Core Insights - Source Code Capital has completed a new growth fund raising of $600 million, with a unique investment period of 5 years and an exit period of 20 years, resulting in a total lifespan of 25 years [1][2] - This fundraising reflects a strategic adjustment in response to the current challenging capital environment, indicating a shift from scale expansion to value depth [2][4] Fundraising Details - The $600 million fundraising is particularly notable given the current cold capital market, primarily supported by industrial investors and a few long-term financial investors [2] - Compared to the previous fundraising of 7 billion RMB in 2021, this fund size is smaller, but the emphasis on a long exit period remains consistent [2] - The 25-year lifespan is rare in the primary market, contrasting with the typical 8 to 12 years for traditional venture capital funds [2] Strategic Shift - The establishment of this new fund marks a significant evolution in Source Code Capital's strategic thinking, moving from aggressive scale expansion to a focus on value depth [3][4] - The firm has undergone a transformation in investment strategy, shifting from internet finance to industrial internet and now to hard technology, reflecting adaptability to market changes [3] Investment Focus - The new fund will concentrate on two main areas: "AI+" and "Global+" [5] - In the "AI+" sector, the focus will be on AI technology development and addressing critical issues within the computing power industry [5] - The "Global+" strategy will explore opportunities for China's comprehensive capabilities in global markets, particularly in smart hardware and software applications [5] Market Implications - The establishment of a 25-year fund may signify a shift in China's primary market, potentially leading to the emergence of "patient capital" that supports long-term growth without the pressure for quick exits [7] - The recent recovery of the Hong Kong IPO market, with a total financing amount of 182.9 billion HKD by September 2025, may provide a favorable environment for growth-stage investments [7] Industry Trends - Several top-tier General Partners (GPs) in China are seeking new rounds of fundraising, indicating a potential new iteration cycle in the primary market [8] - Source Code Capital's fundraising and strategic adjustments may signal the beginning of this new cycle, emphasizing discipline, focus, and patience in navigating uncertainties [8]
源码资本募资6亿美元 成立25年超长周期基金逆势布局AI与全球化
Xin Lang Zheng Quan·2025-11-14 02:24