创投容亏容错暖风频吹 回购条款未见明显松动

Core Viewpoint - The controversy surrounding "buybacks" has become a focal point in the primary market, driven by the immense pressure on venture capital funds to deliver satisfactory returns to their limited partners (LPs) amid a challenging exit environment [1][2]. Group 1: Buyback Terms and Market Response - Despite the introduction of policies by local government guiding funds to increase tolerance for losses, there has been no significant relaxation of buyback terms in the venture capital sector [1][4]. - Some venture capital institutions have made subtle adjustments to their buyback terms, such as implementing a "two-year assessment" mechanism, but overall, the requirements for project quality have become stricter [2][3]. - Individual cases of innovation in buyback arrangements have emerged, such as equity swaps to exempt buybacks, which have received approval from state-owned LPs [2][3]. Group 2: Government Policies and Market Impact - Local government policies have set high loss tolerance rates, with some allowing up to 100% loss on individual projects, yet these policies have not effectively translated to the venture capital market [4][5]. - The tightening of LP assessments has been noted, with government and state-owned LPs requiring detailed quarterly reports on project risks, leading to increased scrutiny and pressure on venture capital funds [5][6]. Group 3: Industry Challenges and Future Outlook - The combination of assessment pressures and exit difficulties has led to a new normal of fund extensions, with many funds unable to exit as planned [6]. - The adjustment of buyback terms is currently caught in a tug-of-war between policy direction and market realities, with potential for more inclusive terms in the future, albeit gradually and variably [6][7].