $250-499
Minnesota State Board of Investment (MN) $250-499
Louisiana State Employees' Retirement System (LA) $100-249
State of Michigan Retirement Systems (MI) $100-249
Teacher Retirement System of Texas (TX) $100-249
Ohio School Employees Retirement System (OH) $100-249
Pennsylvania State Employees’ Retirement System (PA) $100-249
Virginia Retirement System (VA) $100-249
New York City Employees' Retirement System (NY) $100-249
South Carolina Retirement System Investment Commission (SC) $100-249
Delaware Public Employees' Retirement System (DE) <$100
Texas County and District Retirement System (TX) <$100
New York City Police Pension Fund (NY) <$100
Maine Public Employees Retirement System (ME) <$100
Kentucky Teachers' Retirement System (KY) <$100
Teachers' Retirement System of the City of New York (NY) <$100
New Hampshire Retirement System (NH) <$100
Rhode Island State Investment Commission (RI) <$100
Sacramento County Employees' Retirement System (CA) <$100
The Public Safety Personnel Retirement System of the State of Arizona (AZ) <$100
Massachusetts Pension Reserves Investment Trust (MA) <$100
Iowa Municipal Fire & Police Retirement System (IA) <$100
Ohio Police and Fire Pension Fund (OH) <$100
Los Angeles City Employees' Retirement System (CA) <$100
New York City Fire Department Pension Fund (NY) <$100
Public School and Education Employee Retirement System of Missouri <$100
(MO)
FUTURE UNION 18
Los Angeles Fire & Police Pension System (CA) <$100

Los Angeles County Employees’ Retirement Association (CA) <$100
Santa Barbara County Employees Retirement System (CA) <$100
Colorado Fire & Police Pension Association (CO) <$100
Colorado Public Employees’ Retirement Association (CO) <$100
Florida State Board of Administration (FL) <$100
Hawaii Employees’ Retirement System (HI) <$100
Indiana Public Retirement System (IN) <$100
Teachers’ Retirement System of Louisiana (LA) <$100
Maryland State Retirement and Pension System (MD) <$100
Michigan Department of Treasury (MI) <$100
New Jersey Division of Investment (NJ) <$100
Nevada Public Employees Retirement System (NV) <$100
North Carolina Retirement Systems (NC) <$100
Oklahoma State Regents for Higher Education (OK) <$100
…**
Aggregate Totals $8.1 billion
Source: The disclosed information is the publicly discoverable reported information and information from private databases.
**Note: List is truncated for conciseness, and further funds are included in the totals. Note: the Capital Allocation figures only represent the available information related to the capital
commitment allocated to the specific venture capital or private equity fund/s, they do not indicate the amount of capital that the funds invested into ByteDance, as a company.
The institutions are listed in order of magnitude of interconnectedness, as well as serving to illustrate the public pensions that may
have an even more acute financial interest, in the outcome of the TikTok process:
A. The Washington State Investment Board (WA), the New York State Common Retirement Fund (NY), the
California Public Employees Retirement System (CA), the New York State Teachers Retirement System (NY) and
the Oregon Public Employees Retirement System (OR) have commitments to funds with possible exposure of more
than $500 million.
B. The San Francisco Employees’ Retirement System (CA), the Florida Retirement System Pension Plan (FL),
and the Minnesota State Board of Investment (MN) have commitments to funds with possible exposure of more than
$250 million.
C. The Louisiana State Employees’ Retirement System (LA), the State of Michigan Retirement Systems (MI), the
Teacher Retirement System of Texas (TX), the Ohio School Employees Retirement System (OH), Pennsylvania
State Employees’ Retirement System (PA), the Virginia Retirement System (VA), and the New York City
Employees’ Retirement System (NY) have commitments to funds with possible exposure of more than $100 million,
according to our best estimates.
FUTURE UNION 19
This information reflects the best possible data that can be ability, employing as much conservativism as practical - and
publicly identified, both through private and public databases, attempted to make as reasonable inferences and assumptions
yet admittedly may include gaps due to the fact that, in the possible, including significant backup support for how
vast majority of instances, such data is not required to be we reached each figure - there is a level of ambiguity and
publicly provided by the pensions funds and, therefore, most transparent subjectivity that remains in the figures presented.
do not choose to provide such figures. In our methodology, Thus, we are confident in our methodology but recognize
we attempted to make as reasonable assumptions as possible gaps in the underlying source data, which we’ve attepted
but the data provided faces the dual challenges of data to mitigate with reasoned logic and reasonable inferences
from source databases that may be either nonexhaustive or to the best of our ability (using all sources of public and
inaccurate as we attempt to isolate specific pension figures private data), nonetheless it should be recognized that we
overlayed with the identified ByteDance fundraising tranches are not, and were not, privy to private, proprietary pension
in given years with specific venture capital, private equity, figures. Thus, we readily invite the pensions and institutional
and hedge fund vintage years corresponding with that investors herein to make such data public and furnish greater
timeline. Thus, while we have heavily documented, verified, detail, which we will enthusiastically and continuously
and sourced all specific data presented to the best of our incorporate and revise our examination to reflect.
FUTURE UNION 20
D. University Endowments.
U.S. University Endowments, both private and public, underreporting the real level of investments, as most
maintain a broad portfolio of investments. Alternative assets universities have carved out “safe harbors” in order to avoid
are among the most crucial, and often the highest returning being forced to report such data by either tax law or statute.
asset class, yet most endowments are subject to limited
oversight, often with mere voluntary disclosures (which most
decline to make public). Thus, compared to the U.S. Public
Pensions, data is much more limited. While the information
detailed herein is as accurate as possible, it is reliant on
private databases often with less transparency, thus, it
represents the proverbial “tip of the iceberg” of ownership
Map 2. States with at least one University Endowment investing in funds with connections to
investments in ByteDance.
Map 2. Endowment Investing in U.S. or Chinese funds that have direct connections to TouTiao/ByteDance.
After evaluating the data, we found connections between 25 endowments like the Regents of the University of California
U.S. University Endowments to funds invested in ByteDance or (the California University system), the University of Michigan
affiliated subsidiaries, though far more are likely to have positions Endowment, Princeton University Investment Company, and
that are not identifiable. This includes notable University the University of Texas Investment Management Company.
FUTURE UNION 21
Table 5. The Summary of University Endowment investments in funds with connections to ByteDance.
Endowments:
Sequoia Capital/HongShan (fmr. Sequoia 10 Menlo Park, CA/Beijing,
Capital China) CHN.
Qiming Venture Partners 9 Shanghai, CHN.
Notable Capital/Granite Asia (fmr. GGV 5 Menlo Park, CA/Singapore,

Capital) SGP.
KKR & Co./KKR Asian Fund 4 New York, NY/Hong Kong,
HKG.
Hony Capital (subs. Legend Holding) 2 Shanghai, CHN.
Table 5: Funding to U.S. and Chinese-based funds with direct connections to investments in TouTiao/ByteDance.
Disclaimer: As indicated, while the available data on the U.S. pension system underestimates the scale and scope of the issue, endowment information in general is far less accessible
than pensions, especially for private universities. Thus, the fuller picture would reveal a more extensive size, scale and scope of the issue. Also, noted, is that when disclosure is required
or elected, the timing of such disclosure can be arbitrary and delayed.
FUTURE UNION 22
The U.S. University Endowment Investors invested in funds with ties to ByteDance.
The following are the identifiable U.S. University Endowments investing into funds possibly invested in ByteDance:
Table 6. U.S. University Endowment Summary.

