对话邝子平：AI是最大的范式转变，造就下一代经典案例

Core Insights - The private equity investment industry is entering a new paradigm shift after several years of deep adjustment, influenced by global geopolitical fluctuations, domestic economic transformation, and waves of technological innovation [1][2] - The discussion emphasizes the need for General Partners (GPs) to balance short-term survival with long-term value, particularly in a fundraising ecosystem dominated by state-owned enterprises [1][2] Group 1: Investment Strategies and Market Dynamics - The rise of state-owned capital (LP) has led to a situation where their contribution in newly established funds exceeds 75%, prompting some institutions to weaken their pursuit of returns to meet fundraising demands [1] - The market atmosphere has improved since September of the previous year, with an increase in IPO opportunities and a positive outlook for the investment landscape in 2023 compared to the previous year [3][4] - In 2022, the company invested over $600 million in new and follow-up financing projects, while in 2023, it has already invested around $300 million [4] Group 2: Balancing State and Market Forces - The increasing dominance of state-owned capital indicates a maturing ecosystem for RMB funds, which now account for a significant portion of investments in China [5] - The company advocates for a balance between state-owned and market-driven forces, emphasizing the importance of maintaining a focus on profitability while addressing state policy demands [6][7] - The necessity of generating returns for LPs remains a fundamental principle, with the company committed to ensuring that each fund generation answers the question of profitability [7] Group 3: Investment Focus and Future Opportunities - The company is focusing on niche segments within the AI sector, believing that many subfields remain underexplored despite the competitive landscape [2][12] - The belief is that AI will lead to the emergence of new platform-type companies, similar to Xiaomi, driven by significant technological paradigm shifts [13][14] - The company emphasizes the importance of team building, international perspective, and networking in identifying and capitalizing on investment opportunities [10][11] Group 4: Relationship with Portfolio Companies - The company aims to support portfolio companies without overstepping, focusing on genuine needs rather than generic assistance [14][15] - There is a recognition that the relationship with portfolio companies should be based on understanding their specific requirements, rather than imposing standardized solutions [16]