# CRCM

> CRCM L.P. is an SEC-registered investment adviser managing discretionary capital for institutions and families. Its CRCM Ventures history spans early-stage technology investments across the US and Greater China, including Musical.ly, Sandbox VR, Venteur and ClearBlue Markets.

- **Founded:** 2006
- **Headquarters:** San Francisco, United States
- **Founders:** Chun Ding (Founder and managing partner)
- **Products:** Discretionary investment management, Early-stage venture investment, CRCM Frontier Technology Fund I, CRCM Opportunity Fund IV
- **Notable:** In May 2018, Bloomberg reporting carried by SCMP quoted Toby Zhang saying the $37.5 million Opportunity Fund had distributed more than $1 billion; a historical partner-reported result, not a claim about current fund performance., CRCM has been SEC-registered as an investment adviser since March 2012., Public company announcements identify CRCM in Venteur’s 2023 seed round and ClearBlue Markets’ 2023 Series A.

## Products & services

- **Discretionary investment management** — Investment advisory services for institutional and family capital; SEC-registered since 2012.
- **Early-stage venture investment** — Historically financed seed and Series A companies with a cross-border focus, including US and Greater China opportunities.
- **CRCM Frontier Technology Fund I** — Formerly Youku Global Media Fund I; a frontier-technology investment vehicle renamed in 2018.
- **CRCM Opportunity Fund IV** — Venture investment vehicle; a 2022 Form D disclosed $66.45 million of fund interests sold at the filing date.

## Achievements

- In May 2018, Bloomberg reporting carried by SCMP quoted Toby Zhang saying the $37.5 million Opportunity Fund had distributed more than $1 billion; a historical partner-reported result, not a claim about current fund performance.
- CRCM has been SEC-registered as an investment adviser since March 2012.
- Public company announcements identify CRCM in Venteur’s 2023 seed round and ClearBlue Markets’ 2023 Series A.

## Latest updates

- **2026-04** — CRCM L.P. filed a Form ADV amendment reporting $746,742,881 in regulatory AUM and 19 discretionary accounts.
- **2025-03** — Toby Zhang wrote on March 6 that he had left CRCM Ventures the previous month.
- **2023-08** — Venteur announced CRCM’s participation in its $7.6 million seed financing.
- **2023-03** — ClearBlue Markets named existing investor CRCM in its $8 million Series A led by Royal Bank of Canada.

## Links

- Website: https://www.crcm.com/
- LinkedIn: https://www.linkedin.com/company/crcmventures
- Twitter/X: https://twitter.com/crcmventures

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Profile page: https://yespress.io/crcm
Published by YesPress — https://yespress.io
Last updated: 2026-10-27