U.S. University Endowments: Total Reported
Capital Committed
to Fund/s ($mm):
Texas Permanent School Fund (TX) $200+
University of Texas Investment Management Company (TX) $200+
University of Michigan Endowment (MI) $100-199
Princeton University Investment Company (NJ) $100-199
Regents of the University of California (CA) $50-99
Yale University (CT) $50-99
New York University Endowment (NY) <$49
Stanford Management Company (CA) <$49
Duke University Endowment/The Duke Management Company (NC) <$49
Saint Mary's College of Maryland Endowment (MD) <$49
Texas A&M University System Endowment (TX) <$49
Pomona College Endowment (CA) <$49
Emory University (GA) <$49
Northwestern University Endowment (IL) <$49
University of Chicago Endowment (IL) <$49
The Notre Dame University Endowment (IN) <$49
Grinnell College Endowment (IA) <$49
Harvard Management Company (MA) <$49
Massachusetts Institute of Technology (MA) <$49
MITIMCo/Basic Retirement Plan (MA) <$49
Wellesley College Endowment (MA) <$49
Regents of the University of Michigan (MI) <$49
Oklahoma State Regents for Higher Education (OK) <$49
University of Oklahoma Foundation (OK) <$49
Carnegie Mellon University Endowment (PA) <$49
…
Aggregate Totals $1.0 billion
*The disclosed information is the publicly discoverable reported information and, as noted, it likely underestimates the total number of investments/total amount of the investments, often
by a significant margin. Note: the Capital Allocation figures only represent the available information related to the capital commitment allocated to the specific venture capital or private
equity fund/s, they do not indicate the amount of capital that the funds invested into ByteDance, as a company.
FUTURE UNION 23
The institutions are listed in order of magnitude of interconnectedness of the committed capital to funds with possible connections
to ByteDance, as well as serving to illustrate the university endowments that may have an even more acute financial interest, in the
outcome of the TikTok process:
A. The Texas Permanent School Fund (TX), and the University of Texas Investment Management Company (TX)
have commitments to funds with possible exposure of more than $200 million.
B. The University of Michigan Endowment (MI) and the Princeton University Investment Company (NJ) have
commitments to funds with possible exposure of more than $100 million.
C. The Regents of the University of California (CA) and the Yale University Endowment (CT) have commitments to
funds with possible exposure of more than $50 million, while numerous other schools have exposure of less than $50
million, according to our best estimates.
D. As noted, the figures for university endowments are understated, largely significantly, as this information is largely
not required to be provided and few voluntarily disclose. Thus the information we have assembled is the most
comprehensive information available and still significantly understates - often by an order of magnitude or is absent
entirely - the commitments to funds with possible exposure to the TikTok outcome.
FUTURE UNION 24
E. U.S. Nonprofits and Foundations.

The nonprofit and charitable giving sector is one of the not surprising given the visibility and success of TikTok
largest and most powerful collective segments of U.S. in that period. For example, The Robert Wood Johnson
funding attempts to create a more equitable society. The tax Foundation made investments in 3 different funds with
code gives special privileges to such entities to encourage ties to ByteDance, as did The Heinz Endowments and the
risk-taking and reinvestment. In the context of tax rates, the Carnegie Corporation of New York, during the investment
U.S. tax code offers significant opportunities for wealthy period. Other foundations, such as the Mayo Clinic, the John
individuals to maintain generous giving preferences and D. & Catherine T. MacArthur Foundation, Andrew W.
shield wealth from taxes under nonprofit and foundations’ Mellon Foundation, the Richard King Mellon Foundation,
legal tax-status exemptions. As such, the broad U.S. nonprofit J. Paul Getty Trust, and the Peter G. Peterson Foundation,
and foundation sector can be a harbinger of the best of the all invested in more than one distinct fund that were likely
U.S. system: a benevolent and significantly impactful group investors in ByteDance during its fundraising period.
contributing to the admirable alleviation of inequities. As our
data indicates, no fewer than 35 foundations and nonprofits Notably, these limited partners may also have invested
have commitments to funds with potential direct connections numerous funds under the same manager in different
to funds that invested in ByteDance in the investment period. vintage year tranches. For example, many foundations
like the Rockefeller Foundation invested in sequential
As our Rubicon Report detailed, notable nonprofits and HongShan funds in 2020, 2018, 2017, 2016, 2014, 2013,
foundations, have been extensively involved in China- 2011 and 2007, a strategy that many limited partners tend
investment funding, including the MacArthur Foundation to follow given the challenges of often getting access to top
(20th largest) with 41 investments, the Rockefeller fund managers once they are recognized for their talent.
Foundation (30th) with 38 investments, the Carnegie
Foundation (42nd) with 30 investments (the latest in the past
few months), the Andrew W. Mellon Foundation (21st) with
26 investments, the J. Getty Trust (23rd) with 24 investments,
have invested in China. Many of them have done so recently.
For example, The Robert Wood Johnson Foundation,
the eleventh largest nonprofit foundation in America and
namesake and founder of Johnson & Johnson healthcare,
made investments as recently as the last few months and has
shown a greater proclivity toward investing in China, totaling
more than 55 total investments in Chinese-based private funds,
though recently agreeing to cease new investments. According
to our research sources, U.S. nonprofit and foundations
overall have made more than 620 commitments to Chinese
and China-related venture capital and private equity funds.
With regard to U.S. nonprofits and foundation investments

in ByteDance, the more active nonprofit and foundation
investors in China, similarly, are also more likely to have
had direct ties to funds investing in ByteDance, which is
FUTURE UNION 25
Table 7. The Summary of Nonprofit and Foundation investments in funds with connections to
ByteDance.

