基石资本董事长张维： 用长期主义 打造“耐心资本+大胆资本”生态

Core Insights - The concept of "patient capital" and "bold capital" is essential for serving the technology industry, aiming for high returns through long-term investments and high-risk commitments [1][2] - Government-led funds are becoming increasingly significant in providing long-term capital for private equity investment, with state-owned capital accounting for 44.4% of new RMB fund contributions in 2024 [1][2] - The establishment of a supportive environment for innovation is crucial, which includes loosening assessment mechanisms for guiding funds and normalizing IPOs to create stable exit expectations [2][3] Investment Environment - The orientation of state-owned limited partners (LPs) directly influences the strategies of general partners (GPs), where patient and bold LPs foster similar traits in GPs [2] - Recent regulations have been introduced to encourage a culture of tolerance for failure, which is vital for fostering innovation [2] - The importance of a smooth exit mechanism is emphasized, as it allows for a continuous cycle of fundraising, investment, management, and exit [2][3] IPO and Exit Strategies - IPOs are highlighted as the most significant and highest return exit method for private equity investments, with a total book return of 53.056 billion yuan from 2015 to 2024 [3] - Approximately 10% of investments have achieved IPO listings, with a recovery of 39% of costs through these exits [3] - There is a call for a more inclusive listing mechanism in the A-share market and the development of diverse exit strategies, including mergers and acquisitions and secondary market funds [3] Entrepreneurial Confidence - The confidence of private entrepreneurs is linked to positive expectations regarding policies, legal frameworks, and the business environment [4] - A supportive legal framework and unwavering support for the private economy are deemed essential for investor confidence [4] - The key to a sustained bull market lies in technological advancement and industrial upgrading, which is rooted in supporting private enterprises and nurturing entrepreneurial spirit [4]