Tiantu is a China-focused consumer venture capital firm that shifted from being a generalist investor to focusing only on consumer companies in 2011, and it built its own frameworks for judging consumer businesses and founders, called the eight moats and VISIBLE, while also testing both minority investments and full buyouts, such as buying 100% of Yoplait China in 2019. It later became the first Chinese private equity firm to trade on stock exchanges in both mainland China and Hong Kong, was Pagoda's earliest and later largest institutional investor as it became known for fresh food retail, and has expanded into consumer-focused capital partnerships with companies like Shanghai Ziyan Foods and L'Oréal.