Nonprofits/
Foundations:
Sequoia Capital/HongShan (fmr. Sequoia 13 Menlo Park, CA/Beijing, CHN.
Capital China)
KKR & Co./KKR Asian Fund 7 New York, NY/Hong Kong, HKG.
Qiming Venture Partners 5 Shanghai, CHN.
5Y Capital (fmr. Morningside Ventures) 3 Shanghai, CHN.
The Carlyle Group/Carlyle Asia 2 Washington, DC/Hong Kong, HKG.
Xiang He Capital 2 Beijing, CHN.
FUTURE UNION 26
The U.S. Nonprofit and Foundation Investors invested in funds with ties to ByteDance.
The following are the identifiable U.S. Nonprofits and Foundations investing into funds possibly invested in ByteDance:
Table 8. U.S. Nonprofit and Foundation Summary.
U.S. Nonprofit & Foundations:* Fund/s: Vintage Year/s:
Robert Wood Johnson Foundation (#11) Sequoia Capital/HongShan, Qiming 2020, 2018, 2017, 2016,
Venture Partners, 5Y/Morningside 2015, 2014, 2011
Mayo Clinic (#14) Qiming Venture Partners, Hillhouse 2018, 2016, 2015, 2014
Capital
John D. & Catherine T. MacArthur Sequoia Capital/HongShan, Hillhouse 2018, 2017, 2016, 2015,
Foundation (#20) Capital 2014, 2013, 2011
Andrew W. Mellon Foundation (#21) Sequoia Capital/HongShan, Hillhouse 2018, 2017, 2016, 2015,
Capital 2014, 2013
J. Paul Getty Trust (#23) Sequoia Capital/HongShan, Hony 2017, 2016, 2014, 2013,
Capital 2011
W. K. Kellogg Foundation (#24) KKR Asian Fund 2013
The Leona M. & Harry B. Helmsley Sequoia Capital/HongShan 2017, 2016, 2014, 2013
Charitable Trust (#25)
University of Pittsburgh Medical Center Qiming Venture Partners 2014
(#27)
Rockefeller Foundation (#30) Sequoia Capital/HongShan 2020, 2018, 2017, 2016,
2014, 2013, 2011
Crankstart Foundation (Michael Moritz/ Sequoia Capital/HongShan 2018, 2017, 2016, 2014,
Harriet Heyman) (#39) 2013, 2011
Carnegie Corporation of New York (#42) Sequoia Capital/HongShan, 5Y/ 2020, 2018, 2011
Morningside
Charles Stewart Mott Foundation (#49) Sequoia Capital/HongShan 2013
The Annie E. Casey Foundation (#51) Sequoia Capital/HongShan 2017, 2014, 2011
Richard King Mellon Foundation (#57) Carlyle Asia, KKR Asian Fund 2018, 2017, 2013
John S. and James L. Knight Foundation Xiang He Fund 2019
(#65)
The Heinz Endowments (#83) Hillhouse Capital, Hony Capital, 5Y/ 2018, 2012, 2011
Morningside
MJ Murdock Charitable Trust (#84) Sequoia Capital/HongShan 2014, 2013, 2011
Bush Foundation (#101) Sequoia Capital/HongShan 2019, 2017, 2016, 2015,
2014, 2013, 2010
The Dietrich Foundation (#245) Qiming Venture Partners 2018, 2016, 2014
Peter G. Peterson Foundation (#249) Hillhouse Capital N/A
The Sherman Fairchild Foundation (#301) Sequoia Capital/HongShan 2018, 2017, 2016, 2014,
2013, 2011
FUTURE UNION 27
Dan L. Duncan Family Foundation (#334) KKR Asian Fund 2017

Manton Foundation (#407) KKR Asian Fund 2013
Eric & Wendy Schmidt Fund For Strategic Hillhouse Capital 2019
Innovation (#424)
Pritzker Foundation (#453) Hillhouse Capital 2018, 2016, 2015
Ted Arison Family Foundation (#485) Primavera Capital 2019
Virginia G. Piper Charitable (#487) KKR Asian Fund 2013
Hess Foundation (#506) KKR Asian Fund 2013
Jane & Daniel Och Family Foundation DST Global 2018
(#523)
Pritzker Traubert Family Foundation (#537) Hillhouse Capital 2018, 2015
Steans Family Foundation (#664) Carlyle Asia 2017
Hess Philanthropic Fund (#764) KKR Asian Fund 2019, 2017, 2013
Greehey Family Foundation (#1023) KKR Asian Fund 2017
Big Win Philanthropy (Jamie Cooper) Xiang He Fund 2019
(#1038)
Mimi & Peter Haas Fund (#1039) Qiming Venture Partners 2016, 2014
*The disclosed information is the publicly discoverable reported information and, as noted, it likely underestimates the total number of investments/total amount of the investments, often
by a significant margin. Note: the Capital Allocation figures only represent the available information related to the capital commitment allocated to the specific venture capital or private
equity fund/s, they do not indicate the amount of capital that the funds invested into ByteDance, as a company.
FUTURE UNION 28
F. Alternative Asset Investors: The Funds Invested in ByteDance.

In evaluating the recipients of the Institutional Investors’ capital, the funds themselves that have made direct investments into
ByteDance, the parent of TikTok, are as follows.
Table 9. Private Equity and Venture Capital ties to ByteDance during the company’s fundraising
period (from 2012 to 2022).
Firm: Location:
5Y Capital (fmr. Morningside Ventures) Shanghai, CHN.
Altimeter Capital Menlo Park, CA
The Carlyle Group/Carlyle Asia Washington, DC/Hong Kong, HKG.
Coatue Management New York, NY
DST Global Grand Cayman, CYM.
Fidelity China Special (subs. Fidelity Int’l) London, GBP.
G42 Abu Dhabi, UAE.
General Atlantic New York, NY
Notable Capital/Granite Asia (fmr. GGV Capital) Menlo Park, CA/Singapore, SGP.
Hillhouse Capital Beijing, CHN.
Sequoia Capital/HongShan (fmr. Sequoia Capital Menlo Park, CA/Beijing, CHN.

