PORTFOLIO / 15 SPVs · 4 CURRENT POSITIONS

The book.

Every SPV Zhenzhen has ever run. Active positions, fully-funded holds, and realized exits.

SPV-07Funded
ANDURIL INDUSTRIES
Anduril Industries
Autonomous defense systems. Software-defined hardware for the modern operator.
STAGE
Late-stage
LAST VAL.
$30.5B
SECTOR
Defense · AI
ENTRY
2024
SPV-11Funded
SPACEX
SpaceX
Launch, Starlink, and a vertically-integrated space economy.
STAGE
Pre-IPO secondary
LAST VAL.
$350B
SECTOR
Aerospace
ENTRY
2025
SPV-14Funded
POLYMARKET
Polymarket
The world's largest prediction market — information as a liquid asset class.
STAGE
Growth
LAST VAL.
$1.0B
SECTOR
Web3 · Prediction markets
ENTRY
2025
SPV-15Funded
EREBOR BANK
Erebor Bank
A US-chartered digital bank built for crypto, AI, and defense-tech operators.
STAGE
Growth
LAST VAL.
$2.0B
SECTOR
Fintech · Digital banking
ENTRY
2026
REALIZEDPrior SPVs that have returned capital to LPs.
SPVCompanySectorEntryExitDPI
SPV-05FigmaDesign / SaaS2022Acquired 20243.4×
SPV-03Scale AIAI data infra2021Secondary 20242.1×
SPV-02StripeFintech2021Secondary 20231.7×
SPV-01AnthropicAI2023Mark-to-market2.8× TVPI
Realizations reflect capital returned to LPs net of fees and carry. Mark-to-market valuations are based on the most recent priced round and are not indicative of realizable value. Past performance is not indicative of future results.