DCM (formerly Doll Capital Management) was co-founded in 1996 as an investment firm targeting early-stage companies[3] by David Chao and Dixon Doll.[1][4] It now has operations in Silicon Valley, Tokyo and Beijing.[5][6] The company has mostly invested in start-ups in the U.S., China, Japan and South Korea[7][8][3] but does have additional investments in Europe, the Middle East and Latin America.[9]
DCM general partners include David Chao and Jason Krikorian in the U.S.; Hurst Lin and Ramon Zeng in China; and Osuke Honda in Japan.[10] Kyle Lui is an additional investment partner in the U.S.[10]
In 2021, Business Insider revealed that DCM's 2014 flagship fund is set to generate $10 billion and a 30x return multiple, making it one of the top performing venture funds in recent history.[11]
In 2020, DCM raised $880 million for its global family of investment funds.[1] The committed capital includes $780 million for DCM IX, its largest global fund to date, and $100 million for its third A-fund dedicated to global seed-stage investments.[12][13] Since its last fund, DCM has had 17 liquidity events, including Careem (acquired by Uber), Pony.ai, Wrike and Musical.ly (now TikTok).[12]
In 2016, DCM raised $770 million for its investment funds.[14] The firm runs a flagship fund for early-stage companies, a growth-stage investment fund (its Turbo Fund),[15] and the A-Fund, an Android-focused VC fund that targets mobile and emerging platforms from early stage companies.[3] In total, it has about $3.5 billion under management.[5] Between 2013 and 2016, DCM returned $1.5 billion to its investors in profit upon exits from various investments previously under management.[16]
^Geron, Tomio (2020-07-14). "WSJ PRO VENTURE CAPITAL NEWSLETTER: DCM Gathers $880 Million for Funds; How Silicon Valley Leaned on PPP; Foghorn Therapeutics Forms $425 Million Pact With Merck". The Wall Street Journal.