China)
Hony Capital (subs. Legend Holding) Shanghai, CHN.
K3 Ventures Singapore, SGP.
KKR & Co./KKR Asian Fund New York, NY/Hong Kong, HKG.
Legend Capital (subs. Legend Holding) Beijing, CHN.
New Enterprise Associates Washington, DC
Primavera Capital Beijing, CHN.
Puhua Capital Hangzhou, CHN.
FUTURE UNION 29
Qiming Venture Partners Shanghai, CHN.
Shunwei Capital Beijing, CHN.
Sky9 Capital Shanghai, CHN.
SoftBank Investment Advisors London, GBP.
Source Code Capital Beijing, CHN.
Susquehanna Int’l Group/SIG China Bala Cynwyd, PA
Tiger Global Shanghai, CHN./New York, NY
Xiang He Capital Beijing, CHN.
This also highlights a general trend that, despite the geopolitical our most powerful and prominent pension funds, university
tensions, U.S. fund managers continue investing in the endowments, and nonprofits/foundations have subsequently
startups they view as leading in technology advancement and been involved in, and now may remain to subject to, a
capable of generating higher returns, even if it means ignoring geopolitical risk premium in private market investing that has
the long-term implications of supporting an adversarial been long ignored but resurfaced resulting in vastly reduced
ecosystem. There is a longstanding and ignominious history exit opportunities for Chinese companies like ByteDance.
of many of the most well-known fund managers actively
engaging with China, and capitulating to pressure to provide As a topical primer, in valuing companies, three methods of
access, influence and information in the U.S. in return for valuation are typically used, the comparable transactions
preferential access to the Chinese investment market. As approach, precedent transactions approach, and discounted
this case study demonstrates, these institutional investors cash flow approach. In the two market-based approaches,
have become essential, and often complicit actors in the (a) market comparables approach, similarly situated trading
lucrative but corrupt practices of autocratic regimes, thereby values of companies are assessed and taken into account in
permitting the ancillary knowledge-sharing and escape of terms of peer, competitors (which is challenging in the more
sensitive information that has functioned as a channel — and opaque, nontradable private market lacking such public market
windfall — advancing the innovation of foreign adversaries. comparisons). In the (b) precedent transaction method, investors
look at similarly situated startups and their reported transaction
As our prior Rubicon Report illustrated, and this targeted sale prices through mergers and acquisition processes or an
ByteDance-related evaluation indicates, U.S. limited partners initial public offering listing to assign a comparable value to
have sought access to the best investments in China, the other companies. The most quantitative, an intrinsic value
most notable of which is likely ByteDance, and many of approach, the (c) discounted cash flow evaluates the cash flows
FUTURE UNION 30
of a particular company, together with the market opportunity investors. Yet it is a resolution that is unlikely to be duplicated
and the specifics of the specific entity, and projects out the in any of the many, lower profile Chinese-related investments.
future cash flows of that company before applying a terminal
valuation (for the value in perpetuity) and then discounts this This report illustrates the prior, and existing, deeply
whole series of cash flows though a discount rate back to intertwined nature of Chinese investors in U.S. startups,
the present to arrive at an estimate of value for a company. especially with public pension, endowment, and foundation
Embedded in that discount rate, the critical aspect is what is source capital invested in the most prominent startups in the
included - or excluded - in private equity and venture capital U.S. and abroad. This also offers a warning of the challenges
(especially at the later, growth equity stage where cash flows of disentanglement. Yet in our research, such investments
are more discernable) valuation and whether a true accounting continue. Thus, ByteDance is a striking example, but one that
of the risk premium encapsulates geopolitical uncertaintainty, is quite commonplace and pervasive in the finance community.
thus, risk. In the past, that discount rate, which is subjective, in This is a reminder of the complexity of the situation of U.S.
theory should account for all risks. Thus, the proper discount investors in China, and vice versa - and the geopolitical
rate includes numerous implied risks that are quantified. And risks inherently facing investors in far more companies than
in cases where greater risk exists, andhigher the variability ByteDance. ByteDance is merely the most visible example -
to the cash flows - the greater the risk premium applied - lacking clean, clear exit paths - and reinforcing the new lesson
and larger the discount, based on the greater uncertainty in of the risks of investing in China and other non-rule of law
receiving the cash flows in the future. The higher the implied and accountable countries. This should serve as a warning, and
risk the higher the discount rate is and the lower the value, a catalyst, prompting a reevaluation by the public pensions,
and vice versa. And while estimated discount rates will differ endowments, and foundations that have been complicit in
between companies, markets and geographical areas, due to permitting our venture fund and private equity funds to make
judgments by different valuation experts around some of the bold investments, that are now uniquely identifiable as those
key components of the discount rate, the risk premium for of our own country’s undoing, like ByteDance, undermining
countries that do not follow rule of law principles or, in the democracy’s technology supremacy and geopolitical standing.
case of ByteDance, and the inability to extract value from
those disparate, unaccountable regimes has been largely In the competition between the U.S. and rogue autocrats such
ignored. That should be a lesson both, now and in the future as China, the new onus is on these institutional investors to
in light of the TikTok quandary, serving as a pertinent, high regain their rightful place of proper oversight, given their
profile example of the risk in a flawed evaluation process. prominence and critical role in supplying the source fuel
of capital for the economic investment engine that venture
However, even with the significant attention, and pressure capital and private equity funds are reliant. The size and
exerted on ByteDance/TikTok, it would be foolish to assume significance of these pension, endowment, and foundations
that the eventual exit and resultant returns for ByteDance coffers is notable, yet illustrative more for a history of
investors will be regretable, as the single largest lesson that general reticence to take a leading role, thereby abdicating
has emerged from investing in China is that pecuniary gain such responsibility, and leaving such decisions to the venture
tends to follow outsized power and influence, especially with and private equity fund managers. Thus, these institutional
so many prominent and powerful institutions and individuals investors can either continue to be enablers, permitting wide
having a vested financial interest. Thus, our prediction is that latitude to fund managers and facilitate investment actions
this issue will be resolved with investors extracting a equitable that support our foes, or they can become conditional choke
windfall that results in an extraordinary outcome for the noted points modulating the funds and demanding that no further
capital is invested in support of rogue autocratic innovation.
FUTURE UNION 31
III. Conclusion.
Reevaluation and incorporation of Geopolitical Risk Premium into Private Investing.
As the past few weeks have proven, our legislative overwhelming pursuit of maximizing returns on their behalf.
process can be slow and unwieldy, yet when faced with an The argument that underlies the prior Report is not based on
indisputably stark national threat, our elected leaders can find advocating for justice or virtue, it is one motivated by the
the necessary bipartisanship to reach a consensus and take dual self-interested, capitalistic pursuits of safeguarding and
action on important issues. Additionally, the decisive and maintaining the long-term superiority of democratic-led, free
dramatic leadership shown by the White House, Senate, and market capitalism (perhaps at the expense of short-term return
House of Representatives has also revealed the scope and optimization) and a re-evaluation of the long unaccounted for, but
importance of the economic influence, which both TikTok/ ever present, externality of geopolitical risk in such investments.
ByteDance served as a barometer, to China and the Chinese
Communist Party. With the recent passage of the House of As detailed herein, many of the largest capital allocators
Representatives and Senate bill, followed rapidly with a and institutional investors have been directly or indirectly
signature by President Biden, the next step is likely ByteDance supporting ByteDance successes through their investments, and
seeking court relief under First Amendment grounds. expected to reap lucrative rewards upon a sale or public listing.
Recent events have undermined the near-term certainty of such
While Congress has aggressively pushed the TikTok issue to plans, which also has numerous implications for the investors,
the forefront of public conversation, conversely the CCP and especially those public pensions, university endowments, and
ByteDance have continued to actively lobby Congress and the foundations detailed herein that have short-term cash needs.
U.S. public attempting to reduce the separation of the business This affects their ability to both realize the returns and reap the
entities. And, perhaps more revealing has been the intensity cash flow distributions that many predictably expected. It is a
of efforts and attempts by China and the CCP to thwart such window into the power dynamics of how investments in China
restrictions, inadvertently signaling the importance of TikTok have undermined the U.S. long-term interests in technologies
and value the CCP has received in having TikTok in America. such as semiconductors, biotechnology, artificial intelligence,
Thus, as we have witnessed with the force of the “charm” robotics, and even the space race. The TikTok issue is the
campaign offensive that China marshalled in Washington, topical issue of today, but far larger and more consequential
D.C. when the threat of forced divestiture of TikTok from decisions by the U.S. and our allies are upcoming.
the national darling, ByteDance, reflects a sobering reality
of the critical importance, and information, TikTok, is The venture capital and the private equity industry have,
harvesting. This also demonstrates an unequivocal admission either by complicity or ignorance, failed to internalize a
of the power of the application’s data, as well as the influence risk premium for nonmarket, anti-democratic noncompliant
that capitalism, indirectly, can have on Chinese actions. systems that defy the rule of law in private capital investing.
ByteDance offers a compelling example for why a re-
As a venture capital investor (and former lawyer), I am evaluation and incorporation of a risk premium component
attentive to the fiduciary responsibilities corresponding with for geopolitics is not only necessary, but critical, in any
limited partners’ entrusting their capital to investors and the evaluation of foreign company investment. As we have
FUTURE UNION 32
illustrated, it is not merely a risk of corporate failure or

impertinent and unpredictable regulation, it is the wholesale
chilling of opportunities that must be accounted for. Thus,
in a new era of investing where geopolitics is at issue, the
decade-long strategy permitting a singular focus on funds that
can take for granted exits are likely - and distributions can be
obtained and extracted - has proven to be unjustifiably naive.
Future Union’s goal is to encourage companies and leaders

to champion democratic ideals, as well as hold companies,
institutional investors, asset managers and fund managers
accountable when they renege and abdicate the mutuality
of an implied contract of safeguarding free markets and the
importance of preserving democracy. The untold power and
influence that that titans of the global financial system cannot be
overstated, or overlooked, and now is the time for more principle
stances than such global actors have demonstrated in the past.
Data Last Updated: April 22, 2024.

