Henry Zhang

President & Managing Partner

Hermitage Capital

Artificial Intelligence

Deep Tech & Quantum Computing

Fintech, Banking & Crypto

About Me

Henry Zhang is the President and Managing Partner of Hermitage Capital, a tech focused global private equity firm with over US$1 bn AUM. Henry was named Forbes China’s “Venture Capital 100”, Forbes China’s “Top 100 Most Influential Chinese Elites” in 2023. Henry was selected as China-France Young Leader by France China Foundation and Chinese People’s Institute of Foreign Affairs in 2024. Prior to Hermitage Capital, Henry spent 11 years as an investment banker, holding various senior positions at J.P. Morgan, Morgan Stanley and UBS. Henry attended Owner/President Management Program (alternative to Executive MBA) at Harvard Business School. He has completed Executive Leadership Development Program at Stanford Graduate School of Business. Henry received his Bachelor degree from from Singapore Management University with Magna Cum Laude. Henry also attended exchange programs at University of British Columbia and HEC Paris.

Hear My Insights

Exit Backlog: What Alternatives To The Traffic Jams?

2024 was a slow year for startup exits, with the backlog of companies awaiting an exit surging to over 55,000, according to PitchBook—a record high. While smaller startup exits continued at a steady pace, the absence of IPOs created a bottleneck, slowing down both late-stage companies and the broader VC market. This stagnation has forced mature startups to explore alternative exit strategies, including secondaries, M&As, or extended private market stays, while in Europe, many startups are looking across the Atlantic for IPOs or acquisition opportunities. Some anticipate a return to normalcy in 2025, with a wave of unicorn IPOs. However, the geopolitical climate could disrupt these expectations, reshuffling the exit landscape. This session will explore how seasoned VCs in the US, China, and Europe are navigating the backlog and what alternative exit strategies are emerging.