The fund primarily invests in startups in China, particularly in the fields of EBooks and Education. It typically participates in rounds with five other investors, including Sunlands Online Education Group, Matrix Partners China, and China Culture Industrial Investment Fund. Some of its notable portfolio startups include Haixue, and it tends to invest in companies that are between 6-10 years old. Despite being involved in less than two deals per year, 2017 was a particularly active year for the fund.