The analysis and recommendations presented in this report are solely of Future Union’s authors and neither reflect the views of individuals consulted nor any U.S. government
organization. Moreover, any officials, investors, and experts consulted participated solely in their personal, and non-institutional, capacity.
FUTURE UNION 33
G. APPENDICES.
APPENDIX 1: SELECT INVESTMENTS BY FUNDS INVESTED IN BYTEDANCE/TIKTOK.
Table 10. Select Investments by U.S. and Chinese funds simultaneously invested in ByteDance.
Fund/Manager: AUM ($U.S. Location: Description: Investment/s:

billion):
G42 $1,500 Abu Dhabi, Abu Dhabi, UAE-based investment firm ByteDance, Analog,
ARE. and AI-focused holding group founded InstaDeep, Beyond
in 2018 and led by Sheikh Tahnoon bin Limits, Jollychic, Mena
Zayed, member of the UAE’s royal family Mobile, The Applied AI
and brother of UAE president Mohamed Company
bin Zayed Al Nahyan and a former
national security adviser. G42 is also
the holding company of G42 Expansion
Fund and MGX, an ambitious $100
billion AI-focused fund, alongside Abu
Dhabi’s sovereign wealth fund, Mubadala.
Reportedly sold entire stake.
GIC Private Limited $768 Singapore, Singapore-based sovereign wealth fund ByteDance, Meituan,
SGP. that manages the countries foreign Doordash, Affirm,
reserves. It was established by the Snowflake
Government of Singapore in 1981 as the
Government of Singapore Investment
Corporation (GIC), alongside the other
sovereign wealth fund, Temasek Holdings
(~$630 billion).
KKR & Co./KKR Asian $510 New York, NY New York-based, global investment ByteDance, Capital
Fund firm founded in 1976 which maintains a Grand, Cue, Gambol,
significant presence in Asia. The company Huohua.cn, Yuguan,
has raised several funds dedicated to Moody, Suishou Tech,
investing in the Asia Pacific region, Pharmplus, Tarena,
including the $15 billion Asian Fund IV. Kareway Health
The Carlyle Group/ $381 Washington, Washington, D.C.-based investment firm ByteDance, Ant
Carlyle Asia DC/Hong founded in 1987. The firm boasts more Financial, BiOligo
Kong, HKG. than 324 investment vehicles and has a Biotech, Fang Holdings,
significant presence in Asia and manages Shenzhen Salubris
five Asia buyout funds worth a total of Pharmaceutical, Spiber,
$15.55 billion including the Carlyle Asia SeQuent Scientific
Partners V Fund, which closed at $6.55
billion in 2018.
SoftBank Investment $154 London, GBR. London-based growth equity investment ByteDance, Koubei,
Advisors firm founded in 2017 and affiliated with Abogen, AInnovation,
the Japanese conglomerate, Softbank Agile Robots, Alibaba
Group. Founder Masayoshi Son reportedly Group, Beisen, Beike
holds a Board Observer seat at ByteDance.
Ownership of ByteDance estimated at less
than 5% as of 2020.
FUTURE UNION 34
Sequoia Capital/ $85 Menlo Park, Menlo Park, CA-based venture capital ByteDance, Full-
Sequoia Capital China CA/Beijing, firm that was founded in 1972. The firm Life Technologies,
(renamed HongShan in CHN. invests from early-stage to growth-stage Dianxiaomi, Powerlaw
China) and is one of the most prominent in China AI, Huaxuan Sensing,
through its subsidiary, Sequoia Capital Tastien, Ant Group,
China, renamed HongShan upon a split DiDi Global, DianPing.
in 2024, and raised an $8 billion fund com, Meituan,
(on top of the prior $56 billion) to invest AutoNavi, Klook
in Chinese technology companies and Travel, SZ DJI
collaborates with the Huatai Ruilian Fund Technology, JD.com
and ZhenFund. Founder Masayoshi Son
reportedly holds a Board Observer seat at
ByteDance. GP Neil Shen reportedly holds
a Board seat at ByteDance. Ownership of
ByteDance estimated at more than 10% as
of 2020.
Tiger Global $75 New York, NY New York-based investment management ByteDance, Xihuang
firm that was founded in 2001 by Chase Technology,
Coleman. The firm invests across NowCoder, WATI.io,
asset classes, including investments in BiliBili, Dianxiaomi,
venture capital. At a peak of investing, Zuoyebang, JD Health,
its investment in China made up nearly Meituan, DiDi Global,
half its portfolio at its apex. Tiger Global Weidian, Alibaba
reportedly deployed more than $2 billion Group, JD.com
into secondary acquisitions of ByteDance
in transactions between 2018 and 2021,
making it the firm’s largest private
company holding.
General Atlantic $73 New York, NY New York-based global investment firm ByteDance,
that was founded in 1980. The firm Beijing Dream
focuses on buyouts and growth capital Plus Information,
investments across various sectors. CEO CANbridge Life
Bill Ford reportedly holds a Board seat Sciences, LePure
at ByteDance. Ownership of ByteDance Biotech, Harmay,
estimated at less than 5% as of 2020. Ant Group,Meituan,
AutoNavi, eLong,
Alibaba Group
Hillhouse Capital $73 Beijing, CHN. Beijing-based global investment ByteDance, Yitu
management firm investing in early-stage Technologies, iFlytek,
and growth-stage companies. The firm was JD.com, Tencent
founded in 2005 by Zhang Lei with $20
million from the endowment at Yale, his
alma mater. Hillhouse Capital has raised
several large funds, including the $10.6
billion Hillhouse Fund IV. Ownership of
ByteDance estimated at less than 0.5% as
of 2020.
FUTURE UNION 35
DST Global/Apoletto $50 Gr. Cayman, Cayman Islands-based venture capital and ByteDance, Fenbeitong,
CYM. private equity firm, previously a spinoff TEAKOO, Fiture
of founder Yuri Milner’s Russian-based Technology, WATI.io,
Deep Sky Technologies, founded in 2009. AutoNavi, DiDi Global,
Apoletto is the investment vehicle of a Meituan, Weidian,
foundation affiliated with Yuri Milner. Alibaba Group,
DST focuses on late-stage investments JD.com, Tencent
globally, including in China and Russia. Holdings, Baidu
The majority of investments are non-U.S.
companies. DST has more than $7 billion
allocated to the consumer-internet sector.
A number of databases list ownership of
Yuri Milner as an individual, Apoletto and
DST Global, for brevity which have been
combined.
Coatue Management $42 New York, NY New York-based global investment ByteDance, Ant Group,
management firm, primarily a hedge fund Meituan, DiDi Global,
but with a private equity arm, that invests Weidian, DeSleep,
across asset classes. It was founded in Mech-Mind, Xiaopiu.
