From the beginning of 2020, the VC / PE circle is still cold.
Editor’s note: This article is from the WeChat public account “ Investment World ” (ID: pedaily2012 ), author: Ren Qian.
Reviewing the past year, more than 300 startups have crashed, 30% of investment institutions have survived, capital investment has fallen sharply, and the number of newly added GPs has also smashed into the street. But even so, new life is still gestating in Xiao Se’s winter.
On October 23, 2019, the strategic capital founded by the two partners of the former Qiming Venture Partners, Gan Jianping and Hu Bin, completed the first fundraising of US $ 3518.8 million (about 2.4 billion yuan). Coincidentally, after leaving Northern Light Venture Capital, Zhilin Capital led by Jiang Haotian realized the first closure of a phase of RMB fund in just seven months. Dan Lu Capital, co-founded by Lu Qinchao, a former investment partner of Sequoia Capital China Fund, and Su Zhenbo, a former sharing investment medical fund management partner, also successfully completed the first round of fundraising of 500 million yuan.
Before that, the more well-known “Solo” bosses were former KKR global partners, Liu Haifeng, co-head of KKR Asia’s private equity investment and CEO of Greater China, and former managing director of Huaping Investment Group, Li Hui, President of Asia Pacific.
In April 2019, Dehong Capital, co-founded by Liu Haifeng and Huayu Neng, completed the initial USD fundraising of more than US $ 2 billion, plus RMB funds during the same period. Subsequently, Dasao Capital, founded by Li Hui, completed the raising of the first US $ 2 billion USD fund.
This seems to run counter to the current bleak environment. In the past 5 years, the VC / PE industry has been in an unprecedented rush, and the total fundraising amount in 2017 hit a record high of trillions. Starting in 2018, the situation has changed drastically, and fundraising has become difficult to become the norm. In 2019, many institutions have “quietly left the scene.”
The GP who fled in the cold winter: “Running 13 US states and having 24 LP meetings in 10 days”
Experienced investment veterans have never been afraid to invest and manage projects. The “single flight” fund is the first difficulty, and it is difficult to raise funds. According to statistics, the newly established and completed VC / P in the first three quarters of 2019The number of E is only 58, compared with the peak of 2015, not even 1/60.
The strategic capital created by Gan Jianping and Hu Bin should be one of the new funds that attracts the most attention. In less than three months, the first US $ 3518.8 million fund was oversubscribed, and the final closing scale exceeded the goal of US $ 250 million and reached the upper limit promised by the investor.
From the results, this fund exceeds expectations, but the hardship behind it is like drinking water and knowing whether it is warm or cold. Earlier when raising funds in the United States, Hu Bin once sent a circle of friends expressing emotion: The two of them were connected in 14 days and 10 working days, held 24 LP meetings, ran 13 states and 17 cities in the United States, took 11 flights, and 2 Train, 2400 km by car. Hu Bin said that there is only one thing in the whole American itinerary-meeting.
For Gan Jianping, the feeling of capital winter is not strong, and “Single Flying” is to build a small and refined team. In his opinion, the VC industry has a long history of development. The best VC model is like a ranger, martial arts, sloshing on the rivers and lakes, and seeing good projects will be finalized as soon as possible.
Since entering the VC industry in 1998, after leaving the Northern Light Venture Capital in September 2018, Jiang Haotian’s sole venture was to establish Capital Capital in just seven months, completing the first closing of a phase of RMB funds, and simultaneously shooting a lot. Items.
Lu Rong, one of the representatives of the first generation of VCs in China, was also found to have left DCM for 13 years and founded the early investment fund Atypical Ventures. Prior to that, she was a managing partner of DCM, leading nearly 20 investments, and then briefly joined H Capital, a private equity fund founded by Tiger Global Fund partner Chen Xiaohong. Almost in the same period, Chen Shuang, the former CEO of Everbright Holdings, said that he left Everbright Holdings and is preparing to build a new Greater Bay Area Fund.
At the same time, more than a dozen VC rookies such as Danlu Capital, Yunshi Capital, Yuanlai Capital, Smart Capital, Yafu Capital, Kuanzhuang Venture Capital, and Xixi Capital have also made their debut in 2019. Most of them founders grew up in well-known investment institutions and chose to run away during the downturn of the industry.
For example, Peng Chuang, the founder of Yunshi Capital, once worked at Gao Capital, and later became the managing partner of Hongtai Fund; the founding team of Yuanlai Capital came from Intime Capital, Qingsong Fund, Mingshi Capital and other institutions; Smart Capital The founder Tu Ye successively served in Dachen Venture Capital and Qifu Capital; the founding partner of Kuan Nv Venture Capital, Pan Jinju, served as the vice president of Chunxiao Capital Investment; the founding partner of Xixi Capital, Cha Jiayu, once worked in Northern Light Venture Capital Manager; and most of the members of Yafu Capital’s investment team come from the original private equity team of Standard Chartered Bank.
These new funds are generally faster. The data shows that as of December 30, 2019, Fengqiao Capital has completed the initial fundraising of 400 million yuan, with more than 10 investment cases; Yunshi Capital has invested 4; it is worth mentioning that it was issued by JD Group and JD Logistics