What does it take to back China’s next generation of global tech founders?

Patrick Kavanagh—operator, investor, and founder of Old Friendship Capital—shares his journey from Robinhood to investing in China’s most ambitious startups.

Patrick breaks down the opportunities, challenges, and strategies for navigating China’s fast-changing VC landscape.

Key Points:

• Insider stories behind Manus AI - the Chinese AI agent startup recently backed by Benchmark
• Why Patrick is bullish on Chinese founders building for global markets, especially in AI and hardware
• The importance of cross-cultural insight and on-the-ground research for foreign investors
• How volatility in US-China relations can create unique investment opportunities

• Advice for foreign investors who plan to allocate in China venture capital