1999 and led by founder and portfolio com, Rox Motor,
manager Philippe Laffont. The firm Guangzhou Xiaopeng
invests in public and private markets. Motors Technology
Founder Philippe Laffont reportedly holds
a Board seat at ByteDance. Ownership of
ByteDance estimated at less than 5% as of
2020.
Dragoneer Investment $25 San Francisco, San Francisco-based investment firm, ByteDance, Nice
Group CA primarily a hedge fund but with a private Tuan, Guazi Used
equity arm, and was founded in 2012. Car, Shanghai Yunli
The firm invests globally in both public Info Tech, Ant Group,
and private markets and manages private Alibaba Group
growth equity funds that provide funding
to private technology companies.
Technology Crossover $21 Menlo Park, Menlo Park-based global venture fund ByteDance, Klook
Ventures (TCV) CA founded in 1995. The firm was founded by Travel, Renren
Richard Kimball and Jay Hoag investing Technologies
in late and growth-stage startups. The firm
has built a track-record of backing private
and public businesses across internet,
software, fintech, and enterprise IT and
has more than 350 companies in the
portfolio having invested more than $13
billion.
New Enterprise $20 Menlo Park, Menlo Park-based global venture capital ByteDance, InCarey,
Associates (NEA) CA firm that was founded in 1977. The fund Simple Psychology,
invests in early-stage and growth-stage Gushengtang Holdings,
companies across a wide range of sectors. Blue Ocean Smart
While lacking a dedicated Chinese System, DiDi Global,
investment arm, NEA invests directly Zuoyebang, Weidian
in Chinese startups and funds, such as
Northern Light Ventures.
FUTURE UNION 36
Primavera Capital $20 Beijing, CHN. Beijing-based multi-stage asset manager ByteDance, Alibaba
founded in 1995 by Fred Hu, economist Group, Xpeng, Yum
and former chairman of China for China, Junlebao, Ant
Goldman Sachs. Primavera invests from Group, Sensetime,
early-stage to late-stage growth capital Paradigm, Analytical
and private credit. Primavera has offices Bioscience
in Beijing, Hong Kong, Singapore and
Silicon Valley. The firm has invested in
over 90 portfolio companies.
Altimeter Capital $18 Menlo Park, Menlo Park-based and is primarily a ByteDance, Pinduoduo,
CA hedge fund, with a significant public Snowflake, Unity,
and private portfolio of investments, Twilio, Okta
that was founded in 2008. Founded by
Brad Gerstner, the firm makes later-
stage growth equity and public market
investments in technology, consumer
products and services, gaming, retail,
and transportation sectors. Preferring
to invest in information technology and
B2C restaurants, the hedge fund takes a
private equity approach to public market
investing, taking long and short positions
in companies.
Hony Capital (Legend $13 Beijing, CHN. Beijing-based private equity firm founded ByteDance, Viu,
Holding subsidiary, in 2003 with capital from Legend FibroGen, Zoomlion,
owner of Lenovo Holdings, the controlling shareholder of Happigo, Neusoft,
Group) the Lenovo Group, of which it remains Linmon Pictures,
a subsidiary. Hony invests across sectors Pharmplus, I-Mab Bio
but started by specializing in private
equity buyout before expanding into
real estate, venture capital, hedge fund
(Goldstream), and mutual funds (Hony
Horizon Fund). It has made more than 100
investments in China.
Qiming Venture $10 Shanghai, Shanghai-based venture capital firm that ByteDance, Musical.Ly,
Partners CHN. was founded in 2006. The firm invests in Nice Tuan, ChemLex,
early-stage and growth-stage companies Supermag Motor,
in China’s healthcare, technology, and BiliBili, ACXEL, Prcxi,
consumer sectors. Reportedly exited stake Meituan, Ailomics,
in ByteDance in 2019. Xiaomi, Meituan-
Dianping, Bomming
Vision
FUTURE UNION 37
GGV Capital (renamed $10 Menlo Park, Menlo Park-based venture capital firm ByteDance,
Notable Capital/Granite CA/ Hong that was founded in 2000 by Hans Dianxiaomi, Nice
Asia) Kong, HKG. Tung and Jenny Lee. In 2015 and 2016, Tuan, Ronovo Surgical,
GGV invested in Musical.Ly with Yunmanmanlengyun,
Tung an acting board member before MOODLES, Saphlux
its acquisition by ByteDance in Nov. (China), Full Truck
2017. and The firm focuses on multi- Alliance, Face++,
stage investments in seed-to-growth AutoNavi, Musical.
stage companies. The firm has a diverse Ly, DiDi Global, Ant
portfolio of companies, with over Group, Alibaba Group
320 active companies in the portfolio.
Reportedly exited stake in ByteDance in
2018.
Legend Capital $5 Beijing, CHN. Beijing-based, venture capital and private ByteDance, Tuhu,
equity firm founded in 2001, and a Gambol Pet Group,
subsidiary of parent, Legend Holdings, YaDuo, Wish Shopping,
affiliated with Lenovo Group. The firm Axonics, Fairlubo,
focuses on the early-stage and growth- Luckin Coffee
stage opportunities in China that are
relevant to the Chinese economy. It
manages five USD funds and two RMB-
denominated funds and has more than 600
portfolio investments.
Source Code Capital $5 Beijing, CHN. Beijing-based, venture capital firm ByteDance, Metuan,
founded in 2014 by Cao (Charlie) Yi. KE Holdings,
Charlie Yi, who worked at Sequoia YunQuNa, Taichi,
Capital China and Ceyuan Ventures. It che300, Edianyun,
has become known as one of China’s KEYi Tech, Biren Tech,
most influential funds. The firm invests Hai Robotics, Yihang.
in early-stage and late-stage startups AI, Li Auto
focused on industrial digitization, artificial
intelligence, intelligent manufacturing,
retail tech, healthcare, biotech, and green
development. Ownership estimated at less
than 5% as of 2020.
5Y Capital (fmr. $5 Shanghai, Shanghai-based early-stage and growth- ByteDance, Xiaomi,
Morningside) CHN. stage investment firm, formerly known ifeng.com, Ctrip,
as Morningside Venture Capital, which Xunlei, Kingsoft Office,
was founded in 2008 and is a subsidiary Didi, Xpeng Motors,
of Hong Kong-based Morningside Group. Sensetime, Pony.
The fund prefers to invest in industries ai, PingCAP, XtalPi,
like manufacturing, biotechnology and Xpeng Huitian, Hai
healthcare, consumer goods, fintech, and Robotics
artificial intelligence.
FUTURE UNION 38
Susquehanna $4 Bala Cynwyd, Philadelphia-based hedge fund founded ByteDance, Integle,

