长石资本Founders’ Fund产业生态网络显效：IPO命中率超五成，硬科技三期基金三关7.28亿

Core Insights - Changshi Capital's hard technology Phase III fund has successfully raised 728 million yuan, indicating strong market recognition of its investment capabilities in the hard technology sector [2][3] - The fund's limited partner (LP) structure is diverse, including local governments, leading financial institutions, market-oriented mother funds, and a high proportion of founders and executives from listed companies, which enhances funding stability and investment efficiency [2] - The investment strategy is based on the "Founders' Fund" philosophy, emphasizing deep industry collaboration and a unique methodology of "70%/90%/100%" for project understanding, service time, and exit goals, respectively [3] Investment Performance - The first two phases of Changshi Capital's hard technology fund have demonstrated an over 50% IPO hit rate and a 100% profitable exit rate, validating the effectiveness of its investment strategy [3] - The Phase III fund has already invested in several companies in the AI infrastructure and embodied intelligence sectors, laying a solid foundation for future investment returns [3] Market Context - The global competition in technology, particularly in AI and embodied intelligence, is intensifying, with new rounds of equipment competition underway [3] - Investment institutions like Changshi Capital, which can maintain rapid iteration capabilities and explore new sectors, may serve as valuable case studies for understanding how investment firms navigate through cycles [3]