More than just white horse institutions. The “small and beautiful” dark horse fund is also on its way to victory.
Editor’s note: This article comes from the WeChat public account ID: China-Venture > author: Making of.
In the second-hand trading market, the biggest industry event in 2020 is the merger of the transfer and the search for beautiful machines.
This 20-day M&A case has not only set the tone for the market structure of second-hand mobile phones, but also at the capital level, the investment institutions behind the search for beautiful devices have also achieved a high return exit.
Among them, the biggest beneficiary is Qingshan Capital. It is reported that as the blessing and the largest shareholder of the angel round and the A round of looking for beautiful machines, the investment not only made all the 20 million special funds invested in the A round of Qingshan Capital withdraw, the DPI reached 1200%, but also cashed out 240 million yuan. Coupled with the value of the shares, Qingshan Capital invested a total of 500 million yuan in two years.
It is hard to imagine that this amazing investment return came from an angel investment institution whose fund size is not large. It is important to know that in the investment market shrouded by the “difficult fund-raising” in the past two years, few GPs have DPI data exceeding 100%.
This seems to have broken through the “Eighth-Eighth Effect” that the investment industry is increasingly showing, but it is far from it. A more accurate statement may be that, under the Matthew effect of the fund, some truly powerful and value-generating investment institutions are gradually surfaced, and this type of investment strength that brings LP a very high return does not matter the size of the fund.
In other words, not only the big white horse institutions, but also the “small and beautiful” dark horse funds are on the way to victory.
In fact, the smart LP has already seen the dawn, and has vigorously configured those “small and beautiful” small and medium-sized GPs in the investment map. “The size of small and US institutional funds is generally not large, and there are not many LPs. It is easier to form small circles and play together happily.” A partner of the parent fund told the investment network.
The fund performance does not lose the “big white horse”, the small and beautiful GP opens a golden era
Even if the arrival of 2020 makes the “28 effect” in the primary market intensified, this does not mean that in the comprehensive ecology of domestic funds, the so-called “Big White Horse” head foundation has strongly attacked all markets.
In fact, in another corner of the domestic VC/PE circle, a group of relatively focused and focused active