Group Investments/ PA in 1987. The firm is notable as one Insurance Geek,
Susquehanna Int’l of the earliest, and largest owners, in Guoranbot, RestCloud,
Group (SIG China) ByteDance. SIG is the venture capital arm J&T Express,
of Susquehanna Asia Investments founded Weltmeister, XtalPi
in 2006, the firm has made more than Technology, Empower
350 investments and had 70 exits having Education Online,
invested more than $3.5 billion through its Aruna, Kaodim, Pluang,
venture fund, called SIG China. Founder, AsiaKredit, Musical.Ly
Jeff Yass has received considerable
attention in advocating against severing
TikTok from ByteDance. Founder Arthur
Danchik reportedly holds a Board seat
at ByteDance. Ownership of ByteDance
estimated at 15% as of 2020.
Greylock Partners $4 Menlo Park, Menlo Park-based venture capital firm Musical.Ly
CA that was founded in 1965. The firm invests (ByteDance),
across both early-stage and growth- MechaniX, GrowingIO,
stage companies, primarily focusing Huoli Tianhu
on consumer and enterprise software Technology, Hoolai
sectors such as AI, crypto, commerce, Game
cybersecurity, fintech, health tech. While
lacking a dedicated Chinese investment
arm, Greylock invests directly in Chinese
startups and funds, such as Northern Light
Ventures.
DCM Ventures $4 Menlo Park, Menlo Park-based, cross-border venture Musical.Ly
CA capital fund that was founded in 1996. (ByteDance), Fancy
DCM invests in early-stage and growth- Technology, Kuaishou
stage companies in the mobile, consumer Technology, Sensors
internet, communications, and service Data, Tiamat World,
sectors. Peidun, ExploMar,
Tuniu, Maimai
K3 Ventures $3 Singapore, Singapore-based, venture capital firm ByteDance, Merkle
SGP. that was founded in 2015 by Meng Xiong Science, LingXing,
Kuok. The well-known firm focuses on Gokomodo, KYAN
early-stage and late stage startups and Therapeutics, Zanadu,
has made more then 123 investments WeRide, Wiz.AI, Grab
predominantly in China and Asia.
Shunwei Capital $3 Beijing, CHN. Beijing-based venture capital that was ByteDance, Xiaomi,
founded in 2010 by former Xiaomi Huami, iQiYii
founder Lei Jun and Tuck Lye Koh. The
firm focuses on early-stage and growth-
stage investments in the technology
sector.
Puhua Capital $3 Hangzhou, Hangzhou-based venture capital firm ByteDance, Vipmro,
CHN. founded in 2004. The firm seeks to invest Keku Medical, Defeng
in the internet, health, and technology Technology, Pony.ai,
sectors. They typically invest in early to Tujia, Huasun Energy,
middle-stage startups and infrastructure- Weining Energy
related investments.
FUTURE UNION 39
Esas Private Equity $2 Istanbul, TUR. Istanbul, TUR-based venture capital ByteDance, Locale,
firm founded in 2000 by the family of Flok, Aviron, Kalshi,
Sabancı. Esas Ventures is the venture mPharma, Misfit
capital arm of Esas Holding, the largest Markets, Alto, Deel,
family-owned investment firm in Turkey, Tarentum, Ossia, Rubi
backed by the first and second generation Brands, Frontier, Vitua,
of family members of Şevket Sabancı, one Lume, Chiper, Seer,
of the five founding members of Turkish Mayan, Wonder Brands
conglomerate Sabancı Holding. Esas
Holdings invests in various asset classes
globally including private equity, real
estate, venture capital.
Sky9 Capital $2 Shanghai, Shanghai-based venture fund founded in ByteDance, Amber
CHN. 2011 and was founded by Cao Darong, Group, Shoplazza
who ran KLM Capital Fund’s crossborder
investments and worked for Intel,
Motorola, and Goldman Sachs. The firm
invests in early-stage and growth-stage
startups. It invests primarily in Chinese
startups but also U.S. companies. The firm
has invested in over 100 companies. As
of July 2022, it has raised more than $239
million from U.S. investors across two
new funds.
Fidelity China $2 London, GBR. London-based multi-stage asset ByteDance, Alibaba,
Special (Fidelity Int’l manager was founded in 2010. Fidelity Tencent, HiSense, Pony.
subsidiary) International is the parent of China ai
Special Situations and is the international
arm of Fidelity Investments. The firm
focuses in Asia on the small and mid-
cap public and private market. Fidelity
China Special Situations PLC is focused
on long-term growth opportunities in
China and is the UK's only £1bn China-
focused investment trust. Fidelity China’s
portfolio is primarily securities issued by
companies listed in China and companies
with significant interests in China.
Aglaé Ventures $1 Paris, FRA. Paris-based venture fund and family ByteDance, Slack,
office founded by Bernard Arnault, Airbnb, Noom, Spotify
controlling shareholder of LVMH. The
firm typically invests in private equity
and venture capital globally at both early
and late stages in technology and asset
light activities and has more than 45
investments.
Xiang He Capital $1 Beijing, CHN. Beijing-based venture capital firm ByteDance, Kowloon,
founded in 2016 by former Chinese- iQiYi, VIPKID, Senyi
search firm, Baido, Hesong Tang. The
firm focuses on early and growth-stage
investments in China’s telecom and media
industry. Xiang He Capital has raised two
collar-denominated venture funds.
FUTURE UNION 40
Alpha Square Group $1 New York, NY New York-based single family office ByteDance, MissFresh,
that was founded in 2015. It invests in Xiaomi, Kyligence,
global startups typically at the late stage. FlashEX, Meituan,
It prefers to invest in China but has fewer VIPKid, Kuaikan
than 25 startup investments. Comic
Spur Capital Partners $1 Bartlesville, Bartlesville, OK-based venture fund-of- ByteDance, Amperity,
OK fund Oklahoma and was founded in 2001. Anduril, Thoughtspot,
Spur is an investor in other venture capital Bird, Udaan,
funds and raised a $200 million, seventh RocketLab, SpaceX,
core fund. Palantir, Ripple,
Postmates
FutureX Capital $1 Beijing, CHN. Beijing-based venture capital fund ByteDance, Kingsoft
founded in 2018 by Cynthia Zhang and Cloud, Meituan, NIO,
the former China AMC Private Equity PingCAP, UnionTech,
founding team. FutureX Capital prefers Smartsens
medium to late-stage growth investing
focusing on China's growing high-tech
enterprises with subversive innovation,
attaching importance to value creation
and industrial empowerment, and
prefers to actively participate in the
full cycle of the startup and investment
development. It attracts a wide range
of industrial resources, financial and
expert networks, preferring to conduct
multi-faceted exchanges and cooperates
with entrepreneurs, gather top-level
knowledge, and formulate insights and
cross-industry synergies.
Base Partners <$1 São Paulo, São Paulo-based venture capital firm was ByteDance, Zoom,
BRA. founded in 2017 and is led by Fernando NuBank, UIPath, Virta
Spnola and Arthur Mizne, as well as Health, MPL, Docker
43 limited partners including Brazil’s
wealthy families. The firm invests in
late-stage, growth equity globally and
has raised two funds and $210 million to
invest next in LatAm. ByteDance is its
only Chinese investment.
Ether Capital <$1 Beijing, CHN. Beijing-based venture capital and ByteDance
advisory service firm founded in 2014
following the initial personal investment
by Zijing Zhou in ByteDance Seed round.
Few details are available but it seems to
invest solely in early-stage startups.
Loyal Valley Capital <$1 Shanghai, Shanghai-based asset manager founded ByteDance, UNISOC,
CHN. in 2014 by Andy Lin. The firm invests in Xinshixiang, BaYi
late-stage, growth companies in China in Space, SeeYA
manufacturing, healthcare and consumer Technology, JW
industries Therapeutics
FUTURE UNION 41
Market X <$1 San Francisco, San Francisco-based venture capital ByteDance, Meituan,
CA and investment management firm that NeuReality
was founded in 2015. The fund focuses
on six sectors, including transportation,
industry cloud, new financial services,
creative living, metaverse/blockchain, and
lifestyle/education.
Next Play Capital <$1 San Francisco, San Francisco-based venture capital ByteDance, Axiomatic,
CA founded in 2014 by former American Brandless, Carta,
football player Ryan Nece. The firm Flexport, Hims,
combined with Next Legacy and focuses NextVR, Walker &
on direct and co-investment venture Company, Tonal
capital and private equity opportunities
for family offices.
Octahedron Capital <$1 Hillsborough, San Francisco-based firm is primarily ByteDance, Monzo,
CA a hedge fund with a globaltechnology Udaan, Rappi
investment strategy, that was founded in
2020 by former Altimeter Capital partner,
Ram Parameswaran. The firm invests in
public and private companies. Reportedly
it acquired its ByteDance stake in July
2020 in a secondary purchase from
the founders of ByteDance-acquired
Flipagram.
Proioxis Ventures <$1 Singapore, Singapore-based investment firm founded ByteDance, Triller,
SGP. in 2013. The firm invests in global venture SpaceX, Grab,
capital and bridges the gap between Discord, Coinbase,
individual investors and institutional Juul, Adaptive Bio,
venture capitalists. Ethereum, N26,
Luminar
Rencent Capital <$1 Qingdao, Qingdao, China-based professional ByteDance, CALB,
CHN. investment manager founded in 2019 BYD Semiconductor,
and is an operating segment of Rencent E-Town Semiconductor,
International. The firm makes public PingCAP, BioNova
and private investments and is an asset Pharmaceuticals, Haihe
manager and strategic partner in China Biopharma, ClinChoice
of Sequoia Capital, Hillhouse Capital,
Firstred Capital, CICC Capital and CDH
Venture Capital.
Rhea Fund <$1 Vancouver, Vancouver-based venture firm was ByteDance, Dataminr,
CAN. founded in 2017 and makes investments Impossible Foods
in early-stage startups. It is aligned with
family offices and invests globally.
Starling Ventures <$1 San Francisco, San Francisco-based venture capital ByteDance, Instacart,
CA firm founded in 2011 by Matt Huang, Coinbase, Ginkgo
managing partner of Pradigm crypto- Bioworks, Armory,
focused investment fund, through his Ironclad, Forge, Rescale
personal investment vehicle, which has
invested in more than 100 startups.
* Select investors in ByteDance are profiled, while select investors in previously acquired Musical.Ly are separated but noted.
FUTURE UNION 42
FUTURE UNION
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FUTURE UNION

