According to BlockBeats, on September 23, Fortune reported that David Gan, a former Huobi employee who was selected for the Asia Forbes Under 30 list in 2019, founded his own venture capital fund, originally named OP Crypto.
In its prime in 2021, the fund attracted heavyweights such as Bill Ackman, Garry Tan and Alan Howard as limited partners in its $50 million fund. OP Crypto, which changed its name to Inception Capital this year, has performed well, including completing a $30 million fund raise in early 2024 and expanding its assets under management to nearly $100 million, according to the company’s latest U.S. SEC filing.
But in May, Gan sent a cryptic email to limited partners (LPs). His father, a retired senior Chinese official from Wuhan, Hubei, China, was under investigation. Gan was traveling to China to help. It was the last investors heard from him in more than a month.
During Gan’s absence, some confused limited partners said they voted to liquidate the company in an orderly manner in his absence. During the vote, Gan returned and agreed to relinquish key responsibilities at the company. Today, Inception is at a crossroads, with the company continuing to manage its holdings but agreeing not to use the remaining 25% of uninvested funds.
Inception said it plans to formally launch a program in October that would allow limited partners to invest the rest of the money, though that may not be the most appealing option for a company that has experienced turbulence over the past few months. After pausing investments, Inception laid off half of its staff.
