20 19 parent fund investment strategy and direction: black horse or white horse?
20 19 On February 20th, the 3rd GPLP Investment Industry Summit and the 20 18 Impact Awards Ceremony were successfully held in Beijing. The industry summit was hosted by professional venture capital media GPLP Rhino Finance, supported by Blu-ray Real Estate, Lian Kai Capital and more than 500 well-known investors, entrepreneurs, entrepreneurs and media representatives.
With the theme of "20 19 investment strategy", the parent fund roundtable forum of this summit invited Le, the managing partner of Datang Parent Fund, Gao Shen, the managing partner of Wutongshu Capital, the managing director of China Merchants Venture Capital, Sun Cisuo, the founding partner of Zhongguancun Collaborative Innovation Fund, Xie, the managing director of Beijing Changkejin Investment Co., Ltd., and Zhao Jinwei, the managing partner of Shengjing Jiacheng Industrial Internet Fund.
As the upstream of the investment circle, what is the investment rhythm of LP at 20 19? How will they invest and what is their investment plan?
The guests at the meeting had a serious exchange and discussion on the issues of concern to GP in the industry.
20 19 parent fund investment strategy and direction: black horse or white horse?
Gao Shen, managing partner of Wutongshu Capital: Dark Horse GP is good for White Horse GP and cannot be ignored.
At present, industrial mergers and acquisitions are mainly reflected in semiconductor equipment and materials, as well as some sub-industries of big health and intelligent manufacturing. This year, we will use the newly established 3 billion scale and the existing Tianjin Future Industry Fund to select the appropriate GP for investment.
Judging from the performance of our previous investment funds, there are indeed some gp white horses that are not as good as dark ones. At this point in time, we must increase investment in dark horses. However, looking at this industry still depends on investment. The logic is the same. For the parent fund, it must be based on performance. The parent fund is none of our business. If the parent fund is regarded as a business, it is definitely impossible for you not to vote for Baima GP.
This era is different from a few years ago. It is not easy to make money by investing in the new era, which requires a good attitude and a hard attitude.
20 19 parent fund investment strategy and direction: black horse or white horse?
Li Zhonghua, Managing Director of China Merchants Venture Capital: Empowering GP industry innovation is the ultimate goal
In the past three years, China Merchants Venture Capital has invested nearly 30 GPs, all of which are related to our main business. We voted for the big white horse, because we have just started to do it. If you don't vote, people will think you won't vote. We turned around and invested in five new platforms for veterans, but we felt that it was not enough, so we continued to invest in new platforms for veterans.
The parent fund is really not our business, but our tool. In the first three years, we have laid the basic disk, which is the stage of optimizing GP. In the first three years, basically, the gp invested about 10 in one year, and there is no duplication. They are all different GPs.
Our first phase was RMB 5 billion, which was spent on the parent fund. New money will come down in the second half of the year, but we will always take industrial innovation as the ultimate goal, and help the group to make an open innovation platform in the form of direct investment and parent funds.
20 19 parent fund investment strategy and direction: black horse or white horse?
Sun Cisuo, Founding Partner of Zhongguancun Collaborative Innovation Fund: Striving for progress steadily and persevering in zebra.
Under the policy environment of 20 18 to 20 19, the pace of investment is slowing down whether you like it or not. In 20 19, we will, as always, push forward the previous plan to set up local funds.
20 19 investment progress will slow down, and at the same time, it may promote the establishment of new parent funds and do new things, including direct investment. In a slow-paced environment, we should seize the time to practice "internal strength".
Scientific and technological innovation must be invested first, not at sixes and sevens. We must invest in patient general practitioners. China's economic development has entered a stage of steady growth, and it is difficult to make quick money like the original 2+ 1 and 3+2. The new era has come, and new problems cannot be solved by the old methods.
We still vote for Zebra, the new platform for veterans, and this will never change.
20 19 parent fund investment strategy and direction: black horse or white horse?
Xie, general manager of Changkejin: It is the general principle to be optimistic about enabling funds to make money.
The main investment fields of changji technology are big health, energy technology and intelligent manufacturing. We invested in 35 funds, and 60% invested in Great Health. From the perspective of asset allocation, this year will focus on sub-funds in agricultural science and technology, intelligent manufacturing and other fields. We are very willing to cooperate with the enabling fund and the sub-funds in the vertical field.
Regarding investment funds, I think the strategy and aspects of the fund itself are passable first; Second, it is a big principle to really make money; Both the third black horse and the white horse will be thrown. We will formulate the strategy of the whole parent fund. For different types, different stages, different terms and different vertical fields, we will also formulate our own strategies according to our own investment strategies.
20 19 parent fund investment strategy and direction: black horse or white horse?
Zhao Jinxi, managing partner of Shengjing Jiacheng Industrial Internet Fund: There are still many crises in investing in top funds.
We invest in the United States, Israel and China, and we will also invest in some top funds, as well as a direct investment business, mainly in 2B. We will make corresponding investments in the industrial Internet field just mentioned.
The investment direction of our parent fund is still biased towards the first-line funds with existing cooperation. Considering the cold winter of capital and the difficulty of financing in the industry, we still focus on these existing funds and go all out to provide them with good services. Unless there is synergy between the new GP and the strategic business of our own group, we will also invest in funds such as maternal and child, women and industrial Internet.
Whether it is a white horse or a dark horse, the early white horse enjoyed the welfare of the institutional LP parent fund. With the development of the times, the ability boundary is particularly important. We see many different phenomena in the industry, such as the ability of investors to start their own businesses, the scale of funds far exceeds the scale of industries with reasonable returns at this stage, and the investment fields that funds focus on have no unique views, investment logic and industry resources. This kind of white horse fund beyond the capacity boundary may make different adjustments. The same is true for Dark Horse Fund, with the focus on whether the fund strategy and capability boundary match.
20 19 parent fund investment strategy and direction: black horse or white horse?
Le Fangde, managing partner of Datang Yuan Yi's parent fund, said: The pace of investment has slowed down, and it will be labeled as GP in the future.
From June last year to now, it can be called the rhythm of winter, including our own investment rhythm has also slowed down. As early as a few months ago, I communicated with industry leaders. We think that the future GP will be labeled. You are good at big health. It will be strange for you to suddenly invest in a new energy field. Teams that come out on the original platform to do new funds will pay more and more attention to its labeling behavior.
In 20 19, the investment scale of Datang Yuan Yi will reach1500 million RMB. In last year's 1 1, it was the first company in the market to launch vertically in the field of big health, and the effect was not bad. The field of big health will continue to be deeply cultivated. Other fields, such as intelligent manufacturing, energy conservation and environmental protection, are also industries they consider.