TikTok: The Tip of America’s

The Institutional Investors and Private Funds Invested in ByteDance

© 2024 Future Union. All rights reserved. This publication may

Future Union | Ferry Building 1 | Suite 200 | San Francisco, CA 94111

Appendix 1. Detailing Select Investments by ByteDance Investors 34

Table 1. Identifiable fundraising by ByteDance since inception. 6

FOREWORD AND METHODOLOGY

II. Shadow Profiteers: The ByteDance Spotlight

U.S. institutional investors:

Table 1. Reported fundraising by ByteDance since incorporation.

Secondary Transaction June 1, 2018 Tiger Global. Tiger Global begins

Secondary Transaction July 1, 2020 Octahedron Capital, Sequoia Reportedly Octahedron

Funding Round: Date: Firm: Additional:

Musical.Ly. Acquisition December 19, 2017 – Reportedly acquired for $1.0

C. U.S. Public Pensions.

Technology Crossover Ventures (TCV) 14 Menlo Park, CA

The Carlyle Group/Carlyle Asia 12 Washington, DC/Hong Kong, HKG.

Hony Capital (subs. Legend Holding) 8 Shanghai, CHN.

Hillhouse Capital 5 Beijing, CHN.

Legend Capital (subs. Legend Holding) 3 Beijing, CHN.

Los Angeles Fire & Police Pension System (CA) <$100

Notable Capital/Granite Asia (fmr. GGV 5 Menlo Park, CA/Singapore,

Hony Capital (subs. Legend Holding) 2 Shanghai, CHN.

Table 6. U.S. University Endowment Summary.

E. U.S. Nonprofits and Foundations.

With regard to U.S. nonprofits and foundation investments

Firm: Number of Location:

Hillhouse Capital 9 Beijing, CHN.

Qiming Venture Partners 5 Shanghai, CHN.

5Y Capital (fmr. Morningside Ventures) 3 Shanghai, CHN.

The Carlyle Group/Carlyle Asia 2 Washington, DC/Hong Kong, HKG.

Xiang He Capital 2 Beijing, CHN.

U.S. Nonprofit & Foundations:* Fund/s: Vintage Year/s:

Dan L. Duncan Family Foundation (#334) KKR Asian Fund 2017

F. Alternative Asset Investors: The Funds Invested in ByteDance.

5Y Capital (fmr. Morningside Ventures) Shanghai, CHN.

Altimeter Capital Menlo Park, CA

The Carlyle Group/Carlyle Asia Washington, DC/Hong Kong, HKG.

Coatue Management New York, NY

DST Global Grand Cayman, CYM.

Fidelity China Special (subs. Fidelity Int’l) London, GBP.

G42 Abu Dhabi, UAE.

General Atlantic New York, NY

Hillhouse Capital Beijing, CHN.

Sequoia Capital/HongShan (fmr. Sequoia Capital Menlo Park, CA/Beijing, CHN.

K3 Ventures Singapore, SGP.

Legend Capital (subs. Legend Holding) Beijing, CHN.

New Enterprise Associates Washington, DC

Primavera Capital Beijing, CHN.

Puhua Capital Hangzhou, CHN.

Qiming Venture Partners Shanghai, CHN.

Shunwei Capital Beijing, CHN.

Sky9 Capital Shanghai, CHN.

SoftBank Investment Advisors London, GBP.

Source Code Capital Beijing, CHN.

Susquehanna Int’l Group/SIG China Bala Cynwyd, PA

Tiger Global Shanghai, CHN./New York, NY

Xiang He Capital Beijing, CHN.

illustrated, it is not merely a risk of corporate failure or

Future Union’s goal is to encourage companies and leaders

Data Last Updated: April 22, 2024.

Fund/Manager: AUM ($U.S. Location: Description: Investment/s: