Where our own money goes, and under what discipline. ｜中文：自有资金
Glacier does not take outside money. There is no fund raised from outside investors, and no product being raised. This page is not fundraising material.
Investing our own capital alongside the companies we serve is something we have done for eight years, but the rules for it sit scattered across several chapters of the home page. Gathering them in one place is meant to make the discipline legible — not the cheque size.
Every passage below is carried over from the home page, word for word, and each one ends with a note of where it sits there. The numbers identify the chapter; they are not the order of this page.
Let the form arise first; the deeds will follow. The first form has existed for eight years; the second, from the day of the eighth anniversary onwards, we allow to emerge, slowly.
A stable organisation, stable expectations, and eight years spent doing one thing: placing hard-tech companies at their critical junctures into the hands of better-matched long-term capital.
The roster in the Skin in the Game chapter is the part of this form already written down.
This chapter also appears on the home page at index.html#eighth-year
We work in-house so that we stand in the same trench as the entrepreneur; we commit our own money so that we know, concretely, what an investor is worried about. The companies below are those in which Glaciers has invested its own capital.
Service → Deep Service → Investment
The list is not three piles laid side by side but a process of inward convergence: many companies served, some served deeply, and our own capital committed only where we see most clearly.
The list covers investments made directly with our own capital and through affiliated entities, in no particular order; a few stay unlisted — confidentiality agreements, or their own tempo.
We invest only in companies we have served deeply and see most clearly. If we cannot see clearly, we do not invest. If we see clearly and the price is wrong, we do not invest either.
Our judgment must withstand two tests: one for the client, one for our own balance sheet.
This chapter also appears on the home page at index.html#skin
Secondary or primary, at which stage we come in, whether at the same price as the round we are advising on — this passage is still being assembled. Until it is complete, it stays empty. We do not guess.
The same South Pole, two expeditions. One reached the Pole and returned safely; one never came back. The difference lay in redundancy, not in numbers.
This chapter also appears on the home page at index.html#amundsen
We hold in reverence the youth, the capital, and the sunk costs entrepreneurs have already committed. So we keep subtracting: quality up, concurrency down.
Each week, we also confirm what should stop: which institutions to pause, which meetings to stop scheduling, which materials to stop revising, which matters no longer deserve a founder's attention. Without stopping, there is no focus.
Focus, to the utmost. Slow is fast.
Focus deeply. Move decisively.
This chapter also appears on the home page at index.html#capacity
LONG-TERM VISION
VALUES
This chapter also appears on the home page at index.html#vision
Glacier people compare only with themselves; Glacier Capital compares only with the Glacier Capital of the past.
These words were spoken by Glacier Capital and by its clients.
Organisations that share a grammar grow into similar forms, across different industries.
This chapter also appears on the home page at index.html#philosophy
Glacier Capital China entered the TOP 3 of three lists at once in Qimingpian's 2026 Mid-Year Rankings · China Private Equity Series: Best Financial Adviser (overall), Financial Adviser in Artificial Intelligence, and Financial Adviser in Embodied Intelligence. In the same month Glacier Capital China placed TOP 1 on Qimingpian's “August FA Ranking.” The rankings are compiled and published by Qimingpian, a third party.
The ranking images and the full lists are in Hall V of the archive, at profile.html#sec-awards