中国VC没有合伙人？20年血泪史揭示三大真相

Core Insights - The ultimate dream for many Chinese venture capitalists (VCs) is independence rather than partnership, indicating a systemic failure of the Chinese partnership model [1][3][4] - The article discusses three major truths about the Chinese VC industry over the past 20 years: the dilemma of partnerships, the evolution of buyback clauses, and the disillusionment with post-investment support [1][21] Group 1: Partnership Dilemma - There is a prevailing belief that true partners do not exist in Chinese VC, with most firms having a single decision-maker despite the title of "partner" [3][4] - The dominance of strong individuals in the industry leads to a lack of collaborative decision-making, as seen in the experiences of early adopters of the partnership model [5][6] - Many young partners find that achieving the title of "partner" does not equate to commensurate financial rewards or decision-making power [6][7] Group 2: Buyback Clause Evolution - The concept of "buyback clauses" has become a significant topic in the VC landscape, highlighted by a public dispute involving prominent figures in 2023 [9][10] - The history of buyback clauses in China shows their transition from a protective measure to a tool that can question the essence of venture capital [11][12] - Regulatory changes have redefined buyback clauses, categorizing them as liabilities rather than equity, which alters their impact on investment agreements [12] Group 3: Disillusionment with Post-Investment Support - Post-investment support was once viewed as a core competitive advantage for VCs, but this perception has shifted dramatically since 2022 [13][17] - The development of post-investment services peaked around 2021, with many firms investing heavily in dedicated teams, but this trend reversed as market conditions worsened [14][16] - The once-promising post-investment support has now been recognized as a cost center rather than a value-adding component of the investment process [17] Group 4: Consumer Investment Trends - The consumer sector has been a focal point for VC investments, with notable successes and failures illustrating the volatility of this market [18][19] - The rise and fall of companies like Bubble Mart and Yuanqi Forest exemplify the rapid changes in consumer sentiment and investment viability [19] Group 5: Future Prospects in Technology Investment - Despite challenges in the consumer sector, technology investments are emerging as a new area of hope, with companies like DeepSeek and Yuzhu Technology gaining attention [20] - These cases suggest that China still has the potential to produce world-class technology firms, prompting a reevaluation of investment strategies in uncertain market conditions [20] Group 6: The Path Forward - The evolution of the Chinese VC industry reflects a journey from failed partnership models to a search for a unique organizational innovation that fits the local context [21]