Adrian K S Li

Adrian Li is Founder & Managing Partner at ACV Capital, formerly AC Ventures and Convergence Ventures. ACV describes itself as a growth equity investment firm backing high-growth, technology-enabled businesses across Southeast Asia, with over US$500M under management and more than 100 to 120 investments across the region.

Before becoming a full-time investor, Li built companies in China and Indonesia. His first startup was Idapted, an online English training company in China, where he was CEO and co-founder; the company raised two rounds of funding, became a large live online English training service in China, and was acquired by Eleutian in 2010. He later joined Rocket Internet as Managing Director, building ventures across China and Southeast Asia.

Li launched Convergence Ventures in 2014, and the platform later evolved into ACV Capital. He is also a Kauffman Fellow and has been a business mentor with organizations including Endeavor, The Founder Institute, and Antler.

His education includes a BA and MA in Economics from Cambridge University, an MBA from Stanford Graduate School of Business, and an EMBA from Tsinghua University. In 2025, Wiley published his book with Leighton Cosseboom, *Venture Capital in Emerging Markets: Lessons from Indonesia’s Digital Decade*.

• Li’s stated filter is founder-market fit: “The litmus test of a promising investment isn’t the pitch deck; it’s that rare and special blend of founder-market fit.”
• ACV backs technology-enabled businesses across Southeast Asia, with deep roots in Indonesia and a focus on scalable companies addressing critical needs in the regional digital economy.
• Li says he looks for founders with “vision, grit, and relentless execution,” clear plans, business acumen, adaptability to local markets, integrity, and leadership.
• For ACV Fund V, he highlighted fintech, e-commerce, healthtech, MSME enablement, climate, online retail, consumer services, and consumption upgrades.
• ACV’s public materials emphasize “founders investing in founders,” strategic guidance, operational expertise, regional insight, institutional readiness, and long-term value creation.
• ACV’s Fund V was reported as a US$210M vehicle focused on Indonesia, with typical checks of US$2M to US$5M and larger follow-on or high-conviction checks possible.